Artificial Intelligence (AI) techniques to analyze the determinants attributes in housing prices

Abstract

The econometric approach to obtain the value of a property began with hedonic modelling, which were based on a set of property attributes, internal or external, associated to each particular dwelling. The final sale value can be estimated, and also the marginal prices of each exogenous explanatory variable. A good alternative to the hedonic approach is based on several Artificial Intelligence (AI) techniques, such as artificial neural networks (ANN), these tend to be more precise. Both methodologies are compared, and a case study is developed using data from Seville, the larger town in the South of Spain.