Giji Auction Launches AI-Based Real Estate Auction Fair Price Prediction System 'ALG'

[Asia Economy Reporter Ryu Taemin] JiJi Auction, a company specializing in court auctions, announced on the 18th that it has launched ALG, a real estate auction fair price prediction system based on AI (artificial intelligence) technology.

ALG is a system that analyzes auction big data accumulated by JiJi Auction using cutting-edge technologies such as deep learning and machine learning, and calculates the appropriate winning bid amount through artificial intelligence (AI). JiJi Auction jointly developed ALG with Yonsei University Industry-Academic Cooperation Foundation.

Data such as actual transaction prices, publicly announced prices, and apartment market prices serve as past indicators that can be referenced to determine auction winning bids but cannot predict future real estate values. However, ALG analyzes numerous factors that determine real estate value to predict future winning bid prices.

It is expected to be very helpful for financial institutions and various companies managing non-performing loans in estimating the future value of real estate properties and loan amounts, which have been challenging until now.

Kang Kyungmo, head of JiJi Auction AI Center, said, “Recently, interest in auctions has increased, and more people want to participate, but it has been difficult to approach auctions easily due to unfamiliarity, various legal issues, and rights analysis.” He added, “With the development of ALG, we will contribute to establishing auctions as a more accessible real estate transaction method.”

Meanwhile, JiJi Auction plans to expand research beyond real estate auctions by calculating appropriate prices for the entire real estate sector and providing them to financial companies, appraisal firms, accounting firms, guarantee insurance companies, and licensed real estate agencies, starting with the development of the ALG service.

This content was produced with the assistance of AI translation services.