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2000 Real Estate Situation : IVSC

(VAT News 1/2000 page 14)

Mr. Greg C. McNamara
Chairman, International Valuation Standards Committee

2000 Global Real Estate Industry
    National firms of property consultants became first international and now global. They are seeking to develop services aimed not at differences between clients but at what they have in common - no matter where they are. There is a growing requirement to offer multi-national corporate clients a seamless service with consistent quality around the world. Consisten-cy is driving the move. Global firms of property consultants are upgrading international efforts to ensure a high level, uniform approach that meets the demands of clients.

Australian Real Estate in the Year 2000
    The real estate market in Australia for the Year 2000 will be dominated by the conduct of the Olympic Games in Sydney. There is currently an upward surge in real estate prices which is mirrored in the main capital cities of the country.

New Innovations in the R.E. Industry
    Barriers to trade in goods and services are being lowered through the efforts of global organizations such as the World Trade Orga-nization and regional bodies such as ASEAN. The result will be a growing demand for busi-ness enterprises to present relevant, reliable, comparable and comprehensive financial infor-mation to users in other countries. The pace at which leading companies will internationalize their operations is increasing. This will lead to many of the world's larger companies becoming virtually stateless with no recognizable home coun-try and with implications for legal and financial regulatory systems. The new product for the 21st Century will be securitization which seeks to disseminate real estate risk and add liquidity.

How to Improve the Thai R. E. Market
    The world perception is that the Asian crisis is gradually abating. Real estate opportunities in the region will gradually improve and will be hastened only by a system of more transparent reporting.

Cautions for Valuers
    There is a growing need for relevant and relia-ble financial and other performance information both in countries in transition from planned econo-mies to market economies, and in developing and newly industrialized economies. The links between emerging and developed financial markets will only be enhanced with appropriate reporting levels.

For Thai Property Valuers
    There will be a decline in the power of national governments to act independently and a continuing shift towards regional and international decision making. National regulation is increasingly being replaced by international legalization in areas such as financial services, accounting and auditing. This trend is likely to accelerate and is a strong reason for valuers in Thailand to reflect upon the work of the International Valuation Standards Committee.

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