Realization of a real estate appraisal expert system prototype

Taking into account the challenges arising during real estate valuation, in order to properly define real estate trends, to ground the value of real estate (RE) object, due to high data abundance, volatile economic and financial environment, low market transparency, UAB Value Advise presents the project, prepared for funding under Measure No. 01.2.1-MITA-T-852 “Inostart” of Priority 1 “Promotion of Research, Experimental Development and Innovation” of the Lithuanian European Union Funds Investment Operational Program for 2014, the purpose of which is to develop the prototype real of the expert system for real estate valuation, which will automate the access to the comparative method, provides real estate recommended transactions, their correction factors and enables the valuer to adjust the results and help the system to improve itself. The main value of the system is not just to forecast price, but to provide intermediate information of the influence of market trends and other specific RE object related attributes on price. The proposed solution will allow to integrate data related to the real estate, social, economic and financial market situation, and to provide an explanation of their impact on the individual value of the real estate object. The provided individual information about the analyzed real estate transactions will allow the appraiser to have more flexibility in making a decision. Integrating the solution with expert surveys and learning support will allow you to fully automate the real estate appraisal process. In this way, valuers will be provided with a tool to facilitate valuation processes, ensuring higher accuracy of asset value.