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Article

Advanced Machine Learning Techniques for Predictive Modeling of Property Prices

by
Kanchana Vishwanadee Mathotaarachchi
1,
Raza Hasan
1,* and
Salman Mahmood
2
1
Department of Computer Science, Solent University, Southampton SO14 0YN, UK
2
Department of Information Technology, School of Science and Engineering, Malaysia University of Science and Technology, Petaling Jaya 47810, Selangor, Malaysia
*
Author to whom correspondence should be addressed.
Information 2024, 15(6), 295; https://doi.org/10.3390/info15060295
Submission received: 5 May 2024 / Revised: 19 May 2024 / Accepted: 20 May 2024 / Published: 22 May 2024
(This article belongs to the Special Issue Second Edition of Predictive Analytics and Data Science)

Abstract

Real estate price prediction is crucial for informed decision making in the dynamic real estate sector. In recent years, machine learning (ML) techniques have emerged as powerful tools for enhancing prediction accuracy and data-driven decision making. However, the existing literature lacks a cohesive synthesis of methodologies, findings, and research gaps in ML-based real estate price prediction. This study addresses this gap through a comprehensive literature review, examining various ML approaches, including neural networks, ensemble methods, and advanced regression techniques. We identify key research gaps, such as the limited exploration of hybrid ML-econometric models and the interpretability of ML predictions. To validate the robustness of regression models, we conduct generalization testing on an independent dataset. Results demonstrate the applicability of regression models in predicting real estate prices across diverse markets. Our findings underscore the importance of addressing research gaps to advance the field and enhance the practical applicability of ML techniques in real estate price prediction. This study contributes to a deeper understanding of ML’s role in real estate forecasting and provides insights for future research and practical implementation in the real estate industry.
Keywords: real estate market dynamics; property price forecasting; machine learning techniques; predictive modeling applications; UK housing market real estate market dynamics; property price forecasting; machine learning techniques; predictive modeling applications; UK housing market

Share and Cite

MDPI and ACS Style

Mathotaarachchi, K.V.; Hasan, R.; Mahmood, S. Advanced Machine Learning Techniques for Predictive Modeling of Property Prices. Information 2024, 15, 295. https://doi.org/10.3390/info15060295

AMA Style

Mathotaarachchi KV, Hasan R, Mahmood S. Advanced Machine Learning Techniques for Predictive Modeling of Property Prices. Information. 2024; 15(6):295. https://doi.org/10.3390/info15060295

Chicago/Turabian Style

Mathotaarachchi, Kanchana Vishwanadee, Raza Hasan, and Salman Mahmood. 2024. "Advanced Machine Learning Techniques for Predictive Modeling of Property Prices" Information 15, no. 6: 295. https://doi.org/10.3390/info15060295

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