FIGuring the Future:
AI and AVMs Transforming Property Valuation
(13429) |
| Malgorzata Renigier-Bilozor (Poland), Peter Rudolf Ache, Thomas Dimopoulos (Cyprus) and Artur Janowski (Poland) |
Professor Malgorzata Renigier-Bilozor
Professor
Association of Polish Surveyors Main Board
Australia
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| Corresponding author Professor Malgorzata Renigier-Bilozor (email: hamid.hosseini[at]student.unimelb.edu.au) |
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| [ abstract ] [ paper ] [ handouts ] |
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Published on the web 2025-03-16
Received 2024-12-02 / Accepted n/a |
| This paper is one of selection of papers published for the FIG Working Week 2025 in Brisbane, Australia in Brisbane, Australia and has undergone the FIG Peer Review Process. |
FIG Working Week 2025 in Brisbane, Australia
ISBN n/a ISSN 2307-4086
URL n/a
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Abstract |
| The rapid and current advances in artificial intelligence (AI) will fundamentally and disruptively change property valuation. This will bring a mixture of transformative opportunities and professional challenges.
This paper examines the intersection of AI technologies with Automated Valuation Models (AVMs) and Computer-Assisted Mass Appraisals (CAMAs), focusing on how these innovations are redefining valuation practices. By integrating AI with the expertise of valuation professionals, the study highlights pathways to achieving greater precision, efficiency, and transparency in property assessments.
At the same time, the integration of AI requires a deliberate approach to address key concerns related to data quality, ethical considerations, regulatory compliance, and the continuous development of professional competencies. These issues are explored in depth, with a view to fostering responsible adoption of AI in valuation processes. The analysis further underscores the relevance of these developments to FIG Commission 9's objectives, aligning with its mission to uphold professional standards, enhance transparency, and promote international cooperation in the field of valuation.
To provide practical guidance, the paper presents nine targeted recommendations designed to support the integration of AI into valuation practices. These recommendations aim to ensure that technological advancements serve as tools to enhance, rather than replace, professional expertise, while maintaining ethical integrity and fostering collaboration across the global valuation community. |
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| Keywords: Standards; Valuation; Property taxes |
