Harnessing the potential of open data for valuation transparency in the developing world
- Publisher:
- World Bank
- Publication Type:
- Conference Proceeding
- Citation:
- 2015, pp. n.p. - n.p.
- Issue Date:
- 2015
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There are many responsibilities on many disciplines in addressing both current and future demands related to the growth of cities in the developing world. As they are to be home to over 90 percent of the world’s future children, addressing those demands is urgent. Valuation is at the base of all economic activity. Consequently, accurate and accountable valuations at a proportionate cost can assist in improving market efficiencies for the populations themselves to address their challenges. A major impediment is that property markets in such cities can be opaque, both accidentally and deliberately, so that the information costs of obtaining the reliable data that accurate and accountable valuations require can be much higher than in more developed markets (in contrast to the values, which could well be much lower). The use of open data can be a means of finding the cloth to provide the suit, the “suit” being the best market value reading possible in that market. Particularly when reliable government data is insufficient, by a process of triangulation a valuer can provide the best due diligence available in a market, and thereby contribute to a virtuous spiral in that market’s evolution. This paper explores how this might be done.
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