Home • PRRES Inc. Journal • Read the Journal

The Evolution of Modern Technology in the Property Valuation Industry

Author/s: Jae Won Kang, Enzo Melani

Date Published: 13/06/2026

Published in: Volume 31 - 2026 Issue 1 (pages 32 - 52)

DOI: https://doi.org/10.64361/14445921.2026.212326

Abstract

This study examined the impact of digital technology on the property valuation industry, with a particular focus on its effect on the property valuer. It compared traditional valuation methodologies with modern digital tools and evaluated the advantages offered by these technological advancements. The analysis demonstrated that adopting modern technology significantly improved accuracy, quality, and efficiency in property assessments. However, it also revealed that property valuers faced substantial challenges, risks, and obstacles during this transition. As a result, valuers were compelled to re-evaluate their operational strategies and align their practices with emerging technological standards. The findings provided practical insights for valuation firms, offering an action plan and establishing new fields of knowledge and practices to facilitate the integration of modern technology, even among those resistant to change.

Download Full Article

Download the Full Article PDF

The-Evolution-of-Modern-Technology-in-the-Property-Valuation-Industry_p32.pdf The-Evolution-of-Modern-Technology-in-the-Property-Valuation-Industry_p32.pdf (425kB)

Keywords

Digital Technology - Operational Strategies - Property Valuation

References

  • Adilieme, C. M., Abidoye, R. B., & Lee, C. L. (2024). Reducing clients’ influence in property
  • valuation: An exploration of a blockchain-based solution. Habitat International, 154,
  • 103217. https://doi.org/10.1016/j.habitatint.2024.103217
  • Agutu, C., Steffen, B., & Schmidt, T. (2024). How do technology-inherent characteristics affect
  • valuation processes in innovation systems? Environmental Innovation and Societal
  • Transitions. https://doi.org/10.1016/j.eist.2024.100824
  • Alsahan, I., & AlZaidan, Z. (2024). Unleashing the power of artificial intelligence in real estate
  • valuation: Opportunities and challenges ahead. Journal of Knowledge Learning and
  • Science Technology, 3(2), 10. https://doi.org/10.60087/jklst.vol3.n2.p10
  • Awuah, K., Gyamfi-Yeboah, F., Proverbs, D., & Lamond, J. (2017). Sources and reliability of
  • property market information for property valuation practice in Ghana. Property
  • Management, 35, 448-466. https://doi.org/10.1108/PM-05-2016-0019.
  • 50
  • Birch, K., Cochrane, D., & Ward, C. (2021). Data as asset? The measurement, governance, and
  • valuation of digital personal data by Big Tech. Big Data & Society, 8.
  • https://doi.org/10.1177/20539517211017308
  • Cheung, K. (2023). Real estate insights: Unleashing the potential of ChatGPT in property
  • valuation reports: The “Red Book” compliance Chain-of-thought (CoT) prompt
  • engineering. Journal of Property Investment & Finance. https://doi.org/10.1108/jpif-06
  • 2023-0053
  • Creswell, J. W., & Plano Clark, V. L. (2018). Designing and conducting mixed methods research
  • (3rd ed.). SAGE.
  • Dayag, A., & Trinidad, F. (2019). A critical assessment on bank valuation in existing literature
  • in the last decade. International Journal of Research in Business and Social Science (2147
  • 4478). https://doi.org/10.20525/IJRBS.V8I4.279
  • Droj, G., Kwartnik-Pruc, A., & Droj, L. (2024). A comprehensive overview regarding the
  • impact of GIS on property valuation. ISPRS International Journal of Geo-Information, 13,
  • 175. https://doi.org/10.3390/ijgi13060175
  • Farahani, M. S. (2024). Analysis of business valuation models with AI emphasis. Studies in
  • Economics, 2(3), Article 132. https://doi.org/10.62617/se.v2i3.132
  • Glumac, B., & Rosiers, F. (2020). Practice briefing – Automated valuation models (AVMs):
  • Their role, their advantages and their limitations. Journal of Property Investment &
  • Finance. https://doi.org/10.1108/JPIF-07-2020-0086
  • Grether, D., & Mieszkowski, P. (1974). Determinants of real estate values. Journal of Urban
  • Economics, 1, 127-145. https://doi.org/10.1016/0094-1190(74)90013-8
  • Hamadi, M., Heinen, A., Linder, S., & Porumb, V. (2016). Does Basel II affect the market
  • valuation of discretionary loan loss provisions? Journal of Banking and Finance, 70, 177
  • 192. https://doi.org/10.1016/J.JBANKFIN.2016.06.002
  • Herman, A., Mumel, D., & Jagrič, T. (2024). Meta-analysis of business valuation solutions –
  • Are AI-based methods better? Journal of Innovative Business and Management.
  • https://doi.org/10.32015/jibm.2024.16.2.6
  • Jaouhari, A., Samadhiya, A., Kumar, A., Šešplaukis, A., & Raslanas, S. (2024). Mapping the
  • landscape: A systematic literature review on automated valuation models and
  • strategic applications in real estate. International Journal of Strategic Property
  • Management. https://doi.org/10.3846/ijspm.2024.22251
  • Jafary, P., Shojaei, D., Rajabifard, A., & Ngo, T. (2022). BIM and real estate valuation:
  • Challenges, potentials and lessons for future directions. Engineering, Construction and
  • Architectural Management. https://doi.org/10.1108/ecam-07-2022-0642
  • Johnston, R., Besedin, E., & Holland, B. (2019). Modeling distance decay within valuation
  • meta-analysis. Environmental and Resource Economics, 72, 657-690.
  • https://doi.org/10.1007/S10640-018-0218-Z
  • Kuppan, K., Acharya, D., & Divya, B. (2024). Foundational AI in insurance and real estate: A
  • survey of applications, challenges, and future directions. IEEE Access, 12, 181282
  • 181302. https://doi.org/10.1109/ACCESS.2024.3509918
  • MacDonald, J., & Smith, K. (2004). The effects of technology-mediated communication on
  • industrial buyer behavior. Industrial Marketing Management, 33, 107-116.
  • https://doi.org/10.1016/S0019-8501(03)00033-6
  • Milčiuvienė, S., Amilevičius, D., & Raskinis, G. (2024). Research data management within the
  • EU data policy framework. Baltic Journal of Law & Politics. https://doi.org/10.2478/bjlp
  • 2024-00020
  • Ojukwu, P., Omokhoa, H., Odionu, C., Azubuike, C., & Sule, A. (2025). Digital transformation
  • and optimization framework for advancing SME growth and operational
  • effectiveness. International Journal of Research and Innovation in Social Science.
  • https://doi.org/10.47772/ijriss.2024.8120387
  • Renigier-Biłozor, M., Źróbek, S., Walacik, M., Borst, R., Grover, R., & d'Amato, M. (2021).
  • International acceptance of automated modern tools use must-have for sustainable
  • real estate market development. Land Use Policy.
  • https://doi.org/10.1016/j.landusepol.2021.105876
  • Stanco, D., & Creedon, J. (2019). Coworking: A real estate revolution? How coworking id driving
  • change in the real estate industry. Ropes & Gray. https://www.ropesgray.com/
  • /media/files/mini-sites/real-estate/ropes-gray-real-estate-coworking-report-june
  • 2019/ropes-gray-real-estate-coworking-report-june-2019.pdf
  • Salvo, F. (2024). From appraisal function to automatic valuation method (AVM). The
  • contribution of international valuation standards in modern appraisal methodologies.
  • Aestimum. https://doi.org/10.36253/aestim-14730
  • Su, T., Li, H., & An, Y. (2021). A BIM and machine learning integration framework for
  • automated property valuation. Journal of Building Engineering, 44, 102636.
  • https://doi.org/10.1016/J.JOBE.2021.102636
  • Suliman, Z., Kruger, W., & Pienaar, J. (2020). Continuing professional development (CPD): A
  • necessary component in the workplace or not? Journal of Medical Laboratory Science &
  • Technology of South Africa. https://doi.org/10.36303/jmlstsa.2020.2.1.9
  • Topraklı, A. (2024). AI-driven valuation: A new era for real estate appraisal. Journal of European
  • Real Estate Research. https://doi.org/10.1108/jerer-04-2024-0031
  • Udayakumar, R., Sivakuma, B., Little, D., Jana, F., Margarat, S., & Nathiya, T. (2023). An
  • analytical exploration of blockchain technology's impacts on business valuation and
  • information security. 2023 3rd International Conference on Technological Advancements in
  • Computational Sciences (ICTACS), 192-196.
  • https://doi.org/10.1109/ICTACS59847.2023.10390018
  • Ullah, F., Sepasgozar, S., & Wang, C. (2018). A systematic review of smart real estate
  • technology: Drivers of, and barriers to, the use of digital disruptive technologies and
  • online platforms. Sustainability. https://doi.org/10.3390/SU10093142
  • Yan, R. (2024). Analyzing the strategy of digital transformation to improve company
  • valuation. Advances in Economics, Management and Political Sciences.
  • https://doi.org/10.54254/2754-1169/98/2024ox0178
  • Wilkinson, S. J., Antoniades, H., & Halvitigala, D. (2018). The future of the Australian valuation
  • profession: New knowledge, emerging trends and practices. Property Management, 36(3),
  • 333–344. https://doi.org/10.1108/PM-04-2017-0026
  • Wyatt, P. J. (1997). The development of a GIS-based property information system for real
  • estate valuation. International Journal of Geographical Information Science, 11(5), 435–450.
  • https://doi.org/10.1080/136588197242248
  • Wyatt, P. (2001). An investigation of the nature of the valuation service offered to business
  • occupiers.
  • Journal
  • of
  • Property
  • Investment
  • https://doi.org/10.1108/14635780110383668
  • & Finance, 19, 100-127.