Features and challenges in determining the value of future real estate objects in valuation practice and forensic expert activity

Abstract

The research problem lies in the complexity of valuing fu- ture real estate objects which, at the time of valuation, do not yet exist as completed tangible assets, as well as in the absence of unified methodological approaches to determining their value. The purpose of the study is to provide a comprehensive analysis of theoretical and methodological approaches to the valuation of future real estate objects, to determine the specific features of applying the main valuation approaches, and to identify problematic aspects of establishing their value in valuation practice and forensic expert activity. The methodological basis of the study includes general scientific and specialized methods of cognition, in particular formal-logical, systemic-structural, comparative-legal methods, as well as the analysis of regulatory legal acts, scientific sources, and forensic expert practice. This made it possible to comprehensively examine the legal, economic, and methodological aspects of valuing future real estate objects and to substantiate the peculiarities of applying the cost, comparative, and income approaches using discounted cash flow mechanisms. The scientific novelty of the research lies in substantiating a conceptual model for considering a future real estate object as a special property right and in demonstrating the necessity of adapting classical valuation approaches under conditions of uncertainty related to construction timelines, investment risks, and legal risks. The conclusions state that determining the value of future real estate objects requires the comprehensive application of valuation approaches, improvement of methodological support, expansion of the market information base, and mandatory consideration of risks and the time value of money in the process of forensic expert and valuation activities.