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PNIPU: Program for assessing the market value of real estate

Product
The name of the base system (platform): Artificial intelligence (AI, Artificial intelligence, AI)
Developers: PNIPU Perm National Research Polytechnic University
Date of the premiere of the system: 2022/08/27
Branches: State and social structures,  Real estate,  Construction and building materials industry
Technology: BI

Main article: Definition of Business Intelligence

2022: Announcement of the program for assessing the market value of real estate

On August 27, 2022, representatives of the Perm Polytechnic reported that they had developed a single economic and mathematical model and a computer program for mass assessment of residential real estate in the largest Russian cities. Software development can be used as a decision support system for construction business participants. It will also be useful to state structures dealing with the management of the city real estate market, property taxation and improving the efficiency of the housing market. The study of scientists was published in the scientific journal "Regional Economics," 2022 (indexed in the international citation base Scopus, Q2).

Perm Polytechnic scientists have developed a program to assess the market value of real estate. Photo: egrnka.info.
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A distinctive feature of our model is self-adaptability to the constantly changing economic situation, as well as the possibility of its application to many cities at once. Given the low error of modeling results, we have proved that it is possible to build a stable mathematical model that can predict the market value of residential real estate in different cities depending on the initial data: macroeconomic parameters of the region, technical characteristics of the building.

told Alexander Alekseev, Candidate of Economic Sciences, Associate Professor, Head of the Department of Organization of Scientific Research PNIPU
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As reported, the Russian scientists used to study the patterns of real estate markets in cities. In neural network the process computer of analysis, data polytechnics modeled the change in the input parameters of the system and established the dependence of the market value of various apartments on a number of operational characteristics. So it was possible to identify the peculiarities of pricing for various regions.

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As input to the neural network, we used construction and operational and geographical factors, as well as a number of parameters that describe the economic features of local markets in Russian regions.

told Vitaly Yasnitsky, Ph.D. in Economics, Associate Professor, Department of Construction Engineering and Materials Science, PNIPU
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Thus, the mathematical model of Perm scientists takes into account the geographical position, the level of prestige and convenience of the location of the apartment in the city, construction and operational parameters, as well as the current state of the economy in the region, in the country and in the world.

The results obtained are of practical importance for the construction industry. The developed model and computer program are in demand by government agencies that regulate residential real estate markets, as well as property taxation. In particular, software development can be used by the developer as a system for supporting decision-making in the early stages of housing construction.

Scientists have completed a pilot project to create a special software complex together with a large development company in Yekaterinburg. For August 2022, the architecture of the software product is being finalized for commercialization.

The scientific project was supported by the Russian Foundation for Basic Research. The study was also attended by a scientist from the National National Research University and the Higher School of Economics.