ABSTRACT
Economic theory suggests various concepts of value which will apply to property as a factor of production. Valuation practice has interpreted these concepts and, in many countries, these have been developed into documented bases of value or definitions of value. The aim of such definitions is to communicate to users of the valuation the significance of the valuation figure and to achieve consistency of approach among valuers. Alongside the evolution of value concepts and definitions of value, practitioners in each country have developed valuation methodologies closely linked to the bases of valuation.
