Knowledge Management and Practices of Real Estate Valuation in Turkey

Abstract

The purpose of this research is to examine knowledge management (KM) and changes in the real estate (RE) valuation (V) profession in the case of Turkey, which is among the countries that are not fully transparent in RE investments, and to compare them with good practise examples. The increase in RE prices around the world, which started with the conditions of the COVID-19 period, while financial institution REV process and also creates dissatisfaction for buyers and sellers. While the world is experiencing an inflationary process, the rapid change in RE values ​​has made information management even more important in V in countries where there is no transparency in RE transactions. In this study, market players, KM in V accessible databases in V, software and web portals for valuers and companies, V workflows, number of RE sales with known transaction price information by year, number of RE sales with unknown transaction price information by year, value objection data by year, KM systems, public data sharing platforms, and legislation are looked at in the context of how they are used in the sample country. Literature research has been conducted in the field of information management since 2001 in the RE sector in the sample country and compared with world examples. In REV, the KM deficiencies needed to make more accurate value estimations for the benefit of credit institutions, collateral financing institutions, buyers, sellers, housing loan institutions, REV companies, and valuers have been researched. With its recommendations, good practise examples in the field of RE and REV in the world in KM are included. This study aims to be a reference source for future studies and discussions in this field by compiling knowledge on how KM is applied and used in the field of REV.