THE CONCEPT OF MARRIAGE VALUE IN PROPERTY INVESTMENT VALUATION – MYTH OR REALITY

Bioye Tajudeen Aluko, Benjamin Gbolahan Ekemode and Daramola Thompson Olapade

AfRES from African Real Estate Society (AfRES)

Abstract: Where two real properties, either physically or legally, merged into one, the new one produces a higher value than the values of both when they are separately sold. The excess in value is known as marriage value (UK). This concept has been closely linked with “abutment value” or “enhancement value” (USA); and, at times, confused with “monopoly value” in the literature. Besides, its valuation had become a mirage in practice and requires careful thought of appropriate methodology that will capture value to be estimated. However, appraisal literature is filled with methodologies that hardly work in reality. Through interactions with focused groups of senior estate surveyors and valuers that had practiced for not less than two decades in Nigeria, the authors seek to develop more consistent and descriptive ways of handling marriage valuation.

Keywords: concept; estate surveyor and valuer; marriage value; Methodology; real property (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2016-09-01
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