PROPERTY STANDARDS ON PROPERTY MANAGEMENT AND PROPERTY VALUES: ANALYSIS OF COLOMBO PROPERTY MARKET, SRI LANKA", 23RD ANNUAL PACIFIC RIM REAL ESTATE SOCIETY CONFERENCE

Abstract

“Property Standards”, “Property Management” and “Property Values” are interrelated and interdependent variables. It is revealed that as there is an increasing shift towards International Valuation Standards (IVS), most of responsible authorities in developed cities have set particular standards for residential properties to ensure safe and healthy living space. Accordingly, provision of standard and valuable properties can be recognized as one of major aims of real estate management in such cities. In Sri Lanka, national and international standards relating to products, commodities, materials, processes & practices are in operation to certain extent. Even though real estate is treated as a product, standards relating to real estate are not adequately available. Further, real estate valuers use some standard only in methods of valuation but not about the quality of properties. Yet, application of accepted property standards is an essential factor for high level satisfaction of property users as well as for the better management of properties. Accordingly this study aims to discuss the importance of application of property standard and impact of property standards on property management and thereby property values. This is done in collaboration with private sector property valuation firms which have experience of conducting valuation and real estate consultancy on a vast range of property types for various purposes. This is an exploratory study for which basically qualitative research approach is adopted. The study considered only residential properties in the city of Colombo-Sri Lanka with special emphasis on social aspects of property standard and the well-being of the users by means of standard properties. Findings of the study helps to understand the need of establishing an acceptable set of standards for properties ensuring higher property values and higher user satisfaction especially in the residential property sector in Colombo - Sri Lanka. Keywords: Property Management, Property Standards, Property Values, Real Estate Sector, Residential Property