An integrated approach based on artificial intelligence using ANFIS and ANN for multiple criteria real estate price prediction

• Main Authors: A. Yakub, A., Mohd. Ali, Hishamuddin, Achu, Kamalahasan, Abdul Jalil, Rohaya, O., Salawu A.
• Format: Article
• Language: English
• Published: Malaysian Institute Of Planners 2021
• Subjects: HD Industries. Land use. Labor
• Online Access: http://eprints.utm.my/id/eprint/95391/1/KamalahasanAchu2021_AnIntegratedApproachBasedonArtificial.pdf; http://eprints.utm.my/id/eprint/95391/; http://dx.doi.org/10.21837/PM.V19I17.1005

A relatively high level of precision is required in real estate valuation for investment purposes. Such estimates of value which is carried out by real estate professionals are relied upon by the end-users of such financial information having paid a certain fee for consultation hence leaving little room for errors. However, valuation reports are often criticised for their inability to be replicated by two or more valuers. Hence, stirring to a keen interest within the academic cycle leading to the need for exploring avenues to improve the price prediction ability of the professional valuer. This study, therefore, focuses on overcoming these challenges by introducing an integrated approach that combines ANFIS with ANN termed ANFIS-AN, thereby having a reiteration in terms of ANN application to fortify price predictability. Using 255 property data alongside 12 variables, the ANFIS-AN model was adopted and its outcome was compared with that of ANN. Finally, the results were subjected to 3 different error testing models using the same training and learning benchmarks. The proposed model’s RMSE gave 1.413169, while that of ANN showed 9.942206. Similarly, using MAPE, ANN recorded 0.256438 while ANFIS-AN had 0.208324. Hence, ANFIS-AN’s performance is laudable, thus a better tool over ANN.