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14-04: Guide to the Valuation of Unregistered Land
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Introducing a Guide to the Valuation of Unregistered Land
1Global Property Advisory, Australia; 2South Pacific Property Advisors, Fiji; 3UN-HABITAT/GLTN; 4FIG
For years now, authors of this paper have reported in conferences such as this upon the difficulties of valuing property rights over real estate when there is little or no evidence available to support any such valuation. Because no two pieces of land are identical to one another, these difficulties are endemic in the land valuation profession. However, markets differ markedly in terms of degrees of difficulty of reading them. Amongst the most difficult in that respect can be valuations of unregistered land.
A major variable in terms of those degrees of difficulty is the transparency and accountability of the land information infrastructure for that market. But that is by no means the only one, because markets emerge from free relationships between people, not machines. If a transaction is not the result of free and usual engagement by willing, knowledgeable and prudent parties by the standards of the market concerned, then it is not evidence of market value. If it is such a transaction, and meets the other requirements of the IVSC definition of market value, then it is evidence of value.
This paper introduces a guidebook for the valuation of such land.