Neuronal Network Artificial Model for Real Estate Appraisal: Logic, controversies, and utility for the Romanian context

The requirement for statistical techniques in the appraisal process is far-reaching for every country. Market price accuracy for properties is mean in economics filed, mass appraisal, and for all users of appraisals reports. Studies were developing for econometric models that can be applied in real estate issues. Literature dominates for the USA and UK and stands a need to be tested for emerging (developing) markets. The paper aims to give some hints of the logic, the problems, benefits, and a guide of the ANN (Artificial neuronal network) technique. In the study, much practical information for ANN's representing an encouragement and a tool for other emerging countries to append the technique. We conclude that ANN is critical to be applied in property valuation for emerging countries in the global environment.