Property Valuation Using Linear Regression and Random Forest Algorithm

Sam Goundar,Akashdeep Bhardwaj

doi:10.4018/ijsda.20211001.oa13

Abstract

The economic boom over the recent past and the quest to further develop has made several nation states the business hubs in their regions. Along with the investments, there has been growth in the number of property sales. Social media has become convenient platform of choice for advertising property sales after the introduction of Web 2.0. This article utilizes social media platforms like Facebook to scrape data from user groups advertising properties and then using data mining techniques and approaches to determine true valuation of properties. This methodology is based on set attributes in the urban areas by looking at the property sales of the recent past within the same area. This enables investors interested in these properties and provides a fair idea of price of properties based on the key attributes associated with the respective property.

Highlights

Data mining provides information from data sets that could be utilized by drawing comparisons, associating patterns, classifying objects, to predicting future trends, based on the current and past standards of any given situation provided a clear set of data
The motivation for this research is led through the fast progression and investment opportunities opened due to the economic boom that the country is currently enjoying in its quest to further develop towards being the business hub of the South Pacific, due to factors such as political stability and overseas investors
Fiji Islands, as a republican nation has witnessed an economic boom over the recent past and is in its quest to further develop towards being the business hub of the South Pacific

Summary

Introduction

Data mining provides information from data sets that could be utilized by drawing comparisons, associating patterns, classifying objects, to predicting future trends, based on the current and past standards of any given situation provided a clear set of data. Realizing the importance and the scope of mining for information, this article provides focus and predicts the market values of properties situated in major urban locations on mainland Fiji that are being advertised on the social media platform, Facebook, based on the current and the past sale of properties within these respective areas.

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Methods

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Conclusion