Year of construction, architectural period and architectural style have a significant impact on property prices. New methods of classifying and evaluating real estate have been developed on the basis of automated image analysis.
Age and value of real estate
While real estate appraisal based on hedonic regression analysis encompasses the assessment of different locations, there is currently no automatic method of classifying buildings according to their age. The ImmoAge project is developing new image analysis methods for the purpose of extracting age data from images. The project aims to develop a method of data mining buildings’ age- and location-specific visual patterns as well as automatically classifying buildings by age and location.
Automated classification of real estate
Developing a new method of image analysis requires large amounts of data in order to ensure accurate identification of visual patterns for different architectural periods or styles. The project consortium is providing the necessary amount of real estate assessments and reviews including visual material and metadata, which can be used for deeper automated analysis.
Using this material, we will compile a comprehensive data set for further exploration of visual data mining methods and machine learning.
New methods of analysis
The main focus of the ImmoAge project is developing existing methods of image analysis and automated classification of real estate properties in order to extract specific information about location, year of construction, architectural period and architectural style. The project represents a first step in the joint ImmoPixel project to generate novel real estate benchmarking tools.
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Media Computing Research Group
Institute of Creative\Media/Technologies
Department of Media and Digital Technologies
Miroslav Despotovic, University of Applied Sciences Kufstein
- University of Applied Sciences Kufstein
- Sprengnetter Austria GmbH