The method for the land plot value appraisal as part of the single real estate object, based on game theory approach

The objective of the study is to develop a mathematical model and corresponding methodology that allows, based on available empirical observations (market data), in a comparative approach, to create an assessment of the market value of a single real estate object and to allocate in its composition the share of the value attributable to the land plot. Such tasks arise due to the need for separate accounting of taxable objects: land and real estate located on it. The relevance of the study is determined by the introduction of the institute of cadastral valuation in the Russian Federation. The legislation provides for the frequency of cadastral valuation every four years, in cities of federal significance, the term of the next valuation can be set at two years, by decision of the subject of the federation. It should be noted that when determining the cadastral value by mass appraisal methods, the methodological recommendations of Rosreestr essentially speak of determining the cadastral value as a market value.Materials and methods. A model of a multivariate logarithmic normal distribution law is considered. Such a model is a theoretical prerequisite for developing multiplicative models (i.e. additive for the logarithms of prices and some price-forming factors). The data from open Russian Internet resources on sales of single real estate objects (houses) and vacant land plots in the Leningrad region, put up for sale in 2023, are used. The sample sizes for houses are 2759 records, for vacant land plots - 1023 records. The authors propose a method for estimating the share of the land component in the assessment of the market value of single real estate objects, based on multiplicative models of market value.Results. The paper clearly shows the reason why the multiplicative model (linear model in the logarithms of prices and some factors) gives better results than the multiplicative one. A method for creating cadastral value tables with changing values of price-forming factors is shown.Conclusion. The paper shows that the share of the land component in the assessment of the cadastral value is not a constant, it largely depends on the values of price-forming factors, primarily such as the area of the land plot, the area of the buildings and structures located on it, the location of the object. The three factors mentioned above can form a certain basic cadastral value (defined as market value), which can be adjusted taking into account the individual characteristics of the object

In the theory and practice of real estate valuation, in analytical studies of the dynamics of real estate markets there is a problem of tracking changes in market prices. The apparent simplicity of this task leads to the fact that in everyday practice both market participants and professional analysts are satisfied with observations of average prices. The advantage of this traditional approach is computational simplicity. However, in the conditions of presence of a large number of special software and extensive statistical material can be used more complex research methods. The purpose of this article is to research big current market data of real estate objects and compare these data with the cadastral value determined in accordance with Russian legislation as the market value at the specified date. In this regard, there are problems associated with the multidimensional distribution of market prices and cadastral values. The article presents the method of calculation of changes of the real estate market prices on the basis of comparison of two-dimensional prices distributions of offers and cadastral prices for two periods. The main problem in studying the dynamics of real estate market prices is the inability to track the change in market prices for each property, as objects are constantly put up for sale and removed from it. The work carried out in the Russian Federation in 2014 to establish the cadastral value of real estate opens opportunity to analyze two-dimensional distributions of current market and cadastral prices and to assess the dynamic characteristics of the market for any real estate objects. The main result of article is the method which allows to apprise the market value of real estate in real time when new market data come by their comparison with the previously established cadastral value. Cadastral value is assumed to be defined as market value at the valuation date.

Building for a better hospital. Value-adding management & design of healthcare real estate

Building for a better hospital. Value-adding management & design of healthcare real estate

Recent deregulation of laws on hospital real estate in the Netherlands implies that healthcare institutions have more opportunities to make independent accommodation choices, but at the same time have themselves become responsible for the risks associated with the investment. In addition, accommodation costs have become an integral part of the costs of healthcare. This sheds new light on the alignment between the organisation of healthcare and accommodation: care institutions themselves bear the risk of recouping their investment in real estate and high accommodation costs lead to higher rates for healthcare compared to competing institutions. In this thesis, the ideas and concepts of Corporate Real Estate Management (CREM) are examined in terms of the contribution they could make to the process of accommodation decision by using recent cases in Dutch hospitals. CREM can be defined as the management of the real estate portfolio of a corporation by aligning the portfolio and services with the needs of the core business in order to obtain maximum added value for the business and an optimal contribution to the overall performance of the organisation. This definition assumes that accommodation can add value to the organisation and contribute to its overall achievement. Elaborating on the added value of real estate in addition to quantifying these added values and making them applicable to hospital real estate management is therefore central to this study. The added values determine the transition between the different phases in the cycle of the initiation, design, construction and occupancy of the accommodation. In addition, the added value of real estate functions as a common language between the disciplines involved in the design and construction of hospital accommodation, such as the healthcare institution, healthcare manager, real estate manager and architect. In four sub-studies (1) Context, (2) Management, (3) Value and, (4) Design several concepts that contribute to a more informed decision-making on accommodation aligned with the organisation of healthcare are made applicable by elaborating on, and connecting, existing conceptual frameworks. Conceptual models from different disciplines are aligned in order to achieve an integral approach by both organisation and accommodation management. In addition to the conclusions and recommendations of the separate studies (1-4), the final result is a toolbox (PART 5) that can be used to support a decision-making process that results in a better informed real estate strategy. The instruments are tested by an assessment of recently completed hospital construction projects. The context of hospital real estate The context in which hospitals have to make long-term decisions on their investment in accommodation is determined by political, demographic, economic, social and technological factors. Hospitals need to determine their position in relation to these environmental factors on the one hand and the interests of their internal and external stakeholders on the other. Context-mapping (Figure 2) is an instrument to analyse these stakeholder interests, the factors relating to the external environment and sector-specific trends and scenarios. The analysis of the hospital sector shows that recent changes in the political context has led to hospitals having to determine their own strengths and opportunities, thereby also taking responsibility for the risks and threats in recouping their investment in accommodation. The transfer of responsibilities implies that the real estate-related risks are transferred too, which immediately has implications for the financial position of the organisation and the access to loans and venture capital. Organisations must maintain reasonable access to the financial markets at all times in order to be able to invest when necessary. Since the deregulation of investment decisions and the implementation of integrated rates in healthcare, hospitals have become more aware of their competitive position in the healthcare market as well as their position in the region. In addition, the influence of various external stakeholders has changed. The decrease of the government’s direct influence on investment decisions and the related capacity of healthcare institutions meant an increasing influence of health insurance companies in purchasing healthcare (capacity) and banks in the financing of accommodation investment. Consequences of the changing context of accommodation decisions for hospitals are: a new positioning of the hospital within the community with associated location choices; need for accommodation choices that contribute to labour-saving innovations; need to add value by real estate to the organisation and; possibilities for anticipating changes in the organisation of healthcare. Managing hospital real estate How hospital real estate can be optimally aligned to organisational objectives is examined by paralleling existing conceptual models of CREM models that control the quality of the organisational processes. The basic conceptual model for this is an abstraction of the European Foundation for Quality Management (EFQM) model in four steps: (1) stakeholders’ objectives, (2) the organisation’s key issues for success, (3) managing the organisation’s structure and resources; (4) improvement of the primary process. The plan-do-check-act cycle as common ground in quality management is also included in this basic conceptual model. The meta-model (Figure 3) shows how the parallel management of organisation and accommodation in three sequential steps (context, value and management) results in the design of a process (4) and a building (8) in four steps of alignment between: (A) the outcomes for stakeholders (1) and the perspectives on real estate (5); (B) the organisation’s key issues for success (2) and the added value of real estate (6); (C) managing structure and resources (3) and managing real estate (7); (D) the primary process (4), and the design of the building (8). In the integrating framework, the steps at the level of the organisation are completed by the steps of the EFQM model. The strategic, financial, functional and physical perspectives on real estate (5) can be positioned parallel to the stakeholders’ objectives (1) that are described in the EFQM-INK model. In this way stakeholder management is part of the organisational management and is translated into real estate perspectives on CREM. The perspectives on real estate are translated into real estate added values (6) as the common language that in all phases of the real estate lifecycle can be assessed. This concept of adding value by real estate is connected to the key issues for success (2) that result from the demands and wishes of society, employees, customers and the organisation’s management at an organisational level. Both the key issues for success and the added values of real estate provide input into the change management process of the organisation (3) and its real estate (7). The organisation’s change management (3) is directed by leadership and is about policy & management of the resources, including human resources and real estate. In this part of the model, different resources for production have to be balanced against each other. This results in a process that has to be implemented in a physical environment. In this model, the Designing an Accommodation strategy (DAS)-Frame is the basis for real estate change management (7). In an iterative process a match is made between demand and supply, now and in the future, resulting in a building which can support organisational primary processes. Paralleling the management of accommodation with organisational change thus leads logically to a step-by-step plan for the transformation of the accommodation. Both the processes and the building are compared with the stakeholder demands and related perspectives on real estate. In addition, a five-point scale for all items in the integrating framework is developed for a triple assessment on the stage of development of the organisation and its accommodation decisions. This triple assessment of the organisation and accommodation shows where the organisation stands, how real estate is controlled and the pursued level of ambition with a corresponding focus on product, process, system, chain or society. Adding value through hospital real estate Value is defined in this study as the valued performance of a product or service that contributes to the achievement of the goals set by the stakeholders. As a consequence, value depends on the (subjective) assessment of the stakeholders. Added values of real estate have to be defined in advance (ex-ante) to pre-set the goals of the stakeholders in order to be able to test them afterwards (ex-post) in the design. The research into the added values of hospital real estate shows that the concept of adding value through real estate fits the practice of hospitals that have recently designed and constructed a new hospital building. Applying the added values of real estate from the CREM literature to the construction of new hospitals in the Netherlands has resulted in a sector-specific definition of the added values of hospital real estate and a categorisation into three clusters. The first cluster consists of user-values such as the promotion of organisational culture and patient and employee satisfaction. This cluster is followed by the more tactically oriented production-values such as improving productivity, reducing accommodation costs and the flexibility to adapt the physical environment to new healthcare processes. The third cluster

Summary The real estate tax is usually a fiscal instrument which performs the property tax. When it comes to real property or immovable this term include: apartments, houses, land, cottages, excess housing landscape and more. The real estate tax as a form of the fiscal charges ownership or use of certain forms of real estate, and the revenue from this tax is levied on the area where the property is located regardless of the place of residence of its owner. The tax base for the calculation of this tax usually consists of the market, estimated or annuity value of certain real estate. This form of taxation in the Republic of Serbian applies from 1.1.2012., and its introduction has been replaced by former property taxes. The differences between the two concepts mentioned taxes are numerous and significant. Among the more important are: subject to taxation under the new concept of the real estate rather than law, a taxpayer is any property owner rather than the holder of rights to immovable property tax base is the market value of real estate which is replaced by the payment of taxes per square meter of usable area, the rate of property tax is determined local government, which can not be lower than 0.05% of the estimated value of the real estate nor higher than 0.5% of the appraised value of real estate. The last change, ie. The new law on Property Tax from 5.11.2015. was determined by the tax rate to 20%. The fact that local governments each of them determines the tax rate on real estate which range from high to low rates of multiple, makes this tax is progressive. Progression is particularly expressed in the distinction applied tax rates of developed and undeveloped municipalities, where we have a case that less developed tolerate a higher tax burden, which leads to negative economic effects. However, real estate tax has its own economic and social characteristics which must be aligned with the objectives of tax policy. This means that the real estate tax should be considered from the standpoint of the entire tax system and not from the standpoint of individual income tax forms.

Until 2021, real estate valuation was carried out on the basis of cadastral valuation of real estate. Since January 1, 2021, real estate valuation is carried out on the basis of an approximate cadastral value of the market. The changes applied to the law had a number of significant impacts on the real estate valuation system, which in turn affected the increase in the real estate tax. The above mentioned changes formed the basis of this study. In our work, we paid attention only to the assessment of buildings and structures and the change in the cadastral value close to the market. The following changes have taken place in the valuation system close to the market cadastral value of real estate: the basic costs of buildings, structures and land plots have changed, the number of estimated territorial zones as well as their coefficients have increased, the areas of estimated territorial zones have changed. The study was conducted on the example of Yerevan, where the average apartment in all zones was evaluated.As a result of comparing the cadastral value and the cadastral value of real estate close to the market, a map of changes in the estimated territorial zones was compiled, where changes in the administrative units of Yerevan were highlighted.

Two concepts have developed around the world - single object and multi-object real estate. The choice of the model determines the systematics of rights in rem over real estate. At the present stage of development of the legislation of countries where a land plot is regarded as a single real estate object, this concept does not always effectively regulate the relations of persons having a legal interest in real estate. The concept of a single object has been replaced abroad by the idea of a parcel unit which allows for the recognition of rights in rem to separate spaces: underground, above-ground and aerial. The concept of parcels implies granting a number of privileges to property owners within the boundaries of a land plot. Analogous to the concept of parcels in Russian law may be the concept of composite immovable property. Applying the concept of composite immovable property to multifunctional complexes, cottage settlements, blocks of flats and property of garage co-operatives with vesting property owners with rights of common ownership of common use property (if any) seems more relevant to the interests of such persons compared to the current regulatory model. The system of rights in rem over land plots in accordance with the concept of a single object in a multi-object real estate will not work efficiently. The approach proposed in the Draft Amendments to the section on rights in rem of the Civil Code of the Russian Federation is aimed at duplicating the already existing structures and giving the rights of obligation in rem and the negative easement the status of rights in rem. This confusion destabilises the circulation of real estate that has developed over decades. Gratuitous and perpetual rights to use land plots must be retained as the basis for the functioning of special public legal entities and the support of subjects for socially important purposes. However, the capacity of the holders of such rights can be expanded by granting the right to own a land plot. In order to distinguish between real and compulsory lease regime, it is possible to distinguish between user (compulsory) lease and user-owner (real) lease. It is also necessary to expand the range of security transactions with respect to land plots by providing for the possibility of leasing and sale with the right to buy it back. For easements in the Russian Federation, an open list of types of private easements should be established, while public easements, on the contrary, should be subject to a closed list. For the Russian Federation, the introduction of a reciprocal easement structure could be relevant. In the case of personal easements, the potential of such rights in relation to land plots cannot be appreciated and the need to duplicate existing rights through such a construction. A similar problem is characteristic of usufruct and rights in rem. In this respect, it would be more reasonable to introduce the property rights in real estate in Russian law that are endowed with a succession effect.

The purpose of this research is to assess the impact of the commissioned toll road running through the city’s residential areas on the market value of residential real estate. The article presents a review of non-traditional methods for assessing real estate value, mainly in foreign publications. The Western High-Speed Diameter (WHSD) is the most significant transport and infrastructure project of the current decade for St. Petersburg. The most inaccessible part of the city on Vasilievsky Island was analyzed, as the example of new and secondary real estate value changes, were examined from August 2015 to December 2017, by the time when the new transport interchange of WHSD in the western part of the island was constructed and put into commission. For the study, the authors used the data of the Real Estate Bulletin of St. Petersburg at the end of 2015 and 2017, the data of the cadastral assessment of residential real estate of St. Petersburg of 01.01.2015 and 01.01.2018. Main research method is the study of two-dimensional and conditional distributions of random values of bid prices and cadastral values, which allows obtaining estimates of the market value of the real estate that has passed cadastral registration, and estimates of growth rates. The comparison of prices of offers with cadastral values applied in the article, with a simple and natural speculation of logarithmically normal distribution, allows us to propose a method of assessing the market value for any property, even if the information about it is not available in the market data. The obtained numerical results showed a rise in the cost of a significant part of the mass-market for the study period up to 18% without discount on the auction, and up to 9% taking into account the discount on the auction. It turned out to be slightly higher than the general change in the prices of proposals that can be found in advertising publications. A significant change (from 50% to 73%) was found in business-class properties, located in the area with significantly changed species characteristics and improved transport accessibility, in the immediate vicinity of the exit from WHSD. The results, indicating the growth of market value, allowed us to make a general conclusion about the changes in the attractiveness of the area for different segments of the population of the city: both for the mobile middle class, focused on the mass-market, and for buyers of the premium segment, having increased requirements for the real estate. The authors believe that the growth of the market value of real estate in the area of transport interchanges of modern infrastructure projects could be higher in other macroeconomic conditions. At present, the effective demand of the population is obviously not sufficient.

The introduction of the institution of cadastral value in the Russian Federation opens up new opportunities in real estate valuation. In this regard, the new focus for appraisers is statistical analysis of multidimensional empirical distributions that were not previously available, because the real estate market does not have pairwise and multidimensional observations concentrated in unified databases. Data of interest to analysts is usually concentrated in different sources from different owners and pertains to different objects. The goal of combining them can be solved by comparing such data with the data of cadastral records, namely the cadastral number as a unique identifier of the object. Since the cadastral value corresponds to each cadastral number, it is possible to compare the cadastral value with important indicators such as the market price of the offer, the transaction price, the rental rate, the annual price indices, the capitalization rate, the discount rate, the trading discount and many other indicators, the formation of which involves more than two random variables. The construction of the model involves the principle of following the prices formed by pair comparisons to geometric Brownian motion, and hence the formation of lognormal population. As it turned out, as a result of large-scale cadastral work carried out in the Russian Federation in 2014, the cadastral value is also subject to lognormal distribution of prices (in each class of objects). For the market value (as the most probable price of the transaction under conditions of perfect competition), this leads to functional dependences from the cadastral value of the power type. Similarly, many other indicators will also be subject to dependences in the form of power functions. Obviously, having a function depending from the various indicators of cadastral value across the set of values, you can set the relationship between the various indicators, which was impossible before the introduction of the institution of cadastral value. This article proposes a method of calculating the trading discount when appraising real estate based on analysis of market statistics and databases of cadastral records. An analytical formula of the dependence of trading discounts from the offer price is proposed. The method allows us to set the level of the discount not only for objects included in an advertising database, but also for any object that has undergone cadastral registration.

The aim of the research is to develop theoretical and methodological approaches to market value forecasting in the real estate market. The relevance of the research is determined by the system-forming place that the real estate market occupies in the economy of the country and regions, affecting the interests of owners of various forms of ownership, construction and development companies, insurance companies, banks. Another aspect that determines the actuality of the study is the discrepancy between well-structured cadastral databases and market data dispersed between different owners of information resources, and the unstructured nature of market data, which in most cases is focused on advertising, rather than on analytical market research.Materials and methods. The study uses a model of a multidimensional logarithmically normal distribution law of the ensemble of prices for residential real estate at equidistant points of time and cadastral value, the ARIMA model for predicting market value, taking into account the features of the logarithmically normal distribution of prices, as a distribution with positive asymmetry. As a statistical material, we used market data on residential real estate published in the periodical press in the period from the end of 2012 to 2018. The volume of samples of weekly publications is 15000-20000 objects; data for 21 quarters (more than five years) was used. As a comparison base, we used data from cadastral registration of real estate objects in Saint Petersburg for 2018. The total volume of the cadastral database of residential real estate in Saint Petersburg (individual apartments) is 2 226734 objects with a fairly complete (and well-structured) set of price-forming factors. The authors propose a method for estimating the most likely movement of the market value for a pre-selected real estate object that has passed cadastral registration and has a cadastral value entered in the register and predicting the market value in the future period.Results. The theoretical significance of the work is the proposed algorithm for estimating the most probable trajectory of the market value of the investigated object, based on the conditional multivariate log-normal distribution for a given value of the cadastral value. A well-developed and studied ARIMA time series forecasting model is applied to the logarithms of the obtained time series, the return from logarithmic prices to real prices is carried out taking into account the peculiarities of the logarithmically normal distribution. Results are compared with median scores and estimates, obtained by average values.Conclusion. The paper shows that the introduction of cadastral value in the Russian Federation opens up new opportunities for analyzing and forecasting market prices, since cadastral databases contain the most complete lists of real estate objects, including the cadastral value, which now, in accordance with the law, must be updated at least once every three years and, as of 2015 and 2018, was determined as the market value, therefore, until the next cadastral assessment, can serve as a basis for constant comparison with market data, which are constantly changing, primarily in the composition of objects.

The current issues of reforming the current tax system in the Russian Federation in the context of the transition to determining the amount of real estate taxes based on the cadastral value of real estate objects are discussed. The decision on adopting elements of a tax system in practice should be scientifically and methodologically based. The rational construction of the tax system of Russia contributes to the study of foreign tax systems’ models. In the article, the systems for calculating real estate tax established in the foreign countries under consideration are highlighted. Everything is based on analyzing the practice of real estate valuation in the UK, France, Belgium, Latvia, Finland, USA and Chile. A comparison is made of the grounds for calculating the property tax, their distinctive features. The main approaches to determining the cadastral value taking place in the cadastral systems of foreign countries are summarized. The conducted studies provide grounds for identifying trends in real estate valuation, which are being introduced into modern Russian cadastral valuation practice.

The cadastral value established on the basis of cadastral valuation serves as the taxable base for property taxes and the basis for setting the rent for land plots that are in state ownership. The cadastral value of real estate affects both the state's interests and the interests of property owners. Establishing a reliable and scientifically based cadastral value is an important task for the state and civil society. Establishing the cadastral value for linear objects is a complex and controversial process. In accordance with paragraph 61.2.3 of the methodological guidelines on state cadastral valuation approved by Order of the Federal Service for State Registration, Cadastral Records and Cartography dated 04.08.2021 No. P/0336, the calculation of the cadastral value of land plots classified under the code of land use 07:020 is carried out using the values of the specific indicators of the cadastral value of land plots bordering these land plots.

The extension of powers and functions of local self-government bodies in the context of financial decentralization should be accompanied by an appropriate increase of local taxes and fees to local budgets. Currently, property tax is a new element of the local taxation system and a financial tool for local governments. Since the property tax system is at an early stage in its development, there are a number of debatable issues, in particular, it is really necessary to assess the current system of property taxation in Ukraine, to investigate the fiscal role of property taxes and to outline directions for its improvement. The paper argues that in contrast to Ukraine, property taxes in many countries include the taxes on certain types of property, on net assets, on transfer of property ownership. The author proves that the taxation of property is based on the following principles: equivalence; solvency and equity; fiscal efficiency and financial capacity; security; performance. The analysis shows that since 2015, due to increased tax revenues, local taxes and fees have become the second largest source of local budgets. In 2015-2017 the largest share in the structure of property tax was paid for land 90-93%, the tax on real estate, other than land plot 4,6-8,3%, transport tax 0,8-2,7%. However, the greatest increase of revenues to local budgets accounted for the tax on real estate. The main factors of the growth of property tax since 2015 are due to the inclusion of land and transport taxes to property tax and the introduction of new ratios of indexation of normative monetary estimates for calculating land payments. The shortcomings of the system of property taxation are identified, namely: the level of urbanization of the territory where the object of taxation is located is not taken into account; the existing approach to taxing the area of immovable property, different from the land, does not take into account the degree of its physical depreciation; non-compliance with the principle of social equality and the imperfect mechanism of taxation of non-residential real estate of economic entities and individuals. The paper suggests to include irregular taxes into property taxes, that is, taxes on transfer of property: inheritance tax; gift tax. To determine the amount of real estate tax and land tax, the rates should be set as a percentage of the market value of the tax object, in order to simplify the process of taxes administering.

PurposeAdequate reliable property market data are critical to the production of professional and ethical valuations as well as better real estate transaction decision-making. However, the availability of reliable property market information represents a major barrier to improving valuation practices in Ghana and it is regarded as a key challenge. The purpose of this paper is to investigate the sources and reliability of property market information for valuation practice in Ghana. The aim is to provide input into initiatives to address the availability of reliable property market data challenges.Design/methodology/approachA mixed methods research approach is used. The study, thus, relies on a combination of a systematic identification and review of literature, a stakeholder workshop and a questionnaire survey of real estate valuers in Accra, Ghana’s capital city to obtain requisite data to address the aim.FindingsThe study identifies seven property market data sources used by valuers to obtain market data for valuation practice. These are: valuers own database; public institutions; professional colleagues; property owners; estate developers; estate agents; and the media. However, access to property market information for valuations is a challenge although valuers would like to use reliable market data for their valuations. This is due to incomplete and scattered nature of data often borne out of administrative lapses; non-disclosure of details of property transactions due to confidentiality arrangements and the quest to evade taxes; data integrity concerns; and lack of requisite training and experience especially for estate agents to collect and manage market data. Although professional colleagues is the most used market data source, valuers own databases, was regarded as the most reliable source compared to the media, which was considered as the least reliable source.Research limitations/implicationsFindings from the study imply a need for the development of a systematic approach to property market data collection and management. This will require practitioners to demonstrate care, consciousness and a set of data collection skills suggesting a need for valuers and estate agents to undergo regular relevant training to develop and enhance their knowledge, skills and capabilities. The establishment of a property market databank to help in the provision of reliable market data along with a suitable market data collection template to ensure effective and efficient data collection are considered essential steps.Originality/valueThe study makes a significant contribution to the extant knowledge by providing empirical evidence on the frequency of use and the reliability of the various sources of market data. It also provides useful insights for regulators such as the Ghana Institution of Surveyors (GhIS), the Royal Institution of Chartered Surveyors (RICS) and other stakeholders such as the Commonwealth Association of Surveying and Land Economy (CASLE) and the Government to improve the provision of reliable property market information towards developing valuation practice not only in Ghana, but across the Sub-Saharan Africa Region. Also, based on these findings, the study proposes a new property market data collection template and guidelines towards improving the collection of effective property market data. Upon refinement, these could aid valuation practitioners to collect reliable property market data to improve valuation practice.