Big data can help experts spot trends and foretell when these trends may reoccur and what to expect in unexpected circumstances.
To put it simply, big data is the processing of large amounts of data, be it historic or real-time, and to which algorithms are applied to discover trends in user behaviour, predict future outcomes, or gain other insights, just to name just a few. Buying real estate is an emotive experience and big data helps shed light on the motivations behind a purchase rather than what was purchased.
Simply put, big data is about shedding light on the motivations behind a purchase rather than what was purchased. In more precise terms, big data helps in better prediction and analysis in real estate,” says Thor. “Affordability is not just about financial capability to buy houses, but it depends on the ‘habitability’ of the houses. Here, an accurate, reliable and up-to-date database is important to be able to analyse and make decisions with,” Ismail says.
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