AI&ML curb housing price rocketing

Housing prices in large cities have risen dramatically — not only in developing countries like China but also in the US. To rent or to buy a home has become less and less affordable, even though wages grew. Young people keep swarming into large cities due to job opportunities, but more and more who cannot afford the house have to leave these cities. The consequences of such development have hit individuals and businesses.

Artificial Intelligence and Machine Learning are among the new developments in the so-called PropTech market that make property search, assessment, and valuation smarter and more efficient.

Archilyse has taken on this task by bringing together available floor plan with urban contextual data to capture subjective qualities of a space in order to provide users with better tools for predicting the final value of a property. With geo-referenced floor plan data, Archilyse can not only determine how well a floor plan meets the specific needs of someone, but also simulates actual living conditions. Furthermore, Archilyse matches the preferences with individual points of interests. Pairing these analytical results with price estimates can help to include subjective qualities to make predictions more accurate.

From my perspective, applying this technique into housing appraisal and giving everyone access to it have a positive impact that it could enable the market to become more transparent and fairer, thus lowering the price in the long run.

https://medium.com/archilyse/shaking-up-the-housing-market-with-ai-ml-dbc5d2b5d265