Benefits and Challenges of Using Satellite Imagery for Property Valuation Data Collection

In the contemporary landscape of data collection in the property valuation industry, the objective is to enhance valuation sources that maximize both eligibility and accuracy, ultimately leading to superior results in property valuations. This study employs a qualitative approach to explore the benefits and challenges of using satellite imagery as a source of data collection. The analysis draws on secondary data gathered from scholarly articles accessible on Google Scholar and Scopus, supplemented by ancillary data from property market portals, including industry reports and legislative Acts to create a structured understanding of new technologies in a traditional field. The research scrutinizes various traditional and advanced approaches and their respective contributions to the field of property valuation and practice. The findings reveal that the use of satellite imagery can bring benefits including ease of integration, accessibility, real-time data processing, data ownership and control and high predictive possibilities. The challenges are high costs, high level of complexity, human expertise and regulatory compliance needs. The study proposes hybrid adoption, user education and stakeholder collaboration to overcome the challenges. The integration of satellite imagery into existing valuation methodologies will herald a paradigm shift toward more comprehensive, real-time, and nuanced property assessments.