RealEval

Inspiration

We decided that a data-driven approach is the way to go in order to build a model for housing prices prediction. We were interested in real estate as it is one area where it is very difficult to obtain a fair valuation for a property, as the myriad of factors influencing real estate prices in Singapore (e.g. floor area, floor level, distance to various amenities) necessitates an extensive research process. It is also hard to generalise preferences to the entire population, as being in a school-zone might be vital to one family but unimportant to another. We decided to make two models - one for consumers and one for businesses. For consumers, we narrowed down to HDB flats because of the following 2 reasons. Firstly, it has the widest impact on Singapore, as over 80% of our population lives in HDB flats. Secondly, we had access to an extensive amount of high quality data provided by the government. For businesses, we will be looking at rental tenders - the main real estates that they would be purchasing.