1. INTRODUCTION
Real property plays a great role in every aspect of human being. This role is to mean that, it is used for many purposes. From the purposes of real property, to list some, residential, commercial, recreational purposes are among others (hht: //www.Telegraph. com/). Since real property has a great value, its valuation has a crucial role for many reasons and the level of this valuation varies a cross the world as that of its development. There are challenges that hinder the valuation of real property. In this thesis, the writer conducted a study of the assessment of practice and challenges of residential property valuation for compensation during expropriation in Gimbi town. In this issue, the major points raised were: The implementation …show more content…
Property law governs who may possess and make use of the land. This simple concept includes a broad range of different legal disciplines in the same way; real estate may be either residential or commercial. It can be owned by an individual but used by somebody else through rental agreements and can be also passed between family members through estate planning, or may be owned by more than a person. Housing sector which is residential property, plays a great role directly and considerably to the general production activity that Gross Domestic Product (GDP) is a measure of all goods and services produced in an economy (http://int.search.myway.com/search/GGmain) and homeownership also provides individuals with a way to build up wealth for the future while benefiting from the having of shelter. The Federal Reserve’s Survey of Consumer Finances (1998) shows that home equity (the value of the home net of mortgages) was the largest component of total wealth in US. As indicated here, residential property has crucial role at the national and household …show more content…
It may be related to the fact that land is not a privatized property in Ethiopia, which has resulted in the non-development of prolific real property market in the country. Although the Federal Expropriation Proclamation assumes the existence of certified appraisal professionals and a nationally adopted uniform formula for valuation (Art. 9(1) of Proc. 455/2005), it is not changed in to manuals and office structures. In any case, the Ministry of Federal Affairs has been given the task of developing the capacity of a valuation system in the country, in collaboration with appropriate federal and regional government
Real property plays a great role in every aspect of human being. This role is to mean that, it is used for many purposes. From the purposes of real property, to list some, residential, commercial, recreational purposes are among others (hht: //www.Telegraph. com/). Since real property has a great value, its valuation has a crucial role for many reasons and the level of this valuation varies a cross the world as that of its development. There are challenges that hinder the valuation of real property. In this thesis, the writer conducted a study of the assessment of practice and challenges of residential property valuation for compensation during expropriation in Gimbi town. In this issue, the major points raised were: The implementation …show more content…
Property law governs who may possess and make use of the land. This simple concept includes a broad range of different legal disciplines in the same way; real estate may be either residential or commercial. It can be owned by an individual but used by somebody else through rental agreements and can be also passed between family members through estate planning, or may be owned by more than a person. Housing sector which is residential property, plays a great role directly and considerably to the general production activity that Gross Domestic Product (GDP) is a measure of all goods and services produced in an economy (http://int.search.myway.com/search/GGmain) and homeownership also provides individuals with a way to build up wealth for the future while benefiting from the having of shelter. The Federal Reserve’s Survey of Consumer Finances (1998) shows that home equity (the value of the home net of mortgages) was the largest component of total wealth in US. As indicated here, residential property has crucial role at the national and household …show more content…
It may be related to the fact that land is not a privatized property in Ethiopia, which has resulted in the non-development of prolific real property market in the country. Although the Federal Expropriation Proclamation assumes the existence of certified appraisal professionals and a nationally adopted uniform formula for valuation (Art. 9(1) of Proc. 455/2005), it is not changed in to manuals and office structures. In any case, the Ministry of Federal Affairs has been given the task of developing the capacity of a valuation system in the country, in collaboration with appropriate federal and regional government