Real Estate Theory versus Practices: A Case Study of Valuation Practices of Jamaican Valuers

摘要

It Is generally accepted that valuation is both an art and science. Although the discipline lends Itself to subjectivity, mathematical calculations are used to complement and provide a stronger foundation for value estimates. The valuation process Is affected by uncertainty because of several factors, Including the accuracy of Inputs, the valuer's ability, and the quality and quantity of data, Literature demonstrates that anomalies arising out of the profession's practices are partially a result of gaps between theory and professional practice. This article discusses how this anomaly manifests Itself In Jamaica's valuation practice, explains how the valuer's reliance on normative economics contributes to this situation, and presents recommendations for Improving valuation standards and accuracy.