RESEARCH IN MANAGEMENT OF TECHNOLOGY AND
BUSINESS
e-ISSN: 2773-5044 RMTB
Vol. 5 No. 2 (2024) 953-961
[Link]
The Role of Valuers in Leveraging Big Data in Real
Estate Industry in Malaysia
Atiqah Najwa Azrul Than1*, Zulkifli Esha1
1 Universiti Malaya, Department of Real Estate/Faculty of Built Environment/Lembah Pantai, 50603 Kuala
Lumpur, MALAYSIA
*Corresponding Author: atiqahnjw4@[Link]
DOI: [Link]
Article Info Abstract
Received: 30 September 2024 Big data, originating in the 1990s, is a vast and complex datasets that
Accepted: 01 November 2024 surpasses the capacity of traditional data management tools. The
Available online: 01 December 2024 International Business Corporation Machines claimed that daily data
creation reaches 2.5 quintillion bytes, indicating the complexity
nature of big data. Apart from its sheer volume, the complexity also
Keywords
arises from its attributes such as velocity, and veracity as reflected in
big data, real estate market, valuers, the 7Vs framework. Transitioning to the real estate sector, big data
adoption, challenges has a major influence on Malaysia’s real estate market. Big data
adoption enhances the transparency and reliability of the market,
benefiting both buyers and sellers. Given its position as a significant
driver of economic growth, the real estate market is influenced by
diverse factors namely economic conditions, market trends and
others. As the market is dynamic and constantly changing, it is
imperative that big data is employed in the industry. The central
focus of this research is on the vital role of valuers in leveraging big
data in the real estate industry in Malaysia to gain accurate and
precise valuation. This research addresses three key questions,
exploring factors encouraging big data adoption among valuers, the
impacts of the adoption and the challenges faced in daily operations.
The study uses a quantitative approach, relying on primary data from
surveys, to assess real-world scenarios and experiences of valuation
practice and big data utilization. In conclusion, this research
provides a detailed exploration on the relevance of big data in the
real estate sector and serves as a foundation for future studies to
harness the full potential of big data in real estate practice.
1. Introduction
In today’s data driven era, big data emerges as a pivotal concept. Since the 1990s, the term ‘big data’ has been
generally referred to extremely large and massive datasets that are challenging to manage, process and analyze
using conventional data processing methods. The problem lies not only in handling ever-increasing amounts of
data, but also in handling data that is becoming more complex and interconnected and in a wider range of
formats (Riahi & Youssra, 2018). As we navigate the dynamic landscape of big data, it has revolutionized entire
industries and making its mark on our daily lives, shaping the foundations of how the industries operate and
individuals engage in the modern world. With that being said, big data has undeniably evolved into an integral
component of the cultural and behavioral landscape of humanity. Big data is considered characteristically
complex and it is a phenomenon that needs to be fully explored as a great deal of emphasis has been placed on
the anticipated benefits of mining data that will generate new understanding of human behaviour, lifestyle and
habits (Winson-Geideman & Krause, 2016).
This is an open access article under the CC BY-NC-SA 4.0 license.
Research in Management of Technology and Business Vol. 5 No. 2 (2024) p. 953-961 954
It is essential to emphasize that the term ‘big data’ extends beyond the sheer volume of data. Instead, it
refers to a broad concept that consists of several characteristics (7V) known as Volume, Velocity, Variety,
Variability, Veracity, Value and Visualization. Each of those characteristics has its own role and impact in the
domain of contemporary data analytic. In addition, the most commonly used classification of big data includes
three main types which are structured, semi-structured and unstructured.
Shifting to the real estate sector, it refers to the industry involved in the development, buying, selling,
leasing, and management of real estate properties. Malaysia’s real estate market is diverse and plays a crucial
role in the overall economy, serving as a significant driver of economic growth, investment, and wealth creation.
In addition, this sector is influenced by factors such as economic conditions, demographics, interest rates, and
market trends.
According to De Mauro et al., (2016), utilization and management of big data are impacting many fields of
activities of our society and applications of big data have shown a consistent level of adaptability to the different
requirements arising from disparate scientific domains and industrial organizations. Big data has a significant
impact on numerous industries, including real estate and it is pertinent to understand and adapt to changing
market dynamics, mitigate risks, and provide efficient services to the respective clients. Furthermore, big data
plays a pivotal role in enhancing the accuracy and efficiency of the valuation process while real estate valuers
utilize vast amounts of datasets to compare recent property sales, assess neighbourhood characteristics, and
take into account economic factors, resulting in more precise and timely property valuations. This data-driven
approach not only benefits buyers and sellers, but also contributes to a more transparent and reliable real
estate market.
2. Problem Statement
Real estate remains to be the biggest asset class in the world and can be considered as a developing sector in
emerging economies or regions experiencing rapid urbanization and economic growth. As the industry
expands, there are some advancements in the real estate sector involving the integration of data driven
technologies to enhance property valuation processes. Real estate valuers can harness the power of big data to
analyze massive datasets, identify market trends and predict future property values. On top of that, this data-
driven approach allows for more accurate market assessments and their adaptation to Big Data tools is crucial
for enhancing accuracy, efficiency, and overall decision-making in the valuation process. However, there are
some potential problems are identified as follows:
a) Big data offers numerous benefits to the industry, from uncovering valuable insights on the real estate
market, improved efficiency and enhanced decision-making. However, a recent report made by World
Bank Group indicated that Malaysia still lags behind neighbouring countries in the adoption of users-
friendly and data-driven digital solutions (Sanghi et al., 2023). Therefore, there exists a notable lack of
awareness regarding the potential of utilizing big data in real estate industry.
b) Although big data has the potential to revolutionise the real estate industry, there will be a few challenges
in dealing with the massive number of datasets that require scalable and powerful tools. According to
(Miwfm, 2023), it is stated that this industry has yet to fully embrace the potential of big data due to the
traditional mindset and industry fragmentation, lack of data integration and interoperability, data
security and privacy concerns, and limited awareness and expertise.
c) Real estate industry has always been a data-driven sector due to the massive amounts of datasets that are
processed every day and big data should be implemented in order to minimize the workload on
professionals. Xiao (2022) claims that the potential of big data in real estate is in gradual progress since it
characteristically remains a complex subject.
Given that there is a lack of research and a critical gap in understanding in leveraging big data among real
estate valuers in Malaysia real estate industry, this research is undertaken. This research will be more specific
and focused on Klang Valley only.
3. Research Questions
955 Research in Management of Technology and Business Vol. 5 No. 2 (2024) p. 953-961
The following questions have directed this research to accomplish the objectives:
a) What are the factors that encourage the adoption of big data among real estate valuers?
b) What are the impacts of adopting big data among real estate valuers?
c) What are the challenges faced by real estate valuers in adopting big data in their daily operations?
4. Research Objectives
The main aim of this research is to identify the factors and challenges faced by real estate valuers in leveraging
big data in real estate valuation practice. To achieve this aim, the following objectives have been identified as
follows:
a) To identify the factors that encourage the adoption of big data by real estate valuers.
b) To study the impacts of adopting big data among real estate valuers.
c) To explore the challenges faced by real estate valuers in adopting big data in their daily operations.
5. Literature Review
5.1 Big Data Definition
In this era of modernization, big data stands as a transformation catalyst affecting every aspects of our lives.
This is the realms of big data – a concept that goes beyond just numbers and bytes. Factually, big data is defined
as too large and diverse datasets which are beyond the ability of conventional database software tools to
capture, store, manage and analyze. Madden (2012) neatly summarises Big Data as data that is “too big, too fast,
or too hard for existing tools to process”— too big as organisations are now collecting petabytes of data, too
fast as processing applications must provide nearly instantaneous results, and too hard when new
technologies are required to analyse it.
5.2 Real Estate
In general, land, buildings and other improvements on the land are all considered to be part of real estate. The
term also extends to the natural resources associated with the land such as minerals, water and vegetation.
Chen (2023) defined that real estate refers to the land and any permanent structures, like a home, or
improvements attached to the land, whether natural or man-made. In the broader context, real estate refers to
the industry involved in the development, buying, selling, leasing and management of real estate properties.
Malaysia’s real estate market has always been diversified as well as crucial to the overall economy. It serves as
a significant driver of economic growth, investment and wealth creation.
On top of that, the dynamics of real estate sector are heavily influenced by economic conditions,
demographics, interest rates and prevailing market trends. Demographic trends such as population growth and
age distribution significantly impact the real estate market. Understanding demographic shifts is essential for
anticipating market demands.
5.3 Big Data and Real Estate
Big data has become a cornerstone of innovation within the real estate industry. Leveraging big data in the
industry has resulted in transformative changes, offering valuable insights, enhancing decision-making
processes and increasing overall efficiency. Real estate professionals can harness the power of vast datasets
encompassing market trends, property values and economic indicators in order to make more accurate
predictions. This enables them to make well-informed decisions concerning property investments,
development projects and pricing strategies.
Moreover, big data has a significant impact on the landscape of property valuation. Utilization of big data
allows for more precise property valuations by taking into account a wide range of variables such as
comparable sales, surroundings, market trends and property conditions. This data-driven approach
significantly reduces the risks of overvaluation and undervaluation, resulting in a more reliable basis for
property appraisals.
5.4 Valuers
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In the context of real estate industry, valuers are professionals who specialize in determining the market value
of properties. (Aliasak, 2016) states that valuation surveyors provide services in terms of property values and
professional advice on the real estate valuation of land, buildings, plants and machinery, as well as the valuation
of businesses in Malaysia. Valuers who are frequently certified and qualified, are responsible for assessing the
various factors that contribute to a property’s overall value. The contributing factors would include the
property’s location, condition, size and recent comparable sales in the market.
Valuers may employ different methodologies in order to derive the market value of the property. On top of
that, valuers provide unbiased assessments of property values in their capacity as impartial and objective
experts. In addition to the quantitative side of property valuation, valuers possess a comprehensive
understanding of market dynamics, legal regulations and economic conditions. Their diverse knowledge and
skills are crucial for maintaining the integrity and reliability of the real estate sector.
5.5 Factors Influencing the use of Big Data
5.5.1 Enhanced Accuracy and Precision
Real estate valuers are adopting big data in order to improve accuracy and precision in property valuation. Big
data enables valuers to process and analyze massive datasets with a level of detail that was previously
unattainable. With the utilization of big data, valuers can take into accounts a wide range of variables such as
property features, market trends and comparable sales data in order to produce more accurate assessment of
the diverse real estate market. According to Xiao (2022), valuations can be done more accurately based on the
data that has been acquired or shared by different players. This precision analysis is crucial for both valuers and
clients as it will lead to decision-making in the dynamic real estate market.
5.5.2 Improved Market Insights
Big data offers real estate valuers an enormous amount of information that goes beyond what traditional
sources can provide. The adoption of big data offers real estate valuers access to a diverse array of datasets,
including social, economic, and demographic information. By analyzing diverse datasets, valuers can gain a
deeper level of understanding trends, regional dynamics, user preferences and so on. For example, this detailed
analysis allows valuers to identify overarching market trends, such as fluctuations in property values, shifts in
demand for specific property types, and evolving preferences among buyers. Real estate valuers are better
equipped to provide informed advice to clients, effectively navigate market fluctuations and contribute to
strategic decision-making by combining these diverse insights.
5.5.3 Competitive Advantage
In a highly competitive real estate market, valuers who embrace big data gain a significant competitive
advantage. Kok et al. (2017) claims that there is huge and fierce competition among the technologies to handle
the market. The adoption of big data streamlines and accelerates the valuation processes and also empowers
valuers to adapt swiftly to changing market dynamics. By applying this data driven approach, this not only sets
valuers apart from competitors but also has the ability to provide the clients with insights into emerging
opportunities and potential risks. Wei et al. (2022) adds that having access to this kind of data supports business
decision-making processes. In addition, valuers harnessing the potential of big data not only attract clients
seeking advanced methods but also establish a foundation for client retention. The consistent delivery of high-
quality, innovative, and adaptable services becomes a hallmark of their approach, creating a symbiotic
relationship where clients not only seek their expertise initially but continue to rely on their services over time.
5.5.4 Risk Mitigation
Big data plays a pivotal role in risk mitigation for real estate valuers. By analyzing historical data and employing
predictive analysis, valuers may assess the potential risks and uncertainties associated with potential
developments of specific properties. This approach also allows valuers to anticipate challenges such as
economic downturns, property values’ fluctuations and changes in zoning regulations. For example, valuers
may apply market comparison approach in order to derive the market value of a property. A study conducted
by Grybauskas et al. (2021) highlights that the risk of selecting the wrong property is also minimized by
reliance on big data. As a result, this insight enables them to guide clients on strategies to navigate downturns
effectively, potentially minimizing the impact on property values and investment portfolios.
5.6 The Impact of Using Big Data
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5.6.1 Optimized Valuation Workflow
Efficient workflow optimization is a major driving force behind real estate valuers’ adoption of big data. This
factor includes several advantages that contribute to efficiency, accuracy and adaptability in the property
valuation process. Automated data analysis is a key feature of an optimized workflow. By leveraging big data in
the valuation process, valuers are able to eliminate manual and time- consuming processes, which speeds up
the identification of patterns, trends and correlations within the data. Thorough the integration of big data in
the industry, real estate valuers acquire the capability to access and utilize real-time market information. This
ensures that their analyses and decision-making processes are based on the most current and relevant data,
allowing for quick adjustments to changing circumstances during the valuation process. Wei et al. (2022) also
indicates that the real-time details ought to be represented in an authentic and profound way for better
understanding and engagement of clients. By adopting big data for workflow optimization, valuers can
differentiate themselves by offering faster, more accurate, and efficient services, attracting clients who
prioritize these qualities.
5.6.2 Insightful Projections of Real Estate Development Opportunities
Adopting big data among real estate valuers has a significant impact on fostering insightful projections of real
estate development opportunities. With the intention of delivering expert viewpoints, valuers must analyze and
extract information from diverse datasets such as market trends, demographic information and economic
indicators. This comprehensive analysis with the utilization of big data goes beyond historical data, allowing
valuers to discern pattern, identify emerging opportunities and make informed projections regarding the
potential developments.
On top of that, valuers can delve into micro-level details such as consumer behaviour and urbanization
trends to gain a comprehensive view of the opportunities and challenges associated with specific regions or
property types. (Cheryshenko and Pomernyuk, 2021) also adds the significant expansion in data access and the
probability of collecting each kind of information measurable gives room for development and novel revenue
models in the real estate market.
5.6.3 Client-centric Services
Client-centric services are approaches in which a business or service provider focuses on meeting the specific
needs, preferences and expectations of individual clients. Through big data, valuers can adapt their
methodologies to align with each client’s investment portfolio and objectives. Clients are likely to prefer valuers
who can provide more reliable and precise valuations, positioning these professionals as leaders in the industry.
Additionally, big data facilitates more effective communication between valuers and clients, leading to leading
to transparent communication that builds trust and enhances the overall client experience, reinforcing the
client-centric nature of the services provided. (Xiao, 2022) indicates big data makes it possible to manage assets
in a rational and individualized manner, thus improving investors and clients’ fulfillment.
5.6.4 Aid Better Decision-making
Leveraging big data in real estate industry significantly aids in better decision-making as it provides nuanced
understanding of market dynamics by incorporating diverse data sources and factors influencing real estate
market. In addition to its capacity for historical data analysis, big data also facilitates real-time access to market
information. This enables the valuers anticipating shifts in property values, market demand and other factors,
resulting in more robust and insightful decision-making. A study by Li (2021) states that the massive data from
the real estate industry can effectively produce the prediction of growth of consumer demands and productivity,
and data can provide the basis and sources for business decision-making and strategy formulation. This approach
also align well with the diverse needs and goals of clients, making the decision- making process more inclusive
and informed.
5.7 Challenges of Using Big Data
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5.7.1 Data Quality And Standardization
Big data relies heavily on the quality and standardization of data. Valuers may encounter challenges in obtaining
accurate and standardized data since the data comes in various formats and from various sources. Datasets
from various sources may have inconsistencies, inaccuracies, or lack uniform standards, making it difficult to
maintain reliable and accurate information. (Rossini, 2011) indicates that if huge datasets are aggregated over
time, it is mostly challenging to assess the quality of this data. As a result, inaccurate or inconsistent data can
jeopardise the reliability of valuations, limiting the effectiveness of big data adoption in daily operations. Other
than that, poor data quality can lead to flawed analyses, misleading conclusion and inaccurate valuation.
5.7.2 Data Security And Privacy Concern
Real estate valuers normally deal with sensitive information related to property details, financial transactions
and clients’ personal information's. It is known that real estate data comes in various formats and often rely on
third-party data providers, including public records, government databases and proprietary datasets.
Managing the variety and complexity of these data types can be challenging. Due to its sheer volume of data,
real estate valuers must carefully assess and validate the credibility of external data providers to ensure the
accuracy of the information they incorporate into their analyses. However, a research conducted by Ali &
Siniak (2020) highlights that the contradictions between privacy protections and big data remain
irreconcilable.
5.7.3 Lack of Talent Pool
Real estate valuers may lack the necessary skills and training to effectively leverage big data tools and
technologies. (Kumar & Jothimani, 2017) stated that there is a need for talent with the increase in amount of
data being generated. The adoption of big data requires specialized skills in data analytic, machine learning, and
data management and valuers may struggle to harness the full potential of big data without adequate skills. On
the other hand, real estate has traditionally been a field driven by expertise in property valuation, market
trends and legal considerations. The incorporation of big data signals a shift towards a more data-centric
approach. However, due to lack of exposure, professionals may be unaware of the potential applications and
benefits of big data in their field.
6. Research Methodology
6.1 Research Approach
There will be only one approach used for this research, known as quantitative approach. This approach entails
analyzing and collecting numerical data in order to identify trends, calculate averages, assess relationships,
and derive broad insights. The decision to exclusively use a quantitative approach is based on the need for
numerical precision and statistical generalizability in addressing the specific objectives of the research.
6.2 Research Methods
In the pursuit of understanding the awareness and challenges among valuers regarding the utilization of Big
Data in real estate valuation practise, this research adopts a non- experimental research approach. By choosing
non-experimental research methods, the study focuses on the analysis and interpretation of existing data to
uncover the nuances surrounding the awareness and challenges faced by valuers in adopting big data practices
within the real estate industry. This method allows for a thorough examination of real-world scenarios and
experiences, shedding light on the practical aspects of incorporating big data in the field of property valuation.
6.3 Data Collection Method and Instrument
This study will rely on primary data which refers to the original data derived from our research endeavour. An
online survey will be conducted in order to ease the way for the targeted respondents to complete it. An online
survey refers to a set of questions created as Web forms, with analytic provided by statistical software and the
answers stored in a database. By directly gathering information from the survey, this research seeks to provide
an authentic and firsthand understanding of the subject matter. An online survey will be conducted in order to
ease the way for the targeted respondents to complete it.
6.4 Research Phases
959 Research in Management of Technology and Business Vol. 5 No. 2 (2024) p. 953-961
This research has three phases, which are as follows:
6.4.1 Literature Reviews
In the first phase of the research methodology, a comprehensive literature review will be conducted to explore
and synthesize existing knowledge related to the specified topic. Literature review involve gathering secondary
resources from newspapers, reports, journals, articles and books. The gathered information will provide depth
understanding the definition, characteristics and the common sources of Big Data is generated. On top of that,
the literature reviews will be reviewed to identify the factors that encourage the adoption of Big Data among
valuers and the challenges faced by them by the adoption.
6.4.2 Questionnaire Survey
In order to achieve the research objectives, a questionnaire will be designed as the data collection instrument
which will explore the utilization of big data in the real estate sector with a specific emphasis on identifying the
factors, impacts and also the challenges faced by real estate valuers. The questionnaire will be distributed to
valuation firms operating in Klang Valley and the data will be obtained from valuers who are practising in Klang
Valley and selected by means of judgmental sampling or also known as ‘purposive sampling’.
6.4.3 Data Analysis
In this study, the research methodology exclusively relies on primary data which refers to the original data
derived from our research endeavour. With that being said, the data collected for my study is directly obtained
from the targeted respondents of real estate valuers who are practising within Klang Valley via structured
questionnaires that will be distributed. The decision to concentrate solely on primary data collection ensures
that the information gathered is tailored to the specific objectives of this research. The collected data will then
be analyzed using the Statistical Package for the Social Sciences (SPSS) software, which will be focusing on
descriptive statistics only. The main aim of the data analysis is used to determine the level of awareness on Big
Data among real estate valuers, identifying the factors that encourage the adoption of Big Data by real estate
valuers and to explore the challenges faced by real estate valuers in adopting Big Data in their daily operations.
[Link] of Study
The significance of this research has been identified as follows:
a) This research has the potential to increase awareness among real estate valuers regarding the benefits of
leveraging big data into the practices in order to enhance the accuracy of valuation processes.
b) The study can provide insight into how valuers' decision- making processes are impacted by big data
awareness and challenges. Financial institutions, real estate agents, and investors can all benefit from having
this knowledge in order to make well-informed decisions based on more accurate and current information.
c) This research is important in order to lead to improvements in valuation processes by providing a more
accurate and reliable property assessments.
d) This research provides a foundation that may pave the way for the development of new technologies, tools
and methodologies that address the specific needs of real estate valuers.
e) The study can aid in the creation of strategies and solutions by highlighting the difficulties real estate
valuers encounter when implementing Big Data. The efficiency and efficacy of real estate valuation
procedures could be improved by overcoming these obstacles.
8. Conclusion
Big data is a vast and complex dataset that surpasses the capacity of traditional data management tools. Apart
from its sheer volume, the complexity also arises from its attributes such as velocity, and veracity as reflected in
the 7Vs framework. Transitioning to the real estate sector, big data has a major influence on Malaysia’s real
estate market. Big data adoption enhances the transparency and reliability of the market, benefiting both buyers
and sellers. As the market is dynamic and constantly changing, it is imperative that big data is employed in the
industry. The central focus of this research is on the vital role of valuers in leveraging big data in the real estate
industry in Malaysia to gain accurate and precise valuation. This research addresses three key questions,
exploring factors encouraging big data adoption among valuers, the impacts of the adoption and the challenges
faced in daily operations.
Research in Management of Technology and Business Vol. 5 No. 2 (2024) p. 953-961 960
Acknowledgement
This article derived from a conceptual study for Bachelor Degree Dissertation and received no monetary
assistance from any funding body.
Conflict of Interest
Authors declare that there is no conflict of interests regarding the publication of the paper.
Author Contribution
The authors confirm contribution to the paper as follows: study conception and design: Atiqah
Najwa Azrul Than, Zulkifli Esha; data collection: Atiqah Najwa Azrul Than, Zulkifli Esha ; analysis and
interpretation of results: Atiqah Najwa Azrul Than, Zulkifli Esha; draft manuscript preparation Atiqah
Najwa Azrul Than, Zulkifli Esha. All authors reviewed the results and approved the final version of the
manuscript.
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