ABSTRACT
In Africa, the valuation profession and valuation practice are still evolving except in a few countries such as South Africa, and to some extent in countries like Zimbabwe. In Africa, outside South Africa, Zimbabwe traditionally had one of the oldest and most advanced valuation profession and other real estate-related professions such as rural and town planning, engineering and land surveying. According to the Food and Agriculture Organization of the United Nations (UN FAO) and the International Federation of Surveyors (FIG) compensation should reflect all the assets that were affected by the compulsory acquisition or purchase, including the land and improvements. The absence of a market for a property, business to be compensated may be encountered in some instances. One of the principles underlying the determination of fair market value for compensation is the concept of highest and best use (HABU). The amount of compensation must be subject to prompt review by a judicial authority or another competent and independent authority.
