Land Value Information System as a Solution for the Shortage of Property Transaction Evidence in Sri Lanka: Property Valuers’ Perception

Abstract

In developing markets, obtaining comparable evidence for real estate valuations is often challenging. Land Value Information Systems that aim to gather, store, handle, retrieve, and perform land-related data for lawful, organizational, and institutional decision-making processes, have been used in developed countries to address this issue. However, Sri Lanka lacks a comprehensive land value information system. Thus, this study aimed to explore how property valuers in Sri Lanka perceive these types of systems as a potential solution for the lack of property transaction data. Interviews were conducted with 30 real estate valuers, revealing a positive attitude towards adopting the system. The advantages of such systems were aligned with time saving, accessibility to up-to-date data, convenience, etc., while concerns included disrupting the valuation industry's monopoly and information security challenges. A model was developed to identify factors contributing to a successful system, where technological factors were ranked high as most impactful for the effectiveness of a land value information system. While technological and organisational factors were deemed achievable during implementation, the study suggests additional efforts, such as establishing a help desk, to address people-related factors.