Tracking the pulse of a city—3D real estate price heat maps

Agarwal, Sumit; Fan, Ying; McMillen, Daniel P.; Sing, Tien Foo

doi:10.1111/jors.12522

Cited by 5 publications

(2 citation statements)

References 29 publications

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“…Zhang, Lu [50] visualised the spatial morphology of housing prices in 3D by digital elevation model (DEM)-based analysis in Wuhan, China, which enhanced the spatial interpretation of the complex spatial pattern of housing prices. Agarwal, Fan [51] created 3D heat maps to represent the value dynamics from 1995 to 2017 in Singapore, and they managed to capture spatiotemporal changes in price appreciation. Belej and Figurska [40] revealed spatial discontinuities of property values in Olsztyn, Poland.…”

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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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

View full text Add to dashboard Cite

show abstract

“…Based on the estimated values, we created a 3-dimensional heat map of housing values in Fig. 11 (Agarwal, Fan, McMillen, & Sing, 2020a). The value heat map shows prices are distributed spatially across the island with different peaks in selected neighbourhoods.…”

Section: Potential Applicationsmentioning

confidence: 99%