Remote Sensing-based House Value Estimation Using an Optimized Regional Regression Model
This study proposed a new method to predict residential property value using remote sensing data as a major data source substitute to traditional inputs in house price estimation models. An optimized regional regression (ORR) approach was proposed in this study. This approach integrated
a differential evolution optimization algorithm along with the ordinary least square regression to improve house value prediction accuracy. In addition to ORR, four other regression methods, random forest, Cubist regression trees, geographically weighted regression, and global ordinary least
square, were also employed to provide a comparison. Results showed that models using remote sensing data are capable of acquiring accurate house price information. In addition, the volume of residential buildings proved to be an efficient substitute for total living area, the most important
variable of the house price estimation model (i.e., a hedonic model). The ORR approach yielded the most accurate predictions followed by the geographically weighted regression. Further investigation indicated that the ORR approach has three major advantages: it is effective, stable, and the
results are readily interpretable.
Document Type: Research Article
Publication date: 01 September 2013
- The official journal of the American Society for Photogrammetry and Remote Sensing - the Imaging and Geospatial Information Society (ASPRS). This highly respected publication covers all facets of photogrammetry and remote sensing methods and technologies.
Founded in 1934, the American Society for Photogrammetry and Remote Sensing (ASPRS) is a scientific association serving over 7,000 professional members around the world. Our mission is to advance knowledge and improve understanding of mapping sciences to promote the responsible applications of photogrammetry, remote sensing, geographic information systems (GIS), and supporting technologies. - Editorial Board
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