Forecasting the private residential property in Singapore: a comparative study between the traditional econometric model & neural network model

Abstract

This paper makes a comparison between the two forecasting methods on the condominiums in Singapore. One is the traditional method of economic modelling whereas the other is a new state of the art involving neural networks. This study attempts to develop both the neural network model and traditional econometric model for predicting the price of private residential property based on the transaction prices of condominiums for the past years as well as other qualitative and quantitative factors.