Dutch startup uses AI to quickly and more accurately value property

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Spotted: Dutch startup GeoPhy uses artificial intelligence (AI) to quickly and more objectively value property. Algorithms calculate values based on thousands of bits of information. The data comes from public and private sources, including satellite imagery, millions of property records — looking at sales history and also links between prices and things like demographics. The platform assesses more unusual information such as the number of independent coffee shops nearby, as well as crime rates and green spaces. It can even consider reviews for local businesses in the neighbourhood.

The business is currently focussed on commercial property, but plans to expand to cover residential. GeoPhy recently received $33 million in funding to expand its operations. It has offices in Lithuania, the Netherlands, the UK and US.

Takeaway: Traditional property assessment methods rely on limited data and subjective factors. This method should help mortgage lenders more accurately value properties and create better lending models, as well as make the market more transparent. GeoPhy’s AI system reflects a growing use of AI in the property market. Springwise has spotted a Barcelona company using AI to tag features in real estate listings such as mountain view and fireplace. And an AI property management platform helps building supervisors more efficiently handle routine maintenance.

Website: www.geophy.com
Contact: [email protected]

Source: New feed 1