Auction Item Market Prices, AI Will Inform You
by Han Jinjoo
Published 14 Feb.2024 14:45(KST)
Updated 14 Feb.2024 15:13(KST)
Giji Auction, Industry's First 'AI Market Price' Service
Enables Value Assessment from Auction Planning Stage
Real estate auction and public sale data specialist Gigi Auction announced on the 14th that it will be the first in the industry to provide an 'AI Market Price' service that offers artificial intelligence (AI) market price information for properties scheduled for auction.
Properties scheduled for auction refer to those for which the auction has been decided but the bidding date has not yet been set. These are auction preparation properties, and since appraisal report information is not provided, there has been the inconvenience of having to separately ascertain market prices. As of February, there are about 18,000 properties currently undergoing auction, but scheduled properties number about 44,000, approximately 2.4 times more than those in progress.
To solve the difficulty of valuing scheduled properties, Gigi Auction signed agreements with Spatial Value Co., Ltd., which operates its own real estate asset valuation model (AVM), and Data Town Co., Ltd., to provide these companies' AI market price services for Gigi Auction's auction properties.
By reflecting indicators that can assess real estate value from the scheduled auction stage, investors can make faster decisions, and creditors can establish concrete plans for debt recovery.
Gigi Auction previously introduced AI Market Price and AI Winning Bid Prediction services and plans to launch an AI Architectural Design service in the future. The company aims to actively adopt the latest technologies in the proptech market to resolve information asymmetry among auction participants.
Park Seongsik, CEO of Spatial Value, said, "We are considering ways to create various synergies not only with Gigi Auction's AI estimated price service but also beyond. We plan to connect the upcoming loan brokerage service PIPER to Gigi Auction to provide a one-stop solution for auction investors' balance payment loans."
Lee Jungyoon, CEO of Data Town, said, "Data Town's AI estimated prices will be a significant clue to solving the practical concerns of auction investors. Since both companies share similar concerns about utilizing real estate data, we will seek solutions through various collaborations and joint research going forward."
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