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Powered by Giada - An Urban Data Analysis Project by Habidatum
Dubai, Oct, 17, 2016
Value of Satisfaction: London
Many global cities are facing near-exponential rise in house prices. Property bubbles and gentrification leading to unaffordability are constantly in the spotlight. Cities like London, Hong Kong or Dubai are transformed into real estate investment destinations. This process is assumed to cause public dissatisfaction as locals cannot afford their own city.
During the GITEX Technology Week 2016, an interesting project touching this topic has attracted much attention: Running on a Giada mini PC system, Habidatum tries to challenges this stereotype by comparing 3 metrics: activity density, people's sentiments and residential real estate prices in London. The city is divided into areas with equal population to examine whether additional activity affects property prices and whether overpriced areas are perceived in a bad way.
The demo system consists of a Giada mini PC system powered by Intel Core i7 CPU and NVIDIA GPU, providing enough horse power for the calculation- and graphics intensive operations. A 25-inch touch screen display with intuitive user interface makes the operation and interaction much easier.
The study shows that property prices highly depend on the spontaneous data generated by people. Taking this information into account may help understand the housing market and predict the rise of property prices. It shows the difference between cheap and expensive locations through visitors’ concentrations and overall people's emotions associated with a given place.
Not only suburban districts are avoided by general public, they also lack positive sentiments. Creating new destinations may increase overall people's satisfaction in the place.
At the same time overvalued locations do not have negative sentiments at all. Despite criticism increasing property prices do not influence on neighborhood satisfaction and all people enjoy being in pricey neighborhoods. Soaring visitors’ density does not cause confrontation between locals and tourists. There is still a potential to increase the activity in most of the areas. However, bringing visitors to suburbs would help smooth out the disparity between London’s districts.