Introduction to Property Valuation

This chapter provides an introduction to the subject of Property Valuation.1 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 Market Value, Investment Value 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.