Abstract
Abstract In the last few years, there has been a visible change in the structure of the fuel station market in both Poland and the United Kingdom. The changes taking place both in the fuel station market structure and the management forms of fuel stations, along with the increasing significance of convenience goods sales, result in the necessity of verifying the existing Polish valuation standards of the income approach. Moreover, there is an urgent need to develop specific fuel station valuation guidelines. Fuel station valuation requires both the specific approach and profits method adjustment to be able to account for the specificity of the valuation. The universal character of property valuation in Poland cannot result in ignoring the specificity of fuel station valuation and the market where it operates. Property valuers undertaking valuations of this type of facilities must be familiar with the rules operating on the fuel station market. This paper focuses on the comparison analysis of the fuel station market structure in Poland and the United Kingdom along with the specificity of the way fuel stations operate. Its emphasis is on the comparison analysis of fuel station valuation methods under Polish and RICS standards in order to show their similarities and differences. The aim of the paper is to present the methods of fuel station valuation in Poland and the United Kingdom, though mainly to show the areas of changes in the Polish valuation standards with regards to the profits method under the income approach that would take into account the specificity of fuel stations and their market.
Highlights
Property valuation that makes use of the profits method requires professional knowledge of the trade which it is connected with
This paper focuses on the comparison analysis of the fuel station market structure in Poland and the United Kingdom along with the specificity of the way fuel stations operate
This means that the models of fuel station management valid today may become useless in the future, and this will lead to changes in fuel valuation methods
Summary
Property valuation that makes use of the profits method requires professional knowledge of the trade which it is connected with. This article aims to present and compare the valuation methods of fuel stations in Poland and the United Kingdom. These countries have been selected because the principles used in the UK are based on the RICS standards, which are international and used in many European countries. A need for a detailed comparison of the Polish and British markets along with the property valuation solutions used in these countries was identified. It has to be emphasized that the fuel station market is changing and adjusting to the needs of its participants (including the customers) This means that the models of fuel station management valid today may become useless in the future, and this will lead to changes in fuel valuation methods.
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