International Practice and Standards of Land Valuation and Their Impact on the Land Plots Market Price

Abstract

The article analyses international practices and land valuation standards, highlighting their significance in forming market prices for land plots. The authors consider the importance of harmonising national valuation standards with international ones, which will be an essential step toward ensuring transparency, fairness, and efficiency in the land market. The focus is on the impact of internationally recognised standards such as IVS, RICS, and TEGoVA on the land pricing process in different countries. The article discusses in detail the mechanisms through which standardised evaluation methods contribute to increasing the investment attractiveness of land resources, strengthening the confidence of investors and land owners, and improving the legal and economic basis of the land market. The authors emphasise that an adequate assessment of the land that meets international standards is critical for ensuring effective management of land resources, conducting sustainable land use, and preserving the ecological balance. The study reveals the potential advantages and challenges of adopting international assessment standards in Ukraine. In particular, we consider the issues of the need for retraining appraisers, the adaptation of national legislation and regulatory framework, and the potential for increasing transparency and stabilisation of the land market. The article points out the importance of international cooperation and exchange of experience for the successful integration of Ukraine into global market relations, boosting its investment attractiveness and fostering the sustainable development of land resources. The article provides a valuable contribution to understanding the main aspects of international experience in land valuation and its impact on market price formation mechanisms. It calls for further research and discussion of ways to adapt and implement international standards in Ukraine as a necessary prerequisite for developing an open, fair, and efficient land market. The study significantly contributes to the scientific understanding of the harmonisation processes of national approaches to land valuation with international standards and practices, which is relevant in the context of globalisation and market integration. Keywords: international valuation standard, land value, land plot, land cadastre.