Paper short abstract:

The sharp increase of valuation oriented studies has yet to include a similar increase in the studies of real estate valuation. This qualitative research aims to fill this gap while utilizing the current real estate valuation crisis into a more general understanding of valuations.

Paper long abstract:

Cross disciplinary research involving the studies of valuations came into fashion in the last few years. These studies, stretching over a large scope of topics and agendas, have not sufficiently addressed what seems to be an important political and economic arena of valuation practices - the real-estate valuation field. This paper aims to help in filling this gap by exploring the special characteristics associated with the practice of real-estate valuation.

Drawing on initial findings from a 12 months ethnographic research in Israel, interviews with real-estate appraisers, in depth analysis of valuations reports and a review of the relevant literature this paper contributes to the study of valuations by describing real-estate valuations` political aspects, presenting the ways in which instruments and models shapes them, examining their limits and boundaries and trying to understand how they are connected to the notions of `performativity` and `calculability`.

Leaning on the observation made by Andrea Mennicken and Ebba Sjogren*, the emphasis is on real estate appraisers` reaction to the current crisis in real estate valuation. This crisis, connected to the pre-2008 `housing bubble explosion` backlash, the growing use of valuation software and the seemingly loss of connection to `reality` of real estate values around the world, gives us an invaluable opportunity to scrutinize the ways in which appraisers re-organize their profession, develop new technical and material solutions, create new professional borders and initiate new `fights` and struggles.

*Mennicken, Andrea, and Ebba Sjögren. 2015. Valuation and Calculation at the Margins. Valuation Studies 3(1):1-7.