Valuation as a Part of Core Knowledge in Real Estate Education

Nikolai Trifonov

ERES from European Real Estate Society (ERES)

Abstract: Property involvements in the global and European context change the curriculum content of traditional real estate education. Among these changes it is most important to formulate a core knowledge, i.e. capstone courses which are obligatory for all real estate professionals involved in the field of property and land, surveyors, or investors, developers, valuers, brokers, and managers. Every property decision in property process reflects the value of the multiple property interests. That is why one of essential parts of core knowledge in real estate is real estate valuation. Subject Real Estate Valuation it is useful to teach for two years in the middle of any property/real estate course. First year can be dedicated to theoretical aspects of valuation, including financial mathematics and some part of mathematical statistics. Second year study provides education in the main aspects of property valuation. It can be done on the base of International Valuation Standards by teaching methodology of three standard approaches to real estate valuation: cost approach, income approach, and comparative one for main different types of property, as well as methodology of their reconciliation.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2007-01-01
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