We can say that the history of appreciation goes back to the very old times of history. The first valuations are made in 1400 BC. The first valuation based on the land mortgage was made in 700 BC. However, the first scientific practices regarding the appreciation of the agricultural enterprises began in the USA and Europe in the mid-19th century. America’s appreciation practices were significantly affected by Europe.
A study by T. Cochran on tax assessment in 1874 focused on establishing a standardized approach to fair and equal taxation. At the same time, the study, which deals with the rent multiplier and purchases price problems, also described the market value. The definition here is, independently and singularly, in the form of the price that arises out of a fraud or fair sale where everyone is in the knowledge.
I. Fisher published his work, The Nature of Capital and Income, in 1906, which is based on the capitalization of the proceeds used today.
Richard Ely is not an immovable field of study. She studied Phd in Germany, dealing with social and economic issues in the field of land economy.
W. W. Pollock and K. W. Scholz, in their 1926 publication The Science and Practice of Urban Land Valuation, further developed their economic theories that Marshall and Cassel would have long-term normal costs equal to normal prices. This theory further developed economic theories that would later be equal to uneven and estimated prices. This theory was later widely adopted in the 1929 crisis when irregular and estimated difficult prices emerged. Based on this understanding, the re-building cost approach is the most reliable approach in valuation. It is stated that the collaboration of Pollock and academician Schoz, who is a manager in the appraisal sector, is a perfect example of the transition from theory to implementation.
Interest continued in the development of real estate valuation methods following the 1929 crisis and important works were produced by F. M. Babcock and J. C. Bonbright and another practitioner. F. M. Babcock discussed the issues in terms of economic theory. His book, which was published in 1932, is considered to be one of the milestones in real estate valuation in the 20th century.