Real estate valuation for special purposes in Poland
Zrobek, Sabina & Ryszard Zrobek
The issue of real estate valuation in Poland is regulated by Acts of Parliament and Regulations of the Council of Ministers. They define the approaches, methods and techniques of valuation and indicate the conditions and limitations of their application. The Polish Federation of Valuers Association has developed a set of professional standards which are binding for real estate valuers. However, in practice, valuers find it difficult to establish the market value of, e.g.: − the real estate which will be developed, improved or money will be invested into it, − the real estate with buildings on it which are to be pulled down, − the real estate situated in an area where no such plots of land have been sold to date, − land which, in the local area development plan, is intended for urban greenery, − land whose right of perpetual usufruct has yet to be valued, − land under roads, − real estate remaining outside the borders of Poland. These are examples of valuation where the market for such real estates is limited or nonexistent, and consequently, there are no sale prices for similar real estates.
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