PATE: Property, Amenities, Traffic and Emotions Coming Together for Real Estate Price Prediction

• URL: http://arxiv.org/abs/2209.05471v2
• Date: Wed, 12 Oct 2022 01:10:06 GMT
• Title: PATE: Property, Amenities, Traffic and Emotions Coming Together for Real Estate Price Prediction
• Authors: Yaping Zhao, Ramgopal Ravi, Shuhui Shi, Zhongrui Wang, Edmund Y. Lam, Jichang Zhao
• Abstract summary: We use multiple sources of data to evaluate the economic contribution of different socioeconomic characteristics. Our experiments were conducted on 28,550 houses in Beijing, China.
• Score: 4.746544835197422
• License: http://creativecommons.org/licenses/by/4.0/
• Abstract: Real estate prices have a significant impact on individuals, families, businesses, and governments. The general objective of real estate price prediction is to identify and exploit socioeconomic patterns arising from real estate transactions over multiple aspects, ranging from the property itself to other contributing factors. However, price prediction is a challenging multidimensional problem that involves estimating many characteristics beyond the property itself. In this paper, we use multiple sources of data to evaluate the economic contribution of different socioeconomic characteristics such as surrounding amenities, traffic conditions and social emotions. Our experiments were conducted on 28,550 houses in Beijing, China and we rank each characteristic by its importance. Since the use of multi-source information improves the accuracy of predictions, the aforementioned characteristics can be an invaluable resource to assess the economic and social value of real estate. Code and data are available at: https://github.com/IndigoPurple/PATE

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