A CRITICAL REVIEW OF PROPERTY VALUATION FOR EXPROPRIATION IN ZIMBABWE

Partson Paradza, Joseph Yacim and Benita Zulch

AfRES from African Real Estate Society (AfRES)

Abstract: Purpose: This paper aimed at contributing to the growing academic debate on property valuation for expropriation. Approach/Design: The paper was based on document analysis or archival research approach. Statutes which formed the legal framework that guide property valuation for expropriation in Zimbabwe, was critically reviewed relative to World bank and Food and Agriculture Organisation guidelines, to unravel concordance and or conflicts among laws, so that limitations in the Zimbabwean laws could be remediated. Results/Findings: This study established that the existing property valuation for expropriation in Zimbabwe followed the recommendations of World Bank and FAO. However, there are notable differences especially on estimation of replacement cost value, where depreciation is deducted contrary to World Bank and FAO specifications. Practical Limitation: Though there is no empirical evidence, the study assumed that guidelines provided by World Bank and FAO can be considered as international best practice on property valuation for expropriation in Zimbabwe. Practical Implication: Results of this study is useful to the Zimbabwean Government as it was geared towards bringing a lasting solution to the unresolved decade long land compensation dispute. Originality/Value of Work: Though many studies were done on property valuation for expropriation in many countries, none of the existing literature assessed legal provisions guiding property valuation for expropriation in Zimbabwe. This study seeks to bridge this gap and contribute to existing international debate on compulsory acquisition and compensation.

Keywords: benchmarking; Compulsory Acquisition; expropriation policy; fair compensation; indemnity; legal framework (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2019-09-01
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:afr:wpaper:2019-090

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