Artificial Intelligence Techniques Used In Computerized Valuation System

Researchers are working on a computerised property valuation system which, by means of artificial intelligence techniques, tries to emulate the behaviour of a property valuer and thus offer the market price of a property in any city in the world, although the trials, for the moment, are being carried out in the housing market of Pamplona. There currently exist applications that offer a valuation of a property by means of statistics, using the surface area in square metres of the dwelling, if it has a lift, the location, if alterations or refurbishments have taken place, selling prices over the past few years, and so on. In this project the computer is taught the meaning of expressions like, "the house is a disaster" which could mean that "the original construction was very bad, the orientation is awful, the distribution of the rooms impossible or it is a ruin". They system is based on neural networks.