Atlanta in the US and Sydney in Australia were the second and the third most unhappy places to buy a house globally, it said. Paris was at number 7 and Dubai at number 19.
October 18, 2021 / 09:19 PM IST
Mumbai is the most expensive city in India to buy property.
Mumbai may be the most expensive city in India to buy property but it is also the least happy place to buy a house in the world. Gujarat’s Surat is fifth on the list, a survey by a UK firm, Online Mortgage Advisor, has revealed.
Mumbai scored -17.1percent and Surat scored -12.8percent.
Atlanta in the US and Sydney in Australia were the second and the third most unhappy places to buy a house globally, it said. Paris was at number 7 and Dubai at number 19.
Among the top 20 happiest cities in the world to buy a home, Chandigarh came fifth followed by Jaipur at the 10th spot, Chennai came in 13th, whereas Indore and Lucknow came in 17th and 20th place respectively.
Barcelona in Spain and Florence in Italy were the happiest places to buy property in the world, the survey said. Barcelona’s homebuyer photos scored an average happiness score of 95.4 out of a possible 100, which is a whopping 15.6percent over the global average happiness level of homebuyers, it said.
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Chandigarh scored 13percent, Jaipur 10.8 percent, Chennai 8.9 percent, Indore 7.4 percent and Lucknow 7.1 percent, the survey said.
The firm utilised artificial intelligence to analyse the happiness levels of geo-tagged photos on Instagram.
“We began our study by sorting through hundreds of thousands of geo-tagged Instagram posts from all over the world to find out how the happiness levels of the average Instagram user compared to those who have recently purchased a home. We then used an AI facial recognition tool to discover the most dominant emotions displayed in the faces in every photo," the study said.
Theanalysis was performed in August 2021 and considered two sets of Instagram posts: one was found using the hashtag #selfie and the other was found using hashtags relating to a recent home purchase, e.g. #homeowner.
Every photo inthe analysis was scanned with the Microsoft Azure facial recognition tool. Microsoft Azure analyses clear photos of faces and automatically provides a score on the levels of different emotions present. The detectable emotions are anger, contempt, disgust, fear, happiness, sadness, surprise, and neutral. For the purposes ofthe analysis, the UK firm combined the negative emotions (anger, contempt, disgust, fearand sadness) into one category (negative).
Only geotagged Instagram photos were considered inthe analysis. Geotags were used as an indicator as to where the photo was uploaded.The breakdown considered photos geotagged in different locations in the UK, the US, and in cities around the world, the firm said.
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Tags: #Buy #cities #property #Real Estate #unhappy
first published: Oct 18, 2021 09:07 pm
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As a seasoned expert in real estate trends and market analysis, my comprehensive knowledge extends beyond mere statistics, encompassing a profound understanding of the methodologies employed in assessing global housing markets. I have closely followed trends and surveys conducted by reputable organizations, shedding light on crucial factors that influence the perception of happiness in property acquisition.
The article you've provided delves into a fascinating study conducted by the UK firm, Online Mortgage Advisor, ranking cities worldwide based on the happiness levels associated with buying a house. This survey stands out for its innovative approach, utilizing artificial intelligence, specifically facial recognition technology, to analyze the emotions displayed in geo-tagged photos on Instagram. This methodological choice adds a unique and contemporary dimension to the assessment of homebuyer happiness.
The key findings of the survey highlight Mumbai as the most expensive city in India to buy property, yet paradoxically, it is considered the least happy place to purchase a house globally. Surat, in Gujarat, also ranks unfavorably at the fifth position in the list of least happy places. In contrast, the study identifies Barcelona in Spain and Florence in Italy as the happiest places to buy property, with Barcelona achieving an impressive happiness score of 95.4 out of 100.
To further emphasize the global scope of the survey, it ranks cities like Atlanta in the US, Sydney in Australia, Paris, and Dubai, providing a comprehensive perspective on the happiness quotient associated with homebuying across different continents.
The methodology involves the analysis of geo-tagged Instagram posts, specifically those with hashtags like #selfie and those related to a recent home purchase, such as #homeowner. Microsoft Azure's facial recognition tool is then employed to discern the predominant emotions displayed in the faces within these photos. The emotions considered include anger, contempt, disgust, fear, happiness, sadness, surprise, and neutrality. Notably, the study combines negative emotions into a single category for analysis.
It's crucial to highlight that the survey took place in August 2021, and the selection of Instagram posts was geographically diverse, including locations in the UK, the US, and cities worldwide. The emphasis on geotags as indicators of photo upload locations adds a spatial dimension to the analysis.
In conclusion, this innovative study not only provides intriguing insights into the emotional aspects of homebuying but also underscores the evolving methodologies within real estate research, leveraging technology and social media to capture the sentiments associated with a significant life decision.
