Practical Approaches to Improving the Valuation of Territorial Communities Property

Abstract. Introduction. The years of independence in Ukraine, which were marked by the establishment of a system of free market relations in the economy, were reflected, in particular, in the system of territorial governance. Many processes that were not present in the system of public property management, or were not considered important, now occupy a significant place in the process of effective management of municipal property - and the mechanism of property evaluation of the territorial community has become one of them. Purpose. The main purpose of the article is to study the priority areas for improving the efficiency of property valuation of territorial communities, in particular, real estate, in the modern economic system of Ukraine, as part of a system of effective management of public property. Results. The article considers a number of aspects that connect the system of community management in general and the mechanism of property assessment of territorial communities in particular. First of all, the priority measures of the management system, which require the creation of all conditions for the normal functioning of the community as a whole and each resident individually, have been analyzed, and the related concept of "maximum benefit" has been considered. An analysis of the views of various researchers on the characteristics and criteria for evaluating the activities of the management system and approaches to assessing the effectiveness of communal property, as relevant to assess the full value of the property of the local community. There are two levels of management system. The issues of effective real estate management have been considered and a number of concepts related to management in this area have been analyzed - "optimal use of real estate", "asset management" - and their significance in the context of the current economic and political situation has been analyzed. Conclusions. In the current economic situation and the tendency to change the size of territorial entities, when several different communities come together, the mechanism of property valuation of the territorial community becomes more common and acquires new importance in the management of public property. One of the main types of property valuation of a territorial community is real estate valuation, the importance of which grows with the number of property owners.

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Added value of sites suitable for sustainable office development

Organization Technology and Management in Construction An International Journal ◽

10.2478/otmcj-2021-0026 ◽

2021 ◽

Vol 13 (2) ◽

pp. 2465-2471

Author(s):

Josef Kupec

Keyword(s):

Real Estate ◽

Free Market ◽

Market Value ◽

Commercial Real Estate ◽

Added Value ◽

The Real Estate ◽

Real Estate Valuation ◽

Valuation Methodology ◽

The Impact ◽

Office Development

Abstract Valuations of real estate are widely used for various purposes and it relied always upon the financial and other markets. Valuation methodology is based on the operation of the free market economy and the real estate properties. The issue of certified properties is relatively new in the field of real estate valuation and is not sufficiently explored. Certified buildings are preferred by major corporate tenants with international field of activity who often have ethical rules for sustainable development. Therefore, certified properties are attractive to international commercial real estate investors who have higher purchasing power and are willing to pay a higher purchase price. Sustainable property certification is an element affecting the market value of the property. The purpose of this presented research is to quantify the impact of property certification on the value of office properties in Prague and subsequently to determine the impact of sustainability certificates on the market value of the land by using basic valuation techniques. The outcome of the project could be used by real estate valuation experts as a guideline to consider the future project certification and its impact on the land market value.

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Property Valuation in the Property Management System: Analysis of Conceptual Problems

Modern Economics ◽

10.31521/modecon.v24(2020)-31 ◽

2020 ◽

Vol 24 (1) ◽

pp. 194-199

Author(s):

L. Tymoshchyk ◽

Keyword(s):

Real Estate ◽

Management System ◽

System Analysis ◽

Objective Assessment ◽

Effective Property ◽

Legal Framework ◽

Property Management ◽

Property Valuation ◽

Conceptual Problems ◽

The Impact

Introduction. Today, significant property assets in the form of real estate and land are in the possession of Ukraine. To make a profit from property requires an effective management system, an important tool of which is the assessment of property value. Purpose. The main purpose of the article is to consider the obstacles to the development of property valuation as one of the tools of property management. The article also explores the peculiarities of the development of Ukrainian legislation in the field of property valuation and management, presents general recommendations for the development of the property procedure. Results. The author identifies eleven conceptual problems of use and development of property valuation in the property management system. Among the most important is the lack of detailed legislative and procedural support of the property valuation procedure, in particular – the lack of a register of state property (both functionally real estate and unfinished), insufficient regulation of land and property legislation. Insufficient guarantees of observance of the rights to possession and use of property (real estate) are considered as obstacles to the growth of the role of small and medium business, and as a negative trend in the lives of people in the temporarily occupied territory. The influence on the development of property valuation of such market characteristics as competitiveness and lack of free competition, which contribute to the determination of the final value of property such factors as monopoly and government decisions, is analyzed. Conclusions. The process of property valuation occupies a significant place in the process of effective property management, but in our country this procedure is still developing. The author emphasizes that a fair and objective assessment requires, above all, respect for constitutional rights and guarantees in the field of property. The second priority area for improvement is the formation of an integrated and complete legal framework in the areas of property management and land law, the creation of a complete register of all state-owned real estate. It is recommended to pay attention to the need to study the impact of the market on the final valuation. Keywords: property valuation; property management valuation; property valuation mechanism; small business; real estate use right.

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Analysis on Effect of COVID -19 on Property Valuation in Real Estate Market

International Journal for Research in Applied Science and Engineering Technology ◽

10.22214/ijraset.2021.39558 ◽

2021 ◽

Vol 9 (12) ◽

pp. 1467-1473

Author(s):

Urmika Vishwakarma

Keyword(s):

Real Estate ◽

Swot Analysis ◽

Real Estate Market ◽

Real Property ◽

Property Valuation ◽

Real Estate Valuation ◽

Wide Range ◽

Central Tenet ◽

Investment And Financing

Abstract: The valuation of real estate is a central tenet for all businesses. Land and property are factors of production and, as with any other asset, the value of the land flows from the use to which it is put, and that in turn is dependent upon the demand (and supply) for the product that is produced. Valuation, in its simplest form, is the determination of the amount for which the property will transact on a particular date. However, there is a wide range of purposes for which valuations are required. These range from valuations for purchase and sale, transfer, tax assessment, expropriation, inheritance or estate settlement, investment and financing. The objective of the paper is to provide a brief overview of the methods used in real estate valuation. Valuation methods can be grouped as traditional and advanced. The traditional methods are regression models, etc. MRA has been implemented by many researchers to study valuation of real property cite that MRA is possible for coefficient estimates and factor weightings using a large number of actual sale cases. Keywords: Real property, property valuation, multiple regression analysis, SWOT Analysis

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Reproduction of Real Estate Valuation Methodology in Practice. An Attempt at Identifying Sources of Divergences

Real Estate Management and Valuation ◽

10.2478/remav-2014-0018 ◽

2014 ◽

Vol 22 (2) ◽

pp. 67-79 ◽

Cited By ~ 1

Author(s):

Ewa Kucharska-Stasiak

Keyword(s):

Real Estate ◽

Legal Regulations ◽

Analysis Method ◽

Practical Application ◽

Case Study Method ◽

Property Valuation ◽

Real Estate Valuation ◽

Valuation Methodology ◽

The Difference

Abstract The objective of the study is to try and identify the reasons for the detachment of the valuation practice from its methodology. Two methods have been used in the paper: the analysis method and the case study method, under which fourteen property valuation reports posted on websites and two opinions about the property valuation prepared for court purposes in order to detect and identify sources of deviations from the valuation methodology have been analyzed. The study, besides theoretical aspects, includes references to practical application: pointing out directions of changes in legal regulations and national valuation principles, which should help achieve uniformity in interpreting the valuation concept, allowing the reduction of its uncertainty, understood as the uncertainty of a single valuation and uncertainty as the difference between valuations.

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PROPERTY VALUATION BY MULTIPLE CRITERIA METHODS/NEKILNOJAMOJO TURTO VERTINIMAS DAUGIAKRITERINIU METODU

Journal of Civil Engineering and Management ◽

10.3846/13921525.1999.10531475 ◽

1999 ◽

Vol 5 (4) ◽

pp. 272-284

Author(s):

Vida Malienė ◽

Edmundas K. Zavadskas ◽

Artūras Kaklauskas ◽

Saulius Raslanas

Keyword(s):

Real Estate ◽

Multiple Criteria ◽

Multiple Criteria Analysis ◽

West Germany ◽

Value Analysis ◽

Market Data ◽

Valuation Methods ◽

Advantages And Disadvantages ◽

Property Valuation ◽

Real Estate Valuation

Multiple criteria valuation methods are widely used in real estate valuation all over the world. In USA, UK and other countries these methods are part of techniques based on comparative and reinstatement values as well as on income of use. They are used in valuating various property characteristics, ie its location or obsolescence degree. In Germany, however, multiple criteria valuation technique refers to a separate group of property valuation methods applied when market data are unavailable or insufficient (ie purchasing, selling or renting prices are not known). The above methods have been used for real estate valuation since 1976. Dr. H. E. Auerhammer [1] was the first to apply these approaches to solving real estate valuation problem caused by the scarcity of market data. These methods supplemented with systems of criteria developed by other authors were later applied to particular cases when three major commonly used property valuation methods could not be applied. Thus, K. Gablenz [2] suggests using the method described in assessing plots intended for agriculture, while B. Bischoff [3] offers to use it for determining the investments into plots. R. Vogel [4] thinks that the approach may be used for determining the approximate value of land, whereas G. Sommer and P. Zimmermann [5] and Piehler [6] developed a system of criteria to be used as a part of the method described in determining the differences between the value of quantitative and qualitative characteristics of an object and its market value. T. Gierardy and R. Moeckel [7] described the advantages and disadvantages of methods based on multiple criteria analysis. The above methods are widely used in Germany for property valuation, the peak of their application being associated with the unification of East and West Germany in 1990 [8]. Multiple criteria analysis presented in this paper for property valuation may be used to the advantage of various interested parties (see Fig 1). The representatives of various parties including appraisers, buyers, sellers and investors may use it for their particular purposes: appraiser may apply this method to real estate value analysis for determining the market, use and other values of real estate being mortgaged, ensured, privatised, divided or nationalised; investor may rely on it for more efficient use of this property; buyer may use it for choosing property which would satisfy his personal needs to the best advantage; seller has to determine the market price of his property that would ensure its competitive ability on the market. To satisfy all the needs described multiple criteria valuation method presented in the paper may be successfully used. To show its efficiency the solution of a sample problem, representing a real case is provided.

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The Problem of Reflecting the Market in the Legal Principles of Real Estate Valuation in Poland. How to Eliminate the “Legal Footprint”?

Real Estate Management and Valuation ◽

10.1515/remav-2017-0012 ◽

2017 ◽

Vol 25 (2) ◽

pp. 44-57

Author(s):

Jan Konowalczuk

Keyword(s):

Real Estate ◽

Market Value ◽

Real Estate Market ◽

Market Development ◽

Negative Effects ◽

Legal Principles ◽

Property Valuation ◽

Real Estate Valuation ◽

Valuation Methodology ◽

Market Needs

Abstract This paper presents and subjects to criticism the current principles of real estate valuation, which were introduced in Poland in the 1990’s during the return to a market economy, under the conditions of an underdeveloped real estate market. Against the background of the hypothesis of institutional maladjustment of the methodology to the current level of real estate market development, the author assesses the imitative manner of creating the valuation methodology and its discontinuation in 1998, resulting from the introduction of rigid legal regulations, which have significantly limited the ability of ongoing adjustment of the methodology to the market needs. The paper deals with the problems of defining market value and classifying valuation. The author assumes that the appraisal regarding the market value should be based on a descriptive model of real estate valuation, which should make it possible to reflect the market. He draws attention to the negative effects of valuation methodology which prevents or hinders the mapping of the market in appraisal reports. He proposes a change in the order of the legal principles of property valuation, based on a hierarchical model consisting of three elements: the definition and interpretation of value, the market and the methods of valuation.

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Asset Inspection Management System as a Reliable Inspection/ Monitoring Tool

Materials Evaluation ◽

10.32548/2020.me-04125 ◽

2020 ◽

Vol 78 (12) ◽

pp. 1276-1285

Author(s):

Shibu John A

Keyword(s):

Asset Management ◽

Management System ◽

Balance Sheet ◽

Integrity Assessment ◽

Material Evaluation ◽

The People ◽

Physical Assets ◽

Asset Management System ◽

On Time Delivery ◽

Capital Intensive

Enterprise asset management (EAM) systems are used by asset owners and/or operators to manage the maintenance of their physical assets. These assets, including equipment, facilities, vehicles, and infrastructure, need maintenance to sustain their operations. An EAM system provides the means to have less unplanned downtime and extended asset longevity, which offers clear business benefits that improve the profit and loss statement and balance sheet. Particularly for capital-intensive industries, like drilling and exploration, the failure of on-time delivery of critical equipment or processes is disruptive and costs nonproductive time and customer satisfaction. Organizations understand these issues and employ an appropriate asset management system to engineer their asset maintenance and management. An EAM system is needed to manage the people, assets/equipment, and processes. EAMs are used to plan, optimize, execute, and track the needed maintenance activities with associated priorities, skills, materials, tools, and information. Similarly, nondestructive testing (NDT) is used as a tool for integrity assessment of assets in drilling and exploration. The main advantage of using NDT is that the item’s intended use or serviceability is not affected. The selection of a specific technique should be based on knowledge and skills that include design, material processing, and material evaluation. Validating the purpose of this paper, we emphasize the importance of optimizing the asset utilization and serviceability to enhance overall efficiency by integrating EAM software that manages assets, the operation management system (OMS) controlling the processes, and asset inspection management systems (AIMSs).

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