Duration: 01 March 2012 – 01 September 2013
Staff Involved: Dr Lay Cheng (Jasmine) Lim, Dr Lesley Hemphill, Professor Alastair Adair, Professor Stanley McGreal, Professor Neil Crosby (University of Reading)
This study provided a strategic overview to global valuation standards identifying who sets and regulates the property valuation profession within four case study areas. These case study areas were selected to reflect emerging and established economies, with Brazil and China representing the emerging economy perspective and the USA and the UK representing the established economy perspective. Furthermore, the study investigated not only what valuation standards were prevalent within these economies, but also how these standards influenced local valuation practice. This study therefore determined the appetite across the 4 case study areas for harmonisation of global valuation standards and the extent to which the transparency of the property markets and valuation practice was impacting upon investor confidence. Focus Groups and structured interviews were undertaken in each of the case study countries to fully investigate the local differences in the standards, the valuation approach, reporting styles and the methods used to value property.
The following key objectives were linked to the project:
- To evaluate the regulatory and professional practice framework governing valuation practice in the four case study areas
- To investigate the interaction between international and local valuation standards and country specific property market practice
- To determine the linkages between international and local valuation standards, market fragmentation and investor confidence