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2011•RePEc: Research Papers in EconomicsRequires access

An Expert System for Online Residential Properties Valuation

Beatriz Larraz

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Abstract

Recent legislation in Spain states the revision of the mortgaged residential property value. This fact has become important since 2008 due to the fall in the average housing prices in Spain. Traditionally, residential properties valuation procedure is based on the comparison to the nearest property prices being necessary to consult human experts. This article presents an expert system, which allows not only punctual but also big portfolios residential properties valuations in the financial market framework using spatial statistical methods (kriging). The final report provides online an immediate updated market price estimation of each residential property sited on Spanish territory.

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What this paper is about

Recent legislation in Spain states the revision of the mortgaged residential property value. This fact has become important since 2008 due to the fall in the average housing prices in Spain. Traditionally, residential properties valuation procedure is based on the comparison to the nearest property prices being necessary to consult human experts. This article presents an expert system, which allows not only punctual but also big portfolios residential properties valuations in the financial market framework using spatial statistical methods (kriging). The final report provides online an immediate updated market price estimation of each residential property sited on Spanish territory.

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Available abstract

Recent legislation in Spain states the revision of the mortgaged residential property value. This fact has become important since 2008 due to the fall in the average housing prices in Spain. Traditionally, residential properties valuation procedure is based on the comparison to the nearest property prices being necessary to consult human experts. This article presents an expert system, which allows not only punctual but also big portfolios residential properties valuations in the financial market framework using spatial statistical methods (kriging). The final report provides online an immediate updated market price estimation of each residential property sited on Spanish territory.

Key concepts: Residential property, Valuation (finance), Legislation, Property market, Market value, Property value, Property (philosophy), Business

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