ABSTRACT
This chapter explains how property is valued and developments are appraised. It describes the role and activities of the valuer or appraiser and examines the use of different methods of valuation and appraisal. A valuation or appraisal is at the heart of many of the property decisions that owners and occupiers make when they buy, sell, improve or develop property. For certain types of valuation, valuers work to standards laid down by relevant international or national bodies. A busy valuation practice is monitoring the catchment area for information which can be analysed to provide a justification or confirmation of a valuer’s views on capital or rental trends or a recognition of sharp changes in, or a flatness of the market. The residual approach is used to value building land, i.e., land with planning permission or the prospect of the developer obtaining planning permission.
