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Volume 2018, Article ID 1472957, 10 pages
Research Article

Assessment of the Real Estate Market Value in the European Market by Artificial Neural Networks Application

1Faculty of Economics, University of Montenegro, 81000 Podgorica, Montenegro
2Faculty of Civil Engineering, University of Ss. Cyril and Methodius, 1000 Skopje, Macedonia
3Erste Bank AD Podgorica, 81000 Podgorica, Montenegro
4Economics Institute, 11000 Belgrade, Serbia
5Faculty of Civil Engineering, University of Montenegro, 81000 Podgorica, Montenegro

Correspondence should be addressed to Miloš Žarković; moc.liamg@78civokraz.solim

Received 22 August 2017; Accepted 17 December 2017; Published 29 January 2018

Academic Editor: Luis Braganca

Copyright © 2018 Jasmina Ćetković et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.


Using an artificial neural network, it is possible with the precision of the input data to show the dependence of the property price from variable inputs. It is meant to make a forecast that can be used for different purposes (accounting, sales, etc.), but also for the feasibility of building objects, as the sales price forecast is calculated. The aim of the research was to construct a prognostic model of the real estate market value in the EU countries depending on the impact of macroeconomic indicators. The available input data demonstrates that macroeconomic variables influence determination of real estate prices. The authors sought to obtain correct output data which show prices forecast in the real estate markets of the observed countries.