Chapter 1
Introduction to Property Valuation
This chapter provides an introduction to the subject of Property Valuation. A definition of the valuation requirement (i.e. the valuation subject, purpose and date, and the value to be estimated) is provided. In the sections that follow, a focus is made on the several basis of value, in particular distinguishing between MarketValue, InvestmentValue and other commonly used definitions. Finally, a brief description is given of the leading associations that operate in the field of Property Valuation and aim to raise operating standards and standardise international valuation practices.
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