Mr. Greg C. McNamara
Chairman, International Valuation Standards Committee
2000 Global Real
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.
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.
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
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.