Real estate valuation inputs, evidence, data, information – Are we clear what we are talking about?

Grazyna Wiejak-Roy

ERES from European Real Estate Society (ERES)

Abstract: Real estate valuation, despite using well defined methods and techniques, is often referred to as arts. The valuers use specific property and market characteristics and valuation is a mere result of the quantification of the impact of such characteristics. While the real estate market transparency is improving with the availability of reliable data (JLL, 2024; Ache et al., 2024), the current mainstream standards and guidelines on the quality of inputs used for valuation are still inconsistent creating confusion around how to deal with the lack or poor quality of market data. This research provides a comprehensive review of key resources available to valuers that provide details on the degrees of reliance on various types of inputs. These resources include standards and guidelines published by the International Valuation Standards Council, the Royal Institution of Chartered Surveyors, The European Group of Valuer’s Associations, the International Accounting Standards Board and the European Insurance and Occupational Pensions Authority. The research identifies gaps and inconsistencies across the various resources and provides recommendations on how they could be addressed to minimise ambiguities and ensure consistency in real estate valuation.

Keywords: hierarchy of evidence; inputs; Standards; Valuation (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2025-01-01
New Economics Papers: this item is included in nep-acc and nep-inv
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