An Overview of the Forecasting Methods Used in Real Estate Housing Price Modelling

Authors

  • Mohan Munusamy Researcher, Faculty of Geoinformation & Real Estate, Universiti Teknologi Malaysia, 81310 UTM Johor Bahru, Malaysia
  • Chitrakala Muthuveerappan Centre of Real Estate Studies, Universiti Teknologi Malaysia, 81310 UTM Johor Bahru, Malaysia
  • Maizan Baba Centre of Real Estate Studies, Universiti Teknologi Malaysia, 81310 UTM Johor Bahru, Malaysia
  • Mat Naim Abdullah @ Mohd Asmoni Centre of Real Estate Studies, Universiti Teknologi Malaysia, 81310 UTM Johor Bahru, Malaysia

DOI:

https://doi.org/10.11113/jt.v73.4337

Keywords:

Forecasting methods, forecasting errors, real estate modelling

Abstract

Forecasting is very fundamental in real estate where the past transactions become the evidences while decision making for the present and the future. Several techniques and validation approached that were commonly used in housing price index forecasting. Beside the appropriate forecasting method, error calculation is one of the critical constraints in accuracy out of all methods. This paper overview the available methods and the types of error being considered in forecasting techniques. Then the forecasting methods, namely Multiple Regression Analysis (MRA) and Artificial Neural Network which are highly applied in forecasting modelling are compared over its error accuracy.  

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Published

2015-03-31

Issue

Vol. 73 No. 5: Advanced Research in Geoinformation and Real Estate Vol. 2

Section

Science and Engineering

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How to Cite

An Overview of the Forecasting Methods Used in Real Estate Housing Price Modelling. (2015). Jurnal Teknologi, 73(5). https://doi.org/10.11113/jt.v73.4337