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Cost Approach in Poland – the Assessment of the Real Estate Valuation Methodology

Author

Listed:
  • Jan Konowalczuk

    (Uniwersytet Ekonomiczny w Katowicach)

Abstract

Cost approach related to the category of replacement value does not have the ability to explain or interpret increasingly complex relationships on the market. Cost is not seen as a factor which affects market value using the substitution principle. Costs must regain their dynamic significance as a key factor providing information about the state of market equilibrium and pointing to its power to transform costs into market value. The paper proposes the abandonment of a separate category of replacement value in favour of using the cost approach in real estate valuation.

Suggested Citation

  • Jan Konowalczuk, 2017. "Cost Approach in Poland – the Assessment of the Real Estate Valuation Methodology," World of Real Estate Journal (Swiat Nieruchomosci), Fundacja Uniwersytetu Ekonomicznego w Krakowie, issue 100, pages 11-18, June.
    • Handle: RePEc:kra:journl:y:2017:i:100:p:11-18
    DOI: 10.14659/worej.2017.100.02
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    File URL: http://swiatnieruchomosci.krakow.pl/pl/sklep/pojedyncze-artyku%C5%82y/2017/numer-100/artyku%C5%82-100-02
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    More about this item

    Keywords

    real estate valuation methodology; cost approach; substitution principle;
    All these keywords.

    JEL classification:

    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures

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