Assessment of the Real Estate Market Value in the European Market by Artificial Neural Networks Application

Author:

Ćetković Jasmina1,Lakić Slobodan1,Lazarevska Marijana2,Žarković Miloš3ORCID,Vujošević Saša1,Cvijović Jelena4,Gogić Mladen5

Affiliation:

1. Faculty of Economics, University of Montenegro, 81000 Podgorica, Montenegro

2. Faculty of Civil Engineering, University of Ss. Cyril and Methodius, 1000 Skopje, Macedonia

3. Erste Bank AD Podgorica, 81000 Podgorica, Montenegro

4. Economics Institute, 11000 Belgrade, Serbia

5. Faculty of Civil Engineering, University of Montenegro, 81000 Podgorica, Montenegro

Abstract

Using an artificial neural network, it is possible with the precision of the input data to show the dependence of the property price from variable inputs. It is meant to make a forecast that can be used for different purposes (accounting, sales, etc.), but also for the feasibility of building objects, as the sales price forecast is calculated. The aim of the research was to construct a prognostic model of the real estate market value in the EU countries depending on the impact of macroeconomic indicators. The available input data demonstrates that macroeconomic variables influence determination of real estate prices. The authors sought to obtain correct output data which show prices forecast in the real estate markets of the observed countries.

Publisher

Hindawi Limited

Subject

Multidisciplinary,General Computer Science

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