The estimation of market value must involve an analysis of………The MARKET!  As such, the analysis involves consideration of the following factors:

Purchase price of the subject property;
Comparables (i.e. sales evidence of other properties; and
Market trend (are property prices over time rising, stable or declining?)

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One may have noticed this phenomenon in our Valuation Reports when the inferred value of a building is different than the reported insurance recommendation/replacement cost.  This is because the replacement cost is determined by other factors unrelated to determinants of market value, and generally involves an analysis of cost estimates from various sources.

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When reporting a market value (MV) of land and building, a single value is provided.  The main reason for this is the simple fact that a building cannot be sold without the land.  Another reason is that the sales evidence to which a Valuer would rely to determine MV do not distinguish between the price for land and the price for building.