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Market value is one of the most difficult notions in economics. It is also one of the most puzzling in the valuation industry, although its definitions can be found in the International Valuation Standards, European Valuation Standards, RICS standards and national standards. This value tends to be given different interpretations and misconceptions surrounding it are shared by many members of the property valuer community. The many ways in which property market value is understood leads to misvaluations and significant variations between valuation results, which are damaging to the prestige of the property valuation profession. This article explores areas giving rise to the misinterpretations of property market value to provide a critical review of the existing views, and to put forward arguments explaining why they should be revised. To this end, a critical literature review and observations made by the author during discussions with valuation professionals taking skill-improvement courses, scientific conferences on valuation methodology and practice, and entry exams for the profession of property valuers are used. Three main areas conducive to the emergence of myths have been identified: the interpretation of property market value (four myths), the process of arriving at property market value (ten myths) and the interpretation of valuation results (one myth). The myths are challenged on the grounds of the market value concept and its interpretation as used in economics.

describing the relationship between the economic development of a particular territory and the presence of a football club described by certain (sporting and economic performance) characteristics. The database consisted of two sets of main variables, namely statistics of football clubs (sporting performance measured by indexes of a club’s sporting performance, and economic status measured by the club’s market value) and statistics of economic performance (measured by GDP) of the regions where clubs operate (we worked with NUTS 2 regions). The monitored period covered 10

Credit Agreements For Consumers Relating To Residential Immovable Property. European Valuation Standards, Eighth Edition Tegova, 2016. Powszechne Krajowe Standardy Wyceny, Krajowy Standard Wyceny Podstawowy „Wartość Rynkowa” Pfsrm, 2017 (Widespread National Valuation Standards, National Valuation Standard Primary "Market Value" Pfva, 2017). Ustawa Z Dnia 5 Lipca 2001 Roku O Cenach. Dz. U. Z 2013 R. Poz. 385, (The Act Of July 5, 2001 On Prices. Journal Of Laws Of 2013, Item 385). Ustawa Z Dnia 21 Sierpnia 1997 R. O Gospodarce Nieruchomościami. Dz. U. Z 2018 R. Poz. 121


Based on the international literature, the effect of an existing panoramic view on the market value of properties is positive and significant. This value-adding factor varies by location and by type of view. In Central Europe, no such evaluation study has been elaborated until now. New building construction may restrict the existing panorama, and this is the other side of the same phenomenon. View restriction may result in stigmatization, which is a negative effect on the property. There are two major methodologies to observe the effect: revealed preference method (RPM) and stated preference method (SPM). One SPM approach is contingent valuation (CV), wherein well-informed stakeholders give their opinion about the impact caused by the investigated effect. The CV methodology, using the Delphi approach, was employed to observe the market value decrease in the cases of several restricted panorama situations in Budapest. Based on the research, this effect in Budapest is in line with the published western results. The result of the study can be used to support real estate developers and architects in their development decisions. This is an extended version of the article titled “The impact of view-restriction: a Delphi case study from Budapest”, presented at Creative Construction Conference 2018, CCC 2017, 30 June to 3 July 2018, Ljubljana, Slovenia.

przykładzie spółdzielczych zasobów mieszkaniowych. Studia i Materiały Towarzystwa Naukowego Nieruchomości , 14 (1). Foryś, I. (2013). Społeczno-gospodarcze determinanty rozwoju rynku mieszkaniowego w Polsce . Szczecin: Wydawnictwo Naukowe Uniwersytetu Szczecińskiego. Foryś, I., Putek-Szeląg, E., Ziembicka, B. (2019). An attempt to determine the impact of energy intensity on the market value of residential premises on the example of selected multi-family buildings . “Real Estate Management and Valuation”. Reviewed manuscript approved for publication. Kryk, B Xie, J. (2018). Who Is “Misleading” Whom in Real Estate Transactions? Real Estate Economics , 46 (3), 527–558. Ziembicka B., 2016, The influence of the technical condition of a building on the property’s market value , Folia Oeconomica Stetinensia, Vol. 16(1), Wydawnictwo Naukowe Uniwersytetu Szczecińskiego, Szczecin, 197-207. Zheng, S., Cao, J., Kahn, M. E., & Sun, C. (2014). Cite as Real Estate Valuation and Cross-Boundary Air Pollution Externalities: Evidence from Chinese Cities. The Journal of Real Estate Finance and


The paper presents procedures for determining market values of forest real properties, with particular emphasis placed on the forest stand. The mixed-approach valuation procedure - land valuation index method - was analyzed. The practical part of the work regarding the valuation of the forest stand introduces the various techniques of valuation and acquisition of data on forest resources used, i.e.: index-based valuation approach and stock survey approach.

The subject of the research is part of a forest property, which represents an assessment area, typical of the southern part of Poland, located in the Tenczynek Forest Division. There is a forest management plan for the analyzed property which, together with the assessment descriptions, was used as one of the sources of data for valuation. The second source of data for valuation were direct field surveys, i.e.: geodetic surveys for determining the assessment area and the stock survey approach with individual tree assessment with respect to data on the stand.

Based on the research, it may be concluded that both valuation techniques and methods used to capture data on forest resources significantly affect the final value of forest properties. The market value of the stand, determined by the index-based valuation approach, demonstrates a significant difference when compared to the value of the stand determined by the stock survey approach. The forest management plan should only be used as a supplementary material and only to identify site types of forests by property valuers and, partially, together with economic maps, to determine the boundaries of assessment areas.

. This external effect can reduce the property’s market value through a particular, multi-layered filter”. 2.2 Stigmatized property – types of cases The author collected the cases and the types of contamination that have resulted in or can result in stigma in the real estate market. Individual cases are spread along a broad spectrum, along many dimensions that include the rational and the irrational, the acute and the chronic. There are cases where more than one effect is in play, such as the first example dealing with the presence of a high-voltage power line, where

References CRR, Capital Requirements Regulation 575/2013/EU. EVS, European Valuation Standards 2016 (TEGoVA). FINCH H. J., CASAVANT R., 1996, Highest and Best Use and the Special Purpose Property, The Appraisal Journal, vol 64, no 2, ISSN: 0003-7087. GRZESIK K., 2010, Europejska szkoła wyceny (The European School of Valuation), Rzeczoznawca Majątkowy, PFSRM Warszawa, no 4 (68), pp.18-19. GRZESIK K., 2014a, Internationally Recognised Valuation Standards - Differences in Interpretation of Market Value, Journal of the Recognised European Valuer (REV Journal), 2014

aspekcie międzynarodowych standardów wyceny (Market value estimation of real estate in aspect of international valuation standards), Stowarzyszenie Naukowe im. Stanisława Staszica, Kraków. GREŃ J., 1978, Statystyka matematyczna, modele i zadania (Mathematical statistics, models and tasks), Wydawnictwo Naukowe PWN, Warszawa. KRYSICKI W., BARTOS J., DYCZKA W., KRÓLIKOWSKA K., WASILEWSKI M., 2013, Rachunek prawdopodobieństwa i statystyka matematyczna w zadaniach (Probability and Mathematical Statistics in tasks), Wydawnictwo Naukowe PWN, Warszawa.