# Thailand Asset Value Estimation Using Aerial or Satellite Imagery

arXiv: https://arxiv.org/abs/2307.08650 · HTML: https://mlsanity.com/paper/2307.08650/

## Key facts

- No citing papers in the map yet (data through 14 Oct 2026).
- Builds on 7 of its 20 references that are in the map.
- First posted on arXiv 26 May 2023.

## Builds on (most cited first, 7 of 7)

- [Batch Normalization: Accelerating Deep Network Training by Reducing Internal Covariate Shift](https://mlsanity.com/paper/1502.03167/) (2015)
- [EfficientNet: Rethinking Model Scaling for Convolutional Neural Networks](https://mlsanity.com/paper/1905.11946/) (2019)
- [SGDR: Stochastic Gradient Descent with Warm Restarts](https://mlsanity.com/paper/1608.03983/) (2016)
- [Optuna: A Next-generation Hyperparameter Optimization Framework](https://mlsanity.com/paper/1907.10902/) (2019)
- [EfficientNetV2: Smaller Models and Faster Training](https://mlsanity.com/paper/2104.00298/) (2021)
- [Beyond Spatial Auto-Regressive Models: Predicting Housing Prices with Satellite Imagery](https://mlsanity.com/paper/1610.04805/) (2016)
- [House Price Prediction using Satellite Imagery](https://mlsanity.com/paper/2105.06060/) (2021)

## Abstract (arXiv)

Real estate is a critical sector in Thailand's economy, which has led to a growing demand for a more accurate land price prediction approach. Traditional methods of land price prediction, such as the weighted quality score (WQS), are limited due to their reliance on subjective criteria and their lack of consideration for spatial variables. In this study, we utilize aerial or satellite imageries from Google Map API to enhance land price prediction models from the dataset provided by Kasikorn Business Technology Group (KBTG). We propose a similarity-based asset valuation model that uses a Siamese-inspired Neural Network with pretrained EfficientNet architecture to assess the similarity between pairs of lands. By ensembling deep learning and tree-based models, we achieve an area under the ROC curve (AUC) of approximately 0.81, outperforming the baseline model that used only tabular data. The appraisal prices of nearby lands with similarity scores higher than a predefined threshold were used for weighted averaging to predict the reasonable price of the land in question. At 20% mean absolute percentage error (MAPE), we improve the recall from 59.26% to 69.55%, indicating a more accurate and reliable approach to predicting land prices. Our model, which is empowered by a more comprehensive view of land use and environmental factors from aerial or satellite imageries, provides a more precise, data-driven, and adaptive approach for land valuation in Thailand.