Abstract
Abstract The paper indentifies and synthesizes the observed changes in the role of the property valuer on the property market. The authors of this paper provide a perspective on the changes in the educational programs for valuers. The main challenge for valuation professionals lies in developing a deeper understanding of market globalization and better analytical skills, with a view to assessing accurate values. The educational system at the university level should encompass programmes which will prepare valuers for providing proper advice affecting important investment decisions of real estate market participants. They stress the role of international and national organizations in re-shaping the profile of the valuer. The current critical attitude towards the valuation profession has forced the European body representing valuers, namely The European Group of Valuers’ Associations (TEGoVA) to speed up the harmonisation of the valuation practice in order to forestall more rigorous control by the EU. In response to this, all the major internationally recognised standard setting bodies, such as the above-mentioned TEGoVA and The Royal Institution of Chartered Surveyors (RICS), are considering the need to add “risk analysis” to valuation reports. Such development should significantly affect future valuation educational and training programmes which will need to present a more holistic approach to real estate as an asset class.
Highlights
Education in the field of real estate in Poland, including valuation, has evolved in line with the country’s economic progress
A fundamental change occurred after 1990, following the introduction of a market economy and a properly functioning real estate market. This resulted in a change in the way property was valued and the demise of the officially set pricing of properties owned by the State Treasury and local authorities
That is not to say that all is rosy with the future of valuation from a professional practice standpoint or with our ability in general to do a significantly better job of making value estimates” (VANDELL 2007)
Summary
Education in the field of real estate in Poland, including valuation, has evolved in line with the country’s economic progress. A fundamental change occurred after 1990, following the introduction of a market economy and a properly functioning real estate market This resulted in a change in the way property was valued and the demise of the officially set pricing of properties owned by the State Treasury and local authorities. Such changes required a revolution in the education of property valuers. The work of property valuers was, to a large extent, free of EU interference This has changed with the global financial crisis because valuations have become the subject of growing criticism and interest. The main challenge for valuation professionals lies in developing a deeper understanding of the market and better analytical skills with a view to assessing accurate values
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