News in 2024
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Enhancing Property Valuation with AI – online workshop
24 September 2024
FIG Commission 9 on Valuation and the Management of Real Estate
held a webinar: Get insights from Nicosia's Apartment Market
60-Minutes-Knowlege-Session Online
“To embrace the new era of valuation”
On behalf of the Scientific & Organizing Board: Peter Ache,
Małgorzata Renigier-Biłozor, Artur Janowski, and Thomas Dimopoulos, we
are pleased to report the successful completion of our Second Global
Online Seminar titled "Enhancing Property Valuation with AI: Insights
from Nicosia's Apartment Market."
As a follow-up to the highly successful Presence Workshop held in
Cyprus during spring 2024, the second 60-Minutes-Knowledge-Meeting on
AVM (Automated Valuation Modelling) took place. Enthusiasts of data
modeling and AVM from 46 countries across Europe, Africa, the Americas,
and Asia participated, bringing together a diverse array of experts,
including academics, business professionals, practitioners, and
policymakers. The attendees included university professors, researchers,
valuers, and industry leaders who shared their expertise in areas such
as real estate valuation, geodesy, cadastral systems, and advanced
property management. The participants gathered to hear from Thomas
Dimopoulos, a distinguished expert from Pafos, Cyprus.
The seminar was held on 24 September 2024 at 14:30 CET. Esteemed
researcher and valuer, Thomas Dimopoulos, delivered a highly engaging
presentation that covered various aspects of utilizing AI and
mathematical models in property valuation. Key topics discussed included
Artificial Intelligence Algorithms, Mathematical Models, Outliers, and
the training and testing of models.
Video
recording of the workshop
Organisers and Collaborators
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The seminar was organized by: FIG
(Commission 9); University of Warmia and Mazury (Institute of
Spatial Management and Geography & Institute of Geodesy and
Civil Engineering), Poland; and Neapolis University in Pafos,
Cyprus.
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We eagerly anticipate your continued participation and look forward
to welcoming you at our next seminar in November. You will receive
exclusive information about the event beforehand.
- Peter Ache, Chair of the FIG Commission 9 “Valuation and the
Management of Real Estate”
- Dr. hab. inż. Małgorzata Renigier-Biłozor, University Professor
- Dr. hab. inż. Artur Janowski, University Professor
- Dr. Thomas Dimopoulos
The seminar was held 24 September 2024 at 14:30 CET.
The event featureeda keynote presentation by Thomas Dimopoulos, a
board member of IVSC, founder of AXIA Chartered Surveyors and Head of
Real Estate Programmes at Neapolis University. Key topics to be covered
include various aspects of using AI and mathematical models for property
valuation, focusing on apartments in Nicosia. Key topics include:
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Studied Database: Analysis of 3561 sales data
of apartments/offices in Nicosia, including variables like urban
planning data and adjusted prices.
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Artificial Intelligence Algorithms: The use
of AI in mass appraisal research, including ethical considerations
and potential applications in various fields.
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Mathematical Models: Discussion of different
regression models (univariate, multivariate, higher-order) and their
accuracy in predicting property values.
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Outliers: Identification and handling of
outliers in the dataset.
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Artificial Neural Networks: A comparison of
traditional regression methods with neural networks, focusing on the
accuracy and reliability of predictions.
Discussion: Examination of the
implications of using AI and mathematical models in real estate
valuation, addressing concerns about replacing human judgment with
machine intelligence.
With best Regards:
- Peter Ache, Chair of the FIG Commission 9
“Valuation and the Management of Real Estate” (Contact:
peter.ache.fig@achemail.de)
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Dr hab. inż. Małgorzata
Renigier-Biłozor, University Professor
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Dr hab. inż. Artur Janowski,
University Professor
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Dr. Thomas Dimopoulos,
University Professor
Peter Ache
September 2024
