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  • in this paper we conceptualizing of the gross value development to assess direct damages and the need to restore lost, destroyed and damaged real estate
The paper deals with the conceptualization of the gross development value to assess direct damages and the restoration needs of lost, destroyed and damaged real estate as a result of armed aggression. A critical review of the existing practice of assessing property damage has been carried out. The measurement units of direct damages and the restoration needs, the evidence base used, the valuation methods for the determination of property damage are analyzed. The methodological potential of compounded cash flow models and the criteria for assessing their reliability is substantiated. A system of valuation models for calculating direct damages and restoration needs is proposed, depending on the category of real estate and market conditions at the valuation date. These valuation models are relatively simple to implement and understandable to the intended users of property damage valuation reports.
The authors express their gratitude to the President of the Association of Independent Appraisers of Georgia Nino Beraia, PhD, MRICS, REV, for his support and attention to our study.
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