DOI: 10.33917/es-3.195.2024.90-101

The article examines key trends in the development of the Russian appraisal industry in 2023–2024, analyzes problem areas and outlines the points of growth. The author relies on the results of an annual study of the valuation services market, which is conducted by the Rating Center of the Institute for Economic Strategies in order to study the ability of industry companies to adapt to current realities and to identify leaders capable of creating and exploiting high strategic potential. When forming a company profile and constructing a scenario forecast of the company’s strategic potential dynamics, in addition to quantitative indicators, qualitative indicators are analyzed, including the level of the services differentiation, the quality of goal setting, involvement in the activities of professional communities, the company’s attitude to the external environment — from participation in charity programs to attention to details that form the image.

References:

1. 2023 Appraisal Industry Benchmark Report. VALCRE, available at: https://www.valcre.com/2023-appraisal-industry-benchmark-report/

2. Digital Transformation in Appraisals: Preparing for the Future. Aloft, available at: https://www.aloftappraisal.com/blog/digital-transformation-in-appraisals

3. Can artificial intelligence finally provide a fair and efficient appraisal process? American City&County, available at: https://www.americancityandcounty.com/2023/02/23/can-artificial-intelligence-finally-provide-a-fair-and-efficient-appraisal-process/

4. AI in appraisal: Can AI coexist with appraisers in the valuation industry? ValuationReview, available at: https://www.valuationreview.com/VR/appraisaltechnology-

2023.aspx

5. Boris Yatsenko. Seychas vremya sil’nykh natsional’nykh brendov v konsaltinge [Now is the Time for Strong National Brands in Consulting]. Kommersant”, 2023, 31 avgusta, available at: https://www.kommersant.ru/doc/6172853

6. S optimizmom k peremenam [Optimistic for Change]. Kommersant”, 2023, 31 avgusta, available at: https://www.kommersant.ru/doc/6172850

7. Mireille Mathieu. “Quand fera-t-il jour, camarade” (1967). YouTube, available at: https://www.youtube.com/watch?v=fZfbZC-SNus

8. Ekaterina Svinova, Evgeniy Vladimirov. S 2025 goda v EAES nachnet funktsionirovat’ edinyy rynok uslug po otsenke imushchestva [From 2025, a Single

Market for Property Valuation Services will begin to Function in the EAEU]. Rossiyskaya gazeta, 2023, 31 avgusta, available at: https://rg.ru/2023/08/31/s-2025-goda-v-eaes-nachnet-funkcionirovat-edinyj-rynok-uslug-po-ocenke-imushchestva.html

9. 29 marta 2023 goda vstupil v silu novyy federal’nyy standart otsenki “Otsenka intellektual’noy sobstvennosti i nematerial’nykh aktivov (FSO XI)” (utv. prikazom Minekonomrazvitiya Rossii ot 30 noyabrya 2022 g. N 659) [On March 29, 2023, The New Federal Valuation Standard “Valuation of Intellectual Property and Intangible Assets (FSO XI)” Came into Force (approved by order of the Ministry of Economic Development of Russia dated November 30, 2022 No. 659)]. OPEO, available at: http://opeo.ru/01.01.02.03/1486.aspx

DOI: 10.33917/es-3.195.2024.80-85

Among premiums for various types of risks, determining the value of the capitalization/reduction rate in the formulas of the income approach to evaluation and efficiency of investment projects, the premium for country risk occupies a significant place.

At the same time, taken independently, it can be considered as an indicator characterizing the investment attractiveness of the country. The article describes many years of experience in calculating the country risk premium for the Republic of Belarus, the Russian Federation, Ukraine and other countries. The influence of the Russian Special Military Operation in Ukraine on the value of this indicator is demonstrated. The article is intended for financial advisors, appraisers, teachers, students and scientists in the field of finance and valuation, as well as for specialists in related fields of economics.

References:

1. Trifonov N.Yu. Kompleksnaya otsenka nedvizhimosti [Comprehensive Real Estate Valuation]. Ucheb. posobie. Minsk, Vysheyshaya shkola, 2022, 238 p.

2. Trifonov N.Yu. Evolyutsiya ponyatiya “stoimost’” v sovremennoy otsenochnoy deyatel’nosti [Evolution of “Value” Concept in Modern Evaluation Activities].

Ekonomicheskie strategii, 2020, no 4, pp. 96–103, DOI: https://doi.org/10.33917/es-4.170.2020.96-103

3. Trifonov N.Yu. Dokhodnyy podkhod k otsenke stoimosti: poslednie dostizheniya [Income Valuation Approach: Recent Advances]. Ekonomicheskie strategii, 2021, no 3(177), pp. 100–109, DOI: https://doi.org/10.33917/es-3.177.2021.100–109

4. Trifonov N.Yu. Razvitie metoda nakopleniya riskov dlya rascheta stavki kapitalizatsii [Development of the Risk Accumulation Method for Calculating the Capitalization Rate]. Ekonomicheskaya nauka sovremennoy Rossii, 2021, no 1, pp. 7–14, DOI: https://doi.org/10.33293/1609-1442-2021-1(92)-7-14

5. Metodicheskie rekomendatsii po otsenke effektivnosti investitsionnykh proektov (vtoraya redaktsiya) [Methodological Recommendations for Assessing the Effectiveness of Investment Projects (Second Edition)]. Ofitsial’noe izdanie. Ministerstvo econ. RF, Ministerstvo fin. RF i dr.; ruk. avt. kol. Kossov V.V. i

dr. Moskva, Izdatel’stvo economika, 2000, 421 p.

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7. Damodaran, A. Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, 3rd Edition, John Wiley and Sons, Inc., 2012.

8. Ibbotson R.G. Stocks Bonds Bills and Inflation 1996 Yearbook: Market Results for 1926–1995 (Stocks, Bonds, Bills and Inflation (Sbbi) Yearbook. Chicago, The Associates, 1996.

9. Federal Reserve Board – Home, available at: http://federalreserve.gov/

10. Trifonov N.Yu. Premiya za stranovoy risk kak pokazatel’ investitsionnoy privlekatel’nosti (na primere Respubliki Belarus’) [Country Risk Premium as an Indicator of Investment Attractiveness (Case of Republic of Belarus)]. Obshchestvo i ekonomika, 2023, no 8, pp. 112–116, DOI: