25th baltic valuation conference 2015...and nigokhos kanaryan, phd, new bulgarian university...

The themes:I. Properties in public ownership and applying different valuation approaches.

II. The valuation of business assets and businesses, including tangible and intangible assets, goodwill and trademarks.

III. Taking the taxation of investment properties (commercial and residential) related to sale and lease valuations into account.

25th Baltic Valuation Conference 2015Tallinn, Estonia, 17-19 September 2015

PROGRAMME

18:00–20:30 Welcome Reception at House of Blackheads (Pikk 26, Tallinn)

http://www.mustpeademaja.ee/?lang=en

PROGRAMME

09:00–10:00 Registration and morning coffee at Nordic Hotel Forum (Viru väljak 3, Tallinn)

http://www.nordichotels.eu/en/

BVC 2015 program on Thu 17.09.2015

BVC 2015 program on Fri 18.09.2015

Tallinn’s Brotherhood of the Blackheads was guild for unmarried merchants and shipowners.There is no clear answer as to the founding of the brotherhood. The oldest original docu-ment mentioning the Blackheads is the broth-erhood’s contract with the Tallinn Dominican monastery from March 28, 1400. This contract affirms the Blackheads’ right to the religious paraphernalia they had deposited at the Do-minican St. Catherine’s Church. It is surmised, that the contract, an important occasion for the Brotherhood, must have been entered into shortly after the brotherhood was formed. There-fore the founding date of the brotherhood has been set a few months earlier, in the year 1399.

Welcoming wordsAndres Teder, Chairman of The Estonian Association of Appraisers

Greetings from the City of TallinnToomas Sepp, Tallinn City SecretaryJüri Kuuskemaa, Estonian art historian and adviser to the Mayor of Tallinn

Conference moderators:

Tambet Tiits, FRICS, Director General of Land Board of Republic of Estonia

Monica Meldo, Chairman of the organizing committee BVC 2015, Member of the Board of Estonian Association of Appraisers

Changes may be made to the programme


PROGRAMME

10:00–10:10 Welcome to BVC 2015 Estonia! Ando Leppiman, Deputy Secretary General for Energy and Construction of Ministry of Economic Affairs and Communica-tions of Republic of Estonia

PROGRAMME

10:40–11:00 GERMANYProperties in public ownership - Congress Center with RestaurantIna Viebrok-Hörmann, vice chairman of the section real estate valuation in the BVS

11:00–11:20 FINLANDShould a valuer understand a concept of a regional brand? – a proposition for a valuation approachAri Laitala, Mikael Postila, Juhana Hiironen, Dan Häggman, Kauko Viitanen, Aalto University

11:20–11:40 SWEDENValuation of properties in public ownershipLouise Magnusson, DTZ

11:40–11:50 Greetings from the Polish delegation

Welcome to BVC 2016!

11:50–13:00 Lunch

10:10–10:40 TEGoVAThe Influence of EU Regu-lation on Real Estate Valua-tion in Estonia and EuropeKrzysztof Grzesik, FRICS REV, Chairman TEGoVA

THEME 1: Properties in public ownership and applying different valuation approaches



PROGRAMME

13:00–13:20 SWEDENComparison of valuation and lending policies in Germany and SwedenSviatlana Engerstam, Building and Real Estate Economics Royal Institute of Technology (KTH), University of Stockholm

13:20–13:40 USAProperty Value Adjustments based on “Proximity to” and “View of” for Water-fronts, Golf Courses, and Green ways neighboring Properties: A ReviewJay Mittal, PhD; MBA and Sweta Byahut, PhD, Auburn University, Auburn AL

13:40–14:00 POLANDFuel Station Valuation under the Polish and RICS StandardsMirosława Czaplińska,Malgorzata Rymarzak,Dariusz Trojanowski, Department of Investment and Real Estate, University of Gdańsk

14:00–14:20 BULGARIAHighest and best analysisGeorgi Georgiev, Svetozar Atanasov, Chamber of Independent Appraisers

14:20–15:00 Coffee Break

15:00–15:20 FINLANDThe (possible) difference between residential asking price data and open transaction data – case: Helsinki, FinlandMikael Postila, MRICS, Head of Investment Analysis & Research Orava Funds plc, Helsinki

15:20–15:40 BULGARIAAdjusting Market Multiples in Business ValuationVioleta Kasarova, PhD and Nigokhos Kanaryan, PhD, New Bulgarian University

15:40–16:00 ROMANIAThe correlation between corrosion and physical im-pairment in the evaluation process of special con-structions assets – pipeline transportation systemsCiprian Gheorghe, Real Estate Valuer, Full Member of The Romanian Associa-tion of Appraisers ANEVAR, Valahia University of Targo-viste, Ph. D Student

16:00–16:20 LITHUANIAThe dynamics of companies business value in Lithuania

Jurgita Banytė, NEWSEC

THEME 2: The valuation of business assets and businesses, including tangible and intangible assets, goodwill and trademarks



PROGRAMME

16:20–16:40 ESTONIACAPM versus Expert Opinion: Evidence from the survey of Estonian com-mercial real estate marketKaia Kask, PhD, Priit Sander, PhD, Mark Kantšukov, MA, Faculty of Economics and Business Administration, University of Tartu

PROGRAMME

17:00–17:20 ESTONIATransferring real estate held for investment purposesUrmas Võimre, BDO Estonia

17:20 Closing session

16:40–17:00 ESTONIASpecific Issues Regarding to the Valuation for Finan-cial Reporting PurposesBarbara Asu, BDO Estonia and Maarja Pärs, LHV Pank

19:30–23:00 BVC 25 & EKHÜ 20 Conference dinner at Nordic Hotel ForumWe will be marking two important anniversaries:1) Baltic Valuation Conference – 25 years2) Estonian Association of Appraisers – 20 years

Performers, live music band, awards, surprises, DJ

THEME 3: Taking the taxation of investment properties (commercial and residential) related to sale and lease valuations into account


BVC 2015 program on Sat 19.09.2015

PROGRAMME

12:00Auditorium Arcturus

Professional site visit and networking in Tallinn

Geoinfo systemAndres Juss, Director, Valuation Department,Land Board of the Republic of Estonia

Expert appraisal (structure, digital signing)Aivar Tomson, DTZ


13:30 Transport from Nordic Hotel Forum to Seaplane Harbour

15:30 Snacks

16:00 Back to the Hotel

25th baltic valuation conference 2015...and nigokhos kanaryan, phd, new bulgarian university...

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