1# RECORD eb83972cd040998a7f0e60c77ea37896ff8f21fc2# TITLE: BUILDING INFORMATION MODELING POTENTIAL FOR AN ENHANCED REAL ESTATE VALUATION APPROACH BASED ON THE HEDONIC METHOD3# YEAR: 2019.0 VENUE: nan DOI: 10.2495/bim1902614# AUTHORS: Siham El Yamani; M. Ettarid; R. Hajji5# PAGES: 12 CANDIDATE TABLE PAGES (1-based): []6# ABSTRACT: Housing valuation is a process of determining an accurate estimate of the market price of a property. Current methods and tools are mainly based on sales prices comparison with recent transactions, which is the major method applied in the taxation and cadastre services in Morocco. However, housing properties are in general heterogenous and unique in their shapes, construction materials, orientation, location and other environmental factors. These parameters are taken into consideration by the hedonic pricing method. Many of the researches about housing valuation are based on the geographical location as the main spatial factor affecting the property value. 2D GIS (Geographic Information System) applications used in this respect are limited in terms of communicating efficiently the complexity of a 3D building structure and modeling accurately environmental factors. Such factors could only be considered through 3D modeling and building information modeling (BIM). In this paper, we will try, through a brief review, to point out the weaknesses and drawbacks of the conventional valuation methods. Then, we will demonstrate the BIM potential in real valuation as an emerging technology and process used to mainly improve the housing valuation system based on the hedonic approach. Many studies are, nowadays, widely exploring the use of BIM in the building cost estimation, but this is an embryonic area of research in real estate valuation system. Therefore, this paper examines also the first methodological guidelines for an advanced housing valuation approach by implementing a BIM prototype based on the hedonic pricing method.789===== PAGE 1 (score 7, numeric-paren 0, table-words 0, var-words 7) =====1011BUILDING INFORMATION MODELING POTENTIAL FOR 12AN ENHANCED REAL ESTATE VALUATION APPROACH 13BASED ON THE HEDONIC METHOD 14SIHAM EL YAMANI, MOHAMED ETTARID & RAFIKA HAJJI 15College of Geomatic Sciences and Surveying Engineering, IAV Hassan II Rabat, Morocco 16ABSTRACT 17Housing valuation is a process of determining an accurate estimate of the market price of a property. 18Current methods and tools are mainly based on sales prices comparison with recent transactions, which 19is the major method applied in the taxation and cadastre services in Morocco. However, housing 20properties are in general heterogenous and unique in their shapes, construction materials, orientation, 21location and other environmental factors. These parameters are taken into consideration by the hedonic 22pricing method. Many of the researches about housing valuation are based on the geographical location 23as the main spatial factor affecting the property value. 2D GIS (Geographic Information System) 24applications used in this respect are limited in terms of communicating efficiently the complexity of a 253D building structure and modeling accurately environmental factors. Such factors could only be 26considered through 3D modeling and building information modeling (BIM). In this paper, we will try, 27through a brief review, to point out the weaknesses and drawbacks of the conventional valuation 28methods. Then, we will demonstrate the BIM potential in real valuation as an emerging technology and 29process used to mainly improve the housing valuation system based on the hedonic approach. Many 30studies are, nowadays, widely exploring the use of BIM in the building cost estimation, but this is an 31embryonic area of research in real estate valuation system. Therefore, this paper examines also the first 32methodological guidelines for an advanced housing valuation approach by implementing a BIM 33prototype based on the hedonic pricing method. 34Keywords: BIM, housing valuation, cost estimation, real estate valuation, hedonic method. 351 INTRODUCTION 36Housing market becomes a major economic issue of our times, that is tackled by many 37challenges such as unaffordability, unsustainability, speculation etc. Nowadays, seeking for 38the best housing offer which combines environment quality and indoors properties at an 39affordable price, becomes a difficult task. A housing valuation exercise is basically conducted 40by different players which include real estate agents, appraisers, mortgage lenders, property 41developers, among others [1]. 42 The estimation of a property value usually applies both mathematical and computational 43approaches/methods which have been classified into traditional and advanced methods [1]. 44Researchers have argued that the traditional real estate valuation methods are mainly 45inaccurate and subjective [2]. While, advanced methods have demonstrated an enhanced 46property valuation estimate [1]. 47 In a Moroccan context, where the regulation of real estate valuation and structuring of 48the real estate market is in progress, the efforts made, in terms of creating real estate 49observatories for better transparency of the local market and the introduction of a real 50estate tax referential by the General Tax Direction, remain mostly insufficient initiatives. 51Indeed, the lack of legislation and transparency of the real estate market (speculation) and 52the difficulty of accessing reliable and recent real estate data remain the main obstacles to 53effective real estate valuation. Fig. 1 shows an extract of maps representing the tax reference 54system applied by region. 55Building Information Modelling (BIM) in Design, Construction and Operations III 30556 57 www.witpress.com, ISSN 1743-3509 (on-line) 58WIT Transactions on The Built Environment, Vol 192, © 2019 WIT Press59doi:10.2495/BIM19026160