Fair market value and its application in the Kenyan valuation practice

Abstract

Value has different meanings to different people depending on their professions, and terms of reference. To valuers the term value represents the market value that a property would sell at the open market bearing in mind that the buyer and seller have perfect knowledge of the market conditions. The study is an attempt to assess the use and the perception of fair market value. It investigates the valuation process and the problems the valuers are facing in determination of fair market value'within the valuation framework. If two valuers are given the same property to val,ue under the same conditions, they come up with :,1 differences. ~i•. The study aims to investigate the causes ofthesJ differences of values of the Same property valued by different valuers and how they can be minimized '.. Lastly the researcher recommends on the ways in which the differences can be minimized within the valuation frame work.