Dept. of Construction Economics and Management course

This course in property valuation theory and practice covers: The Valuer; Valuation Theory - concepts and historical development; Accuracy of Valuations; The Surveyor General; Register of Deeds; Local Authorities; Town Planning Schemes; the Valuer's Records; Factors Affecting Supply and Demand in the Property Market; Different Types of Fixed Property; Factors Influencing the Value of Property; Approaches to the Valuation of Property; the Valuation Report. Potential and its Influence on Value: Legal Concept of Potential; Economic Concept of Potential; Potential for an Alternative Use; Redevelopment Potential; Quantifying the Influence of Potential on Value; Highest and Best Use of a Property; Under-improved Property; Over-improved Property; "Wrong" or Inappropriate Development; Influence of Re-zoning on Value. Methods of Valuation I: Sales, Cost and Income Methods of Valuation. Valuation of Residential Properties: Definition of a Residential Property; Valuation Approach; Sources of Information; the Valuation Process; Limitations on Use and Development; Unimproved Properties; Improved Properties; Valuation of Township Developments including Developers' Interests. Valuation of Income Producing Properties I: Influence of Leases on Value; Valuation of Leasehold Interests; Valuation of Income Producing Properties; Overview of Capitalisation Rates and their Use in the Valuation of Income Producing Properties. South African Legislative Environment: Relevant legislation and its application to the Valuation Process. Case Law: Relevant Case Law as it pertains to the Valuation of Property. Expropriation: Legislation; Valuation for Expropriation; Valuation of Servitudes. ARGUS - Valuation DCF Software: Use of the ARGUS software for the valuation of property.