29 APR 2018
The sophistication of the property valuation services provided by valuers in a country has a significant impact on national and global economies. An attempt is made to investigate the property valuation practice using Hong Kong as a case study being a developed country that developing nations can learn from. Property valuation firms in Hong Kong were invited to partake in an online questionnaire survey, the essence of the survey was to examine the property valuation approach(es) being adopted in practice.
The information gathered from the questionnaire was analysed and presented using descriptive statistics in terms of percentiles. It was found that all of the valuers are aware of the traditional methods of valuation, whereas the opposite is the situation for the advanced methods. Consequently, it was revealed that they always and regularly adopt the traditional methods in property valuation practice. This was attributed to the valuers’ educational qualifications and years of experience.
On the other hand, the valuers do not adopt the advanced methods in practice at all. There seems to be a gap in property valuation theory and practice, hence, there is a need to investigate the factors responsible for this, in order to achieve sustainable property valuation practice.
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8 May 2018