Fuzzy Estimation Methods and their application in the real estate

Abstract

The evaluation of real estate is complex, it involves many factors, such as peoples` utility (human subjective recognition) and the economic efficiency etc. In this paper we develop the traditional real estate appraisal approach the market comparison approach by integrating it with fuzzy estimation which reflects the imprecise and vague nature of human thinking. The primary main methods used are fuzzy statistical analysis, fuzzy-weighting and fuzzy ranking. This integrated procedure is aimed at yielding appropriate and reasonable rank and value of utility. We also give empirical examples to illustrate the techniques and how to evaluate the real estate. Result shows that fuzzy statistics with soft computing are more realistic and reasonable in the realistic evaluation. Finally certain comments are suggested for the further studies.