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European valuation practices: how to compare valuations across borders? Initial findings

European valuation practices: how to compare valuations across borders? Initial findings Purpose – Real estate investors invest more and more cross‐border, but the valuation practices in the different countries are not similar. For investors it is good to know the difference in valuations between the countries, therefore this paper aims to investigate the valuation practices in eight different countries (France, Germany, Italy, The Netherlands, Portugal, Russia, Spain and the UK). Design/methodology/approach – To gather the information a questionnaire was sent out. The questionnaire included questions not only about facts, but also about the respondents' opinion about the reliability of the information. Findings – It was found that in the different countries market value is not always the basis and that a wide variation of surface measurements is currently applied. Regular lease periods and the responsibility for operating cost vary from country to country. Also the sources for market evidence and their reliability differ per country. So it can be seen that, although market values can be compared across countries, valuation methodologies are country‐specific. Research limitations/implications – The authors are still in the process of retrieving information and quality control, and the intention is to expand the research to all European Union countries, and finally all European countries. Therefore this paper only shows initial findings. Originality/value – The existing research about international valuation practices is not very recent, and, because the authors not only assembled facts and processes, but also collected the respondents' opinions about the reliability of the information, the research is very valuable. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Property Investment & Finance Emerald Publishing

European valuation practices: how to compare valuations across borders? Initial findings

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Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
1463-578X
DOI
10.1108/14635781111150411
Publisher site
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Abstract

Purpose – Real estate investors invest more and more cross‐border, but the valuation practices in the different countries are not similar. For investors it is good to know the difference in valuations between the countries, therefore this paper aims to investigate the valuation practices in eight different countries (France, Germany, Italy, The Netherlands, Portugal, Russia, Spain and the UK). Design/methodology/approach – To gather the information a questionnaire was sent out. The questionnaire included questions not only about facts, but also about the respondents' opinion about the reliability of the information. Findings – It was found that in the different countries market value is not always the basis and that a wide variation of surface measurements is currently applied. Regular lease periods and the responsibility for operating cost vary from country to country. Also the sources for market evidence and their reliability differ per country. So it can be seen that, although market values can be compared across countries, valuation methodologies are country‐specific. Research limitations/implications – The authors are still in the process of retrieving information and quality control, and the intention is to expand the research to all European Union countries, and finally all European countries. Therefore this paper only shows initial findings. Originality/value – The existing research about international valuation practices is not very recent, and, because the authors not only assembled facts and processes, but also collected the respondents' opinions about the reliability of the information, the research is very valuable.

Journal

Journal of Property Investment & Finance – Emerald Publishing

Published: Jul 12, 2011

Keywords: Cross‐border valuation; Europe; Real estate; Assets valuation; Investments

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