Over the next days i will present an example of using Data Mining and Information Extraction techniques to analyze Real Estate in the Greek Market.
The problem is as follows : In a specific suburb of Athens in Greece (let's say Nea Smyrni) what are the key factors (or characteristics) that contribute to a high renting price of a flat? Which is more important? Having a parking space, or whether the house is less than 5 years old?
This piece of information is particularly valuable for flat owners, real estate investors and real estate agents (to name a few) according to my experience.
I really like this example of analysis given, because it shows the power of Information Extraction and Data Mining combined and the insight that these techniques can reveal.
In order to implement this analysis, the first required action is the collection of information. For this reason, special software collects flat adverts for rent from Greek websites. The next step is to extract each flat's information from each advert. Information extraction is used to extract these characteristics as shown below :
The goal of Information Extraction is to transform unstructured information to a form suitable for further analysis. More specifically, after the Information Extraction phase, the characteristics of each flat advert are inserted into a database. More on this on Part 2...
The problem is as follows : In a specific suburb of Athens in Greece (let's say Nea Smyrni) what are the key factors (or characteristics) that contribute to a high renting price of a flat? Which is more important? Having a parking space, or whether the house is less than 5 years old?
This piece of information is particularly valuable for flat owners, real estate investors and real estate agents (to name a few) according to my experience.
I really like this example of analysis given, because it shows the power of Information Extraction and Data Mining combined and the insight that these techniques can reveal.
In order to implement this analysis, the first required action is the collection of information. For this reason, special software collects flat adverts for rent from Greek websites. The next step is to extract each flat's information from each advert. Information extraction is used to extract these characteristics as shown below :
The goal of Information Extraction is to transform unstructured information to a form suitable for further analysis. More specifically, after the Information Extraction phase, the characteristics of each flat advert are inserted into a database. More on this on Part 2...
