Reed, LLKleynhans, TE2010-09-302010-09-302010-03Reed, LL and Kleynhans, TE. 2010. Highest and best use decision-making in a multifunctional agricultural land market. Australia and New Zealand Property Journal, Vol. 2(5), pp 297-305http://hdl.handle.net/10204/4427Copyright: 2010 Australian Property Institute and the Property Institute of New ZealandThis article takes a closer look at the choice of a HBU in agricultural land valuation practice in the presence of alternative land uses. This is done through a critical overview of the relevant valuation literature, with specific reference to the concepts of HBU and market value and problems associated with the application of these terms within the valuation context. The need for deferring the decision of a HBU, together with the use of a multiple perspective approach to inform the choice of a HBU are discussed as ways to deal with uncertainties and complexities associated with the valuation of agricultural land where alternative uses are present. Additional and improved information in valuation reports, complemented with comprehensive analysis will also assist in better decision-making by the users of these reports.enAgriculture landMultifunctional agricultural land marketAgricultural economicsArticleReed, L., & Kleynhans, T. (2010). Highest and best use decision-making in a multifunctional agricultural land market. http://hdl.handle.net/10204/4427Reed, LL, and TE Kleynhans "Highest and best use decision-making in a multifunctional agricultural land market." (2010) http://hdl.handle.net/10204/4427Reed L, Kleynhans T. Highest and best use decision-making in a multifunctional agricultural land market. 2010; http://hdl.handle.net/10204/4427.TY - Article AU - Reed, LL AU - Kleynhans, TE AB - This article takes a closer look at the choice of a HBU in agricultural land valuation practice in the presence of alternative land uses. This is done through a critical overview of the relevant valuation literature, with specific reference to the concepts of HBU and market value and problems associated with the application of these terms within the valuation context. The need for deferring the decision of a HBU, together with the use of a multiple perspective approach to inform the choice of a HBU are discussed as ways to deal with uncertainties and complexities associated with the valuation of agricultural land where alternative uses are present. Additional and improved information in valuation reports, complemented with comprehensive analysis will also assist in better decision-making by the users of these reports. DA - 2010-03 DB - ResearchSpace DP - CSIR KW - Agriculture land KW - Multifunctional agricultural land market KW - Agricultural economics LK - https://researchspace.csir.co.za PY - 2010 T1 - Highest and best use decision-making in a multifunctional agricultural land market TI - Highest and best use decision-making in a multifunctional agricultural land market UR - http://hdl.handle.net/10204/4427 ER -