Land valuation practices in Jordan : survey study

Abstract EN

The appraisal of real estate is one of the most critical topics in human's daily life.

It earns its significance from the many implications, which have a wide range of people, owners, buyers, credit agencies and tax assessors.

In Jordan, real estate appraisal is used for the purpose of taxation, loans, and transfer of ownership, construction and other land use.

The objective of this study was to evaluate the appraisal method of real state used in Jordan and to figure out the extent to meet the international standards by identifying the valuation.

Procedures and techniques used by the appraisers of properties.

For this objective, the Jordanian literature that deals with these procedures used for estimating the market value and some specified ownership interests have been reviewed.

A survey was conducted to study and evaluate the current practices via a questionnaire form distributed and filled by evaluators from government and private sectors.

The data have been analyzed and the results of the statistical analysis revealed that majority of valuators (84.5 %) were still using the conventional method, the comparison approach.

About 50 % of the evaluators were ignorant with valuation methods such as the income and the cost approaches, and 70 % believe that valuation process is moody and not based on scientific rules… The results concluded that at least double of the previous efforts have to be conducted by the Department of Lands and Surveys and other societies to uplift our valuation society to follow the international standards.

In addition to that DLS has to enforce this through proper legislation.