In Germany Market Value and “Verkehrswert” are to be used synonymously.
According to § 16 Pfandbriefgesetz the "market value is the estimated amount for which a property serving as collateral could exchange on the date of valuation be¬tween a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion." *
TEGoVA (European incorporation of the association of real estate appraisers): "The Market Value shall declare the price a property or real estate, on the date of the valuation, according to a private contract between an alienator and an independent acquiring party, ought to be sold for, whether the object had been offered on the public market beforehand and the market requirements have been allowing a proper disposal including an appropriate timeframe according to the property type, it must be at the acquiring party’s disposal." **
Please refer to the following website for further information | www.tegova.de.
The valuation of the market value is based on the national and international valuation processes.
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* Source: Regulation on the Determination of the Mortgage Lending Value (Beleihungswertermittlungsverordnung)
** Source: EUROPEAN VALUATION STANDARDS der TEGoVA, sechste Ausgabe, 2009