Mrs Grazyna Wiejak-Roy Grazyna.Wiejak-Roy@uwe.ac.uk
Senior Lecturer in Real Estate and Economics
James Kavanagh
Eva Katharina Korinke
Bastiaan Reydon
Abstract
This paper represents the preliminary position of FIG Commission 9, as part of a project entitled ‘Increasing Transparency in Real Estate Markets’. This position paper is intended to stimulate debate and discussion at an international level.
The careful discussion of the term ‘Transparency in the Real Estate Market’ is a fundamental prerequisite for the advancement of investor decisions and regulatory actions. The same applies in the context of the ethical handling of data that concerns individuals. Transparency can be a double-edged sword. This may well mean that a high level of transparency would not always be in the public interest (e.g. the identification of land that may be acquired for infrastructure projects, transparency in this regard may lead to land speculation and potential profiteering) and may not necessarily lead to positive outcomes for social, economic and political reasons. The primary issue is to make the term measurable and to operationalise and embed it within the professional practice (Professional surveying institutions should include a recognition of ‘transparency’ within their codes of ethics and conduct). Only when these fundamental issues and understandings are outlined and clarified can technical developments, such as artificial intelligence for property valuation and decision-making, be used successfully to meaningfully inform potential regulatory safeguards and governmental intervention and investment.
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