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Appraisal of the Market Value of a Property
How much is my property worth?
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Economic definition of Property
Real estate is an asset that reflects the contractual right of ownership and consists of the land, which is a permanent asset, and its component parts (buildings, etc.), which do not have an unlimited life span. Property contains all the factors of production (those means which are used in any productive activity, i.e. land, labour, capital and entrepreneurship). Therefore, the economic definition of property is expressed by the following equation:
Property = Land + Labour + Capital + Entrepreneurship
Definition of the Market Value of Real Estate
Market Value is the estimated price for which a property could be exchanged, at the date of valuation, between a willing buyer and a willing seller, in an arm’s length transaction, after proper marketing and promotion, where the parties have each acted with knowledge, prudence and without compulsion.
Property Valuation Report
A Valuation Report is the written formal presentation of the economic and technical study, in which the Valuer expresses in conclusion, with a documented opinion, his knowledge about the value of a property.
The European Valuation Standards state that the Valuation Report, through its form and terminology, must provide a clear and unambiguous view, with sufficient detail to confirm that all the main points have been covered and that there can be no misunderstanding about the true condition of the property.
If you would like an appraisal of the current market value of your property, please fill in the form above, or contact us.
