ABSTRACT
The paper describes a novel approach for building a UK-wide Automated Land Valuation Model and its implementation into commercial online software. We examine existing approaches to land valuation used in the UK, notably Trade Area Analysis, Spatial Interaction and Comparable Sales. We make the case that land use analysis, demographics and societal preferences affect the potential income and optimal use of parcels of land and hence the value of those parcels. This hypothesis leads to the introduction of a number of additional factors required to facilitate estimated land value, including traffic flow, population and site suitability. A number of artificial intelligence (AI) and machine learning spatial-temporal techniques are introduced to predict the value of all land parcels sold since 1995. We introduce a new technique, which includes (i) the application of Support Vector Machines to land use analysis; (ii) the use of predictive techniques for macro-environmental factors; (iii) the use of large, open-source data sets to improve valuation; (iv) industry alignment in predefined industrial tool. A number of different mathematical techniques are used to validate the proposed model and we show that our model demonstrates 92% accuracy for residential pricing predictions.
- D. V. Budescu. Dominance analysis: A new approach to the problem of relative importance of predictors in multiple regression. Psychological Bulletin 114.3, 1993.Google Scholar
- W. Christaller. Die zentralen orte in suddeutscland, 1933.Google Scholar
- L. Daniel. Gis helping to reengineer real estate. volume 3. Earth Observation Magazine, 1994.Google Scholar
- A. Gastli and Y. Charabi. Solar electricity prospects in oman using gis-based solar radiation maps. 2010.Google Scholar
- D. L. Huff. Defining and estimating a trading area. Journal of Marketing, 28(3):pp. 34--38, 1964.Google ScholarCross Ref
- H. Jiang and R. J. Eastman. Application of fuzzy measures in multi-criteria evaluation in gis. International Journal of Geographic Information Systems 2000;14, 2000.Google Scholar
- L. J. King. Central place theory. Beverly Hills, CA: Sage Publications, 1984.Google Scholar
- R. Krzanowski and J. Raper. Spatial evolutionary modeling. Oxford University Press, 2001. Google ScholarDigital Library
- J. Malckzewski. Gis-based land-use suitability analysis. Prog. Plann. 62, 3 65, 2004.Google Scholar
- McClusky and Borst. Specifying the effect of location in multivariate valuation models for residential properties. Property Management,25, 312343, 2007.Google Scholar
- W. J. Rielly. The law of retail gravitation. Pilsbury, New York, 1953.Google Scholar
- D. Sui. Integrating neural networks with gis for spatial decision making. Operational Geographer 11 (2), 1320., 1993.Google Scholar
- G. I. Thrall. The Stages of GIS Reasoning. Geo Info.Google Scholar
- J. Thunen. Der Isolierte Staat in Beziehung auf Landwirtschaft und Nationalkonomie, Hamburg, Perthes. English translation by C.M. Wartenberg. Oxford University Press, 1826.Google Scholar
- Q. Weng. Land use change analysis in the Zhujiang Delta of China using satellite remote sensing, GIS, and stochastic modeling. Journal of Environmental Management, 64:273--284, 2002.Google ScholarCross Ref
- R. D. Yaro and R. J. Raymond. State planning in the northeast. Land Lines: 12 (4), 2000.Google Scholar
Recommendations
Geospatial Analysis of Land Loss, Land Cover Change, and Landuse Patterns of Kutubdia Island, Bangladesh
This study utilizes geospatial tools of remote sensing, geographical information systems GIS, and global positioning system GPS to examine the land loss, land cover LC change, landuse of Kutubdia Island, Bangladesh. Multi-spectral Scanner MSS, Thematic ...
Land Conversion from Marsh Into Cropland in the Sanjiang Plain During the Past 30 Years
KAM '11: Proceedings of the 2011 Fourth International Symposium on Knowledge Acquisition and ModelingTo discover the process and rules of regional land conversion from marsh into cropland, based on remote sensing and GIS technology, this paper integrated topographic maps and remotely sensed data, and analyzed the process and driving forces of land ...
Comments