Ireland urged to look at new property valuations
Ireland should look at implementing a property valuation system that would see the value of homes assessed on a long-term basis, a leading international finance expert has said.
Chris Grzesik, the chairman of the European Group of Valuers' Associations, said there is a "good chance" that the system of "mortgage lending value" (MLV) may be implemented in Ireland in the near future due to shifts in European. MLV is a way of gauging the value of a property over a long period of time based on a range of factors.
This would contrast with the current Irish method of basing property values solely on current market rates.
Mr Grzesik was speaking at a property valuation summit in Dublin hosted by the Institute of Professional Auctioneers & Valuers (IPAV).