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An Institutional Analysis of Property Valuation in ASEAN

Author/s: Ramiha Pacharavanich

Date Published:

Published in: Volume 28 - 2022/2023 Issue (pages - )

Abstract

The property/real estate sector is a critical part of economic growth in ASEAN. As the ASEAN Economic Community (AEC) will become operational, regional integration will be a significant aspect of investment in the property sector. Valuation will be a major component of integration. Currently, there is a wide variation in valuation standards and practices in ASEAN, the ASEAN Valuation Association is in the process of developing specific Valuation Standards consistent with the International Valuation Standards but adapted to the ASEAN context. This is an important stage in the Institutionalisation of the ASEAN Valuation System. This study is an assessment of the current level of Institutionalisation of the valuation standards, processes and capabilities of the member countries of the ASEAN Valuation Association. Interviews with valuers, property consultants and government officials in member countries were conducted. A review of the specific valuation requirements was also conducted. This data was content analysed for each country member. Based on 20 key factors of a Valuation System a statistical analysis indicated significant differences in the level of institutionalisation of the valuation standards, processes and capabilities of ASEAN members. The results indicate that there is a need for greater Institutionalisation of Valuation in ASEAN to develop an effective valuation system for the region based on the International Valuation Standards but adapted to ASEAN. 

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Keywords

Asean - Institutional Analysis - Property Valuation - Valuation System

References