Proposes a new real estate valuation methodology and presents the architecture for a decision support system for real estate analysis based on Geographic Information Systems (GIS) techniques integrated with fuzzy theory and spatial analysis.
The proposed information system architecture/problem‐solving methodology uses GIS technology integrated with two approaches: fuzzy logic and spatial analysis. The steps required in the proposed methodology are: database design and implementation; criteria and rules; system design; and implementation. The components/modules included in the proposed methodology are: requirement and definition analysis; data production; topology; integrated database; visualization; variables; quantification; valuation; and implementation.
The applicability of the system is evaluated via a case study in estimation of house sale prices. The proposed system/methodology was used in order to valuate property values in one municipality of Attica in Greece. The estimation, market analysis, forecasting and management of property values are of great importance and a prerequisite for real estate development.
The proposed methodology is innovative, easy to implement and has a vast theoretical background. Following the methodology/architecture, a prototype information system is presented in order to move from theory to practice. The value of the paper is the combination of new technology assessments and GIS tools, integrated with fuzzy theory and spatial analysis.
Pagourtzi, E., Nikolopoulos, K. and Assimakopoulos, V. (2006), "Architecture for a real estate analysis information system using GIS techniques integrated with fuzzy theory", Journal of Property Investment & Finance, Vol. 24 No. 1, pp. 68-78. https://doi.org/10.1108/14635780610642971Download as .RIS
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