Comparison of Ensemble Learning Models with Expert Algorithms Designed for a Property Valuation System

Abstract

Three expert algorithms based on the sales comparison approach worked out for an automated system to aid in real estate appraisal are presented in the paper. Ensemble machine learning models and expert algorithms for real estate appraisal were compared empirically in terms of their accuracy. The evaluation experiments were conducted using real-world data acquired from a cadastral system maintained in a big city in Poland. The characteristics of applied techniques for real estate appraisal are discussed.