Property Valuation

OPINION: Knight Frank’s Judy R. Kyanda, explains the difference between property cost, price, and market value I have been valuing property for over 25 years, and the recurring and most contentious issue arising out of a valuation report is one of cost vs value. It is assumed by many that the value of a property should equal to or exceed the cost, which is not necessarily true. I will try and explain why. Market value is a professional opinion of what a property would sell for at arm’s length. It is the most probable price that the property will fetch…