H – Compendium of Real Estate Terms & Concepts

The Concept of Housing (Olusegun, 2015) The World Health Organisation (WHO) (1962 & 1996) defined housing as the physical structure that man uses for shelter, and the environs desired for the physical and mental health and social wellbeing of the family and individuals.

In real estate parlance, the term, ‘highest and best use’ refers to the legally and physically possible use that, at the time of appraisal, is most likely to produce the greatest net return to the land or buildings over a given period of time. The ‘highest and best use’ concept…