VALUE OF LAND: ACT OF GOD OR MAN

Abstract

From what we have derived from our surveys and interviews, it is generally believed that many factors affecting our valuation and perception of land are results of man's actions, i.e. controllable by man. Some of the factors considered 'important' by our respondents are 1) land use, 2) plot ratio, 3) location, 4) surrounding amenities and 5) neighbouring infrastructure; and these are usually recognized as artificial elements. This is notable due to the fact that agriculture, the industry that is most affected by natural factors and conditions is on a downturn as compared to other sectors such as commercial and industrial, which are more lucrative. Urbanization and advancements made in technology has played a part in it. As such, land has taken on a different meaning altogether and thus its value changes accordingly. In this dissertation, we have discovered that value of land may not be entirely within Man's grasp after all. This is basically due to the fact that we are still very much dependent on our natural environment and what we inherit from God. For example, even land policies implemented by various governments may not be solely decided upon by Man. This is because these policies may consist of various other factors, which we have no control over. Many seemingly changeable factors are disputable as we have shown in this dissertation. Many have overlooked the natural elements of these factors and thus deemed them 'within Man's grasp'. As such we have observed that principles and overview of our present valuation system may have neglected some natural factors that are vital in our valuation of our land.