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European valuation practices: how to compare valuations across borders? Initial findings

Aart Hordijk (TiasNimbas Business School, Tilburg, The Netherlands)
Paul Nelisse (TiasNimbas Business School, Tilburg, and Colliers International, Amsterdam, The Netherlands)
Leonie Koerhuis‐Gritter (Tilburg University, Tilburg, The Netherlands)

Journal of Property Investment & Finance

ISSN: 1463-578X

Article publication date: 12 July 2011




Real estate investors invest more and more cross‐border, but the valuation practices in the different countries are not similar. For investors it is good to know the difference in valuations between the countries, therefore this paper aims to investigate the valuation practices in eight different countries (France, Germany, Italy, The Netherlands, Portugal, Russia, Spain and the UK).


To gather the information a questionnaire was sent out. The questionnaire included questions not only about facts, but also about the respondents' opinion about the reliability of the information.


It was found that in the different countries market value is not always the basis and that a wide variation of surface measurements is currently applied. Regular lease periods and the responsibility for operating cost vary from country to country. Also the sources for market evidence and their reliability differ per country. So it can be seen that, although market values can be compared across countries, valuation methodologies are country‐specific.

Research limitations/implications

The authors are still in the process of retrieving information and quality control, and the intention is to expand the research to all European Union countries, and finally all European countries. Therefore this paper only shows initial findings.


The existing research about international valuation practices is not very recent, and, because the authors not only assembled facts and processes, but also collected the respondents' opinions about the reliability of the information, the research is very valuable.



Hordijk, A., Nelisse, P. and Koerhuis‐Gritter, L. (2011), "European valuation practices: how to compare valuations across borders? Initial findings", Journal of Property Investment & Finance, Vol. 29 No. 4/5, pp. 575-581.



Emerald Group Publishing Limited

Copyright © 2011, Emerald Group Publishing Limited

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