The market value of the real estate in a significant devaluation of the national currency

V. О. Voronin, E. V. Lyantse


Raising of problem. The current state of the real estate market is characterized by high inflation and a significant devaluation of national currency. In markets with mixed prices impact of devaluation and inflation against the foreign currency have most complex nature and usually leads to slower growth in prices in local currency and partial de-dollarization of the market. Provided that the value of the real estate market is denominated in local and foreign currency, it is necessary to solve the problem of correspondence between these prices. With this condition must be satisfied that the market prices in local currency correspond to the state of the real estate market on the valuation date.

Purpose. Development of the method, which should take into account the particular valuation procedures in determining the market value of the local currency in terms of the existence of high inflation and a significant devaluation. The study of this problem, especially for the markets of emerging economics, is an urgent and important task of applied economic analysis and, in particular, the theory and practice of evaluation as part of this analysis.

Conclusion. To achieve this goal have been developed and used techniques and methods of applied economic analysis and, in particular, the theory and practice of evaluation as part of this analysis. Satisfactory agreement obtained values and the market rent rate, which are responsible of the real estate market in a significant devaluation of local currency, confirm the position that the correction in market conditions ("discount on the offer price" and "market conditions") must be done in determining the market value so and the market rent rate.


theory and practice of assessment; applied economic analysis; analysis of real estate market; mixed prices on the real estate market; the market value; inflation and local currency devaluation


Artemenkov A.I. and Mihajlec V.B Neoklassicheskie i postneoklassicheskie perspektivy v teorii ocenki stoimosti [Neoclassical and postneoclassical prospectsinvaluation theory]. Available at: (in Russian).

Voronin V.O., Lyantse E.V.and Mamchyn M.M. Analityka rynku nerukhomosti: metodolohiya ta pryntsypy suchasnoyi otsinky [Real Estate MarketAnalysis: Methodology and principles of modernassessment]. L'viv: Mahnoliya 2006, 2014, 304 p. (in Ukranian).

Voronin V.A. Osobennosti ocenki pri izmenenii jekonomicheskih uslovij [Assessment specifics while economic conditions changing]. Praktika ocenki imushhestva [Practice of property avaluation]. 2010, no. 1, pp. 138–179. (in Russian).

Gribovskij S.V.and Sivec S.A. Matematicheskie metody ocenki stoimosti nedvizhimogo imushhestva [Mathematical methods of real estate evaluation]. Moskva: Finansy i statistika, 2008, 368 p. (in Russian).

Kinnard V. Novoe myshlenie v teorii ocenki nedvizhimogo imushhestva [The new thinkingin the theory ofreal estate evaluation].Voprosy ocenki [Questionsofevaluation]. 2008, no 1, pp. 2–9. (in Russian).

Pirson A. Nabor znanij, neobhodimyh ocіnshhikam [Knowledge set of appraisers required]. Voprosy ocenki [Questionsofevaluation].2008, no 4, pp. 2–9. (in Russian).

Sejs S., Smit D., Kuper P. and Venmor-Rouland P. Ocenka nedvizhimogo imushhestva: ot stoimosti k cennosti [Evaluationofrealestate: from the valueto the cost]. Moskva: s.n., 2009, 503 p. (inRussian).

Sternik G.M. and Sternik S.G. Analiz rynka nedvizhimosti dlja professionalov [Realestatemarketanalysisforprofessionals].Moskva: Ekonomika, 2009, 606 p.

Ratcliff R.U. Modern real estate valuation: theory and application. Arlington: Democrat Press, 1965,195p.

Wendt P.F. Critical Analysis and recent developments in Appraisal Theory. The Appraisal Journal. 1969, October, рр. 485-500.

GOST Style Citations

Артеменков А. И. Неоклассические и постнеоклассические перспективы в теории оценки стоимости / Арте- менков А. И., Михайлец В. Б. – Режим доступа: 2008.


Воронін В. О. Аналітика ринку нерухомості: методологія та принципи сучасної оцінки :  монографія / В. О. Воронін, Е. В. Лянце, М. М. Мамчин. – Львів : Магнолія 2006, 2014. – 304 с.


Воронин В. А. Особенности оценки при изменении экономических условий / В. А. Воронин // Практика оценки имущества. – 2010. – № 1 : Доходная и коммерческая недвижимость. – С. 138–179.


Грибовский С. В. Математические методы оценки стоимости недвижимого имущества / С. В. Грибовский, С. А. Сивец ; под ред. С. В. Грибовского, М. А. Федотовой. – Москва : Финансы и статистика, 2008. – 368 с.


Киннард В. Новое мышление в теории оценки недвижимого имущества / В. Киннард // Вопросы оценки.– 2008. – № 1. – С. 2–9. – Режим доступа:


Пирсон А. Набор знаний, необходимых оценщикам/ А. Пирсон // Вопросы оценки. – 2008. – № 4. – С. 2–9. – Режим доступа:


Оценка недвижимого имущества: от стоимости к ценности : пер. с англ. / [С. Сейс, Д. Смит, Р. Купер,   П. Венмор-Роуланд]. – Москва : [б. и.], 2009. – 503 с.


Стерник Г. М. Анализ рынка недвижимости для профессионалов / Г. М. Стерник, С. Г. Стерник. – Москва : Экономика, 2009. – 606 с.


Ratcliff R. U. Modern real estate valuation: theory and application / Richard U. Ratcliff. – Arlington : Democrat Press, 1965. – 195 р.


Wendt P. F. Critical Analysis and recent developments in Appraisal Theory / P. F. Wendt // The Appraisal Journal. – 1969. – October. – Р. 485–500.


  • There are currently no refbacks.