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Nick Tyrrell Research Prize winning paper on property valuations

Join us online on Thursday 1 June at 11:00 to hear about the key highlights of the Nick Tyrrell prize winning paper for 2022 on ‘Approaches for Prudent Property Valuations across Europe’. 

The winners of the 2022 prize, Neil Crosby, University of Reading and Professor Aart Hordijk, Tilburg University, (retired) will present the findings from this paper, followed by Q&A session. 


The paper explored previous research on the topic and carried out a detailed analysis of the different concepts of value, analysed the differences between exchange price, through-the-cycle and under-the-cycle methods, and discussed how the new definition of prudent value fitted into these different concepts. It explores recommendations to be made on how the prudent value definition could be applied in practice. The over-riding conclusion is that the prudent value process is a market analysis not a valuation process.

The Nick Tyrrell Research Prize was established in 2011 by the IPF, INREV and SPR to acknowledge innovative and high quality, applied research in real estate investment.

Download an abstract of the winning paper below.