Property development analysis using QGIS

This project has the goal of developing distinct methodological steps in order to implement development feasibility studies in the Real Estate industry, while using GIS. Considering a variety of parameters (plot characteristics) as well as the current Real Estate market, the proposed methodology is used to determine the best (most profitable) development (from a variety of possible proposals) of a plot (fig.1). From the plethora of possible proposals, the best/ideal development is considered to be the one that maximizes the Return Of Investment (ROI).

Methodology

Figure 1. Project Approach

Geographic Information System is being used, therefore spatial data, spatial technologies and technics are the core elements of this study. In order to develop the system, a procedure has been followed (fig.2) containing the following steps.

First, a literature review (GIS capabilities in Real Estate market, existing implementations, etc.) is necessary so that a real and possible solution plan can be done. In the most time-consuming step, all the necessary spatial data are gathered and then processed (data editing, refining and correlation) so that at the end the Geo-database of the system is formed. At the end, using the QGIS software a real Geographic Information System as well as a working Processing Tool are created and tested.

All of the GIS solutions presented in this project are part of a bigger proposed methodology which the analyst must follow in order to create the variety of possible development proposals and eventually decide by selecting the best one among them.

For the completion of the project, the timetable followed contains a total of 260 hours of work at the office within 52 days. Two main meetings were hold: a) the project progress presentation (on the 32nd day) and b) the final project presentation and valuation (at the end of the project).

The Spatial data used in the GIS. are:

1. Satellite Images as Raster Basemap (e.g. Google Satellite, Bing Maps, etc.),

2. Administrative Boundaries as polygon vector (Eparchies, Municipalities, Communities and Quarters),

3. Planning zones as line vector,

4. Cadastral Parcels as polygon vector,

5. Buildings as polygon vector and

6. Beach protection zone as line vector.

Additionally, property sales transactions were obtained from the Department of Lands and Surveys of Cyprus and are included, covering a chronical period from 2010 to April 2018. However, as a first test of the methodology, this study covers only a small area of Cyprus in Larnaka (Larnaka Center, Aradipou, Livadia and Voroklini Districts). All the above spatial data are viewed in the GIS software in a predefined scale and the system implemented in QGIS can be seen in figure 3.

By running the Processing Model/Tool developed (fig.5), the user is required to define only two parameters: a) the plot of study (by typing the Cadastral Reference) and b) the buffer zone (that is the radius zone around the plot of study in which the analysis will be done). Optionally the whole analysis can be temporary viewed (not saved). As a result, the processing Tool exports:

• a table containing statistics of all the transactions sales (fig.4) of the neighborhood (buffer zone) as excel sheet or/and as graphical format (fig.6) and

• a 3D representation of the buildings in the neighborhood as .html or raster format (fig.7).
  

Results

Figure 3. The Geographic System developed, containing all the spatial data needed.

Figure 4. Left: Result of the analysis in QGIS (buffer zone and sales transaction quantity) and Right: The Excel sheet containing the statistical calculations (euro per sq.m., per year and type of property).

Figure 5. Screenshot of the Modeler Tool developed. Help Tab (right) in Greek.

Figure 6. The graphical representation of the statistical calculations (euro per sq.m., per type of property).

Figure 7. 3D representation of the buildings, export as .html and/or raster format.

Project Presentation