The future of valuation An integrated academic and practical view on the impact of digitalisation on real estate valuation

Florian Hackelberg and Matthias Kirsten

ERES from European Real Estate Society (ERES)

Abstract: BackgroundIn recent years, digitalisation has been introduced in the real estate industry and enjoys a growing popularity in the field of real estate valuation in Germany. This trend has already changed the valuation practices of both large real estate service companies and small valuation companies. In addition, new players enter the real estate market with numerous valuation start-ups and online real estate platforms. Given the massive transition, that digitalisation has already brought to other industry sectors, it is clear that the shift in real estate valuation has only just begun. This leads to the question of what the ""future of the valuation"" could look like and what is already available on the market.Area of research and questions to be addressedWhen it comes to digitalisation and valuation, the following questions are currently raised among the key issues by real estate academics and practitioners alike and should be addressed during the meeting:In what way might digitalisation change the valuation process in the future? How will digitalisation affect the critical value determination of the human appraiser? Will digital processes, artificial intelligence and big data completely replace the experience and market knowledge of the appraisers? What does the field of work of the surveyor of the future look like, (eg one part technology one part science and one part human?) What are limitations of automated real estate valuation and which areas may remain as the “classical” valuationProf. Dr. Florian Hackelberg MRICS, Professor for Real Estate Valuation at the HAWK University of Applied Sciences and Arts in Germany, will introduce the outlined topic from an academic perspective, while M.Sc. Dipl.-Ing. (FH) Matthias Kirsten MRICS, valuation expert of Value AG - the valuation group will share his view on the latest trends and developments in the market

Keywords: Appraisal; Artificial Intelligence; Big data; Digitalisation; Valuation (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2018-01-01
New Economics Papers: this item is included in nep-big, nep-ict and nep-pay
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