The location and condition of real estate significantly determines its value. Projects of St. Pölten University of Applied Sciences and Kufstein UAS are developing methods to assess location and building stock through imaging techniques using satellite images and automatic data analysis by means of machine learning. The additional information could increase transparency in the real estate market and make the valuation of property easier.
Combination of real estate expertise and image analysis
The decision for or against a property and its value are affected by: distance to schools and shops, relationship between the building and the building plot, location of green areas, streets and recreation areas as well as the distance to neighbouring houses. Much of this information can be derived from satellite images.
In the ImmBild project, St. Pölten UAS and Kufstein UAS are developing a process to calculate the value of a property using methods of "Computer Vision" from satellite images. The related field of research, Real Estate Image Analysis (REIA) combines real estate expertise with automated image analysis. The project is developing image-based methods that can be used to derive an automated estimate of the quality of a local residential area by entering a satellite image and predetermined coordinates.
Opening up a new source of information
Automated image recognition from aerial images provides large amounts of data, especially in satellite-image analysis. In the project, researchers use a machine-learning method to draw conclusions.
ImmoAge, a further project of St. Pölten UAS and Kufstein UAS is developing methods for the analysis of the construction year, construction period and regional construction methods for single-family houses using image-recognition techniques. The age of a property as well as the construction methods in a particular construction period have a significant influence on the building stock and the value of the property.
To the projects
The ImmBild project is funded by the Federal Ministry of Science, Research and the Economy in the framework of the COIN programme line "Aufbau". The project partner is Kufstein UAS. The ImmoAge project is funded in the framework of the BRIDGE programme by the Federal Ministry of Transport, Innovation and Technology. Project partners are Kufstein UAS and Sprengnetter Austria.