Harmonization of Investment Valuation Standards in Europe

Authors: Clare Eriksson, Alastair Adair, Stanley McGreal and James R. Webb

Start Page: 45
End Page: 64
Volume: 13
Issue Number: 1
Year: 2005
Publication: Journal of Real Estate Literature

Abstract: The harmonization of valuation standards in Europe is attracting increasing interest from several sources, but little empirical research has been undertaken on the subject. This study reports the findings of an investigation across four European countries. The focus is placed upon arguments relating to the possible implementation of harmonized standards, a comparison of national standards and an evaluation of The European Group of Valuation Associations (TEGOVA) standards. The findings show that the harmonization of valuation standards has been limited by lack of awareness and the reluctance of valuers to use standards other than their own national standards. The importance of the harmonization process is discussed along with the need for TEGOVA to take a more proactive role of promoting the use of common standards.