Assessment of the Real Estate Market Value in the European Market by Artificial Neural Networks Application

Abstract

Usinganartificialneuralnetwork,itispossiblewiththeprecisionoftheinputdatatoshowthedependenceofthepropertyprice from variable inputs. It is meant to make a forecast that can be used for different purposes (accounting, sales, etc.), but also for the feasibility of building objects, as the sales price forecast is calculated. The aim of the research was to construct a prognostic model of the real estate market value in the EU countries depending on the impact of macroeconomic indicators. The available inputdatademonstratesthatmacroeconomicvariablesinfluencedeterminationofrealestateprices.Theauthorssoughttoobtain correctoutputdatawhichshowpricesforecastintherealestatemarketsoftheobservedcountries.