3D Variables Requirements for Property Valuation Modeling Based on the Integration of BIM and CIM

Abstract:The growing rate of urbanization and vertical urban development has aroused the sig-nificance 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 propertyvalue for each building unit. However, in the literature, the identified 3D variables, by using hedonicpricing models (HPM) for property valuation, are mainly restricted to 3D visualization. Their usein 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 toinvestigate 3D variables with a significant impact on property value, to combine them with 3Dtechnical requirements and to be integrated in a future valuation model. Moreover, their 3D spatialand non-spatial elements are analyzed to identify which variables can be provided from 3D citymodels and building scale elements. To accomplish this, the potential of 3D building informationmodeling (BIM) and city information modeling (CIM) in property valuation is examined. Fromindoors; BIM/IFC (Industry Foundation Classes) models are the main data sources for structuraland living quality variables. While from outdoors, environmental variables and the surroundingbuilding’s information are provided from 3D city models (CityGML)