Developing an efficient property valuation system using the LADM valuation information model: A Croatian case study

Abstract Property valuation is an important part of an efficient Land Administration System (LAS). To conduct fair and correct assessments, accessing accurate and up-to-date information for each property unit is vital. A collaborative research initiative has proposed an international Valuation Information Model Package that extends the ISO 19152:2012 Land Administration Domain Model (LADM) for specifying the semantics of valuation registries maintained by public authorities. The aim of this paper is to assess the possibility of using existing authoritative land and other public registries data as a basis of mass property valuation for public purposes. The results indicate that some of the required data already exists but is divided across different key registers. As a step towards implementation, identified attributes and parties were modelled using UML use case and class diagrams to explore possible data integration. By applying the proposed real property classification and valuation indicators, the Croatian property valuation system prototype for public purposes can be developed.

[1]  A. Barańska.  Real Estate Mass Appraisal in Selected Countries – Functioning Systems and Proposed Solutions , 2013 .

[2]  Miodrag Roić,et al.  Are Croatian official registers complying with the LADM fiscal/valuation extension? , 2018 .

[3]  Christiaan Lemmen,et al.  Fit-For-Purpose Land Administration , 2014 .

[4]  P. V. Oosterom,et al.  SUPPORTING FISCAL ASPECT of LAND ADMINISTRATION THROUGH a LADM-BASED VALUATION INFORMATION MODEL , 2018 .

[5]  Constantin Zopounidis,et al.  Developing automated valuation models for estimating property values: a comparison of global and locally weighted approaches , 2020, Ann. Oper. Res..

[6]  Peter van Oosterom,et al.  Developing a spatial planning information package in ISO 19152 land administration domain model , 2020 .

[7]  Nikola Vučić,et al.  LADM in the Republic of Croatia – Making and Testing Country Profile , 2013 .

[8]  Pawel Boguslawski,et al.  Developments in Multidimensional Spatial Data Models , 2013 .

[9]  Miodrag Roić,et al.  Examination of Compatibility Between the Croatian Land Administration System and LADM , 2013 .

[10]  Taher Buyong,et al.  A review of property mass valuation models , 2011 .

[11]  Vlado Cetl,et al.  Development of NSDIs in Western Balkan Countries in accordance with INSPIRE , 2014 .

[12]  M. F. Dziauddin,et al.  Estimating the Effects of Light Rail Transit (LRT) System on Residential Property Values Using Geographically Weighted Regression (GWR) , 2015 .

[13]  Peter van Oosterom,et al.  Overview of the Croatian Land Administration System and the Possibilities for Its Upgrade to 3D by Existing Data , 2017, ISPRS Int. J. Geo Inf..

[14]  Ci-fang Wu,et al.  Towards a Valuation and Taxation Information Model for Chinese Rural Collective Construction Land , 2019 .

[15]  Rohan Bennett,et al.  The land administration domain model , 2015 .

[16]  Peter van Oosterom,et al.  Joint ISO/TC211 and OGC Revision of the LADM: Valuation Information, Spatial Planning Information, SDG Land Indicators, Refined Survey Model, Links to BIM, Support of LA Processes, Technical Encodings, and Much More on Their Way! , 2019 .

[17]  Umit Isikdag,et al.  3 Dimensional data research for property valuation in the context of the LADM Valuation Information Model , 2020 .

[18]  S. Orford,et al.  Bus stop, property price and land value tax: A multilevel hedonic analysis with quantile calibration , 2015 .

[19]  R. Gudat.  Collections of Property Market Data for the Valuation Process An German Approach in an International Context , 2010 .

[20]  Mario Mađer,et al.  Analysis of possibilities for linking Land Registers and Other Official Registers in the Republic of Croatia based on LADM , 2015 .

[21]  Sasa Vranic,et al.  Development of Multipurpose Land Administration Warehouse , 2017 .