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Like any other market, the real estate market registers a continuous evolution, acting like a sensitive barometer to the economic fluctuations and being seriously affected by economic, social and political factors. Whatever the economic situation might be, the evaluation of real estate properties is done in conformity with the International Valuation Standards (IVS), standards that are perpetually revised. Since 2004, IVSs have experienced numerous revisions, the latest done in 2011, and changes are both formal as well as substance related. The cost approach is one of the three methods for evaluating real estate properties and it applies to situations where there are a limited number of transactions and when market approach and income approach are not applicable. The hereby study undertakes to show the novelties attained by means of the cost approach in evaluating real estate properties.
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Creţu et al. (2012) studied this question.
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