PREDICTION OF RESIDENTIAL PROPERTY PRICES – A STATE OF THE ART

Abstract: Forecasting property price is an important module, in the decision making for buyers and investors in supporting budget allocation, finding property funding stratagems and determining suitable policies. The number of approaches to predict the property price for any particular location like hedonic pricing method, travel cost method etc. but the stakeholders that are involved in the process are unaware of the various approaches and statistical techniques available to predict the property price considering various aspects relating to surroundings, environment and other amenities etc. Hence the aim of the paper is to provide clean visual of the impact of housing sector, the approaches and statistical techniques that are used for prediction of residential property prices.

Keywords: Forecasting, Statistical techniques, Budget allocation, Stakeholders.