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https://scholarbank.nus.edu.sg/handle/10635/220120
DC Field | Value | |
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dc.title | ARTIFICIAL INTELLIGENCE AT THE GATE: ARE VALUERS AT STAKE? | |
dc.contributor.author | NG YEN FEI SUZANNA FAITH | |
dc.date.accessioned | 2019-05-16T07:38:13Z | |
dc.date.accessioned | 2022-04-22T15:53:16Z | |
dc.date.available | 2019-09-26T14:13:54Z | |
dc.date.available | 2022-04-22T15:53:16Z | |
dc.date.issued | 2019-05-16 | |
dc.identifier.citation | NG YEN FEI SUZANNA FAITH (2019-05-16). ARTIFICIAL INTELLIGENCE AT THE GATE: ARE VALUERS AT STAKE?. ScholarBank@NUS Repository. | |
dc.identifier.uri | https://scholarbank.nus.edu.sg/handle/10635/220120 | |
dc.description.abstract | In recent years, artificial intelligence (AI) has seen its capabilities improved considerably leading to the development of AI-based AVMs which entered Singapore’s real estate market in 2018. Most of the studies in AI-based AVMs explored the benefits of adopting the model, with few researches examining the potential implication it might have towards the valuation industry. Therefore, the central theme of this paper is to investigate the implications of an emerging trend of AI-based AVM on the valuation profession in Singapore. The findings of the study are garnered by conducting in-depth interviews with 14 experts ranging from government agencies, AVM providers, valuers and mortgage lenders. From the study, valuers were segregated into three categories to better examine the extent of the impact on each category. The first group of valuers, consisting of solo valuers and small firms, are most likely to be greatly affected by technological changes due in part to the high sunk cost necessary to adopt these technologies. The second group, consisting of valuers and firms that are currently using some form of AVMs, are likely to continue to adapt and adopt newer technologies and are less likely to be adversely affected by technological changes as compared to the first group. The last group consist of firms that have already utilise AI technologies into their valuation model and have the least likelihood to be negatively impacted by technologies. Instead, they are likely to be the pioneers in adopting technologies. The study concludes with five proposals to ensure that valuers remain relevant in the face of digital disruption. First, valuers should use the opportunity to ride the wave of disruptions instead of resisting it. Second, the regulatory authorities should design a framework to address issues on legal liability and reliability of AI-based AVMs. Next two proposals include valuers developing new skill sets and widening their job scope. Finally, a possible PPP amongst regulatory authorities, educators and valuers can help raise a new generation of potential valuers who are equipped with the relevant skills required when they join the workforce. | |
dc.language.iso | en | |
dc.source | https://lib.sde.nus.edu.sg/dspace/handle/sde/4517 | |
dc.subject | Real Estate | |
dc.subject | Yu Shi Ming | |
dc.subject | 2018-2019 RE | |
dc.subject | RE | |
dc.type | Dissertation | |
dc.contributor.department | REAL ESTATE | |
dc.contributor.supervisor | YU SHI MING | |
dc.description.degree | Bachelor's | |
dc.description.degreeconferred | BACHELOR OF SCIENCE (REAL ESTATE) | |
dc.embargo.terms | 2019-06-04 | |
Appears in Collections: | Bachelor's Theses |
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Ng Yen Fei Suzanna Faith 2018-2019.pdf | 1.41 MB | Adobe PDF | RESTRICTED | None | Log In |
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