ABSTRACT
In recent years critical attention has been given to valuation methods both from within the valuation profession and from other quarters, particularly the financial sector. This has occurred for various reasons. There have been sharp variations in property values which have led to property transactions attracting considerable attention. There has been a growing involvement by institutional and overseas investors who have invested significant funds in property. Public interest in and awareness of property has been fostered by press commentaries, with most of the national newspapers carrying regular property articles. The importance of property to the economy is now clearly recognised: a fact that was highlighted by the collapse of the property market after 1973, 1990 and 2007 when many companies were at risk, even though they were not in business as property companies. Indeed, many companies have substantial property interests as a natural consequence of their activities, and some companies have a property portfolio rivalling that of the major property companies and institutions in value and quality.
