Proptech Company 'DataKnows' Signs MOU
Lotte Construction announced on the 9th that it has signed a Memorandum of Understanding (MOU) with the proptech company 'Data Knows' to strengthen its housing market analysis capabilities.
As the company name 'Data Knows' implies?meaning "Data Knows the Answer"?it is a venture company that analyzes and predicts real estate values and market prices through big data analysis. It collects and aggregates real estate-related data and provides information through an artificial intelligence (AI) application called 'Richgo,' which it has developed and is currently servicing.
A Lotte Construction official explained, "This agreement was made to quickly and accurately analyze potential risks based on a large amount of information and data analysis materials in the rapidly changing real estate market, to eliminate risk factors in advance, and to establish marketing strategies tailored to the characteristics of each region."
Additionally, they plan to utilize information such as domestic economic trends, apartment market forecasts, and customized solutions derived through big data and AI technologies provided by Data Knows.
It is also noteworthy that through Data Knows' Richgo system (AI), they have established a scientific and comprehensive basis for judgment regarding 'real estate market trends and forecasts.' In practice, this system assigns individual evaluation criteria to each major factor of the real estate market via AI to assess current market trends, allowing scoring through positive and negative points. The sum of these individual scores becomes the overall score (housing market condition).
They have also designed a 'Honeycomb Cycle Model' that identifies the current phase of the housing market cycle (recession, recovery, boom, etc.) by analyzing changes in housing prices and transaction volumes, enabling predictions for the near future. Furthermore, by considering various factors such as price trends, population, new supply, income, and housing supply-demand index, it is possible to estimate expected prices annually for the next four years.
A Lotte Construction official said, "Since more accurate market analysis enables rational decision-making, we believe it will be advantageous in quickly responding to customer needs and securing competitiveness. We will actively introduce new technologies across various business areas to create future value."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
