Abstract
Abstract The article identifies and provides a synthetic overview of various concepts relating to the evolution of the real estate market and property valuation. According to the authors, the processes observed on the real estate market necessitate changes in training programs for property valuers. Real estate appraisers should be able to cope with new consumer expectations and requirements, and they should be well versed in modern technological solutions and analytical tools. The study indicates that, in order to face the challenges of the modern world, the appraisal profession should undergo a paradigm shift to embrace the fact that real estate is a commodity and that globalization is inevitable on the real estate market. Due to the high value of urban areas, a modern specialist determining the value of real estate is particularly needed there. Property valuers should develop new analytical skills, and they should rely on modern data processing tools to collect and process information. Additionally, recent events, including the COVID-19 pandemic, demonstrate that property appraisers should be better prepared for dealing with unprecedented circumstances. The training curricula proposed in this article should increase property valuers’ competencies and effectively support real estate market entities and sustainable urban development.
Highlights
Many economists are of the opinion that the twilight of capitalism and the rise of a post-industrial information society and a knowledge-based economy will inevitably lead to a civilizational breakthrough
The main aim of this study is to present a profile of a modern real estate valuer who has the required professional competencies and skills
The profile of a modern property appraiser was modeled based on the following assumptions: the contemporary real estate market is characterized by rapid decision-making, a growing number of mortgages, complex relationships between market actors, diverse expectations and often unjustified demands made by clients
Summary
Many economists are of the opinion that the twilight of capitalism and the rise of a post-industrial information society and a knowledge-based economy will inevitably lead to a civilizational breakthrough. The real estate market is one of the economic sectors whose basic tenets have to be re-examined. The question that arises is whether real estate valuers are adequately prepared to face new challenges and requirements, including in the area of property appraisal (Mazzucato, 2018), new technologies and professional trends that will emerge in the 21st century in the face of dynamic changes on the global market and the real estate market. This article examines the extent to which the curricula of training programs for real estate valuers should be modified to adequately meet modern challenges. The fourth section (most important in terms of the research objective and hypothesis) proposes new topics of instruction and problems that should be incorporated into training programs for real estate valuers. The relevant conclusions and practical recommendations are formulated in the last section of the article
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