FIG Commission 9 Valuation and the Management of Real Estate

Work Plan 2023-2026

PDF: Original Work Plan in .pdf-format
VIDEO: Chair of Commission 9 Peter Ache takes you through the Work Plan

Improving transparency in the real estate markets for better planning and tackling the global challenges of a changing world.

Terms of Reference

The real estate market, and in particular the market for residential real estate and agricultural land, is of often underestimated in their importance. In Germany, for example, the trade in real estate corresponds to more than 10 % of the gross domestic product. This fact is very rarely noticed.

Real estate is also of outstanding importance in the context of climate change. Here it is particularly important to first assess the building stock of real estate and its quality.

However, this is only the economic and ecological significance. Residential real estate is an essential basis for the quality of life and the families safety in every respect. Acquiring and holding a property is usually a lifelong project with high economic risks for families or investors in general.

Agricultural real estate is not only a significant economic factor; it is also the basis for the supply of the population. They are also the most important source of income of people in rural regions of the world.

The task of FIG Commission 9 will be to work on improving transparency in the real estate markets. Approaches are to be found at the end of the current period:

  1. Clear and strong definitions of the term "transparency in the real estate market".
  2. Find out what makes transparency on the real estate markets measurable and assessable.
  3. Find practical examples of good or bad transparency.
  4. Develop approaches for fairer valuations and more comprehensive market observation under the aspect of digitalization.
  5. Develop approaches for the evaluation and observation of real estate market transparency.

Mission Statement

FIG takes the lead in the discussion on transparency in real estate markets. The vision is that by 2026 this issue will be on top of the agendas of organisations working globally on issues such as valuation, land management and climate change topics and others.

General

FIG's agenda

The entire agenda of the FIG in the period 2023 to 2026 has its basis in the idea of the need for sustainable action with the aim of leading the climate agenda to its goal. This includes ensuring that the surveying profession and its close relatives provide their services in a sustainable manner. But it also means that we contribute to creating the conditions that enable politicians, administrators, companies and institutions to make correct and quick decisions. We want to help ensure that climate protection measures, urbanisation, environmental and resource protection and the challenges of technological upheaval and demographic change can be well managed.  

As professionals in the land, built and natural environments, we will need to step up to ensure we remain relevant and demonstrate our resolve. This means we will all need to demonstrate:

  •  Clarity and collaboration – a listening and action approach
  •  Purpose and reliability – a visible approach
  • Action and courage – working together to deliver   This fundamental orientation of the FIG´s Council will also be reflected in the actions of Commission 9 of the FIG.  

Commission 9´s Agenda

Improving Transparency of the Real Estate Markets

The valuation and management of real estate has a completely different meaning today than in the past. The world has become more interconnected, the subject areas are considerably complex. One of the important fundamental pillars of democracy and fair action is transparency in decision-making and action. In the age of inconceivably large amounts of data being created every day, there is a balancing act between the demand for the free use of data, the quality of data analyses and - above all - the independence of the use of the data. At the same time, however, data must not be used for personal monitoring of people or even restrict freedom. This also applies to the real estate market.

In this context, many questions arise:

  1. Is transparency only the availability of data or is transparency also the quality of the insights and reports generated from the data?
  2. How available are purchase prices of real estate and do they have the quality to infer the value of other properties from the sample of known prices?
  3. How important are links from land-registration-systems and prices of land and real estate objects?
  4. How available are reports and what are the main evaluation issues in expert reports and opinions?
  5. What are good valuations and good reports and are they more theoretical or based on empirical data?

These are the questions we want to address. And we want to create a better link to Geodesy:

  1. Why, for example, are real estate price data not also Geodata in the sense of the INSPIRE guidelines and what opportunities would exist if they were?
  2. Can a link be made between real estate prices and digital twins in cities and what is the connection to Building Information Modelling?
  3. What solutions can valuation and market monitoring contribute to improving the availability of affordable housing, compensation for expropriations or fair taxation?

These questions also have their foundations in the principles of transparency in the real estate market. But there are also two other questions:

  1. Where, for example, are the interests in non-transparency?
  2. Who benefits from non-transparency and who has disadvantages?

We believe that transparent real estate markets are an important component and can better address the challenges of today´s society an help for a better managing all the virulent changes all over the world. This explicitly includes the United Nations' SDGs (Sustainable Development Goals).

We first want to pick up three main points:

  1. How do we get housing that is appropriate and affordable for people?
  2. How do we bring the challenges of climate change into the real estate market and what do we need to know to measure price effects?
  3. What indicators are we able to find for verifying the success (or failure) of political action in housing- and land-decisions.
Procedure and collaboration

Within the FIG there is very extensive knowledge and great experience from colleagues around the world. The surveying profession is characterised by practical and scientific knowledge in all matters related to the earth, its vegetation, its cultivation and the life associated with it. Surveying the earth is not just technical surveying, it is also understanding what is going on. That is why it is important to tie the threads of knowledge of colleagues together. The term "improving transparency" is an overarching concept that needs to be filled with life.

We want to achieve our goals by:

  • Dialogs and Discourses on an international level using today's communication channels. The focus is on the process of opinion-forming, which should culminate in the publication of the FIG´s position.
  • Respectful interaction and cooperation on the base of the general FIG´s agenda and the special challenges of the tasks of the Commission 9. At the same time, we are aware that the work we all put in, is essentially voluntary.
  • Addressing the objectives in a way that is oriented towards the matter at hand, without taking into account special economic interests of states, companies or organisations.

Commission 9´s Agenda on Sustainable Development Goals (SDG) of United Nations

On 25 September 2015, the 17 Sustainable Development Goals (SDGs) were adopted at the United Nations General Assembly in New York. This "2030 Agenda for Sustainable Development" contains 17 goals including an indicator-based monitoring system to measure the quality of implementation of the sustainability goals (https://www.sdgs.un.org/2030agenda).

The overall objective of Commission 9's work is to work towards improved transparency in the land markets. Real estate has an outstanding importance of the quality of living and working, the transparency of this market is of particular importance. Corruption, money laundering and white-collar crime are the more difficult the more transparent the market is. Banks reduce the risk of lending their money as the expected performance of real estate can be estimated more securely and current developments can be analysed more quickly. The dangers of a financial crisis diminish when investors can assume that property prices do not develop completely outside of a sensible market context. In addition, governments can use the data to make funding decisions for reducing soaring real estate prices.

SDG 13 (Climate Action) is also part of the transparency intention, because climate neutrality cannot be achieved without climate-neutral and sustainable construction and the related financing instruments (which in turn also include the evaluation of the price effects of climate-neutral buildings). We also have to look for partners for these goals within the valuation- and the land management scene. These communities are, especially in the Commission 9 area, most often also geographers, economists or sociologists.

Beside the SDG 13 there are many of the SDG linking to the goal of transparency of real estate markets. In general, it can be said that real estate and land play a role wherever people live, work, learn and spend their leisure time. The more transparent ownership and prices are, the better the SDG can be achieved. The main issues to which the tasks of Commission 9 are closely related are:

SDG 1: No Poverty
SDG 2: No Hunger
SDG 9: Industry, Innovation, Infrastructure
SDG 11: Sustainable Cities and Communities

  • 11.1: ensure access for all to adequate, safe and affordable housing and basic services and upgrade slums.
    • 11.1.1 Proportion of urban population living in slums, informal settlements or inadequate housing.
  • 11.3 By 2030, enhance inclusive and sustainable urbanization and capacity for participatory, integrated and sustainable human settlement planning and management in all countries.
    •  11.3.1 Ratio of land consumption rate to population growth rate.
    • 11.3.2 Proportion of cities with a direct participation structure of civil society in urban planning and management that operate regularly and democratically.

SDG 17: Partnerships

Working groups

Working group 9.1 - Definition of Transparency on Real Estate Markets

Policy Issues

Foundation for fair and democratic action is the transparency of decisions and the actions of the State and the economy to ensure the security and trust of the people. We are not aware of any appropriate definitions of the term "transparency on the real estate market" that are accompanied by measurable indicators and have found their way into state action. We believe that it is worth getting in touch with the authorities and making suggestions.

The main objective is consistent with the goals of the UN SDGs.

  • SDG 1: No Poverty
  • SDG 2: No Hunger
  • SDG 13: Climate Action
  • SDG 17: Partnerships
Chair

Grazyna Wiejak-Roy

Team

Peter Ache, James Kavanagh, Eva Katarina Korinke, Bastiaan Reydon

Specific project(s)
  1. Develop a position on the definition of transparency in the real estate market.
    Viewpoint on Transparency in Real Estate Markets (October 2024)
  2. Development of an indicator system to measure the quality of transparency in the real estate market.
  3. Develop a campaign to widely publicise the FIG's view on this issue.
Workshop(s)

Are conducted; especially beside as part of other FIG or similar events, like World-Bank Conferences, FIG ACCO-Meetings, FIG Regional Conferences

Publication(s)

Papers:

Presentations:

Timetable
  •  14.02.2023: Kickoff-Meeting online
  • Presence Meeting at FIG Working Week in Orlando
  • Further timetable will be agreed within the working group and depends on the process of working
  • Regular online meetings of the working group and interested external colleges
Beneficiaries
  • World Bank (has already indicated an interest)
  • Expert associations such as RICS, IVSC etc.
  • Land management authorities and Funding institutions for the creation of affordable housing

Working group 9.2 -  Best practice Cases on Transparent Real Estate Markets
(Combined with Working Group 9.1)

Policy Issues

This working group follows on directly from the core topic of Com 9, "Transparency in the real estate market". Here, colleagues are to be brought together in whose countries there are particularly good or particularly bad examples of transparency on the real estate market. The SDGs are just as important as in WG 9.1.

Chair

Grazyna Wiejak-Roy

Team

Peter Ache, James Kavanagh, Eva Katarina Korinke, Bastiaan Reydon

Specific project(s)

 Under discussion

Workshop(s)

Are certainly planned; especially beside on other FIG or similar events, like World-Bank Conferences, FIG ACCO-Meetings, FIG Conferences

Publication(s)

First draft of a title:
"Transparency in the real estate market - Good examples of transparent real estate markets, their technical and legal foundations and their advantages."

Timetable
  • Presence Meeting at FIG Working Week in Orlando (2023), Accra (2024), Kathmandu (2024)
  • Further timetable will be agreed within the working group
Beneficiaries
  •  World Bank (has already indicated an interest)
  • Expert associations such as RICS, IVSC etc.
  • Land management authorities and Funding institutions for the creation of affordable housing

Working group 9.3 - Automated Valuation Modelling (AVM) with machine learning and artificial intelligence

Policy Issues

The rapid advancements in artificial intelligence (AI) and big data are reshaping property valuation, making Automated Valuation Models (AVMs) indispensable to modern valuation practices. However, widespread adoption necessitates addressing key concerns such as data quality, transparency, ethical use, regulatory compliance, and the evolving role of valuation professionals.

his working group focuses on bridging the gap between technological advancements and practical applications in property valuation. It emphasizes the necessity of a hybrid approach that integrates AI-driven automation with human expertise to uphold professional integrity while enhancing efficiency and accuracy.

The knowledge and experience gained through this initiative will be systematically structured and applied to improve both individual property valuations and broader real estate market monitoring.

The main objective is consistent with the goals of the UN SDGs.

  • SDG 1: No Poverty
  • SDG 2: No Hunger
  • SDG 9: Industry, Innovation, Infrastructure
  • SDG 11: Sustainable Cities and Communities
  • SDG 13: Climate Action
  • SDG 17: Partnerships
Chair

Małgorzata Renigier-Biłozor

Team

Małgorzata Renigier-Biłozor, Peter Ache, Thomas Dimopoulos, Daniele Brancato

Specific project(s)

In 2025, discussions are underway regarding new project proposals aimed at defining comprehensive AVM recommendations and expanding AI-driven applications in mass valuation. These initiatives emphasize a broader and more integrative approach under FIG’s framework, ensuring that AI adoption in valuation methodologies reflects diverse professional perspectives and market needs.

  • FIG AVM Recommendations and Regulatory Framework – Developing comprehensive guidelines and best practices for AVM implementation within FIG’s framework, prioritizing consistency, transparency, and interdisciplinary collaboration.
  • AI-Powered Tools and Mass Valuation Solutions – Advancing and testing AI-driven methodologies to enhance the accuracy, adaptability, and efficiency of automated and mass valuation processes.
Workshops

The workshops and symposia to be held on this topic must aim to bring together experts who have conducted scientific research on AVMs, those who have developed relevant algorithms, as well as professionals who have already implemented and actively use these methods.

This working group will organize and participate in multiple workshops and conferences to advance the integration of AVMs and AI in property valuation, including:

  • Annual FIG Working Week and Interim Meetings – Engaging with global valuation professionals to discuss advancements in AVMs and best practices. Examples include:
    AVM and AI in Property Valuation –Symposium – such as:
    • Transparency Imperative: Meeting Today's Societal Demands in Taxation and Mass Appraisal, workshop and seminar, April 24–25, 2024, Paphos, Cyprus.
    • The New Era of Real Estate Modeling: Insights into Current Practice, AVMs, AI, and Future Challenges, workshop and seminar, May 21–23, 2025, Paphos, Cyprus.
  • Online Workshops and Expert Panels – Regular virtual meetings dedicated to knowledge exchange, technological advancements, and discussions on emerging challenges in AVM adoption, advanced market analyses, and data collection. Examples include:
    • International Seminar – 60-Minutes Knowledge Session, June 20, 2024, 3 PM (Online): Basics of Modeling in AVMs.
    • International Seminar – 60-Minutes Knowledge Session, September 24, 2024: Enhancing Property Valuation with AI: Insights from Nicosia's Apartment Market.
    • International Seminar – 60-Minutes Knowledge Session, January 29, 2025: The Future of Real Estate Market Modeling: Can New Trends Break Stereotypes?
  • Collaboration with Key Organizations – Engaging with institutions such as the World Bank, RICS, IVS, IVSC, TeGOVA, IAAO, and IPTI Events to present research findings and recommendations on AI-powered valuation models and market analyses at international policy and industry forums.
Publication(s)
  • THE FUTURE OF PROPERTY VALUATION: AVMs and CAMAs IN THE ERA OF AI, authors: Malgorzata Renigier-Bilozor, Peter Ache, Thomas Dimopoulos, Artur Janowski, 2025/2026, Economics and Environment Journal
  • In progress: FIGuring the Future: AI and AVMs Regulations and Requirements
Timetable
  • 24.04.2025: Kick-off Meeting (online)
  • In-person Meeting at FIG Working Week, Brisbane
  • In-person Meeting at FIG Commission 9 Conference and Workshop, Paphos, Cyprus (May 21–23, 2025
  • Further timetable to be agreed upon within the working group
Beneficiaries
  • World Bank (has already indicated an interest)
  • Professional associations, such as RICS, IVSC, TeGOVA, IAAO, IPTI, etc.
  • Tax authorities and other public administrations
  • Developers of IT tools and AI-driven valuation solutions

Working group 9.4 - Increasing Transparency & Resilience in the Self-made cities through Formalization of Informal Development & improvement of Geospatial Ecosystems

Joint Working Group with Commission 3 & in collaboration with UNECE
Established in April 2025
Background information

This ongoing joint research is already established in 2007, by FIG and UNECE/WPLA, during a joint FIG /UNECE WPLA Workshop, held in Greece).

The "self-made cities" are rapidly developing urban areas with both formal and informal constructions that often lack titling and/or compliance with regulations. Such areas face challenges like limited services, increased disaster risks, unregistered constructions and/or
residents, incomplete cadastral records and missing geospatial information, poor management of real estate & informal Real Estate Markets, and an unregulated economy.

Since its establishment, past joint FIG & UNECE WPLA research on the topic systematically delivered a series of publications; the most important are:

As well as e-courses, 2023 on informal settlements

and training webinars, 2022-2024

Objectives

Commission 9, Commission 3, and UNECE, join efforts through this joint WG9.4 which aims to bring the research forward and focus on two axes:

  1.  “Monitoring and enhancing the progress in formalization” meaning the progress in Legalization, Registration & integration of informal constructions into the real estate markets in the various countries, and
  2.  “How to Build Back better the Self-made Cities” meaning how to define appropriate Policies, Tools & Methods to improve the Geospatial Ecosystems including tenure, ownership, land-use regularization, Services provisions, and Disaster Resilience to support Sustainability in such urban areas, Transparency in Property Markets & efficient Real Estate Management, so that nobody will be left behind within a growing unstable environment.
  3.  Improving the understanding of a transparent property market against the background of an economically and ecologically sensible use of land and developed properties.
Policy Issues

The main objective of this WG is directly in line with several UN SDGs.

SDG 11: Sustainable Cities & Communities, SDG 1: No Poverty, SDG 2: No Hunger, SDG 6: Clean Water & Sanitation, SDG 6: Gender Equality, SDG 13: Climate Action, SDG 3: Good Health, SDG 15: Life on Land, SDG 17: Partnerships

Chair

Prof Chryssy A Potsiou, NTUA, Greece
Honorary President of FIG, UNECE WPLA bureau member

Members
  •  Dr Konstantinos Apostolopoulos, Com3 Vice Chair tbd
  • Dipl.-Ing. Peter Ache (DE), Chair Com 9
  • Alexander Aronsohn (UK), technical director of IVSC tbd
  • Dipl.-Geogr. Eva Katharina Korinke (DE), German Federal Institute for Research on Building, Urban Affairs and Spatial Development tbd
  • Esther Adania Sejoah (Ghana), Ghana Institution of Surveyors, FIG YSN tbd
  •  ...
  • ...
Specific project(s)
  1. Report on the progress achieved in the implementation of the UNECE Guidelines for Formalization & remaining challenges & of the UNECE Covid-19 Recovery Action Plan for Informal Settlements.
  2. Develop guidelines on how to engage & train volunteers on geospatial data collection for specific topics (such as disaster management & services provision) tbd.
  3. Develop a campaign to widely publicize the FIG's view on this issue.
Workshop(s)
  • 2 focused workshops:
    1. the Joint UNECE WPLA/REM/ FIG Com3 & 9/ EGoS/ WB conference, 18-22 June 2025, Athens & Santorini, Greece, on BUILD BACK BETTER THE SELF-MADE CITIES 18-22 JUNE 2025 - Actions for Formalizing Informal Constructions & Improving the Geospatial Ecosystems, Land Tools & Land Policies
    2. Follow up joint conference in 2027 tbd
  • Special sessions in main FIG events (e.g. Pre-event WW 2026 Capetown), World-Bank Conferences, UNECE events
  • Organization of focused webinars on specific case study areas (e.g., Santorini Island, etc.) tbd
Publication(s)
  • Workshop proceedings, reports, special issues in scientific journals
  • A joint FIG/UNECE publication on a relevant topic, tbd
  • A case study report about Improving transparency: challenges and opportunities in Santorini Island
Timetable
  •  31 May 2025: Preparatory Meeting online tbd
  • WG Kick-off Meeting at the Joint conference 18-22 June in Athens
  • Congress 2026
  • FIG Working Weeks in 2027 & 2028
  • Further information will be agreed within the working group
Beneficiaries
  •  FIG member Associations
  • UNECE member states (has already indicated an interest) and maybe in other regions, too
  • World Bank (has already indicated interest)
  • Professionals, academics, the public sector and residents in the Self-made Cities

Further Working Group(s) - future Focuses

The FIG Commission 9 plans to continue working on transparency in the real estate market. Therefore, if further questions and issues arise in the course of the discussions on this topic, which are not foreseeable at this early stage, further working groups (also temporary) will be set up.

  •  In current progress: A joint working group with Commission 9 and Commission 3 on “Increasing Transparency & Resilience in the Self-made cities”
  • In current progress: South America: A working group on “Improving Real Estate Transparency and Valuation in South American Countries”
  • Other Regional Working Groups improving Valuation and Transparency in Real Estate Industry (e.g. Africa)
  • Challenges of real estate valuation and real estate market monitoring due to climate change
  • Minimum requirements for property market price databases
  • Taxonomies for property types and categories for spatial submarkets
  • Integration of property price data into the Systematics of Geoinformation
  • Further development of the valuation of unregistered land from the last period

Co-operation with other Commissions and organisations

The great advantage of the FIG is the broad competence of the experts brought together here in the sector of geodesy, land development and evaluation. For this reason, Com. 9 attaches particular importance to cooperation with other FIG-commissions.

From the current point of view, cooperation with the following commissions seems to be particularly useful:

  • Commission 2 “Professional Education”
  • Com. 3 "Spatial Information Management"
  • Com. 7 "Cadastre and Land Management"
  • Com 8 "Spatial Planning and Development"
  • Com 10 "Construction, Economics and Management"

Co-operation with United Nation Organisations, Sister Associations and other Partners

Commission 9 will continue its existing cooperation with the

  • International Valuation Standards Council (IVSC) regarding to the MuO from 2025, Feb. 25th
  • the International Taxation Institute (IPTI)
  • the World Bank
  • GLTN and UN-Habitat

We welcome other organisations and institutions willing to collaborate with the FIG Commission 9 to improve transparency and valuation in the real estate markets.

Commission Officers

Commission Chair

Peter Ache
peter.ache[at]dvw.de or FIGCommission9[at]fig.net

  • Chair of the Commission "Valutation of Real Estate" of the German DVW e. V.
  • Editor-in-chief for the real estate market report for Germany of the state expert committees in Germany
  • Head of the office of the governmental upper committee of experts for property values in Lower Saxony (Germany)
Vice Chair of Administration

James Kavanagh

Chair of Working Group 9.1

Grazyna Wiejak-Roy

Chair of Working Group 9.2 (combined with Working Group 9.1)

Grazyna Wiejak-Roy

Chair of Working Group 9.3

Małgorzata Renigier-Biłozor

 

 

Chair of FIG Commission 9
Peter Ache
peter.ache[at]achemail.de