Abstract

In the era of big data, advances in relevant technologies are profoundly impacting the field of real estate appraisal. Many scholars regard the integration of big data technology as an inevitable future trend in the real estate appraisal industry. In this paper, we summarize 124 studies investigating the use of big data technology to optimize real estate appraisal through the hedonic price model (HPM). We also list a variety of big data resources and key methods widely used in the real estate appraisal field. On this basis, the development of real estate appraisal moving forward is analyzed. The results obtained in the current studies are as follows: First, the big data resources currently applied to real estate appraisal include more than a dozen big data types from three data sources; the internet, remote sensing, and the Internet of things (IoT). Additionally, it was determined that web crawler technology represents the most important data acquisition method. Second, methods such as data pre-processing, spatial modeling, Geographic information system (GIS) spatial analysis, and the evolving machine learning methods with higher valuation accuracy were successfully introduced into the HPM due to the features of real estate big data. Finally, although the application of big data has greatly expanded the amount of available data and feature dimensions, this has caused a new problem: uneven data quality. Uneven data quality can reduce the accuracy of appraisal results, and, to date, insufficient attention has been paid to this issue. Future research should pay greater attention to the data integration of multi-source big data and absorb the applications developed in other disciplines. It is also important to combine various methods to form a new united evaluation model based on taking advantage of, and avoiding shortcomings to compensate for, the mechanism defects of a single model.

Highlights

  • Big data is defined as a large amount of data, and it requires new technology and architecture to extract value from it—this is done via the capture and analysis process [1]

  • We reviewed international and Chinese peer-reviewed literature as well as Chinese Masters and Philosophiae doctor (Ph.D.) theses on big data resources and key methods used in real estate appraisal

  • There is a bright future for research in the real estate appraisal field, most current research is limited to the specific application of big data to predicting various indexes and language processing techniques

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Summary

Introduction

Big data contains a large amount of organized, semi-structured, and unstructured useful information that can be mined [2]. It has become the focus of the times, as the proper management and use of big data can generate profound and comprehensive insights for enterprises, as well as increase decision-making ability [3,4]. Pei et al, (2020) stated that the essence of big data is fullcoverage sampling, and “full” sampling is much larger than the purposive sampling of traditional small data, which can inevitably lead to a research-mode revolution [5]

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