The Problem of Reflecting the Market in the Legal Principles of Real Estate Valuation in Poland : How to Eliminate the "Legal Footprint"?

• Autorzy: Jan Konowalczuk
• Języki publikacji: EN

Abstrakty

EN

This paper presents and subjects to criticism the current principles of real estate valuation, which were introduced in Poland in the 1990's during the return to a market economy, under the conditions of an underdeveloped real estate market. Against the background of the hypothesis of institutional maladjustment of the methodology to the current level of real estate market development, the author assesses the imitative manner of creating the valuation methodology and its discontinuation in 1998, resulting from the introduction of rigid legal regulations, which have significantly limited the ability of ongoing adjustment of the methodology to the market needs. The paper deals with the problems of defining market value and classifying valuation. The author assumes that the appraisal regarding the market value should be based on a descriptive model of real estate valuation, which should make it possible to reflect the market. He draws attention to the negative effects of valuation methodology which prevents or hinders the mapping of the market in appraisal reports. He proposes a change in the order of the legal principles of property valuation, based on a hierarchical model consisting of three elements: the definition and interpretation of value, the market and the methods of valuation. (original abstract)

Słowa kluczowe

EN

Real estate valuation; Pricing models; Legal regulations

PL

Wycena nieruchomości; Modele wyceny; Regulacje prawne

• Czasopismo: Real Estate Management and Valuation
• Rocznik: 2017
• Numer: vol. 25, iss. 2
• Strony: 44--57

Twórcy

autor

Jan Konowalczuk

• University of Economics in Katowice, Poland

Bibliografia

• AALBERS, M.B., 2015, The Great Moderation, the Great Excess and the Global Housing Crisis. Journal of Housing Policy 15(1), pp. 43-60.
• ADAIR A., DOWNIE M.L., MC GREAL ,S., VOS G., 1996, European Valuation Practice: Theory and Techniques, London, New York.
• BANASZCZYK Z., 2013, [IN:] Kodeks cywilny. Tom I. Komentarz (The Civil Code. Vol. 1. Commentary) [in Polish]. Warsaw 2013,
• BARAŃSKA A., 2002, Kryteria stosowania modeli stochastycznych w predykcji rynkowej wartości nieruchomości, Zastosowania metod statystycznych w badaniach naukowych (Criteria for the Use of Stochastic Models in the Prediction of the Market Value of Real Estate, Applications of Statistical Methods in Scientific Research) [in Polish], www.statsoft.pl/czytelnia.
• BASTIAT F., 2015, Co widać i czego nie widać (What is Seen and What is Unseen), translated by A. Łatka, Prohibita, Warsaw.
• BASTIAT F., 2015a, Prawo/The Law, translated by P. Toboła-Pertkiewiecz, Prohibita, Warsaw.
• BUM A, CROSBY N., 1995, Property Investment Appraisal, 2 ed., Routledge, London - New York.
• BOURASSA, S. C., HAMELINK F., HOESLI M., MAC GREGOR B. D., 1997, Defining Housing Submarkets Journal of Housing Economics.
• CHRISTOPHERSON S., MARTIN R., POLLARD J., 2013, Financialisation: Roots and Repercussions, Cambridge Journal of Regions, Economy and Society November 1 (6), pp. 351-357.
• CELLMER R., FORYŚ I., KONOWALCZUK J., KRAJEWSKA M., KUCHARSKA-STASIAK E., PARZYCH P., TANAŚ J., TROJANEK M, WÓJCIAK E., ŹRÓBEK S., 2015, Real Estate Valuation for Special Purposes, Nacionalna Knjižnica, Zagreb, Dostęp 16.02.2016, http://gis.us.edu.pl/index.php/past-gis-conferences/22-gisodyssey-2015/book-1
• CLAESSENS S., KOSE M. A., TERRONES M. E., 2011, Financial Cycles: What? How? When?, Working Paper 11, International Monetary Fund, Access 10.02.2016, https://www.imf.org/external/pubs/ft/wp/2011/wp1176.pdf
• CASE, K. E., SHILLER R. J., 1989, The Efficiency of the Market for Single-Family Homes, American Economic Review, 79, pp. 125-137.
• DIAZ, J., 1990, How Appraisers Do Their Work: A Test of the Appraisal Process and the Development of a Descriptive Model. The Journal of Real Estate Research, November, Spring, Vol. 5, issue 1, pp. 1-15.
• Dyrektywa Rady 2006/112/EW - Unijny wspólny system podatku od wartości dodanej (VAT) (Council Directive 2006/112/EC - on the common system of value added tax).
• FANNING S. F., 2005, Market Analysis for Real Estate. Concepts and Applications in Valuation and Highest and Best Use. Appraisal Institute. Chicago, Il.
• GACA R., 2016, Interpretacje pojęcia nieruchomość podobna (Interpretations of the Concept of Similar Property) [in Polish], Rzeczoznawca Majątkowy No. 1(89), PFRSM, Warszawa. PFRSM, Warsaw.
• GRISSOM, T.V., 1985, Value Definition: its Place in Appraisal Process, "The Appraisal Journal", April.
• GOŁECKI M.J., 2011, Między pewnością a efektywnością. Marginalizm instytucjonalny wobec prawotwórczego stosowania prawa (Between certainty and efficiency. Institutional marginalism versus the rulemaking application of the law) [in Polish], Lex a Wolters Kluwer business, Warsaw.
• HAYEK F. VON, Law, 1979, Law, Legislation and Liberty a New Statement of the Liberal Principles of Justice and Political Economy, Routledge & Kegan, London, Reprinted 1993, 1998, http://www.libertarianismo.org/livros/lllfh.pdf, access 6.03.2016.
• HENDRIKSEN E. A., BREDA M. F., 2002, Teoria rachunkowości (Accounting Theory) [in Polish], PWN Warsaw 2002.
• HOPFER A. (RED), 1997, Wycena nieruchomości i przedsiębiorstw (Valuation of Real Estate and Enterprises) [in Polish], Vol. 1, Twigger SA, Warsaw.
• HOPFER A., (red), 1993, Wycena nieruchomości. Przykłady (Valuation of Real Estate. Examples) [in Polish]. Wydawnictwo ART., Olsztyn.
• ISAKSON, H. R., 1988, The Review of Real Estate Appraisals Using Multiple Regression Analysis. Journal of Real Estate Research, Vol. 15, issue 2, pp. 177-190.
• IVS104: Bases of Value, Exposure Draft, 2016, International Valuation Standards Council, London, 7 April 2016, https://www.ivsc.org/files/file/view/id/646, accessed 15.05.2016
• Jednolite standardy praktyki zawodowej szacowania nieruchomości USA (Uniform Standards of Professional Appraisal Practice USA) [in Polish] PFSRM, Warszawa 1994 , Appraisal Standards Board (ASB) of The Appraisal Foundation, USA 1994).
• KLER J., 2013, Rozwój imitacyjny: zalety i wady (Imitative Development: Advantages and Disadvantages) [in Polish], publikacja IX Kongresu Ekonomistów Polskich, (a publication of the 19th Congress of Polish Economists), accessed 10.03.2016 http://docplayer.pl/2062666-IX-kongres-ekonomistowpolskich-patronat-honorowy-prezydenta-rzeczypospolitej-polskiej-bronislawakomorowskiego.html.
• KONOWALCZUK J., 2011, Standaryzacja wyceny nieruchomości w Polsce (The Standardization of Real Estate Valuation in Poland) [in Polish], Świat Nieruchomości, issue 76, p. 5.
• KONOWALCZUK J., 2014, Wycena nieruchomości do celów kredytowych (Real Estate Valuation for Lending Purposes) [in Polish], Poltex, Warsaw.
• KRUSCHWITZ L., 2007, Finansowanie i inwestycje (Financing and Investment), CeDeWu, Warsaw.
• KUCHARSKA-STASIAK E, 2012, Wycena bez wartości - przyczyny i skutki (Valuation with no Value - Causes and Efects) [in Polish], Studia i Materiały TNN, Vol. 20, Issue 2, Olsztyn.
• KUCHARSKA-STASIAK E., ŹRÓBEK S., 2015, An Attempt to Exemplify the Economic Principles in Real Property Valuation, Real Estate Management and Valuation, Vol. 23, No. 3, pp. 5-13.
• LANCASTER, K., 1966, A New Approach to Consumer Theory. Journal of Political Economy, Vol. 74, No. 2 (Apr.), pp. 132-157, http://www.jstor.org/stable/1828835, access on 5 July 2016.
• MALINGTON A.F., 1988, An Introduction to Property Valuation, London.
• Międzynarodowe Standardy Wyceny 2005, wydanie polskie (IVS 2005 PL) (International Valuation Standards 2005, Polish edition (IVS 2005 PL)) [in Polish], 2006, Polska Federacja Stowarzyszeń Rzeczoznawców Majątkowych/Polish Federation of Valuers' Associations, Warsaw.
• Podejścia, metody i techniki szacowania. Materiały szkoleniowe (Approaches, Methods and Techniques of Valuation. Training Materials) [in Polish], 1993, Promiks, Katowice.
• Powszechne Krajowe Zasady Wyceny (PKZW 2008) (General National Principles of Valuation (PKZW 2008)), PFSRM, Warsaw. www.pfva.com.pl.
• RATAJCZAK M., 2012, Finansyzacja gospodarki (The Financialization of the Economy) [in Polish], Ekonomista, 2012 Issue 3, pp. 281-302.
• RENIGIER-BIŁOZOR, M., WIŚNIEWSKI, R., 2012, The Effectiveness of Real Estate Market Versus Efficiency of its Participants, Uropean Spatial Research and Policy, Vol. 19, No. 1.
• Rozporządzenie Parlamentu Europejskiego I Rady (UE) nr 575/2013 z dnia 26 czerwca 2013 r. w sprawie wymogów ostrożnościowych dla instytucji kredytowych i firm inwestycyjnych. (Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms).
• Rozporządzenie Rady Ministrów z dnia 21 września 2004 r. w sprawie wyceny nieruchomości i sporządzania operatu szacunkowego (Ordinance of the Council of Ministers of 21 September 2004, on the Appraisal of Real Estate and the Preparation of Property Valuation Report) Dz.U. 2004 nr 207 poz. 2109 ze zm. (Journal Of Laws, No. 207, Item 2109, as amended).
• Rozporządzenie Rady Ministrów z dnia 27 listopada 2002 r. w sprawie szczegółowych zasad wyceny nieruchomości oraz zasad i trybu sporządzania operatu szacunkowego (Ordinance of the Council of Ministers of 27 November 2002, on the Detailed Principles of Appraisal of Real Estate and the Principles and Method of the Preparation of Property Valuation Report), Dz.U. 2002 nr 230 poz. 1924. (Journal Of Laws of 2002, No. 230, Item 1924, as amended).
• Rozporządzenie Rady Ministrów z dnia 7 lipca 1998 r. w sprawie szczegółowych zasad wyceny nieruchomości oraz zasad i trybu sporządzania operatu szacunkowego (Ordinance of the Council of Ministers of 7 July 1998, on the Detailed Principles of Appraisal of Real Estate and the Principles and Method of the Preparation of a Property Valuation Report), Dz.U. 1998 nr 98 poz. 612. (Journal Of Laws of 1998, No. 98, Item 612).
• SAYCE S. et al., 2006, Property Appraisal: From Value to Worth, Blackwell Publishing, Oxford.
• SMITH, C.A., KROLL M.J, 1989, Utility Theory and Rent Optimization: Utilizing Cluster Analysis to Segment Rental Market. The Journal of Real Estate Research, Vol. 4, issue 1, pp. 61-67.
• Standardy Wyceny RICS 2012/RICS 2012 Valuation Standards, 2012, PFSRM, Warsaw, March.
• Standardy zawodowe rzeczoznawców majątkowych (Professional Standards of Real Estate Valuers) [in Polish], 1995, PFSRM, Warsaw.
• The Appraisal of Real Estate, 1992, Thent Edition. Chicago.
• Tymczasowe zasady wyceny nieruchomości (Temporary principles of real estate valuation) [in Polish], 1994, Ministerstwo Gospodarki Przestrzennej i Budownictwa, Warszawa. (The Ministry of Spatial Planning and Construction, Warsaw).
• WATKINS, C., 2001, The Definition and Identification of Housing Submarkets. Environment and Planning A, Vol. 33, pp. 2235-2253, http://citeseerx.ist.psu.edu/viewdoc, accessed 16 June 2016.
• WILLIAMSON J., 2004, A Short History of the Washington Consensus, Paper commissioned by Fundación CIDOB for a conference "From the Washington Consensus towards a new Global Governance," Barcelona, September 24-25, 2004, https://piie.com/publications/papers/williamson0904-2.pdf, accessed 3 May 2016.
• Wycena budynków. Poradnik, materiały pomocnicze. Nieruchomości (Valuation of buildings. Guidance, support materials. Real estate) [in Polish], 1993, WACETOB, Warsaw.
• Wycena nieruchomości/The Appraisal of Real Estate, 2000, Wydanie polskie/Polish edition, PFSRM, Warsaw.
• Wytyczne w sprawie wyceny środków trwałych (Guidelines on the Valuation of Fixed Assets) [in Polish], 2nd edition, April 1988 (as supplemented in 1989 and 1992, PFSRM, Warsaw 1994, (Asset Valuation Standards for Europe, The European Group of Valuers of Fixed Assets).
• Zarządzenie w sprawie szczegółowych zasad ustalania wartości nieruchomości (Ordinance on detailed rules for determining real estate value), 1995, Ministra Gospodarki Przestrzennej i Budownictwa z dnia 1 marca 1995 r.. Monitor Polski z 1995 r., nr 13 poz. 163. (of the Minister of Spatial Planning and Construction, of 1 March 1995, Monitor Polski of 1995, No. 13, item 163. Warsaw).
• ŹRÓBEK S., 2011, Sposób optymalnego użytkowania nieruchomości - ujęcie definicyjne i metodyczne (The highest and best use of property - a definitional and methodological approach) [in Polish], Studia i Materiały TNN, Vol. 19, No. 1, Olsztyn.

Identyfikatory

DOI

10.1515/remav-2017-0012