Real-Estate Valuation Based on BIM Methodology

Couto, Paula; Silva, Maria João Falcão; Salvado, Filipa

doi:10.1007/978-3-030-35533-3_3

Cited by 3 publications

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“…Couto et al. (2021) also followed the cost approach and BIM advantages for real estate valuation considering the cadastral value of the properties Equation (2).…”

Section: Existing Studies and Challengesmentioning

confidence: 99%

BIM and real estate valuation: challenges, potentials and lessons for future directions

Jafary¹,

Shojaei

Rajabifard

et al. 2022

ECAM

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PurposeBuilding information modeling (BIM) is a striking development in the architecture, engineering and construction (AEC) industry, which provides in-depth information on different stages of the building lifecycle. Real estate valuation, as a fully interconnected field with the AEC industry, can benefit from 3D technical achievements in BIM technologies. Some studies have attempted to use BIM for real estate valuation procedures. However, there is still a limited understanding of appropriate mechanisms to utilize BIM for valuation purposes and the consequent impact that BIM can have on decreasing the existing uncertainties in the valuation methods. Therefore, the paper aims to analyze the literature on BIM for real estate valuation practices.Design/methodology/approachThis paper presents a systematic review to analyze existing utilizations of BIM for real estate valuation practices, discovers the challenges, limitations and gaps of the current applications and presents potential domains for future investigations. Research was conducted on the Web of Science, Scopus and Google Scholar databases to find relevant references that could contribute to the study. A total of 52 publications including journal papers, conference papers and proceedings, book chapters and PhD and master's theses were identified and thoroughly reviewed. There was no limitation on the starting date of research, but the end date was May 2022.FindingsFour domains of application have been identified: (1) developing machine learning-based valuation models using the variables that could directly be captured through BIM and industry foundation classes (IFC) data instances of building objects and their attributes; (2) evaluating the capacity of 3D factors extractable from BIM and 3D GIS in increasing the accuracy of existing valuation models; (3) employing BIM for accurate estimation of components of cost approach-based valuation practices; and (4) extraction of useful visual features for real estate valuation from BIM representations instead of 2D images through deep learning and computer vision.Originality/valueThis paper contributes to research efforts on utilization of 3D modeling in real estate valuation practices. In this regard, this paper presents a broad overview of the current applications of BIM for valuation procedures and provides potential ways forward for future investigations.

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“…Couto et al. (2021) also followed the cost approach and BIM advantages for real estate valuation considering the cadastral value of the properties Equation (2).…”

Section: Existing Studies and Challengesmentioning

confidence: 99%

BIM and real estate valuation: challenges, potentials and lessons for future directions

Jafary¹,

Shojaei

Rajabifard

et al. 2022

ECAM

View full text Add to dashboard Cite

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BIM and 3D GIS Integration for Real Estate Valuation

Yamani¹,

Hajji²

2021

Building Information Modeling for a Smart and Sustainable Urban Space

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Transforming Megacities: Value and Impacts of Mixed-Use Developments with Multi-Criteria Decision-Making

Valero

2024

Real Estate Management and Valuation

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This research article explores the valuation of mixed-use developments and their impact on urban planning and city regeneration. The study introduces a Multi-Criteria Decision Making (MCDM) methodology to analyze complex buildings developed in Shanghai from 2009 to 2019. Two MCDM appraisals are offered in different developments using three groups of key indicators that served as benchmarks for other Chinese clusters and global megacities. The article addresses two primary research questions: how mixed-use assets can be assessed using MCDM, and what the key performance indicators and factors contributing to the success of mixed-use developments are. The findings highlight the importance of connectivity, previous real estate experience, ESG strategies, international branding, architectural design, financial metrics, and adaptability of the real estate industry in evaluating mixed-use assets. The study provides insight to stakeholders involved in real estate development, including urban planners, developers, and investors, enabling them to make informed decisions and improve sustainable practices. The research also highlights the importance of considering ESG principles, community benefits, and long-term strategies when assessing mixed-use developments to drive social change and contribute to urban regeneration.

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Real-Estate Valuation Based on BIM Methodology

Cited by 3 publications

References 0 publications

BIM and real estate valuation: challenges, potentials and lessons for future directions

BIM and real estate valuation: challenges, potentials and lessons for future directions

BIM and 3D GIS Integration for Real Estate Valuation

Transforming Megacities: Value and Impacts of Mixed-Use Developments with Multi-Criteria Decision-Making

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