Mapping of Real Estate Prices Using Data Mining Techniques

The paper describes an innovative software that is used for real estate evaluation and mapping and analyzing of real estate advertisements published on the internet in the Czech Republic. The software systematically collects, analyzes and assesses data about the changes in the real estate market. For each half year, the software assembles over 650,000 price quotations concerning sale or rental of apartments, houses, business properties and building lots. All real estate advertisements are continuously stored in a software database and are thoroughly analyzed for their credibility.There have been numerous articles concerning real estate market analysis in both mass media and scholarly publications. Unfortunately, not all presented information is objective and unbiased. Many cases by “independent specialists” have stated information with no verified research. We have witnessed manipulation of information by lobbies (such as banks offering mortgage agents, real estate companies and agents, building companies, developers, majority owners, etc.). The author of this paper offers objective and unbiased evaluation of price development in real estate market. The author brings forward information based on extensive research and large amounts of statistical data which has been collected continuously from year 2007 until today.