Abstract
Abstract Although real estate valuation is supposed to make the market transparent, it has been noted to be partial in many countries. Analysis of literature and results of the statistical analysis of survey responses of Polish property appraisers indicated that: Property valuers operate in an environment which exerts influence on the final result of valuation. The attempts of the client to influence the valuation process and their effectiveness do not depend on the gender and age of the property appraiser. The problem of valuation bias should be seen in the weakness of the system enforcing compliance with ethical standards, with this being an area which requires reinforcement in many countries.
Highlights
The property valuer is regarded as a profession of public trust
The complexity of the valuation process and importance of valuation to the clients requiring the value of property have led to the regulation of the process through law and professional standards
The conducted research confirms that partiality in property valuation is a feature of the valuation process
Summary
Market players need to know the value of property and require professional valuation. Property valuation is defined as the process of determining value and as the result of that process. Most valuation purposes require determining a value that will objectivize the market. Objectively determined value guarantees secure and reasonable management of property and the sense of social justice (ŹRÓBEK et al 2014). No attempt at determining the value of property or goods is free from subjectivism. It turns out that the interaction between market players merely reduces subjectivism, rather than eliminating it (HAVARD 2001; BRZEZICKA 2016; ŹRÓBEK-RÓŻAŃSKA 2016). This means that determining the value of any property or good involves uncertainty and entails risk. The property valuation process has been considerably normalized, valuation results are still not free of subjectivism nor the influence of other parties, including the clients
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