Towards a 3D Real Estate Valuation Model Using BIM and GIS

Muhammed Oguzhan Mete, Dogus Guler*, Tahsin Yomralioglu

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

5 Citations (Scopus)

Abstract

Real estate values are needed and used in many finance, engineering, and construction operations. It is significant to assess property values in a standard-based, objective manner. Utilizing Geographic Information Systems (GIS) and Building Information Modelling (BIM) technologies, real estate values can be assessed with three-dimensional (3D) geospatial and built environment analysis. In this study, criteria that affect real estate value are grouped as environmental, physical, legal, and socio-economic factors. Then, the Industry Foundation Classes (IFC)-based 3D property valuation model is designed. By proposing new property sets and properties, features and their attributes are mapped with entities and data types in the IFC schema to demonstrate the likely use of IFC data for property valuation. Conducting BIM&GIS analysis for both external and internal criteria, property values can be assessed by using the created holistic model. It is thus aimed to develop a valuation framework that can be used as a reference in several value-based applications such as property taxation, urban renewal, and land share calculation.

Original languageEnglish
Title of host publicationInnovations in Smart Cities Applications - The Proceedings of the 6th International Conference on Smart City Applications
EditorsMohamed Ben Ahmed, Anouar Abdelhakim Boudhir, Ismail Rakip Kara, Vipul Jain, Sehl Mellouli
PublisherSpringer Science and Business Media Deutschland GmbH
Pages945-962
Number of pages18
ISBN (Print)9783030941901
DOIs
Publication statusPublished - 2022
Event6th International Conference on Smart City Applications, SCA 2021 - Safranbolu, Turkey
Duration: 27 Oct 202129 Oct 2021

Publication series

NameLecture Notes in Networks and Systems
Volume393
ISSN (Print)2367-3370
ISSN (Electronic)2367-3389

Conference

Conference6th International Conference on Smart City Applications, SCA 2021
Country/TerritoryTurkey
CitySafranbolu
Period27/10/2129/10/21

Bibliographical note

Publisher Copyright:
© 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.

Funding

Acknowledgements This work is supported by the Scientific Research Projects Department of Istanbul Technical University (Project Numbers: MDK-2019-42092 and MDK-2021-43080). The second author acknowledges the FIG (International Federation of Surveyors) Foundation for PhD Scholarship.

FundersFunder number
Istanbul Teknik ÜniversitesiMDK-2019-42092, MDK-2021-43080

    Keywords

    • 3D valuation
    • BIM
    • GIS
    • IFC
    • Property valuation
    • Real estate valuation

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