Towards an efficient property markets in Lithuania - the impact on valuation
ENComparability, transparency and consistency of valuation practice in globalised property market are very important. We are presenting a review of valuation practice development in our country. The transition to market economy, an emergence property transfers and markets in Lithuania stimulated an adoption and implication of consistent valuation methodology and new professional activity. Real estate services in a national and global business environment and investment decision are becoming of great importance. How do valuers estimate property values after 50 years of no property markets in Lithuania? How the European or globalised investors would like to see the property valuation in our country, in the Baltic States? An emerging valuation agenda drive to an opportunity for valuation standards: national law and guidance notes (1995-1999), regional standards (TEGoVA, 2000) and global valuation standards (IVSC, 2000 and 2001). The development of the market for asset calls for security in globalised capital markets and strengthens an impact of asset valuation and the role of valuers in decision–making process. This paper describes all the contributors involved in property transfers, property markets and investments decision–making process, in exploring issues of current interest, together with expected future concerns in regional and global capital markets.This paper includes five chapters, e.g.: 1. Property transfers from state sector to private sector and valuation aspects in Lithuania. 2. Property markets: cause or consequence of economic growth? 3. Property tax and mass appraisal issues: a need for methodology and standards. 4. Role of valuers involved in investment decision–making process. 5. Conclusions and closing remarks. Key words: valuation, valuation standards, property markets, Lithuania.
