Valuation and appraisal are key processes in property and asset valuation. Valuation focuses on the professional assessment of the condition, value and quality of specific assets, in accordance with well-defined standards and procedures. Valuation, on the other hand, is concerned with determining the financial value of an asset based on various factors such as market conditions, demand and supply. These processes are crucial in purchase, sale, financial and legal transactions and also play a role in resolving disputes over property rights and values. Professional valuation and appraisal require specialised knowledge and skills and are important for economic transparency and fairness in various business areas.