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Unleashing the Power of Artificial Intelligence in Real Estate Valuation: Opportunities and Challenges Ahead

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  • Ibraheem Muzahem Alsahan

  • Ziyad Ibraheem AlZaidan

Abstract

The convergence of real estate valuation and artificial intelligence (AI) represents a transformative frontier in the real estate industry. This paper explores the strategic importance of real estate valuation and the integration of AI technologies, shedding light on their multifaceted contributions to decision-making, value enhancement, and market insights. Through a comprehensive review of literature, theoretical frameworks, and industry insights, the study examines the potential of AI-driven valuation models, predictive analytics, and Explainable AI (XAI) techniques in revolutionizing traditional valuation practices. Key areas of future research, including data integration, ethical considerations, and the development of hybrid AI systems, are identified to advance the field and address emerging challenges. By leveraging AI technologies responsibly, stakeholders can unlock new opportunities for efficiency, accuracy, and transparency in real estate valuation, ultimately shaping a more resilient and sustainable future for the industry.

Suggested Citation

  • Ibraheem Muzahem Alsahan & Ziyad Ibraheem AlZaidan, 2024. "Unleashing the Power of Artificial Intelligence in Real Estate Valuation: Opportunities and Challenges Ahead," Journal of Artificial Intelligence General science (JAIGS) ISSN:3006-4023, Open Knowledge, vol. 3(1), pages 89-96.
    • Handle: RePEc:das:njaigs:v:3:y:2024:i:1:p:89-96:id:69
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    1. Frederic S. Mishkin, 2011. "Over the Cliff: From the Subprime to the Global Financial Crisis," Journal of Economic Perspectives, American Economic Association, vol. 25(1), pages 49-70, Winter.
    2. R. Kelley Pace & Darren Hayunga, 2020. "Examining the Information Content of Residuals from Hedonic and Spatial Models Using Trees and Forests," The Journal of Real Estate Finance and Economics, Springer, vol. 60(1), pages 170-180, February.
    3. Renigier-Biłozor, Malgorzata & Janowski, Artur & d’Amato, Maurizio, 2019. "Automated Valuation Model based on fuzzy and rough set theory for real estate market with insufficient source data," Land Use Policy, Elsevier, vol. 87(C).
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