Defvas Project In Partnership with TEGoVA and the IRRV EUROPEAN VALUATION STANDARD 1 MARKET VALUE

Defvas Project In Partnership with TEGoVA and the IRRV INTRODUCTION Market value Value The market value of an asset The ultimate test for market value

Defvas Project In Partnership with TEGoVA and the IRRV SCOPE EU legislation Real estate and related property rights Marketable Marked distinction The range of assumptions

Defvas Project In Partnership with TEGoVA and the IRRV TEGoVAs APPROVED DEFINATION OF MARKET VALUE Market value means Directive 2006/48/EC Market rent Acted knowledgeably, prudently and without compulsion

Defvas Project In Partnership with TEGoVA and the IRRV DEFINITION OF MARKET VALUE IN EU AND EEA LEGISLATION There are several definitions of market value within EU legislation The Capital Requirements Directive definition Articles 84 to 89 of the Directive State Aid Communication and the Insurance Accounts Directive VAT definition EU accounting definition

Defvas Project In Partnership with TEGoVA and the IRRV COMMENTARY The advantage of the definition used in EVS1 over the other available EU definitions The definition in EVS1 The result The real property being valued The transaction The date of valuation The parties – hypothetical, willing and competitive The marketing The parties consideration of the matter Other matters