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Valuation standards key to property recovery
03 Mar 2009
Global real estate markets need to agree international standards of valuation, a leading investment analyst has advised.
Steve Williams, Global Advisor, Real Capital Analytics, said investors in future would be far more interested in the value of the underlying asset and values could no longer be based on speculative projections.
He said accurate valuations were key to stable and transparent markets in the future which could only evolve if there was a greater willingness to share data.
He said: “In the past decade, markets have been battered by the three forces of urbanisation, globalisation and securitisation. We have to find new ways of ensuring the reliability and credibility of asset valuations in these changing and uncertain markets.”
He said: “Markets should collaborate to recognise each other’s qualifications, agree standards for education, find ways of making transaction data more transparent and agree to a consistent set of valuation regulations.”
He added that valuers would come under increasing scrutiny as global property markets began to recover.
He said: “Valuers will be in the spotlight and perhaps more heavily scrutinized. Their decisions after all will decide who wins and who loses in the high-stakes recovery game. Decisions about whether to foreclose or whether to hang in for a recovery are often based purely on the valuation.”
Full interview "Global Investment Trends: A Return to Fundamentals"
Source: Cityscape Intelligence
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