Real Estate Investment Appraisal of Land Properties using SOM
Real estate market analysis is a complex process: each property is unique, land use may be controlled, sale prizes are recorded maybe once in 30 years, and finding comparable sales is not easy. Nevertheless, some understanding of the resemblance of the properties is necessary. Self-organizing maps are used in this chapter by E. Carlson to analyze real estate data from the National Land Survey of Finland. Geographic location data is included in the mapping process. The application was developed using object-oriented Smallworld GIS software. The input vectors were collected using external databases on properties and buildings, and digital map databases.
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