Current issues in real property appraisal in Estonia

Veronika Ilsjan

ERES from European Real Estate Society (ERES)

Abstract: History of appraisal practice in Estonia is shorter than a decade. However, a remarkable effort has been made in promoting property appraisal by the Estonian Association of Appraisers. During eight years internationally accepted valuation principles have been adopted, an independent but legitimate certification system has been applied and the quality control system is developing continuously. Because of the globalization and the euro-integration the set of problems concerning appraisal is g, tightening international competition is a big challenge for the competence of local professionals and to the education system. In addition to globalization-related problems, Estonia is facing troubles similar to other transitional countries: unfinished reforms, changing legal environment, outdated education and language barriers of working professionals, lack of experience and know-how etc. And, certainly, the shortage of financial and intellectual resources, caused by the smallness of Estonia because of which the problems are particularly sharp. To identify the problems of working professionals, an inquiry of certified appraisers was carried out, where questions about educational background and practical work experience, about training programs attended and about additional needs for training, use of standards and handbooks, about attitudes towards application of quality control system, contentment with the EAA work etc. were asked. The most essential problems in the near future are the availability of renewed international standards (IVS and EVS) in national language, making more effective the quality control system and public relations, and, last but not least Ò to solve educational problems.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2003-06-01
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