Estate Values Research Articles

Factors Contributing to a Land Value Information System to Become a Solution for the Shortage of Property Transaction Evidence in Sri Lanka: Property Valuers’ Perception

In developing markets, obtaining comparable evidence for real estate valuations is often challenging. Land Value Information Systems that aim to gather, store, handle, retrieve, and perform land-related data for lawful, organizational, and institutional decision-making processes, have been used in developed countries to address this issue. However, Sri Lanka lacks a comprehensive land value information system. Thus, this study aimed to examine the factors that contribute land value information systems to become a potential solution in addressing lack of property transaction data, focusing on the perception of property valuers in Sri Lanka. A structured questionnaire, unstructured interviews and discussions were used with 30 professional real estate valuers in both qualitative and quantitative methods, revealing a positive attitude towards adopting the system. The advantages of such systems were aligned with time saving, accessibility to up-to-date data, convenience, etc., while concerns included disrupting the valuation industry’s monopoly and information security challenges. The contributing factors were identified under three main categories, technological factors, organizational factors and people factors. Study findings revealed that technological factors were ranked high as most impactful for the successfulness of a land value information system. While technological and organisational factors were deemed achievable during implementation, the study suggests additional efforts, such as establishing a help desk, conducting training programmes to address people-related factors.

Exploring the Issues and Scenarios among Malaysia’s Real Estate Valuers Community Related to Smart City Concepts

The rise of smart city concept is fundamental because it is more integrated in the fast-growing urbanisation nowadays and the primary objective is to solve the social problems that are associated with the urban cities. Though the outcomes of these programs may vary based on the level of participation of the real estate valuers community and its acceptance of them. In the light of it, the aim for this study would be to show the problems and scenarios personally proven as obstacles for real estate valuers while the acceptance of smart city concept is in Malaysia. This will lead to the community being able to familiarize themselves with the smart city technologies and the process of valuation. This study has been carried out throughout the entire process of development of smart city ecosystem. The purpose of this study is to be able to distinguish the issues and scenarios among real estate valuers community related to smart city concepts. Thus, this study could help us understand on how to stimulate more involvement and participation of real estate valuers community in the urban areas that are under the category of smart city. It can be used in educating political leaders on inclusive policies, involving citizens in designing and operating technologies that people want and let the communities play a role in planning how they will design the city. Conclusively, thi study intended to lay the foundation for the sustainability and equality of smart cities, which are vital aspects of national development.

Quality of multifamily residential land as a factor supporting sustainable urban development

The analysis of the real estate market is one of the basic tasks of a real estate valuer. Proper analysis should be preceded by determining the spatial extent of the market. It is most often assumed that comparative properties should be located on the local market, usually seen as the market of a given town or commune. In contrast, in the absence of local market transactions, the analyzed area is extended to the regional, national and, in specific cases, even international markets. The purpose of the article is to define the boundaries of the local market in the example of the city of Poznań (Poland). The market research was mainly based on statistical analysis. The results of the conducted research show that in the case of undeveloped land for multifamily housing in Poznań, the local market should be narrowed to specific city zones, not treating the city area uniformly. Additionally, it should be noted that investors make decisions about the location of residential investments, considering land prices and real estate development opportunities, which vary in different parts of the city. The quality of life of residents and the degree of sustainable development of the city that can be achieved depend on the developers' decisions on the choice of location, as well as on the spatial and technical solutions used.

Modelling coastal externalities effects on residential housing values

PurposeThis paper aims to examine the impact of coastline on the rental value of residential property in proximity to the coastline, using the hedonic pricing model from two perspectives. First, Model 1A–C accounted for estimating the influence of coastal amenities while controlling for other housing attributes influencing rent. Second, Model 2A–C accounted for the interaction between coastal amenities/disamenities and other housing attributes influencing rent.Design/methodology/approachA survey approach was adopted for the data collection process. For both models, property values were measured in proximity to coastline using 0–250 m, 251–500 m and 0–500 m.FindingsFindings revealed that property rental value increases as we move away from the coastline when disamenities are not controlled. The results suggested that for a mean-priced home (N2,941,029 or $8,170) at the mean distance from the coastline (301.83 m), a 1% increase in distance from the coastline would result in a 0.001% or N9.77 ($0.03) increase in rental value.Practical implicationsThe implication to real estate valuers is that varying premiums should be considered when valuing a property depending on the distance to the coastline while considering other housing attributes.Originality/valueThis research introduces a novel approach to the hedonic model for determining property values in proximity to coastal environment by estimating the influence of coastal amenities while controlling for other housing attributes influencing rent, on the one hand, and accounting for the interaction between coastal amenities/disamenities and other housing attributes influencing rent, on the other.

The Production of Value Opinions by Specialized Valuers: Practical Sense and the Enactment of Judgment*

ABSTRACTThis article explores how valuers construct value opinions. Although some implications of outsourcing valuation to valuers for accounting purposes have been highlighted in the literature, we add a valuer perspective complementing the accountant's standpoint in order to obtain a fuller picture of these ramifications. Drawing on 62 interviews, we study the role of judgment in valuation and find that judgment is largely tied with the sensemaking of valuers. By examining the valuation activities of art and real estate valuers, we show that these specialized valuers follow a similar valuation process which allows them to grasp how to go on with valuation. This four‐phase process starts and ends by situating the opinion in its specific valuation context and is centered on iterations between researching, analyzing, and relativizing comparable data that may be adjusted to connect with a sense of what the value should be. Overall, judgment is shown to be enacted based on a practical sense of conducting valuation that includes a “gut feeling” of what represents a plausible value. This study suggests that the valuer's input should be recognized as situated, sense‐contingent, and vulnerable to the underlying politics and risks tied to providing an opinion. Our results also point to stark differences between how valuers approach the use of judgment compared to how judgment is typically exercised by accounting specialists.

Factors affecting SMEs growth: the case of the real estate valuation service industry

Research background: Based on the literature, several ways of assessing the conduct of business and a number of factors influencing the growth and development of the companies can be identified. However, the diversity of business entities and their business environment raises the importance of considering the unique nature of the industry in the selection of performance measures. Our research focuses on real estate valuation firms that provide information and consulting services to real estate markets. Purpose of the article: As professional practice shows, there are different business models for property valuation. These businesses differ in their organisational and legal form and the type of valuations performed, the type of client served, or the scope of services provided. The main purpose of the research is to identify factors that significantly affect the development odds of valuation companies in Poland, especially the growth of income. Methods: The study was based on data collected from the survey of Polish real estate valuers. The analysis was conducted on a sample of 277 professionals who own valuation companies and were certified no later than the end of 2014. A quantitative analysis using a logistic regression model was conducted to identify the factors that influence the prospects for valuation business growth. Findings & value added: The research confirms the relationship between the way of conducting real estate valuation activities and its development chances. The most important factors are a spatial and substantive range of services, cooperation and employment, and clients' profile. Demographic characteristics were also found to be significant. Although the results presented here are based on data from the real estate valuation industry, their relevance is much broader. The findings provide a better understanding of the factors that influence the performance and success of SMEs, particularly in the information and consulting industry.

Examining the Variation Between the Conventional and Contemporary Valuation of Residential Investment Properties in Lagos

Due to the interplay between the forces of demand and supply in the determination of residential property investment valuation, there is continuous increase in rental value and rent review pattern and as such, conventional valuation of residential property investment has become inappropriate as it cannot handle the problems of rental values, rental growth, impact of inflation and rent review pattern experienced in the Nigerian property market. The objectives were to determine the annual rental growth rate pattern for residential properties from 2014–2020 and ascertain the level of variation in the use of conventional and contemporary investment methods in determining the value of such real estate assets in Lagos State, Nigeria. Appropriate descriptive approach was adopted and the result showed that rental values increased within the period, rental growth followed a similar trend, rent review pattern was mostly three years, and practitioners were aware of discounted cash flow. Valuation results revealed 6.67% variation for discounted cash flow, 0% for real value model and 25% rational approach. The use of a constant income annuity in perpetuity for conventional investment method of valuation as a single income stream would result in erroneous valuation as conventional technique relies fully on comparable evidence. The contemporary techniques on the other hand integrate property as part of the larger investment community which enables estate valuers to make qualitative market valuation where there is no comparable evidence. This study therefore recommends that contemporary valuation techniques are appropriate in the market valuation of residential property investments, particularly in the market valuation of reversionary freehold.

Stakeholders Opinion on Selected Effects of Road Construction Delay in the Niger Delta Region of Nigeria

Many variables are involved in the construction of road projects. These variables changes with project types and sizes, thus challenging management of these projects to uncertainties. The resulting effects of schedule overrun may be reduced but cannot be completely depleted or eliminated. At these times of scarce and competing resources, critical effects of construction delay are prompted for effective resource deployment in making investment decisions. Eleven important effects of construction delay of road projects awarded by the Niger Delta Development Commission (NDDC) derived from literature and desk file review were identified. These factors which can be linked with stakeholders in the NDDC’s road construction industry i.e., client, contractor, consultant and estate valuer were evaluated by utilising quantitative analysis to get the stakeholder’s opinions on the critical effects from the selected array. Analysis of the questionnaire was also done to assess its statistical significance. To achieve this objectives, exploratory factor analysis (EFA) which includes; Cronbach Alpha Coefficient (CAC) calculation, reliability analysis, multivariate and inferential statistics were employed. The most critical effects of construction delay of road projects awarded by NDDC in the Niger Delta Region of Nigeria are: time overrun, cost overrun, litigation and Disruption to traffic movement. The next critical effects are obstruction of economical and urban movement, total abandonment, dispute, delay of other projects related to the main one, and breach of contract.

Supply Chain Management in Real Estate Practices: The Estate Surveyor and Valuers’ Perspective

Real estate practice is a strategic and multi-faceted vocation that connects the clients/owners of real estate projects or products with end users in the building industry. Different aspects of real estate practices require collaboration of real estate practitioners who are professional estate surveyors and valuers, with the built environment professionals and other stakeholders at different levels in order to achieve the transaction objectives. This study, therefore, examined the practice with a view to uncovering the preparedness of the estate surveyors and valuers with respect to the knowledge and application of supply chain management in real estate practices. Empirical data were collected with the aide of questionnaires administered to respondents from the 373 estate firms in Lagos State, Nigeria of which 291 were duly completed and returned constituting 78% rate of response. The Readiness Assessment Model was adapted to determine the operational preparedness of the estate surveying and valuation firms to implement supply chain management with regards to management readiness, employee readiness, services/processes readiness and logistic/ICT readiness on a 5-point Likert scale and the corresponding mean score and relative importance was determined. The Kolmogorov Smirnov Test of Normality was performed and showed that the data was normally distributed. Hence, the Pearson Product Moment Correlation analysis was used to determine the relationship between knowledge and application of supply chain management in real estate businesses. It was observed, among others, that the knowledge of supply chain management is generally low among estate valuers and does not necessarily translate to application in the property market transactions of real estate firms. The study further observed that management and employees of estate surveying and valuation firms do not have adequate knowledge of the principles and practices of supply chain management for productive engagement in property market transactions. This was further identified alongside others such as confidentiality, stiff rivalry and economic instability as critical factors resisting the adoption of supply chain management in the property market. The study therefore suggested capacity building programmes on supply chain management for the estate surveyors and valuers to improve the knowledge of the strategy and harness the benefits.

The Application of Regression Analysis for Estimating the Market Value of Commercial Real Estate

The transaction price of a land property with commercial buildings depends on both its quantitative and qualitative attributes. Quantitative attributes include surface areas of plots of land and usable floor spaces of premises and buildings with various intended purposes, as well as values of rents. Qualitative attributes are represented by the global attributes of these properties.In the analysis of the land property market with commercial buildings, all pairs that relate a transaction price to individual attributes are considered. The market value prediction is based on multiple regression analysis for a two-dimensional random variable, represented by the price and the predetermined attribute. The final market value of the property being valued is calculated as the weighted average of the market values predicted for each attribute.This research paper presents the procedure for determining the market value of land with commercial buildings, which falls within the method of statistical analysis of the market. The derived formulas and substantively justified algorithms may be the basis for market analysis and estimation of the market value of such land. This procedure has been thoroughly verified using two practical numerical examples.

THE IMPACT OF JOB SATISFACTION ON VALUERS’ ATTITUDES TOWARDS PROFESSIONAL ETHICS

Professional ethics is one of the two pillars of the valuer’s business practice, alongside expert knowledge. Ethical principles are usually formulated within a code of professional ethics which valuers are obliged to follow. The approach to professional ethics is a complex problem and it is conditioned by several factors. In our study, we pose the question whether higher professional satisfaction of real estate valuers translates into more ethical attitudes regarding work-related dilemmas. We conducted research on property valuation services in two European markets: Austria and Poland. Data for the analysis was drawn from 176 surveys in which valuers were asked to respond to hypothetical work situations corresponding to the principles of the real estate valuer’s code. The results obtained using the ordinary least squares (OLS) and two-stage last squares (2SLS) regression methods allow us to conclude that higher job satisfaction positively impacts valuers’ ethical attitudes. The segment of the market served is also an important driver. Valuers who mainly work for property developers show a significantly lower level of ethical attitudes. The influence of the country on professional ethics is ambiguous.

The Problem of Ensuring Representative Samples when Modeling the Market Value in the Regional Real Estate Market

The article describes the problem of the lack of a universal adequate method for achieving the representativeness of a sample of real estate objects when modeling their market value.The purpose of the work is to develop a methodology for creating a representative sample of real estate objects. This method can be used by specialists when working with inactive real estate markets in small cities and settlements. On the example of the market of land plots for individual housing in several cities of the Krasnodar krai, the analysis of the features of ensuring representativeness is carried out. There are opportunities and limitations of various tools for forming a representative sample.Materials and methods. When preparing the paper, the author studied the experience of forming representative samples accumulated by Russian and foreign scientists, considered in detail theoretical and practical approaches to analyzing the quality of the general set of market real estate objects. The methodology proposed in the article was tested on the example of the real estate market of the cities of Krasnodar, Goryachy Klyuch, Armavir. Тhe author used cartographic data, information from specialized portals of the real estate market and from the unified state register of rights. To achieve the objective, theoretical methods (comparative analysis, synthesis, generalization, analogy) and modelling were used.The main result of the paper is a reasonable method of radial circles, which allows you to select high-quality objects in a sample. Such land plots according to a certain significant price-forming factor in the city under consideration structurally correspond to the plots registered in the unified state real estate register. It is important to establish the conditions under which the sample becomes representative of the pricing factor associated with the location of the object. Тhe analytical material, stages and methods of selecting units in the sample presented in the article are of interest for the real estate researchers, analysts and experts, practitioners of state budgetary institutions engaged in state cadastral valuation.Conclusion. The method of radial circles can be further developed and used for other price-forming factors when modeling the market value of real estate.

Розширення джерельної бази місцевих бюджетів: національний та зарубіжний досвід

Abstract. Introduction. The permanent negative situation of the Ukrainian economy is caused by a number of shortcomings of the economic system, which is still in the process of development and reform, and one of the urgent issues that need to be addressed is the state and sources of municipal budgets. The level of revenues from the state treasury indicates a clear dependence of local budgets on the state. Compared to the experience of foreign countries, where own investments make up the bulk of urban profits, Ukrainian municipalities lose a significant amount of money from private sources, such as infrastructure revenues or local taxes. Therefore, the topic of expanding the source base of local budgets today is extremely relevant. Purpose. At the disposal of local governments is a fairly wide range of tools for indirect influence on the development of the territorial community. Each city uses them in its own way, contributing to the development of economic development strategies and the development of various sectors of urban infrastructure. The purpose of this article is to determine the general features and mechanisms of property management of the territorial community in Ukraine and abroad. Results. The article highlights the problem of distribution of property rights and property management between local authorities and local governments. The views of modern researchers on the objectives of joint management and the problems of its control are considered. The role of local taxes in the formation of local budgets abroad is emphasized. The importance of a simple and objective way of estimating the value of real estate and an appropriate electronic database for filling local budgets through local taxes is highlighted. The analysis of financial and economic activity of local governments in different countries is carried out. The strategic goals of reforming the economic activity of the authorities have been set. The functions of replenishment of local budgets are systematized. The peculiarities of filling city budgets in Ukraine are taken into account. Conclusions. To expand the range of sources of replenishment of local budgets, the need to attract additional investment in the economy of the region is justified, an important tool is "regional marketing". Although this form of replenishment of treasuries is quite risky in Ukrainian conditions, it is necessary for the autonomy of local communities.

Analisis Nilai Perusahaan Property Dan Real Estate Bursa Efek Indonesia

The firm value can be interpreted as a measure of the success of the firm’s performance in increasing the prosperity of shareholders. The purpose of this study to determine the effect of profitability and capital structure on the firm value and the role of the capital structure as an mediating variable in property and real estate companies listed on the Indonesia Stock Exchange period 2017-2019. The sampling techniques in this study using purposive sampling technique with total sample of 44 companies. The analysis technique used is path analysis. This study finds the results that profitability has a significant positive effect on firm value, profitability has a significant positive on capital structure, capital structure has a non significant effect on firm value, and capital structure is not able to mediate the effect of profitability on firm value of property and real estate.

Пріоритетні напрями діяльності органів місцевого самоврядування в контексті підвищення ефективності оцінки майна територіальних громад

Abstract. Introduction. The property management system in general, and the land use system in particular, in Ukraine, are currently undergoing a process of change. The development of a market system of relations promotes the establishment of cooperation between public authorities and territorial communities, and the sphere of community property management is one of the most promising areas for the development of this cooperation. However, the achievement of significant positive effects in the development of this area is possible only if some property management tools are improved - and also is the mechanism of property assessment of territorial communities. Purpose. It has been given the state of development of the mechanism of assessment of state property, the purpose of this article is to study the priority areas of local government in the context of improving the effectiveness of assessment. Results. In the process of analyzing the current situation in the field of municipal property management, based on the work of V. Alekseev, the author concludes that there are significant problems in the control of state property, which needs to take a number of steps, including increasing the frequency of use and evaluation property. A detailed analysis of a number of basic concepts of the real estate management process at the local level are the purpose, main goals, objectives of management. The various aspects and characteristics of real estate that affect its value are considered. Based on the preliminary data, the main activities of local governments in the context of improving the efficiency of property assessment of territorial communities have been identified. The mechanism of property valuation for calculating the rental rate and market value of real estate and their importance in the context of improving the property management system is analyzed. A number of recommendations are given to local communities to improve the property management system through the use of property valuation. Conclusions. The process of property valuation in today's community property management system is imperfect and requires a number of changes to improve its efficiency. Achieving results in this matter is possible only if the interaction between the state and society through compromise.

The impact of Hurricanes on the value of commercial real estate

Commercial real estate investors prefer coastal, gateway, markets for liquidity, demand density, and durable returns. Yet, these areas are more vulnerable to the effects of climate change from more intense and frequent weather events such as hurricanes and typhoons as well as to gradual changes such as sea-level rise. Recognition is growing of the risks that these events pose to investment performance, but little is known about how this risk has impacted property values and returns when an event such as a hurricane occurs. This is the first study to analyze the impact on property values and returns from hurricanes causing the most significant damage by value over the past 30-plus years throughout the nation. Using individual property data from the National Council of Real Estate Investment Fiduciaries database, we find a significant impact on the value and rates of return, after accounting for any additional capital expenditures for repairs, for properties that are in areas impacted by a hurricane, relative to areas that were not impacted by a hurricane. These impacts vary by property type and can last for several years after the hurricane hit land in the area.

Valuing sustainability in real estate: a case study of the United Arab Emirates

PurposeThe purpose of this paper is to determine if there is an impact of sustainability on the market in terms of a green premium or a brown discount on the price of commercial and residential real estate. It also seeks to identify the incentives and barriers for sustainable developments perceived by real estate professionals.Design/methodology/approachThe paper investigates the impact of sustainability features on the valuation of buildings in the United Arab Emirates (UAE). The study uses a qualitative structured questionnaire to determine the views of certified real estate valuers and advisors on this subject.FindingsThe results suggest a green premium of at least 1% in the UAE, coming from both supply-side and demand-side, and in commercial and residential sectors. Key barriers for the recognition of green building value include availability of reliable market data, lack of relevant technical skills and apparent client disinterest. Initiatives that would encourage green buildings include financial incentives for key stakeholders, raising and enforcing building standards, and higher energy prices. This paper identifies policy measures that local authorities may consider in transforming to a more sustainable economy. It is expected that such changes would convey to the real estate industry and affiliated stakeholders the financial benefits to be gained from investing in green buildings.Research limitations/implicationsThe UAE is not a transparent environment in terms of building prices and rents, and it can be challenging even for experienced professionals to determine whether an observed higher value can truly be considered a green premium. The second issue is that the results may be affected by a “voluntary response bias”, whereby recipients who are interested in sustainability are more likely to have responded to the survey.Practical implicationsThis paper identifies policy measures that local authorities may consider in transforming to a more sustainable economy. It is expected that such changes would convey to the real estate industry and affiliated stakeholders the financial benefits to be gained from investing in green buildings.Originality/valueMost research exploring the value of green buildings originates from developed economies and its applicability to the Middle East is questionable due to its differing origins and unusual development path. This article offers new insights into an under-researched market.

ANALYSIS OF THE CAUSES OF BUILDING DEFECTS AND ADMINISTRATIVE PROBLEMS

This article analyzes what determines the decrease in the value of real estate, physical and moral depreciation. These studies explain how environmental conditions affect buildings from the outside. The consequences of the primary change are identified and predicted. Aggressive soil causes are clarified and the expression of soil strength properties are presented. The study also specifies the procedure and administration for monitoring building defects.

Regspraak: Einde van gemeenskaplike boedel van ’n egpaar getroud in gemeenskap van goed en aanvang van uitwissende verjaring van tersake vorderinge val saam

But for an extraordinary order for a division of the joint estate stante matrimonio under section 20 or 21 of the Matrimonial Property Act 88 of 1984, the default joint estate of spouses married in community of property will come to an end with the demise of the marriage. This is either with the death of the firstdying spouse or by an order of the divorce court. It is impossible to extend the joint estate beyond these moments. With the end of the joint estate, the erstwhile spouses (or the estate of the demised spouse) are entitled to claim half of the value of the erstwhile joint estate. If the parties are unable to reach an amicable agreement to this end, a liquidator will be appointed to finalise the division of the assets. As from the end of the marriage, the former spouses have separate estates. Any new acquisition, gift, inheritance or income acquired after that date falls into the newly founded separate estate of the holder, and the other party has no claim to share in these assets. In Koko v Koko the respondent was married in community of property to Mr Koko in 1979 but that marriage ended in divorce by court order in 2001. The respondent left the previous marital home that was registered as joint property in the names of both spouses and retained inter alia some movable property from the erstwhile joint estate. Mr Koko remained in the house and continued to pay all rates and taxes, and the outstanding debt secured by a mortgage bond was amortised by the time of his demise. He later married the applicant and the couple lived in the house until his demise in 2013. Only years later did the respondent claim half of the current value of the immovable property as the still-registered co-owner. In this contribution, attention is devoted to the justifiability of the premise of the court that the claim should succeed notwithstanding the fact that more than nineteen years had lapsed since the applicable joint estate ended with the divorce order and the claimant did not contribute to the current unencumbered value of the property. If the claim to half of the value of the former joint estate is categorised as a personal right of the claimant, it is submitted that the effect of extinctive prescription should have been considered. By default, a debt is extinguished after three years and just the listed categories of debts mentioned in section 11(a) of the Prescription Act, including a judgment debt, will prescribe only after 30 years. It is submitted that the division of the joint estate is a natural consequence of the end of the marriage in community of property, and in KwaZulu-Natal orders for a division of the joint estate of parties married in community of property are consistently refused when divorce orders are granted for the very reason that they are unnecessary. In the absence of an applicable court order, the relevant debt cannot be defined as a “judgment debt” and the default prescription period governed by section 11(d) of Act 68 of 1969 should apply. It is inequitable that a previous spouse may, more than nineteen years after the divorce, benefit from the subsequent enhanced value of an asset that formed part of the erstwhile joint estate at the cost of another, who had contributed to that currently enhanced value of the asset since the joint estate came to an end. It boils down to unjustified enrichment if this is accomplished under the guise of her joint ownership of the immovable property still registered in the names of the former spouses as original co-owners because the real right of ownership is imprescriptible. A personal claim for half of the value of the assets in the estate would, however, have been prescribed after three years since the claim had vested.

Становлення земської статистики на українських землях у другій половині ХІХ ст.

The article analyzes the preconditions for the formation and formation of such a phenomenon as zemstvo statistics on Ukrainian lands. A brief description of the history of the creation of zemstvos as local governments and the scope of their activities. The author emphasizes that the main source of funds for the activities of zemstvos were local fees, which were usually levied based on the value of real estate and its profitability. To do this, special statistical work had to be carried out. These circumstances determine the intensification of statistical surveys by zemstvos. Subsequently, the authorities began to conduct large-scale investigations into the economy and social development of the region. Zemsky statisticians were among the first to develop practical recommendations and tools for statistical research, striving to obtain the most accurate and objective indicators. The comparison of provincial statistical committees as a body of government statistics and similar zemstvo bodies in methods and directions of work is given. The author assesses the significance of the achievements of zemstvos for regional history, especially in the field of economics.