Property valuations through artificial intelligence
Dhalia is launching an online valuation tool based on artificial intelligence. Owners can visit propertymalta.mt, enter their property details and instantly find out the estimated value of their property.
How does it work?
The technology works by applying an artificial intelligence model to Dhalia’s large database of property values and other local market data. The algorithm scans all data and applies filters to generate an approximate valuation. This valuation is based on various factors including similar properties in the locality, and takes into consideration the size of the property and the number of bedrooms.
What happens if there isn’t enough data?
If the system doesn’t find enough data to provide a confident estimate, then clients can request a human valuation which will be provided within 24 hours. This information is then retained within the system and applied to future requests, allowing the AI model to learn from experience.
Dhalia’s artificial intelligence tool works hand-in-hand with human knowledge. The data behind the system has been built upon decades of human expertise. Especially in the case of one-of-a-kind properties, an automatically-generated valuation will not suffice. At all times a property agent is just one step away, making this a hybrid system.
What is artificial intelligence?
Machine learning and artificial intelligence are both part of the wave of change brought about by new forms technology. Although the beginning of AI goes back further than you may think, today the concept is more focused on simulating human decision making processes. Artificial intelligence is a broad concept applied to machines which can carry out tasks in a smart way. Machine learning is a way of applying AI, where computer programs automatically improve through experience. In this case, Dhalia is using it to estimate the market value of a property.
Machine learning for property valuations
Dhalia’s machine learning tool makes predictions by learning from existing statistical data. It takes into consideration the relationships between the property details - such as location, size, and number of bedrooms - and the price of the property. According to these relationships, a property’s price depends on parameters such as the number of bedrooms, area, location, etc. By applying machine learning and artificial intelligence technologies to these parameters, the algorithm can estimate the value of a property in a given geographical area.
There is great potential in incorporating machine learning approaches to real estate value estimation models. The capabilities of data-driven models led by algorithms can improve accuracy over more traditional models. So far, testing has shown that using a hybrid approach combining machine-learning and traditional methods together can obtain the highest accuracy.
Dhalia’s vision for the future is one where humans and artificial intelligence work side by side to improve daily life. After bringing 3D property scanning to the Maltese Islands almost a decade ago, Dhalia is once again at the forefront of integrating property and technology.
Try it yourself - visit https://propertymalta.mt