Use of Artificial Intelligence in Real Property Valuation

Real properties possess value which is dependent on numerous factors. Investors and owners of the property are interested in the maximum returns, it would fetch. Considering the amount of money involved in real estate, there is a need of accurate prediction of returns and associated risks. This necessitates use of Artificial Intelligence (AI) prediction models. This study attempts to analyze and summarize AI techniques, which gives insight to application of various techniques for prediction related to property valuation. Comparison of various techniques shows that Artificial Neural Network (ANN) and fuzzy logic are better suited if attributes and model parameters are appropriately selected.