Towards a 3D property valuation model: Conceptualization and BIM-CIM based data integrability

The rapid urbanization and scarcity of land in recent decades have led to the emergence of vertically oriented and complex urban forms, posing challenges in accurately determining property values. The use of 3D models is crucial for accurate property valuation due to the volumetric and complex nature of these properties. However, existing literature lacks practical frameworks that consider the combination of multiple factors and their dynamic simulation at an urban scale, hindering the development of accurate valuation models.Moreover, conventional valuation methods primarily rely on comparing sales prices with recent transactions, which limits their effectiveness in capturing the complexity of 3D building structures and accurately modeling environmental factors. To address these limitations, the integration of 3D modeling techniques such as Building Information Modeling (BIM) holds great potential in enhancing the hedonic pricing method and improving the accuracy of real estate valuation.While previous studies have recognized the importance of indoor elements and 3D simulations of the outdoor environment for property valuation, there is still a need to simulate property valuation variables themselves. The use of industry standards like IFC (Industry Foundation Classes) and CityGML has been chosen for developing a standardized and efficient workflow to improve the accuracy of property valuation by integrating data from indoor and outdoor environments. This research explores the evaluation of indoor variables and property unit cost as an initial demonstration of the effectiveness of this approach and provides a solid foundation for future extensions in 3D property valuation.By addressing the challenges in accurately determining property values in complex urban environments and developing a comprehensive 3D property valuation model, this research contributes to the advancement of property valuation practices. It explores suitable valuation approaches, defines 3D variables with a high impact on property value, integrates these variables into practical frameworks, and develops a feasible and generic 3D valuation model. The research findings provide valuable insights and guidance for stakeholders in the real estate industry, supporting informed decision-making processes.The research questions addressed in this study include investigating suitable valuation approaches, acquiring 3D variables using advanced 3D modeling techniques, developing a workflow process for integrating these variables, and exploring the feasibility and adaptability of the approach for future implementation. The research encompasses four peer-reviewed publications, each focusing on different aspects of the research journey. These include an overview of property valuation approaches, the potential of BIM in real estate valuation, technical requirements of 3D variables, and data integration techniques.In conclusion, this research successfully addresses the research questions by defining key 3D variables, exploring their acquisition through 3D modeling techniques, developing a workflow process for integration, and demonstrating the feasibility and adaptability of the approach. The developed 3D property valuation model, along with proposed research extensions, has the potential to revolutionize property valuation practices and decisionmaking processes in the real estate industry. By aligning with the pillars of the EuroSDR of 140 project, this research contributes to the advancement and implementation of similar projects in the field of GEOBIM in urban applications.