Real Estate R114 Launches AI Estimated Price Service

by Kwak Minjae

Published 11 Apr.2023 10:38(KST)

Real Estate R114 announced on the 11th that it will launch an 'AI Estimated Price' service that comprehensively reflects actual transaction prices based on listings and market conditions.

AI Estimated Price Service. [Photo by Real Estate R114]

Currently, pilot complexes where the AI Estimated Price is displayed include Raemian Blestige (Gangnam-gu, Seoul · 1,957 households), Helio City (Songpa-gu, Seoul · 9,510 households), Sugimaeul Hillstate 1st Complex (Gimpo-si, Gyeonggi-do · 1,253 households), Seongbok Xi 1st Phase (Yongin-si, Gyeonggi-do · 719 households), and about 65 other complexes in Seoul and Gyeonggi-do.

The AI Estimated Price is an automatically calculated price created by Real Estate R114 based on its know-how accumulated over more than 20 years since 2000 of producing and announcing market prices, reflecting listings, actual transaction prices, and market conditions.

Using Real Estate R114's proprietary duplicate and outlier removal model, valid listings and actual transaction prices are filtered, and appropriate prices are predicted by reflecting price fluctuations of similar complexes and regions. The price prediction accuracy of the AI Estimated Price will be continuously improved to provide consumers with more accurate price levels.

Nam Hyung-gyu, Executive Director of Real Estate R114, said, "We researched the AI Estimated Price to solve the problem of difficulty in continuously and accurately providing market prices by Korea Real Estate Board and Real Estate R114, and to build data with high credibility and reliability."