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Paper eres2004_179:
The commonality of Market Value. A case study of valuation standards in emerging markets

id eres2004_179
authors Mansfield, John; Royston, Paul
year 2004
title The commonality of Market Value. A case study of valuation standards in emerging markets
source 11th European Real Estate Society Conference (2-5 June 2004) Milano, Italy
summary The expansion of the European Union has coincided with significant changes within the various regulatory systems in the accounting, stock exchange listing and banking sectors. These changes have furthermore led to the development of internationally applicable standards and codes of practice, such as the international accounting standards and international valuation standards. When combined with the continued expansion of international real estate investment and funding, there are further opportunities for the provision of valuation services in the expanding real estate markets of the recently acceded countries. While some of these countries have a rich and varied real estate valuation tradition, the international demand for the use of standardised processes is likely to have greater impact in these emerging economies. Empirical research in three of these countries – the Czech Republic, Hungary and Poland – has examined specific aspects of the regulatory framework that guides real estate valuation. The three countries currently have a multi-dimensional profession, serving distinct client groups. Such diverse client and practitioner bases challenge the application of market-wide standards. This could lead to differences in the adoption and interpretation of the internationally accepted definition of ‘Market Value’ (IVSC, 2003). The process of yield determination is a particular issue in these ‘thin’ investments markets and therefore the research examines whether or not there are commonly adopted definitions of various yield types. These issues are of critical importance in shaping the development of standardised valuation approaches within these economies given their centrality within valuation methodologies.
keywords Emerging markets; harmonisation; valuation standards; yields
series ERES:conference
discussion No discussions. Post discussion ...
session The Emerging Markets in Eastern Europe
last changed 2008/12/21 10:41
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