Real estate appraisal development during the II independency, the past, the present and the future

Kaarel Sahk

ERES from European Real Estate Society (ERES)

Abstract: Real estate appraisal as a separate procedure had started after the declaration of the second independence. Preliminary all power was dedicated to the ownership reform and this approach makes appraisal procedure as a part of the reform. As a fact the procedure was not started from the valuation of properties so as three whales of reform, restitution, housing privatization and state property dispose as a goal of appraisal, collected all the activities. Beside the reform, a rising financial market started requires the valuation based on the other foundation than three whales. In this case the contemporary movement started while the IVS were published in Estonian in 1997. The second impulse arises from the initiated by Estonian Society of Real Estate Appraisers a procedure of professional certification. Simultaneously the changes in area based curricula and started membership in EU have played a significant role also. As a no isolated system, Estonian environment of real estate valuation bear the influences of international crisis. Last but not least impulse arise form the association with the Euro market that is representing the last approaches of the real estate appraisal as a procedure market dynamic. This short description gives a possibility to compare the local procedure with international one.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2012-01-01
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