ABSTRACT
This chapter draws heavily on Parker, International Valuation Standards: A Guide to the Valuation of Real Property Assets, which is duly acknowledged rather than individually referenced through the chapter and to which readers are referred for a deeper consideration of valuation principles under International Valuation Standards. The advent of International Valuation Standards and their accepted dominance over regional and national standards is a result of globalisation, which has increasingly gained pace since the end of the Second World War, accelerated by the later twentieth-century developments in communications, computing and the advent of the Internet which facilitated even greater global connectivity in banking, finance and investment contributing to the current very high level of inter-connectedness between the world's major economies, painfully evident during the contagion of the Global Financial Crisis and COVID-19 Pandemic.
