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German valuation: review of methods and legal framework

Author

Listed:
  • Tobias Schnaidt
  • Steffen Sebastian

Abstract

Purpose - There is a continuing discussion about whether German valuation methods are inaccurate and inferior to the British standard, and the enduring efforts for a European and internationally standardised valuation method and value definitions intensify this discussion. The German valuation system is said to lead to valuations which do not reflect actual market conditions and excessive smoothing. Not surprisingly, German surveyors usually disagree and claim that the German valuation approach, with its sustainable rental value, fulfils not only its purpose but is more transparent and thus superior to the approach usually applied in UK. The purpose of this paper is to discuss the recently adjusted German valuation methods. Design/methodology/approach - The paper analyses the German valuation methods and highlights the predominant differences to the British valuation standards. Findings - The paper shows that the discussed valuation methods should lead to comparable results. The legal framework of the German valuation approaches can therefore not be blamed for any of the observed empirical phenomenon. Originality/value - The paper discusses the recently adjusted German valuation methods.

Suggested Citation

  • Tobias Schnaidt & Steffen Sebastian, 2012. "German valuation: review of methods and legal framework," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 30(2), pages 145-158, March.
    • Handle: RePEc:eme:jpifpp:v:30:y:2012:i:2:p:145-158
    DOI: 10.1108/14635781211206896
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    Citations

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    Cited by:

    1. Franklin Obeng-Odoom, 2018. "Valuing unregistered urban land in Indonesia," Evolutionary and Institutional Economics Review, Springer, vol. 15(2), pages 315-340, December.
    2. Bartke, Stephan, 2015. "The economic role of valuers in real property markets," UFZ Discussion Papers 13/2015, Helmholtz Centre for Environmental Research (UFZ), Division of Social Sciences (ÖKUS).
    3. Vladimir Vargas-Calder'on & Jorge E. Camargo, 2020. "Towards robust and speculation-reduction real estate pricing models based on a data-driven strategy," Papers 2012.09115, arXiv.org.
    4. Stephan Bartke & Reimund Schwarze, 2021. "The Economic Role and Emergence of Professional Valuers in Real Estate Markets," Land, MDPI, vol. 10(7), pages 1-20, June.
    5. Lynne Michael & Guowei Gu, 2013. "Consistency and Comparability of International Property Valuations," ERES eres2013_7, European Real Estate Society (ERES).

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