GLOBAL PRACTICES OF LEGAL REGULATION OF PROPERTY VALUATION AND THE POWERS OF VALUATION ACTIVITY ENTITIES

Abstract

The article explores global practices of regulatory frameworks governing property valuation and the powers of valuation actors, aiming to identify opportunities for adapting effective foreign approaches within the Ukrainian legal system. In the context of globalized market relations, property valuation serves as a key instrument for ensuring economic stability, investment attractiveness, and transparency in financial transactions. The study analyzes the International Valuation Standards (IVS) developed by the International Valuation Standards Council (IVSC), which provide a unified methodological foundation and ethical requirements for valuers. Particular attention is given to the standards of the Royal Institution of Chartered Surveyors (RICS), especially the «Red Book», which offers detailed methodological guidance, as well as the European Valuation Standards (EVS) developed by TEGoVA, aligned with the EU legal framework.

The article presents a comparative analysis of regulatory models across countries such as the United Kingdom, Germany, Poland, Czech Republic, France, Spain, Italy, Denmark, Canada, and the United States. It identifies that countries with developed markets, like the UK and Germany, implement clearly structured systems of state supervision, whereas France and Italy apply more liberal, self- regulatory models. Poland and the Czech Republic effectively combine state control and professional self-regulation, which could serve as a reference for Ukraine. The paper emphasizes that the success of implementing international standards depends on consideration of national characteristics, economic development levels, and legal culture. In Ukraine, the valuation sector remains fragmented, with insufficiently defined powers of actors and weak control mechanisms.

To improve the system, the paper recommends harmonizing Ukrainian legislation with international standards, strengthening the role of professional associations, ensuring valuers' independence, and utilizing digital technologies to enhance transparency and valuation accuracy. The necessity of establishing a centralized coordinating body to oversee qualification standards and develop unified educational programs for valuers is underlined.


References

1. Danish Property Assessment Agency (Vurderingsstyrelsen): Official Website. URL: https://vurdst.dk/om-styrelsen/organisation
2. Ivchenko, O. Property Valuation in Foreign Countries: Professional Solutions. URL: https://pareto.com.ua/ua/blog/yak-ocinyuyut-neruxomist-v-riznix-krayinax/
3. Integration of the Valuation Community: The USA Sets a New Trend. All-Ukrainian Association of Valuation Specialists. URL: http://afo.com.ua/uk/news/2?start=306
4. Markus, Ya. I., Pozdniakov, Yu. V., Maksimov, S. Y. Comparative Analysis of Regulatory Frameworks for Damage Valuation in Ukrainian, International, and Other Foreign Standards. All-Ukrainian Association of Valuation Specialists. June 24, 2022. URL: http://www.afo.com.ua/doc/Comparative-analysis-of-regulatory-bases-for-damages-value
5. New Edition of International Valuation Standards (IVS-2025). URL: https://afo.com.ua/ru/news/2-general-assessment/1538-new-edition-of-the-international-valuation-standards-ivs-2025
6. On Property Valuation, Property Rights, and Professional Valuation Activity in Ukraine: Law of Ukraine dated July 12, 2001 No. 2658-III. URL: http://zakon4.rada.gov.ua/laws/show/2658-14
7. Sirosh, T. Regulation of Valuers’ Activities: European Experience. Dzerkalo Tyzhnia. March 15, 2019. URL: https://zn.ua/ukr/finances/regulyuvannya-diyalnosti-ocinyuvachiv-dosvid-yevropi-305736_.html
8. Standardization of Valuation Worldwide. Part 2: International Valuation Standards. URL: http://afo.com.ua/uk/news/2-general-assessment/1073-part-2-international-valuation-standards
9. Shapoval, T. V. Legal Nature of International Standards of the International Valuation Standards Committee. Scientific Bulletin of Uzhhorod National University. Series: Law. 2021. Issue 63. Pp. 171–177. DOI: https://doi.org/10.24144/2307-3322.2021.63.30
10. Yakubovskyi, V. V. European Valuation Standards EVS-2016 and International Valuation Standards IVS-2017: Similarities and Differences. URL: http://www.afo.com.ua/doc/IVS_2017_vs_EVS_2016_UA.pdf
11. Associazione Bancaria Italiana : веб-сайт. URL: https://www.telemutuo.it/abi/.
12. Banco de España : веб-сайт. URL: https://www.bde.es/wbe/es/.
13. Bundesministerium für Digitales und Verkehr : веб-сайт. URL: https://bmdv.bund.de/DE/Home/home.html.
14. Customs Act. URL: https://laws-lois.justice.gc.ca/eng/acts/c-52.6/.
15. ImmoWertV. URL: https://www.gesetze-im-internet.de/immowertv_2022/.
16. International Valuation Standards (IVS). URL: https://www.rics.org/profession-standards/rics-standards-and-guidance/sector-standards/valuation-standards/red-book/international-valuation-standards.
17. La Charte de l'Expertise en Évaluation Immobilière : веб-сайт. URL: https://charteexpertiseimmo.org/accueil.html.
18. Ley de Regulación del Mercado Hipotecario. URL: https://www.boe.es/buscar/act.php?id=BOE-A-1981-8598.
19. Local Government Finance and Valuation Act 1991. URL: https://www.legislation.gov.uk/ukpga/1991/51/enacted.
20. Polska Federacja Stowarzyszen Rzeczoznawców Majatkowych (PFSRM) : веб-сайт. URL: https://tegova.org/members/pfva.
21. Rating and Valuation Act 1961. URL: https://www.legislation.gov.uk/ukpga/Eliz2/9-10/45/enacted.
22. Real Decreto 775/1997. URL: https://www.boe.es/buscar/doc.php?id=BOE-A-1997-12854.
23. Red Book Global Standards. URL: https://www.rics.org/profession-standards/rics-standards-and-guidance/sector-standards/valuation-standards/red-book/red-book-global.
24. Standard V.8. Zasady określania wartości szkód spowodowanych budową infrastruktury podziemnej i nadziemnej. URL: http://wycena-nieruchomosci.info.pl/wp-content/uploads/2020/10/PFSRM-TNI-V.8-zasady-okreslania-wartosciszkod-spowodowanych-budowa-infrastruktury-podziemnej-i-nadziemnej-z-komentarzem-status-archiwalny.pdf.
25. Testo Unico Bancario. URL: https://www.bancaditalia.it/compiti/vigilanza/intermediari/Testo-Unico-Bancario.pdf.
26. Updated Guidelines For The Valuation Of Foreign Properties Of The 2023 Property Value Tax. URL: https://crossbord.dk/updated-guidelines-for-the-valuation-of-foreign-properties-of-the-2023-property-value-tax/.
27. Zákon č. 151/1997 Sb. Zákon o oceňování majetku a o změně některých zákonů (zákon o oceňování majetku). URL: https://www.zakonyprolidi.cz/cs/1997-151.
28. Zákon č. 36/1967 Sb. Zákon o znalcích a tlumočnících. URL: https://www.zakonyprolidi.cz/cs/1967-36.