Predicting holiday home values
The Norwegian Government requested a new model for estimating the market value of holiday homes in Norway. The model was developed with the aim to achieve a more consistent and equitable valuation of holiday homes across Norway.
The challenge
The challenge was to develop a machine learning model that accurately predicts property values at the same time as being fair and interpretable.
The outcome
The valuation model will be handed over to and operated by the Norwegian Government. The model can estimate the market value of approximately 450 000 holiday homes.
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