Standard 22 is a rigorous appraisal guideline introduced in 2014 to enhance transparency and provide accurate information regarding the legal and planning status of land. Its goal is to offer potential land buyers practical tools and a precise valuation of the land they intend to purchase. By doing so, the public is encouraged to rely on accurate, impartial assessments rather than market-driven information, ensuring a more informed decision-making process.
Standard 22 greatly reduces the risks associated with land purchases. Under this standard, appraisers are required to thoroughly review the plans presented by the party marketing the land. If the appraiser determines that the plan is likely to be approved and feasible, they must detail all the steps required for approval, including interactions with planning committees, the Israel Land Authority, and other relevant authorities. Additionally, the appraiser must estimate the time needed to complete these processes and project the land’s future value. This standard provides significant assurance to investors by offering a clearer understanding of the land’s potential and timeline.