A Literature Review on Application of Artificial Intelligence on the Example of Real Estate Business

Abstract

Artificial intelligence (AI) is a central focus in contemporary scientific and social discourse, generating both optimistic prospects for humanity and concerns about its potential risks, particularly in relation to the labor force. However, the ongoing discussions often lack specificity regarding the fundamental areas influenced or anticipated to be influenced by AI. This research aims to identify the scientific focal points within the realm of AI research and analyze the perspectives of researchers. In particular, the life cycle of the real estate should also be taken into account so that a clear application of AI in the real estate industry can be identified. The primary areas of focus identified are Valuation, Property Development, Data, Property Search and Property Management. The research methodology involves an extensive literature review, compiling and evaluating numerous researchers' opinions. Utilizing the Scopus and Web of Science databases, relevant literature and authors were meticulously examined, employing a systematic approach that resulted in recorded tables. In a systematic analysis of topics, each subject was examined in detail and results were derived based on their frequency. The prevailing theme in current literature revolves around the evaluation of whether to assess the present value or future value. This seems to offer the greatest benefit combined with the best feasibility. The study findings indicate that the potential benefits of artificial intelligence (AI) are significant. However, the current utilization of AI is sporadic. Despite this, substantial efforts are underway in numerous areas to actively implement and integrate AI technologies.