Property valuation is more important than ever due to several reasons:

1. Economic uncertainty: In times of economic uncertainty, such as during the COVID-19 pandemic, property valuation becomes crucial. The value of real estate can fluctuate significantly during economic downturns, making it essential for property owners, investors, and lenders to have an accurate valuation to make informed decisions. For example, a property owner may need to determine the value of their property for refinancing or selling purposes, while an investor may want to assess the potential return on investment before making a purchase.

2. Changing market conditions: Property valuation helps individuals and businesses understand the current market conditions and make informed decisions accordingly. Real estate markets can vary greatly from one location to another, and even within the same city, there can be significant differences in property values. By having an accurate valuation, property owners can determine the optimal price for selling or renting their property, while buyers can assess whether a property is priced fairly. For instance, a property valuation can help a homeowner determine if it's the right time to sell their property or if they should wait for the market to improve.

3. Investment decisions: Property valuation is essential for investors looking to make profitable real estate investments. Investors rely on accurate valuations to assess the potential return on investment, determine the purchase price, and evaluate the feasibility of a project. For example, a real estate developer may need a valuation to decide whether to proceed with a new development or to determine the profitability of a potential project. Additionally, property valuation is crucial for property investment funds, REITs, and institutional investors to evaluate their portfolios' performance and make strategic decisions.

4. Risk management: Accurate property valuation plays a significant role in risk management for lenders, insurers, and other stakeholders. Lenders need to assess the value of a property when granting loans, as it determines the loan-to-value ratio and the borrower's ability to repay. Insurers also rely on property valuations to determine the appropriate coverage and premiums. For example, if a property is undervalued, the insurance coverage may not be sufficient to cover potential damages or losses.

5. Financial reporting and taxation: Property valuation is crucial for financial reporting purposes, especially for companies with real estate assets. Accurate valuations are required to determine the fair value of properties, which impacts financial statements, balance sheets, and the overall financial health of the organization. Additionally, property valuation is essential for property tax assessments, as it determines the tax liability for property owners. Governments rely on property valuations to ensure fair taxation and to generate revenue for public services.

In conclusion, property valuation is more important than ever due to economic uncertainty, changing market conditions, investment decisions, risk management, and financial reporting requirements. Accurate valuations provide individuals, businesses, and governments with the necessary information to make informed decisions and manage their assets effectively.

Note: The answer provided is based on general knowledge and understanding. It is always recommended to consult with professionals, such as real estate appraisers or financial advisors, for specific valuation needs or requirements.