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Building Information Modelling (BIM) for property valuation: A new approach for Turkish Condominium Ownership

In Turkey, calculation of the factors affecting the value of the condominium units of a building via 2D architectural project data leads to problems. One of the biggest problem is the land share calculation. The aim of this study was to establish a mechanism by which the properties of the factors affecting the value can be determined mathematically and to arrive at a value-based land share. For this purpose, the study utilized a 3D virtual Building Information Modelling (BIM) model. The value factors and weights were determined via a questionnaire, 3D BIM model of the structure was created, metric values of the factors were calculated and the nominal values of the condominium units were calculated. This study demonstrate that a building nonexistent in the real world can be represented in a virtual environment and comparable information source can be presented to the expert who will carry out the valuation process. .