The assessment of worth: the need for standards

David Mackmin (School of Urban and Regional Studies, Sheffield Hallam University, Sheffield, UK and)
Richard Emary (Department of Property, University of Auckland, Auckland, New Zealand)

Journal of Property Investment & Finance

ISSN: 1463-578X

Publication date: 1 February 2000

Abstract

Buy/sell decisions in the property market, as in most markets, are based on individual or professional opinions that the exchange price is below or above the individual’s opinion of worth. This article considers the RICS definition of worth and explores other definitions and meanings in the property investment market. It reviews the current provision for DCF in standards or information papers and concludes that, while the International Valuation Standard Committee’s definition of market value is now recognised on a world basis, confusion over the meaning of “worth” and the use of DCF will continue if similar international standards are not agreed.

Keywords

Citation

Mackmin, D. and Emary, R. (2000), "The assessment of worth: the need for standards", Journal of Property Investment & Finance, Vol. 18 No. 1, pp. 52-65. https://doi.org/10.1108/14635780010316654

Publisher

:

MCB UP Ltd

Copyright © 2000, MCB UP Limited

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