Building Information Modeling for a Smart and Sustainable Urban Space

6BIM and 3D GIS Integration for Real Estate Valuation

6.1. Introduction

In recent decades, accelerating rates of urbanization and land scarcity have led to the expansion of vertical and increasingly complex urban forms. This spatial configuration presents a major challenge for the accurate determination of property values.

Estimating the real estate value of a property is the process of identifying and quantifying each determinant of that value (RICS 2020). The volumetric nature of a property dictates the use of 3D models for accurately determining real estate value. Throughout the lifecycle of a residential asset, several stakeholders (investors, developers, decision-makers, tax authorities, banks and insurance companies, etc.) require the valuation of these properties as a main indicator for any future action (acquisition, construction, transfer of ownership, value adjustment, etc.).

Studies have recently shown that 3D modeling of the variables of a property value results in more accurate estimates (Işıkdağ et al. 2015). A number of models have been developed for this purpose. Among them is the International Valuation Information Model, which is an extension of the Land Administration Domain Model (LADM) from ISO 19152:2012 (Kara et al. 2018, 2020).

Building Information Modeling (BIM) is one of the most recent paradigms in the real estate industry, which is becoming increasingly popular in construction engineering, but whose use also extends to several topics associated ...