Location is key – especially when it comes to real estate value. “ImmBild” aims at developing a new method for estimating property value using computer vision of satellite data.
Real estate value and image analysis
The value of any real estate property depends most likely on its location. „ImmBild“ is an innovative approach, combining real estate industry specific knowledge and automated image analysis to find new ways to determine rent or real estate prices. An automated image analysis of satellite pictures in combination with geographical coordinates helps determine the value and quality of real estate location – data that up until now has not been taken into account.
Our newly suggested approach wants to increase transparency on the real estate market for all market participants and facilitate property evaluation and rent regulation.
A new method for real estate appraisal
Traditionally real estate appraisal is based on hedonic regression, meaning an analysis taking into account certain characteristics of location such as nearby schools, shopping opportunities or socio-demographic data. Our new method, still going further, also includes regional characteristics for the classification and evaluation of location such as neighborhood, green spaces, infrastructure, recreation areas or land to building ratio. All of the above are identified by our data analysis tools and can be taken into account for real estate appraisal.
Automated image analysis of satellite imagery
Since we have big amounts of satellite pictures at our disposal, those are highly qualified for machine learning. Our project uses neural networks or Deep Learning to identify and classify different elements such as streets, water, trees or houses. Built on those segmentations and qualifications, combined with traditional regression methods, long-term criteria to determine and evaluate location can be established.
Studienprojekt: Hausbesichtigung per Satellit10/11/2017
Medium: Die Presse
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Mario Döller, University of Applied Sciences Kufstein
- University of Applied Sciences Kufstein