Also known as the Open Market Value, and it is deemed the fair price for a property if sold in normal circumstances; i.e. the seller is not in a distressed situation, and the market is operating under normal conditions. The RICS definition is; The estimated amount for which a property should exchange on the date of valuation between 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.