DefinePK

Abstract

House Price (HP) valuation involves highly complex decision making. This requires collaborating with other parties to plan and organize activities and gathering knowledge from various sources that are distributed across time, space and people. In other words, not all situational knowledge is immediately available and no one person is positioned to make all the decisions. To gather the knowledge of HP systematically, observations were made, but we found that the utilization of the information system model for house price volatility domain is still limited. This paper suggests a unified way to gather the knowledge of House Price Volatility (HPV) in the form of a metamodel. Through the metamodelling technique, an artifact called a ‘metamodel’ is produced; it is capable of gathering and generalizing all house price determinant concepts and their relationships. Particularly for this House Price Volatility domain, the House Price Volatility Metamodel (HPVM) is developed by using a Design Science Research methodology. By combining the qualitative and quantitative method, the 8-Step of Metamodelling Creation Process and content analysis method was adopted in this research. In this paper, we are presenting the HPVM as a way to gather the information of HPV. The metamodel developed in this paper is validated by using in a case study: House Price in Penang State. The validation found that the HPVM can be applied in the Penang’s current house price determinant. It is believed that the HPVM would benefit many housing authorities such as government, investors, economists, buyers and practitioners. HPMV can widen the views of housing authorities regarding their investment activities and enhance their vision when making decisions on policies involving house price volatility. Representing HPVM in the Unified Modeling Language (UML)-based diagram and transferring the domain information is easier nowadays, as many practitioners are familiar with the language.