The Real Estate Information: A way to standardization

Antonio J.Jimenez Clar

ERES from European Real Estate Society (ERES)

Abstract: The availability of exact information on real estate property assets is necessary for several reasons: a) The spatial location of real estate properties leads to the fragmentation of the real estate sector into an aggregate of markets. In such markets, the lack of exact information on the real properties composing them acts as a barrier to entry that may have negative effects on demand. In this respect, the adoption of common criteria for the description and valuation of the real estate properties would play an essential role in order to overcome the barriers stemming from the geographical location of real estate properties. b) The standardisation of information on real estate properties is also necessary for the globalisation and mobility of demand within the real estate sector, as a result of the increasing geographical disconnection between the property required and the residence of the property seeker. We can clearly see this situation in areas of strong supply/demand for properties, of a tourist nature or for elder people, who choose countries different from their countries of origin to reside in. The study analyses the different description and identification systems of real estate properties in different countries, looking for the necessary connections in order to achieve a unification of criteria. In that respect, the creation of an international property record, which allows a quick exchange of information on real estate properties, is suggested.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2001-06-01
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