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Article
Publication date: 30 March 2020

Joseph Awoamim Yacim and Douw Gert Brand Boshoff

The paper introduced the use of a hybrid system of neural networks support vector machines (NNSVMs) consisting of artificial neural networks (ANNs) and support vector machines…

309

Abstract

Purpose

The paper introduced the use of a hybrid system of neural networks support vector machines (NNSVMs) consisting of artificial neural networks (ANNs) and support vector machines (SVMs) to price single-family properties.

Design/methodology/approach

The mechanism of the hybrid system is such that its output is given by the SVMs which utilise the results of the ANNs as their input. The results are compared to other property pricing modelling techniques including the standalone ANNs, SVMs, geographically weighted regression (GWR), spatial error model (SEM), spatial lag model (SLM) and the ordinary least squares (OLS). The techniques were applied to a dataset of 3,225 properties sold during the period, January 2012 to May 2014 in Cape Town, South Africa.

Findings

The results demonstrate that the hybrid system performed better than ANNs, SVMs and the OLS. However, in comparison to the spatial models (GWR, SEM and SLM) the hybrid system performed abysmally under with SEM favoured as the best pricing technique.

Originality/value

The findings extend the debate in the body of knowledge that the results of the OLS can significantly be improved through the use of spatial models that correct bias estimates and vary prices across the different property locations. Additionally, utilising the result of the hybrid system is thus affected by the black-box nature of the ANNs and SVMs limiting its use to purposes of checks on estimates predicted by the regression-based models.

Details

Property Management, vol. 38 no. 2
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 14 February 2018

Joseph Awoamim Yacim and Douw Gert Brand Boshoff

The paper aims to investigate the application of particle swarm optimisation and back propagation in weights optimisation and training of artificial neural networks within the…

251

Abstract

Purpose

The paper aims to investigate the application of particle swarm optimisation and back propagation in weights optimisation and training of artificial neural networks within the mass appraisal industry and to compare the performance with standalone back propagation, genetic algorithm with back propagation and regression models.

Design/methodology/approach

The study utilised linear regression modelling before the semi-log and log-log models with a sample of 3,242 single-family dwellings. This was followed by the hybrid systems in the selection of optimal attribute weights and training of the artificial neural networks. Also, the standalone back propagation algorithm was used for the network training, and finally, the performance of each model was evaluated using accuracy test statistics.

Findings

The study found that combining particle swarm optimisation with back propagation in global and local search for attribute weights enhances the predictive accuracy of artificial neural networks. This also enhances transparency of the process, because it shows relative importance of attributes.

Research limitations/implications

A robust assessment of the models’ predictive accuracy was inhibited by fewer accuracy test statistics found in the software. The research demonstrates the efficacy of combining two models in the assessment of property values.

Originality/value

This work demonstrated the practicability of combining particle swarm optimisation with back propagation algorithms in finding optimal weights and training of the artificial neural networks within the mass appraisal environment.

Details

International Journal of Housing Markets and Analysis, vol. 11 no. 2
Type: Research Article
ISSN: 1753-8270

Keywords

Available. Open Access. Open Access
Article
Publication date: 31 May 2023

Jonathan Damilola Oladeji, Benita Zulch (Kotze) and Joseph Awoamim Yacim

The challenge of accessibility to adequate housing in several countries by a large percentage of citizens has given rise to different housing programs designed to facilitate…

1388

Abstract

Purpose

The challenge of accessibility to adequate housing in several countries by a large percentage of citizens has given rise to different housing programs designed to facilitate access to affordable housing. In South Africa, the National Housing Finance Corporation (NHFC) was created to provides housing loans to low- and middle-income earners. Thus, the purpose of this study was to evaluate the implication of the macroeconomic risk elements on the performance of the NHFC incremental housing finance.

Design/methodology/approach

This study used a mixed-method approach to examine the time-series data of the NHFC over 17 years (2003–2020), relative to selected macroeconomic indicators. Additionally, this study analysed primary data from a 2022 survey of NHFC Executives.

Findings

This study found that incremental housing finance addresses a housing affordability gap, caters to disadvantaged groups, adapts to changing macroeconomic conditions and can mitigate default risk. It also finds that the performance of the NHFC’s incremental housing finance is premised on the behaviour of the macroeconomic elements that drive its strategy in South Africa.

Originality/value

Unlike previous works on housing finance, this case study of the NHFC considers the implication of macroeconomic trends when disbursing incremental housing finance to low- and middle-level income earners as a risk mitigation measure for the South African market. Its mixed method use of quantitative and qualitative data also allows a robust insight into trends that drive investment in incremental housing finance in South Africa.

Details

International Journal of Housing Markets and Analysis, vol. 16 no. 7
Type: Research Article
ISSN: 1753-8270

Keywords

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Article
Publication date: 14 July 2021

Joseph Awoamim Yacim, Partson Paradza and Benita Zulch (Kotze)

This study aims to examine the statutory provisions as it concerns the practice of valuation for compensation of expropriated communal properties in Zimbabwe. The primary…

282

Abstract

Purpose

This study aims to examine the statutory provisions as it concerns the practice of valuation for compensation of expropriated communal properties in Zimbabwe. The primary motivation was to have informed policies that would regulate the practice of landed property assessments for compensation purposes and further contributes to existing compensation debates.

Design/methodology/approach

A multiple case study approach was adopted, in which property valuation projects for Chiyadzwa and Tokwe-Mukosi, provinces were selected. These two projects were chosen because they are the most recent property valuation for compensation on expropriated communal properties. Content analysis was used to analyse the statutory provisions guiding property valuation and compensation rates adopted and used during the Chiyadzwa and Tokwe Mukosi valuation projects.

Findings

The study found an absence of statutory guidelines on the choice of valuation methodologies, leading to inconsistencies in compensation estimates for the communal properties.

Research limitations/implications

The study dwells on data from the previous assessment of communal properties that triggered discontentment amongst the people to build a framework for future valuations of communal properties.

Practical implications

This study reviewed the existing expropriation and compensation laws and built a comprehensive guiding framework for property valuers to choose appropriate valuation methodologies and procedures for the assessment of expropriated communal properties in Zimbabwe.

Social implications

The main motivation for this study is to find a lasting solution to frequent court cases and clashes between the government of Zimbabwe and the displaced people.

Originality/value

No study unravels the detailed property valuation processes used in determining the amount of payment for the expropriated communal properties in Zimbabwe. This study built a framework that will serve as a guide to the property valuers in the assessment of compensation for communal properties.

Details

International Journal of Housing Markets and Analysis, vol. 15 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

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