Theoretical And Methodological Foundations Of Real Estate Valuation And Development Trends Of Modern Approaches

Abstract

This article examines the theoretical and methodological foundations of real estate valuation and identifies the principal development trends of contemporary valuation approaches. The study systematizes the economic, spatial, technical, infrastructural, environmental and market factors that shape real estate value and compares the scope, strengths and limitations of the sales comparison, income and cost approaches. Particular attention is paid to the transformation of valuation under digitalization, including the growing use of geographic information systems (GIS), large-scale data processing, econometric modelling, artificial intelligence, machine learning and automated valuation models (AVMs). The paper argues that digital tools should not be treated as a mechanical substitute for professional valuation judgment; rather, their strongest contribution lies in improving data coverage, consistency, reproducibility, speed and model validation. A conceptual framework integrating data quality, spatial analysis, statistical or machine-learning models, validation and professional verification is proposed as a methodological basis for improving modern real estate valuation.