Research network in Economics & Finance
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Started on Jan. 5, 2022
Institut Louis Bachelier (ILB) is a sponsored research network in Economics and Finance. It is an association as defined by the law of 1901 and was created in 2008 at the instigation of the Treasury and Caisse des Dépôts et Consignations. Through its activities, it aims to involve academics, public authorities and companies in research projects as well as in scientific events and other forums of exchange. The dozens of research projects hosted at ILBfocus on four societal transitions: environmental, digital, demographic and financial.
The ILB Datalab is a team of data scientists working alongside researchers of the ILB network on applied research projects for both public and private actors of our economic and financial ecosystem. The ILB datalab recently collected an extensive amount of French real estate data and would like to conduct analyses and experiments with it. This challenge is an opportunity to do so.
The project is a regression task that deals with real estate price estimation. Estimating housing real estate price is quite a common topic, with an important litterature on estimating prices based on usual data such as: location, surface, land, number of bedrooms, age of the building... The approaches are usually sufficient to estimate the price range but lack precision. However, few have worked to see if adding photos of the asset would bring complementary information, enabling a more precise price estimation.
The objective is thus to work on modelling French housing real estate prices based on usual hierarchical tabular data and, a few photos (between 1 and 6) for each asset and see if it allows better performance than a model trained without the photos.
We will value results interpretability to get a better understanding about the valuable features.
The output y represents offered housing real estate prices of French assets in euros.
The input X contains:
Alongisde this tabular data, we provide a compressed folder containing 1 to 6 photos per listing (see supplementary files). For each listing in the tabular set of data, the corresponding photos are located in the folder named "ann_XX" where XX corresponds to the listing identifier.
Tabular data have not been prepared upstream. We would like to highlight the fact that images can improve or correct some tabular features. The detailed data dictionary is available below:
|Name (Type)||Description||Compulsory field on web platform|
|id_annonce (str)||unique listing identification code||True|
|price (float)||price at which the property is listed||True|
|property_type (str)||property type (house, appatement…)||True|
|approximate_latitude (float)||latitude of the proporty with a small random gaussian added for the sake of anomysisation||False|
|approximate_longitude (float)||longitude of the proporty with a small random gaussian added for the sake of anomysisation||False|
|city (str)||city in which the property is located||True|
|postal_code (int)||postal code of the property||True|
|size (float)||living area of the property||False|
|floor (float)||floor at which the property is located||False|
|land_size (float)||size of the land that comes with the property||False|
|energy_performance_value (float)||energy performance value in kWh/m²/year||False|
|energy_performance_category (char)||energy performance category as defined by the Frenche DPE reglementation: https://www.ecologie.gouv.fr/diagnostic-performance-energetique-dpe||False|
|ghg_value (float)||greenhouse gas emission performance value in kg eqCO2/m²||False|
|ghg_category (char)||greenhouse gas emission performance category as defined by the Frenche DPE reglementation: https://www.ecologie.gouv.fr/diagnostic-performance-energetique-dpe||False|
|exposition (str)||direction the property is facing||False|
|nb_rooms (int)||number rooms in the property||False|
|nb_bedrooms (int)||number bedrooms in the property||False|
|nb_bathrooms (int)||number bathrooms in the property||False|
|nb_parking_places (int)||number parking places coming with the property||False|
|nb_boxes (int)||number of boxes coming with the property||False|
|nb_photos (int)||number of photos posted on the listing||False|
|has_a_balcony (binary)||indicator whether there is a balcony in the property (1 if true, 0 if false)||False|
|nb_terraces (binary)||number terraces in the property||False|
|has_a_cellar (binary)||indicator whether there is a cellar in the property (1 if true, 0 if false)||False|
|has_a_garage (binary)||indicator whether there is a garage in the property (1 if true, 0 if false)||False|
|has_air_conditioning (binary)||indicator whether there is air conditionning in the property (1 if true, 0 if false)||False|
|last_floor (binary)||indicator whether the property is located on the top floor (1 if true, 0 if false)||False|
|upper_floors (binary)||indicator whether the property is located in the upper floors (1 if true, 0 if false)||False|
The global sample size is around 50K listings and 300K photos. The tabular data set take up ~10MB in CSV format, the images take up ~30GB.
We performed a 80%/20% train/test split, that gives us ~40K listings for training and ~10K for testing.
Our benchmark consists in an XGBoost regression model taking as input the tabular features from the X_train.csv file alongside a simple embedding of the corresponding listing images.
The tabular features were preprocessed as follows:
The images were embedded by concatenating the following values:
For listings with more than one photo, we considered the average of the image vector embeddings described above.
The model was fine tuned with using a randomize parameter search grid and 5 fold cross-validation.
Files are accessible when logged in and registered to the challenge
Research network in Economics & Finance