This is a guest post by Oliver Frost, data scientist at ImmoScout24, in partnership with Lukas Müller, AWS Solutions Architect.
In 2010, ImmoScout24 released a price index for residential real estate in Germany: the IMX. It was based on ImmoScout24 listings. Besides the price, listings typically contain a lot of specific information such as the construction year, the plot size, or the number of rooms. This information allowed us to build a so-called hedonic price index, which considers the particular features of a real estate property.
When we released the IMX, our goal was to establish it as the standard index for real estate prices in Germany. However, it struggled to capture the price increase in the German property market since the financial crisis of 2008. In addition, like a stock market index, it was an abstract figure that can’t be interpreted directly. The IMX was therefore difficult to grasp

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