DIGITALIZATION OF THE REAL ESTATE VALUATION SYSTEM: IMPORTANCE, CHALLENGES, AND DEVELOPMENT PROSPECTS

Abstract

The rapid development of digital technologies has significantly transformed various sectors of the global economy, including the real estate market. Real estate valuation, which serves as a fundamental component of property transactions, mortgage lending, taxation, investment decisions, and urban planning, has increasingly adopted digital tools and data-driven methodologies. Digitalization has enhanced the efficiency, transparency, accuracy, and accessibility of valuation processes while reducing operational costs and human errors. Nevertheless, the transition from traditional valuation methods to digital valuation systems presents numerous challenges, including data quality issues, cybersecurity risks, regulatory inconsistencies, and technological limitations. This article examines the importance of digitalization in the real estate valuation system, analyzes the major challenges associated with its implementation, and explores future development prospects.