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Property Valuation and Pricing (Part 2) (eBook, PDF)

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There are three words in common parlance in the English language (and other languages) can commonly be used interchangeably. These are "e;price"e;, "e;value"e; and "e;worth"e;. Yet in the context of property (and economics), the words have distinct meanings.1. Price is the actual observable figure at which a property asset is sold in the open market. By definition, it is an historic fact and can only be observed once the sale has been made. 2. (Market) Value is an estimate of price where there is no actual sale. It is a proxy. An estimate of the figure that would be pai...

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