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5.2 ECONOMICS AND BUSINESS
By adopting accounting values and not economic value, auctioneers and valuers contribute to property market inefficiency. The reaction to this global financial and real asset meltdown is for tighter regulation. But the difficulties now being experienced in global asset markets are not new– it’s just that it is much bigger. The common denominator is accounting based valuations.
Power, T. Lessons for NAMA from Valuation Practices. Dublin, Property valuer, 2009.