ABSTRACT
Airports often evolve over many years from their original air force and defence role to commercial hubs or regional assets. This means that the value of the land and even the cost of the runway may never have been paid for by more recent owners. Valuation is generally not needed as long as the airport is fully owned by local or central government. However, once it is necessary to sell shares in an airport or group of airports a valuation is required. This may be performed by the seller or potential buyers, most likely by both. The sale may be of a minority or majority to private interests, the general public or a combination of the two. Whatever the case, the sale has been defined as privatisation (see Chapter 8).
