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Abstract

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Introduction

According to M-Kawu (The Ground Work Of Property Valuation) Market value is easy to determine when the consumer goods are involved. The sellers and the buyers are in close contact and are therefore aware of what is happening in the market.

No professional is required to advise on the price of a measure of rice in any market. One does not require an expert to tell him the price of an elephant blue detergent in the market. The value or price of the items will come out naturally through the interaction of buyers and sellers.

In the case landed properties the situation is different. The interaction of demand and supply is not obtains in the consumer goods market. The technicalities and imperfections thus necessitate the need of an expert to assess and advise on the price or the market valve of properties. His assessment is an estimate. The accuracy of the estimate depends on the expertise of the valuer. The expertise is in his own professional judgement based on the circumstances surrounding the property and those in the market.