Property valuation can have a tremendous influence on economic development and growth, wealth creation, and social and environmental sustainability. A property valuation system capable of generating fair and timely estimates of value is a pre-requisite for many core activities of a society – for the people and the government. Valuation infrastructure provides the correct basis for property trading and mortgaging, property taxation, land acquisition and payment of compensation, financial reporting (accounting), as well as urban and rural land use planning.
Single and mass valuation of immovable property is a formal estimation of value of a property – land and improvements – with a confidence from relevant stakeholders who are, among others, governmental institutions, private and public valuers, companies dealing with real estate and property development, and affected landowners. The valuation of property can be undertaken by the public and the private sector.
Moreover, reliable and transparent property valuation facilitates the transfer of land and property rights to their most productive uses, enables source financing by governments, guides spatial planning and land value capture, and strengthens the banking sector stability by better accounting, lending and insurance. Accurate property valuation improves resilience and disaster risk responses by having pertinent data on asset values and asset losses.
A digital property valuation system is a foundational element especially for a “Smart City” that uses the latest technology and connectivity for making better decisions.Developing, upgrading, or preparing cities to become Smart Cities is particularly needed in the East Asia and Pacific Region (EAP) and the Middle East.
Planning, resilience, sustainability, and poverty challenges in EAP and the quest to improve living conditions call cities to leverage property values to deliver better urban planned space, infrastructure and municipal services. The Association of Southeast Asian Nations (ASEAN) countries, in particular, has the digital capacity and need to invest into completing digital land and building records and developing effective property valuation infrastructure.
If undertaken properly and accurately, property valuation´s numerous uses enable cost recovery by services and provide robust and timely information to third parties such as banks, businesses, corporate audits, and state asset managers. Hence, single and mass valuation can support the government to better monitor and understand real estate market activities.
My expertise in the field of international land and property valuation:
- and to build capacity to harness property valuation´s full development impact
- to participate in expert group meetings
- to handle communication with key government counterparts (national and sub-national level) for valuation and taxation
- to support workshops and dissemination of activities for valuation.
Currently I am working on these consultancy projects:
- Leveraging ICT-based Land and Property Valuation in ASEAN countries, especially in Cambodia (World Bank funded)
- Property valuation system development (Single and Mass valuation Standards, Methodologies and Software, Pilot project in selected municipalities (incl. practical testing and adjustment of methodology and software), Regulation drafting for Valuation Profession) (World Bank funded)
- “Industrial area of tomorrow” in Neu-Isenburg: planning, valuation, land policy