Warianty tytułu
Języki publikacji
Abstrakty
The article identifies and provides a synthetic overview of various concepts relating to the evolution of the real estate market and property valuation. According to the authors, the processes observed on the real estate market necessitate changes in training programs for property valuers. Real estate appraisers should be able to cope with new consumer expectations and requirements, and they should be well versed in modern technological solutions and analytical tools. The study indicates that, in order to face the challenges of the modern world, the appraisal profession should undergo a paradigm shift to embrace the fact that real estate is a commodity and that globalization is inevitable on the real estate market. Due to the high value of urban areas, a modern specialist determining the value of real estate is particularly needed there. Property valuers should develop new analytical skills, and they should rely on modern data processing tools to collect and process information. Additionally, recent events, including the COVID-19 pandemic, demonstrate that property appraisers should be better prepared for dealing with unprecedented circumstances. The training curricula proposed in this article should increase property valuers' competencies and effectively support real estate market entities and sustainable urban development. (original abstract)
Czasopismo
Rocznik
Numer
Strony
93-103
Opis fizyczny
Twórcy
autor
- University of Warmia and Mazury in Olsztyn, Poland
autor
- University of Lodz, Poland
- University of Warmia and Mazury in Olsztyn, Poland
Bibliografia
- Achu, K. (2013). Client Influence on Property Valuation: A Literature Review. International Journal of Real Estate Studies, 8(2), 24-47.
- Act. (1997). Ustawa z dnia 21 sierpnia 1997 r. o gospodarce nieruchomościami (Act of 21 August 1997 on real estate management) (Dz. U. 1997 nr 15 poz. 741 z późn. zm.).
- Act. (2012). Property and Business Valuation Methodology, approved by the order of the Minister of Finance of the Republic of Lithuania, 27 April 2012, no 1k-159, Official Gazette Valstybés Żinios, 2012-04-28, No 50-2502.
- Adair, A., Downie, M. L., McGreal, S., & Vos, G. (2012). European valuation practice - theory and techniques. Oxford: Taylor & Francis Group, 353.
- Appraisal Institute. (2013). The appraisal of real estate (14th ed.).
- Ball, M., Lizieri, C., & MacGregor, B. (1998). The Economics of Commercial Property Markets. Routledge.
- Barkham, R., Carve, S., Mellot, D., & Schoenmaker, D. (2017). Globalization and Real Estate: Where next? CBRE Group. Switzerland https://www.cbre.es/- /media/cbre/countryspain/documents/research/golbal/globalization and real estate. pdfAccessed 23 April 2020.
- Blass, E. (2016). The future role of 'the property professional' - is there a role for a valuer? https://www.api.org.au/sites/default/files/uploaded-content/websitecontent/ 20160912_future_the_future_role_of_the_property_professional.pdf. Accessed 23 April 2020.
- Brzezicka, J., & Wiśniewski, R. (2014). Identifying selected behavioral determinants of risk and uncertainty on the real estate market. Real Estate Management and Valuation, 22(2), 30-40. https://doi.org/10.2478/remav-2014-0015
- Coyle, M. L. (2015). Future of Valuation, Working RE magazine, http://www.workingre.com/futureof- valuation2/. Accessed 23 April 2020.
- Der Beleihungswert-nachhaltigkeit seit 1900. (2017). Verband Deutscher Pfandbriefbanken, https://www.hypzert.de/sites/default/files/files/2019-09/vdp-beleihungswert_nachhaltigkeit- 2017-de.pdf. Accessed 23 April 2020.
- EVS European Valuation Standards. (2018). The European Group of Valuers Associations (TEGoVA).
- French, N. (2017). Professor Nick French presents the art of real estate valuation. European Valuer, 7.
- Frydman, R., & Goldberg, M. D. (2009). Ekonomia wiedzy niedoskonałej (The economics of imperfect knowledge). Imperfect Knowledge Economics, Wydawnictwo Krytyki Politycznej.
- Grover, R. (2016). Mass valuations. Journal of Property Investment & Finance, 34(2), 191-204. https://doi.org/10.1108/JPIF-01-2016-0001
- Hannah, J. (2006). The Surveying Profession and its Skills Crisis. Proceedings 5th Trans-Tasman Surveyors Conference, Cairns, Australia.
- Hefferan, M. J. (2011). Changing demands for property professional service and its impact on tertiary courses - an Australian study. 17th Pacific Rim Real Estate Conference, Gold Coast, Australia, 16-19 January.
- Hockuba, Z. (2001). Nowa ekonomia instytucjonalna - czy zdominuje nasze myślenie w rozpoczynającym się stuleciu (New institutional economy - will it dominate our thinking in the beginning century). W A. Wojtyna (red.), Czy ekonomia nadąża za wyjaśnieniem rzeczywistości (Does economics keep up with the explanation of reality). VII Kongres Ekonomistów Polskich. PTE.
- Hughes, W., & Hughes, C. (2013). Professionalism and professional institutions in times of change. Building Research and Information, 41, 28-38. https://doi.org/10.1080/09613218.2013.737096
- Islam, M. A. (2017). Future of Accounting Profession: Three Major Changes and Implications for Teaching and Research, IFAC, https://www.ifac.org/knowledge-gateway/preparing-futureready- professionals/discussion/future-accounting-profession-three. Accessed 23 April 2020.
- IVS International Valuation Standards. (2020). International Valuation Standards Council (IVSC).
- Jacobs, M. (2019). 7 Skills That Real Estate Appraisers Need. https://www.appraisersidekick.com/7- skills-real-estate-appraisers-need/. Accessed 24 April 2020.
- Kauko, T. J. (2013). Educational Aspects of Residential Value Analysis Methodology, Norwegian of Science and Technology, In Future Challenges for International Real Estate Education and Practice in 21st Century European Economies. ERES: Education Seminar. Bratislava, Slovakia, https://eres.architexturez.net/doc/oai-eres-id-eres2013-edu-106. Accessed 24 April 2020.
- Keogh, G., & D'Arcy, E. (1999). Property Market Efficiency: An Institutional Economics Perspective. Urban Studies (Edinburgh, Scotland), 36(13), 2401-2414. https://doi.org/10.1080/0042098992485
- Kishore, R. (2004). Theory of Behavioural Finance and its Application to Property Market: A Change in Paradigm. Twelfth Annual Pacific Rim Real Estate Society Conference, January 22-25, Auckland, New Zealand, University of Western Sydney.
- Klamer, P., Bakker, C., & Gruis, V. (2018). Complexity in valuation practice: An inquiry into valuers' perceptions of task complexity in the Dutch real estate market. Journal of Property Research, 35(3), 209-233. https://doi.org/10.1080/09599916.2018.1510429
- Kucharska-Stasiak, E. (2014). Reproduction of the real estate valuation methodology in practice. An attempt at identifying sources of divergences. Real Estate Management and Valuation, 22(2), 67-79. https://doi.org/10.2478/remav-2014-0018
- Kucharska-Stasiak, E., & Źróbek, S. (2015). An attempt to exemplify the economic principles in real property valuation. Real Estate Management and Valuation, 23(3), 5-13. https://doi.org/10.1515/remav-2015-0020
- Kucharska-Stasiak, E., Źróbek, S., & Cellmer, R. (2018). Forms and Effectiveness of the Client's Influence on the Market Value of Property - Case Study. Real Estate Management and Valuation, 26(3), 82-92. https://doi.org/10.2478/remav-2018-0027
- Lorenz, D. (2006). The Application of Sustainable Development Principles to the Theory and Practice of Property Valuation. Universitäts Verlag Karlsruhe., https://doi.org/10.5445/KSP/1000005408
- Mazzucato, M. (2018). The Value of Everything. Making and Taking in The Global Economy. Hachette Book Group.
- Mooya, M. M. (2015). The education and professional practice of valuers in South Africa: A critical review. Property Management, 33(3), 245-274. https://doi.org/10.1108/PM-04-2014-0021
- Renigier-Biłozor, M., & Biłozor, A. (2016). Information capacity database in the rating model for Polish and Italian real estate markets. Real Estate Management and Valuation, 24(3), 40-51. https://doi.org/10.1515/remav-2016-0020
- Renigier-Biłozor, M., Janowski, A., & d'Amato, M. (2019). Automated Valuation Model based on Fuzzy and Rough Set Theory for Real Estate Market with Insufficient Source Data. Land Use Policy, 87(104021). https://doi.org/10.1016/j.landusepol.2019.104021
- Report. (2015). Drivers for Change: Strengthening the Role of Valuation Professionals in Market Transition. RenoValue Market Insights Report, https://www.buildup.eu/en/news/driverschange- strengthening-role-valuation-professionals-market-transition-renovalue-market. Accessed 24 April 2020.
- RICS. (2002). Property Valuation the Carsberg Report.
- RICS. (2015). Our changing world: let's be ready. https://www.linkedin.com/pulse/our-changingworld- lets-ready-new-report-released-today-daniel-cook. Accessed 24 April 2020.
- RICS. (2016). Automated Valuation Models (AVMs) - Opportunity or Threat? https://academy.rics.org/web-classes/residential-property/automated-valuation-modelsopportunity- or-threat. Accessed 24 April 2020.
- RICS. (2017). The Future of Valuations. The relevance of real estate valuations for institutional investors and banks - views from a European expert group, https://anavaliadores.pt/wpcontent/ uploads/2018/04/RICS-Future-of-Valuations-insights-paper.pdf. 27-35. Accessed 24 April 2020.
- RICS. (2020). Impact of COVID-19 on valuation https://www.rics.org/globalassets/ricswebsite/ media/upholding-professional-standards/sector-standards/valuation/impact-of-covid- 19-on-valuation-vn2.pdf. Accessed 24 April 2020.
- Ring, A., & Dasso, J. (1989). Real Estate Principles and Practices. Prentice Hall PTR.
- Runde, T. P. (2015, Spring). Net Zero Energy Buildings: An Introduction for Valuation Professionals. The Appraisal Journal, 141-148.
- Sarazen, P. (1995). Highest and best use of a vacant parcel. The Appraisal Journal, 63(3), 281.
- Savills. (2016). Around The World In Dollars And Cents - 2016. (2016). What price the world. Trends in international real estate trading, Savills world research 2016, http://www.savills.co.uk/research_articles/229130/198667-0. Accessed 24 April 2020.
- Savills. (2018). 8 things to know about global real estate value |https://www.savills.com/impacts/market-trends/8-things-you-need-to-know-about-the-valueof- global-real-estate.html. Accessed 24 April 2020.
- Susskind, R., & Susskind, D. (2015). The future of the professions: How technology will transform the work of human experts, 346. Oxford University Press. https://doi.org/10.1093/oso/9780198713395.001.0001
- TEGoVA. (2020). Valuation During the Pandemic. https://www.tegova.org/en/p5e78ef30d01d7. Accessed 24 April 2020.
- Thorne, C. (2012). Valuation: The professional challenge. Journal of Property Investment & Finance, 30(4), 4. https://doi.org/10.1108/jpif.2012.11230daa.001
- Wilkinson, S., Antoniades, H., & Halvitigala, D. (2018). The future of the Australian valuation profession: New knowledge, emerging trends and practices. Property Management, 36(3), 333-344. https://doi.org/10.1108/PM-04-2017-0026
- Wilkinson, S., Halvitigala, D., & Antoniades, H. (2017). The Future of the Valuation Profession. In Australia API Final Report.
- Williamson, I., & Wallace, J. (2007). Building Land Markets in the Asia Pacific Region. Paper delivered to international workshop on Good Land Administration - Its Role in Economic Development. Ulaanbaatar, Mongolia. https://www.researchgate.net/publication/228827314_Building_land_markets_in_the_Asia_Pacif ic_region. Accessed 24 April 2020.
- Wolverton, M. L. (2000). Self-Perception of the Role of the Appraiser: Objective Opinions or Price Validations? The Appraisal Journal, 68(3), 272-282.
- Zissler, M. (2016). Things have to change to stop the Valuation industry cannibalising itself. https://www.api.org.au/news/things-have-to-change-to-stop-the-valuation-industrycannibalising- itself. Accessed 24 April 2020.
- Źróbek, S., & Grzesik, C. (2013). Modern Challenges Facing the Valuation Profession and Allied University Education in Poland. Real Estate Management and Valuation, 21(1), 14-18. https://doi.org/10.2478/remav-2013-0002
- Źróbek, S., Kucharska-Stasiak, E., Naimaviciene, J., & Tupenaite, L. (2016). Selected aspects of real estate appraisers' professional training on the background of economic theory. Journal of International Students, 9(2), 150-157. https://doi.org/10.14254/2071-8330.2016/9-2/11
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171612963