In The Netherlands, the Real Estate Assessment Act regulates the yearly appraisal of all Dutch real estate. Municipal real estate is a sizable, and thus important, segment of this real estate market. This results in assessed values that are used for official purposes and taxes. The Dutch municipalities also use these assessed values for their budgeting plans and in their considerations concerning their real estate portfolio (e.g. disposal). The act provides quality requirements these assessed values have to meet. One of these requirements is that the appraised value corresponds with the market value of the real estate objects.
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Does real estate still have the value that it once had, or will the valuation of real estate change due to surprising products and services, innovative business models, different market strategies, innovative ways of organizing and managing in the (real estate) markets?
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The 34th annual congress of April 10-14 this year took place in Bonita Springs (Florida) where the professionals in real-estate education and research discussed six themes: global economy and capital flows, real estate market cycles, demographic effects, future-proof real estate , disruption in technology and future educational models.
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This thesis provides an examination of judgement autonomy of Dutch commercial real estate valuers in relation to client orientation. The valuation of commercial real estate such as offices or retail properties requires in-depth analysis due to its uniqueness by location, building type and usage details. Essentially, a register-valuer is qualified and instructed to assess a property value to one’s best cognitive effort and inform others of this outcome by means of a valuation report. In the Netherlands, concerns over independence risks and client-related judgement risks of valuers have been raised by regulative authorities as the Dutch Central Bank (DNB) and the Dutch Authority for the Financial Markets (AFM). A significant part of these concerns followed the 2008 financial crisis, which appeared to be at least partially driven by unreliable and incomparable valuations of Dutch commercial real estate (AFM, 2014; DNB, 2012; 2015). Among other things, these concerns led to the instigation of the Nederlands Register Vastgoed Taxateurs (NRVT) in 2015. NRVT is a new Dutch central register of valuation practitioners set up in order to improve self-regulation, quality control and compliance of valuation practitioners. Currently, the chamber for commercial real estate valuation holds about 2,000 commercial valuation registrations (NRVT, 2020). The introduction of NRVT, and other measures taken, reflect an instrumental view towards enhancing professionalism of Dutch valuers. This view is based on a systematic orientation to professional conduct in which good practice is primarily objectively determined (Van Ewijk, 2019). However, Wassink and Bakker (2016) point out that individuals make personal choices in order to deal with work complexity. Insight into and reflection on individual choices is part of what is referred to as normative aspects of professionalisation: what norms prevail in individual judgement and decision-making and why (Van Ewijk, 2019). In this regard, insight into judgement reasoning of valuation practitioners may contribute to normative levels of professional development of valuers. The need for such is expressed through community concerns over how individual judgement autonomy may become subdued due to instrumental-driven developments taking place in the sector. The combination of authoritative concerns over professional quality in the Netherlands and lack of (scientific) insight on how client influence affects judgement in valuation practice poses a problem: How may practitioners address client-related judgement bias risks and improve valuation accuracy from this viewpoint, if little is known on how such risks may occur in daily practice? The seemingly scarce scientific insights available in this regard in the Netherlands may also prevent educational programs to adequately address valuer independence and objectivity risks in relevant training programs. In order to address this knowledge gap, the present PhD research examines the following research problem: 169 Summary “How does client orientation affect professional judgement autonomy of commercial real estate valuers in the Netherlands?” The term ‘client orientation’ should be broadly interpreted and may refer to valuers’ perception, understanding and meaning given to alleged, actual or anticipated client-related aspects. Information on such client aspects is not required for the performance of valuation instructions. It should also be noted that this research examines the context of how client orientation may affect valuer judgement reasoning patterns during work practice, yet not its effect in terms of decision on final value opinion.
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Population ageing has become a domain of international discussions and research throughout the spectrum of disciplines including housing, urban planning, and real estate. Older people are encouraged to continue living in their homes in their familiar environment, and this is referred to as “ageing-in-place”. Enabling one to age-in-place requires new housing arrangements that facilitate and enable older adults to live comfortably into old age, preferably with others. Innovative examples are provided from a Dutch social housing association, illustrating a new approach to environmental design that focuses more on building new communities in conjunction with the building itself, as opposed to the occupational therapeutic approaches and environmental support. Transformation projects, referred to as “Second Youth Experiments”, are conducted using the Røring method, which is based on the principles of co-creation. De Benring in Voorst, The Netherlands, is provided as a case study of an innovative transformation project. This project shows how social and technological innovations can be integrated in the retrofitting of existing real estate for older people. It leads to a flexible use of the real estate, which makes the building system- and customer preference proof. Original article at: https://doi.org/10.3390/buildings8070089 © 2018 by the authors. Licensee MDPI.
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Two titles in one cover. On page 56-112 there's the English version of the book: 'A viable real estate economy with disruption and blockchain.Does real estate still have the value that it had, or is the valuation of real estategoing to change due to surprising products and services, innovative businessmodels, other market strategies, innovative ways of organizing and managing in(real estate) markets? Innovation revolves around good facilities in an attractive and stimulating environment. Take disruptive real estate. The driving forces behind these developments are new technology, manoeuvrability, a different way of organization and management. These forces greatly influence the valuation of real estate.Blockchain, a distributed database that maintains a growing list of dataitems and that is equipped to deal with manipulation and counterfeiting, plays animportant role here. Notaries and realtors have already encountered this during the recent period, and it will have further impact on property owners, financiers, users, builders, realtors, notaries and the land registry.
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Does real estate still have the value that it once had, or will the valuation of real estate change due to surprising products and services, innovative business models, different market strategies, innovative ways of organizing and managing in the (real estate) markets? Innovation revolves around good facilities in an attractive and stimulating environment. Take disruptive real estate. The driving force behind these developments are new technology, viability, organizing differently and managing, and these have a big impact on the valuation of real estate. Established names like Nokia, Kodak, Blockbuster, Oad, Free Record Shop, Hyves and V&D collapse, and others, like Hema, Shell, hotel chains and healthcare institutions are the least bothered by it. However, disruptive organizations like Amazon, Zalando, Uber, Tesla and its competitor Faraday Future, who wants to exceed Tesla in everything, clearly respond to viability in the environment, and this is determinative for competitive strength and thus impacts the current and future valuation of real estate. Blockchain – a distributed database that contains a growing list of data items and that is hardened against manipulation and counterfeiting - plays an important role in that. The notaries and brokers have already experienced this in the recent period, and it will continue to have an effect on real estate owners, financiers, users, builders, brokers, notaries and the cadastre. The real estate world finds itself at a tipping point of a transition: a dramatic and irreversible shift in (real estate) systems in society.
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2007, the Ministry of Housing and Spatial Planning took the initiative to issue the social building blocks: real estate for facilities. This has been the first attempt to deal with social real estate professionally as an asset. In 2008 the professorship of public real estate started with its first Barometer for Social Real Estate. In 2009, I advocated in Real Estate Magazine that research into social real estate is necessary from the perspective of Corporate Real Estate Management (CREM) through new development models and more (PhD) research.In anticipation of the municipal elections of 2010, research by the research group Municipal Real Estate showed that social real estate was not a matter for the election programs of the political parties. This was a prelude to the funded RAAK subsidy application towards marketed municipal real estate for carrying out practice-oriented research. In 2012, this research led to the externally funded research group Social Real Estate. After that, the Social Real Estate professorship profiled itself in different areas. Extra media publicity has been generated primarily thanks to the attention of minister Stef Blok in 2014, when he received the first copy of the book Barometer Maatschappelijk Vastgoed (Social Real Estate): Corporate Social Responsibility at our annual congress, the round table meeting with State Secretary for Health, Welfare and Sport Martin van Rijn in 2015 and the informal conversation with the Minister of Education, Culture and Science Jet Bussemaker in 2015, as well as the many publications of the lectorate. In the 2016 debate with civil society with the Prime Minister Mark Rutte when handing over the book Barometer Maatschappelijk Vastgoed (Social Real Estate) 2016, a round table meeting in 2017 with Minister of Home Affairs and Kingdom Relations Stef Blok, aldermen and directors Real Estate of Municipalities in The Netherlands, have contributed to social and economic knowledge utilization for future and existing real estate professionals. At the PROVADA 2017 we co-organized ‘Shrink: Emptiness and Space for Innovation and Change’ session, where the Minister of the Home Affairs and Kingdom Relations Ronald Plasterk presented his vision on this subject.
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At the moment of writing of this article, mid-2018, the topic ‘blockchain’ was introduced in the real estate industry in the Netherlands about two years ago. Blockchain will have a large impact in the way we share information and make transactions. Its promise is big, interest in the topic and the number of experiments doubles each year, and not only in the Netherlands, but globally too. So you might expect the number of actual ‘blockchain products’ for the real estate market to follow the same exponential pattern.In reality, however, this is hardly the case at all. Does that mean there are barely any problems to which blockchain is the solution? Perhaps the problems do exist, but the market is not ready yet? And why not? The two most frequently asked questions in the real estate industry are the following: 1. How will blockchain change my business model?2. Where can I buy it so that I can employ it tomorrow?
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