Artificial Intelligence in the real estate industry
Artificial Intelligence (AI) is rapidly changing the traditional real estate market. In the past, real estate pricing was based on human experience, comparing similar property and mental estimates. But now, using machine learning algorithms and artificial neural networks (ANN), thousands of data such as location, property physical characteristics, regional growth rates, public facilities, past trading records, and even users' behavioral data on real estate platforms can be analyzed.
These algorithms are able to update the property price momentarily and analyze the hidden patterns in the data instead of using simple average. In addition to pricing, AI is used to identify investment opportunities, risk analysis, personalization of user experience in civil portals, and even automatic ads.
Türkiye has a good platform for implementing these technologies with urban databases and the growth of major cities such as Istanbul, Ankara and Izmir. This technology can be a powerful tool to tackle severe price fluctuations in the real estate market and increase transparency.
