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).
Highlights
We propose to study the potential of building information modeling (BIM)/IFC and city information modeling (CIM)/CityGML in modeling and simulating 3D variables defining the residential property value
We propose to classify 3D variables based on elements provided from either BIM/IFC or CIM/CityGML
This paper identifies the significant 3D variables and the required information to build a new encompassing 3D property valuation model for residential property units
Summary
Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. There are still other 3D geospatial techniques to be investigated especially for identifying 3D variables which define the property value This has motivated us to conduct research in this field by proposing a valuation model based on the integration of BIM and CIM in order to accurately estimate the property values. This paper analyzes and presents 3D variables which have a significant impact on the value of residential property units as a first step for defining the structure of a new and more encompassing valuation model. We define their 3D technical requirements and examine the potential of BIM and CIM in providing 3D variables elements (indoors and outdoors).
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