Building Information Modelling (BIM) for property valuation: A new approach for Turkish Condominium Ownership

Simsek, Nida Celik; Uzun, Bayram

doi:10.1080/00396265.2021.1905251

Cited by 8 publications

(4 citation statements)

References 32 publications

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“…As a research that has practically used 3D factors derived from BIM to evaluate the value of real estate assets, the published paper by Celik Simsek and Uzun (2021) could be cited. In this paper, BIM has been used to measure some of the 3D factors considered for the valuation of the condominium units of a building at the design stage.…”

Section: Existing Studies and Challengesmentioning

confidence: 99%

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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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Section: Existing Studies and Challengesmentioning

confidence: 99%

“…Recently, some scholars have focused on the applications and potentials of BIM for real estate valuation (Celik Simsek and Uzun, 2021). However, the benefits and opportunities of BIM in real estate valuation practices have not been fully explored in these articles.…”

Section: Introductionmentioning

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

show abstract

“…Their comparison of 2D and 3D models reflected that the 3D one estimated property values more accurately. On a more refined scale, Celik Simsek and Uzun [45] built a 3D virtual BIM with condominium units and obtained 3D-quantified factors that affected the value of each condominium, such as sunlight, wind status, and openness of view. Their findings proved the feasibility of constructing a 3D spatial analysis on a condominium-scale.…”

Section: The Relevant Research Of 3dpvmentioning

confidence: 99%

Toward 3D Property Valuation—A Review of Urban 3D Modelling Methods for Digital Twin Creation

Ying

Koeva

Kuffer

et al. 2022

IJGI

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Increasing urbanisation has inevitably led to the continuous construction of buildings. Urban expansion and densification processes reshape cities and, in particular, the third dimension (3D), thus calling for a technical shift from 2D to 3D for property valuation. However, most property valuation studies employ 2D geoinformation in hedonic price models, while the benefits of 3D modelling potentially brought for property valuation and the general context of digital twin (DT) creation are not sufficiently explored. Therefore, this review aims to identify appropriate urban 3D modelling method(s) for city DT, which can be used for 3D property valuation (3DPV) in the future (both short-term and long-term). We focused on 3D modelling studies investigating buildings and urban elements directly linked with residential properties. In total, 180 peer-reviewed journal papers were selected between 2016 and 2020 with a narrative review approach. Analytical criteria for 3D modelling methods were explicitly defined and covered four aspects: metadata, technical characteristics, users’ requirements, and ethical considerations. From this, we derived short-term and long-term prospects for 3DPV. The results provide references for integrating 3D modelling and DT in property valuation and call for interdisciplinary collaboration including researchers and stakeholders in the real estate sector, such as real estate companies, house buyers and local governments.

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“…To this end, Ça ǧdaş et al [24] developed an extension for taxation valuation, known as "ADE Taxation," using CityGML. Other authors have focused on extracting variable requirements from IFC in the indoor context, such as valuation units for apartment legal boundaries based on Ifcspace [10,25,26], indoor daylight obtained from BIM simulations [27], or specific outdoor requirements like view quality by determining viewshed requirements based on GIS analysis (distance to view, etc.) [9].…”

Section: Introductionmentioning

confidence: 99%

IFC-CityGML Data Integration for 3D Property Valuation

El Yamani,

Hajji,

Billen

2023

IJGI

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The accurate assessment of proper value in complex and increasingly high-rise urban environments is a significant challenge. Previous research has identified property value as a composite of indoor elements, such as volume and height, and 3D simulations of the outdoor environment, including variables such as view, noise, and pollution. These simulations have been preliminary performed in taxation context; however, there has been no work addressing the simulation of property valuation. In this paper, we propose an IFC-CityGML data integration approach for property valuation and develop a workflow based on IFC-CityGML 3.0 to simulate and model 3D property variables at the Level of Information Need. We evaluate this approach by testing it for two indoor variables, indoor daylight and property unit cost. Our proposed approach aims to improve the accuracy of property valuation by integrating data from indoor and outdoor environments and providing a standardized and efficient workflow for property valuation modeling using IFC and CityGML. Our approach represents a solid base for future works toward a 3D property valuation extension.

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Building Information Modelling (BIM) for property valuation: A new approach for Turkish Condominium Ownership

Cited by 8 publications

References 32 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

Toward 3D Property Valuation—A Review of Urban 3D Modelling Methods for Digital Twin Creation

IFC-CityGML Data Integration for 3D Property Valuation

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