I refer to the letter by John Consiglio (November 3). He seems to be under a misconception about the nature of valuations which basically seek to establish the market value of a property under certain conditions.

A valuation is quite different from the process of quantity surveying, i.e. measurement and pricing, and excludes, among other things, the law of supply and demand.

Market value is the capital sum or the annual rental, which at a particular time, on specified terms and subject to legislation, should be asked or paid for a particular interest in a property. In transactions carried out under compulsory powers the assumption of a willing seller and a willing buyer is made.

It is not the function of valuers to make properties accessible to first-time buyers, no matter how desirable this may be. They do not make the market value; they merely assess it, at a point in time, to the best of their ability.

Since Malta joined the EU our market has become wider. Overseas buyers can buy – sometimes have to buy or rent – our properties, and we can buy or rent properties overseas.

Naturally the parameters have changed, the goalposts have been moved. The prices of eggs in wartime went up twentyfold.

The social level of all prices is a matter of national interest but it is not the function of valuers.