Application of ARIMA Models in Real Estate Market Forecasting

The Bronisław Markiewicz State Higher School of Technology and Economics in Jarosław

Forecasts for the real estate market, a key factor to reliably determine the most probable market value of property in the estimation process. The article presents the methodology of ARIMA models’ construction and their use for forecasting univariate time series. There have been described the steps to create a model for the example data on price per square meter of office space. The data acquired as part of the EU project, which studied in detail the real estate market and its broad environment in Jarosław in the years 2000-2013.