Edition 2020 Ninth edition

4. Commentary
4.1. General
4.1.1. 
The advantage of the definition of Market Value used in EVS 1 over other available 
EU definitions is that it more clearly sets out the key concepts involved, namely:
•
The result;
•
The real property being valued;

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European Valuation Standards 2020
I.A. - EVS 1: Market Value
31
•
The transaction;
•
The date of valuation;
•
The nature of the hypothetical parties as willing and competitive;
•
The necessary marketing;
•
The consideration of the market by the parties.
4.2. The result
4.2.1. 
"The estimated amount …" — This refers to a price expressed in terms of money 
(normally in the local currency), payable for the property in a transaction between 
parties acting independently of each other. Market Value is measured as the most 
probable price reasonably obtainable in the market at the date of valuation on the 
assumptions of the Market Value definition. It is the best price reasonably ob-
tainable by the seller and the most advantageous price reasonably obtainable by 
the buyer.
4.2.2. 
This estimate specifically excludes an estimated price inflated or deflated by 
any special terms or circumstances such as financing which are not typical, sale 
and leaseback arrangements, special considerations or concessions granted by 
anyone associated with the sale, or any elements of Special Value.
4.2.3. 
Market Rent is measured as the most probable rent reasonably obtainable in the 
market at the date of valuation on the assumptions of the Market Rent definition. 
It is the best rent reasonably obtainable by the lessor and the most advantageous 
rent reasonably obtainable by the intending tenant.