The paper indentifies and synthesizes the observed changes in the role of the property valuer on the property market. The authors of this paper provide a perspective on the changes in the educational programs for valuers. The main challenge for valuation professionals lies in developing a deeper understanding of market globalization and better analytical skills, with a view to assessing accurate values. The educational system at the university level should encompass programmes which will prepare valuers for providing proper advice affecting important investment decisions of real estate market participants. They stress the role of international and national organizations in re-shaping the profile of the valuer. The current critical attitude towards the valuation profession has forced the European body representing valuers, namely The European Group of Valuers’ Associations (TEGoVA) to speed up the harmonisation of the valuation practice in order to forestall more rigorous control by the EU. In response to this, all the major internationally recognised standard setting bodies, such as the above-mentioned TEGoVA and The Royal Institution of Chartered Surveyors (RICS), are considering the need to add “risk analysis” to valuation reports. Such development should significantly affect future valuation educational and training programmes which will need to present a more holistic approach to real estate as an asset class.
The aim of this article is to shed some light on the difficulty, and at the same time, the unavoidable change towards the embracing by valuers in Poland, of one of the most fundamental principles of property valuation, being "highest and best use" and "hope value". Both are inherently linked to the interpretation of "market value". The article offers a detailed analysis of international practice and the most important developments concerning professional standards for property valuers in Poland. The considerations presented herein focus mostly on issues arising out of the interpretation of "market value". While the legal wording of its Polish definition could be considered similar to the one presented in internationally recognised valuation standards, Polish practice concerning assumptions about the use of a property at the date of valuation is very different.
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