Abstract:
Property Valuations are a source of information for financial reporting as well as decision making in land governance. Globalization and increasing foreign property investments are compelling nations to adopt international practices for greater transparency and better land governance. However, a number of smaller countries struggle to implement such international frameworks and practices. Likewise, Fiji has long struggled with finding common ground concerning the standardization of valuation practices. Some challenges facing the valuation industry to date include lack of information sources, guiding principles or standards, the need for automation, as well as legislative support to bring about improvements in land governance measures. Using a case study of property valuations in Fiji, this paper categorizes key challenges as institutional, informational and technical issues in implementation of the International Valuation Standards (IVS). It is essentially constructed using the pragmatic approach to research known as the mixed methods approach (Whittemore & Knafl, 2005). It uses quantitative data collection techniques and qualitative techniques to further understand valuer behavior. A host of behavioral studies were also utilized to understand values' behavior and subjective practices (Diaz, 1990). Findings from this paper helped build recommendations towards improving land governance procedures targeting institutional, informational and technical issues highlighted within.