FIG Commission 9

FIG Commission 9 - Valuation and the Management of Real Estate

Working group 9.2
Valuation and Real estate management through Fin-tech

New Working Group 9.2

Working Group 9.2 has been changed. The new Work Group is called: Valuation and Real estate management through Fin-tech. This working group focuses on fourth generation technologies used by the World Bank’s approach to land engagement. Blockchain technology has been hailed by custodians as being the future of the real estate management industry with potential to streamline processes such as land and property registration, valuation of property and many more digital actions. This could increase efficiency throughout the operation of land markets, impacting both both public and private purposes. 

November 2016

Valuation and Real estate management issues:

A modern and sustainable surveying profession in support of society, environment and economy requires innovative, reliable and best practice solutions to our rapidly changing and complex world. One such technology is the blockchain.  It brings three essential elements:  First, it will secure the data such that it is incorruptible. Then, it will give the possibility of a public audit in almost real time. The auditor may audit every 10 minutes, unlike a typical yearly audit. Finally, it will reduce the friction in the recording and cost of registration of property rights, as citizens can use the service on their smartphone. The blockchain can thus be used as a notary service. A key element of the registration of property sales and real estate management is the use of third party services to assess the sale process. The use of this futuristic ideology of creating these essential elements through block chain is one of the tenets that can lead to more efficient real estate markets.

This working group focuses on fourth generation technologies used by the World Bank’s approach to land engagement. Blockchain technology has been hailed by custodians as being the future of the real estate management industry with potential to streamline processes such as land and property registration, valuation of property and many more digital actions. This could increase efficiency throughout the operation of land markets, impacting both both public and private purposes. 

This Working Group has aimed to ‘define’ the technology in its applications in the real estate management and valuation arena. The group also plans to draft a list of open items, questions and concerns regarding the adoption of blockchain technology that will act as a reference guide. The working group also aims to organise sessions with financial institutions to illustrate the impact of blockchain on trade processes in order to capture the views of institutions rather than ‘convince’ them of blockchain implementations. As a result of these consultations, the working group also plans to launch a central repository of information on the technology towards investment planning and real estate investment vehicles through better and more efficient valuation tools in developing countries and informal markets.

Chair

Manohar Velpuri, e-mail: manohar.velpuri[at]gmail.com 

Material:

Specific Projects

  1.  Does Fin-tech advance the professional practice of valuers and property managers working in most areas of real estate valuation and management;
  2. Research and publish “best practice use cases of Blockchain” for the benefit of surveyors in different jurisdictions and sectors of the industry. This will benefit the surveying community and improve our services to the wider public;
  3. Does Fin-tech’s third and fourth wave facilitate and generate the exchange of information, knowledge and experience between surveyors for the benefit of the profession, our clients and the wider public in relation to the World Bank’s fourth generation technologies on land engagements;
  4. Block-chain’s role in publicizing and promoting the work of surveyors to the public, particularly to young people, governments and non-government organizations. Additionally, to enhance the value and perception of surveyors and the services they can deliver, especially in support of the global sustainability agenda and the UN Millennium Development Goals;
  5. Does Fintech 3.0 and 4.0  lead to better alternative financing and sustainable real estate markets while also enabling better policy framework through reforms.

We will cooperate with Commission 7 as well as the Task force on Real Estate Market Study, as well as other Commissions as appropriate. The WG will also work in close co-operation with UN-Habitat and the World Bank. The results will be presented in a joint seminar with UN-Habitat and the World Bank, perhaps in connection to the World Bank conference in Washington DC 2017-2018.

Whats New

FIG and ISO TC 307 -  Working Group 9.2

Working Group 9.2 - Valuation and Real estate management through Fin-tech focuses on fourth generation technologies used by the World Bank’s approach to land engagement. Blockchain technology has been hailed by custodians as being the future of the real estate management industry with potential to streamline processes such as land and property registration, valuation of property and many more digital actions. This could increase efficiency throughout the operation of land markets, impacting both both public and private purposes. 

FIG has been appointed one of the five Liaison Organisations to ISO TC 307 on blockchains and distributed ledger technologies (DLTs).

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