3D Variables Requirements for Property Valuation Modeling Based on the Integration of BIM and CIM

Abstract

The growing rate of urbanization and vertical urban development has aroused the significance of geo-related variables for property units disposed vertically within the same building. Among these, 3D indoor physical and outdoor environmental variables are impacting the property value for each building unit. However, in the literature, the identified 3D variables, by using hedonic pricing models (HPM) for property valuation, are mainly restricted to 3D visualization. Their use in 3D simulation for an accurate evaluation of the property value is still limited. Furthermore, their value is often defined for a specific valuation purpose (e.g., taxation). This paper aims to investigate 3D variables with a significant impact on property value, to combine them with 3D technical requirements and to be integrated in a future valuation model. Moreover, their 3D spatial and non-spatial elements are analyzed to identify which variables can be provided from 3D city models and building scale elements. To accomplish this, the potential of 3D building information modeling (BIM) and city information modeling (CIM) in property valuation is examined. From indoors; BIM/IFC (Industry Foundation Classes) models are the main data sources for structural and living quality variables. While from outdoors, environmental variables and the surrounding building’s information are provided from 3D city models (CityGML).

The Role of Open Standards in Digital Building Permitting, 3d Registration of Condominium, and Update of 3d City Models

“…The semantic information pertaining to condominium units can be queried using the produced IFC-based models. These models will also be quite helpful for property valuation applications in Turkey that exploit 3D variables such as size, volume, position, and material quantities since they provide very detailed information on indoor parts of the buildings (El Yamani et al, 2021;Mete et al, 2022).…”

The Role of Open Standards in Digital Building Permitting, 3D Registration of Condominium, and Update of 3D City Models

“…These models will also be quite helpful for property valuation applications in Turkey that exploit 3D variables such as size, volume, position, and material quantities since they provide very detailed information on indoor parts of the buildings. 3D property valuation approach that benefits from GeoBIM was recently investigated by El Yamani et al [48]. Also, there is an important potential to serve and visualize created 3D models in a web platform thanks to the 3D JavaScript libraries [49].…”

A Framework to Integrate Bim With Artificial Intelligence and Machine Learning-Based Property Valuation Methods

“…Todays, 3D data sources such as BIM, 3D city models (CityGML) and 3D cadastre have provided a great opportunity for researchers to derive valuable information regarding different internal and external components of the buildings and properties. Such reach sources of information could be utilized for property valuation purposes as well (El Yamani et al, 2021;Tomić et al, 2012;Yu et al, 2014).…”

“…Among different 3D models, Building Information Modelling (BIM) provides precise information on different components of buildings. Hence, it could be considered as a rich source of information for valuation purposes (El Yamani et al, 2021). Some scholars have tried to introduce or use BIM for property valuation practices (Arcuri et al, 2020;Celik Simsek and Uzun, 2021;El Yamani et al, 2019;Su et al, 2021).…”