What does the term 'market value' mean in the context of SA property valuation?
Correct Answer
D) The likely price between a willing buyer and seller at arm's length after proper marketing.
Market value is defined as the estimated amount for which a property should exchange on the date of valuation between a willing buyer and seller in an arm's length transaction, after proper marketing, where each party acts knowledgeably and without compulsion.
Why This Is the Correct Answer
Market value is the estimated price at which a property would change hands on the valuation date between a willing buyer and a willing seller, at arm's length, after proper marketing, with both acting knowledgeably and without compulsion.
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