Читать книгу Advanced Issues in Property Valuation - Hans Lind - Страница 16

Different countries have somewhat different definitions of market value, and valuers in the specific market have to follow the local practice in the interpretation of market value. The arguments above concerning clarity, conciseness and relevance, however, point in the direction of a simpler definition. The market value could be defined as

The most probable price, as of a specified date, in an arm's‐length transaction after proper marketing given current market conditions and the expected level of turnover.

Even if this proposed definition differs somewhat from the official IVSC and US definitions above, our belief is that valuers in practice actually follow this shorter definition. They estimate a market value on a property given current market conditions even if the competitiveness on the market is rather low. They do not investigate how rational buyers and sellers have been in earlier transaction, unless there have been extreme conditions of some kind. But if there have been extreme conditions in a certain transaction, such a transaction should in any case be given little weight when the market value is estimated as the definition refers to the most probable price.