In a real estate market increasingly driven by data, complex negotiations, and stricter investor requirements, independent valuation has evolved from a purely technical step into a strategic element in transactions involving the acquisition, sale, and development of assets.

Within the commercial real estate segment—particularly shopping malls and industrial properties—valuation has become a benchmark for financial decisions, asset pricing, and risk mitigation.

According to Marco Ribeiro, director at Capright, an appraisal conducted by an independent firm reduces conflicts of interest and provides an assessment more aligned with actual market dynamics. Unlike parties directly involved in negotiations, valuers are not subject to pressure to inflate or reduce prices according to the interests of buyers, sellers, landlords, or tenants.

“There is no dependency on the transaction being completed, so the valuation remains free from pressure from buyers, sellers, owners, or tenants,” Ribeiro said in an interview with REsource.

Impartiality becomes increasingly important in a market where asking prices do not always reflect actual transaction values. In some cases, large property owners may raise listing prices, influencing statistical benchmarks and creating an artificial perception of appreciation.

“In certain cases, listings can distort market interpretation. What truly reflects what is happening are the transactions,” he said.

The gap between asking prices and negotiated prices remains one of the main concerns for institutional investors and fund managers. In M&A transactions, for example, independent valuation serves as a benchmark to determine whether an asset’s assigned value aligns with real market behavior.

In recent years, the growth in transactions involving real estate portfolios has increased demand for independent appraisal reports. According to Ribeiro, Capright has participated in valuations tied to recent negotiations involving shopping malls and industrial properties, supporting acquisition, sale, and development decisions.

Among the examples cited was the valuation of the A+ industrial asset in Minas Gerais, whose projected value was less than 1% different from the amount ultimately negotiated.

“When we observe that the report aligned closely with the final transaction, we understand that the valuation successfully captured market dynamics,” he said.