It is now 25 years since the first edition of this book was written, and the objectives of the fifth edition remain the same as those of the first edition, that is to provide "an introduction to and general background reading for the subject of property valuation". It is directed not just at would be surveyors and valuers, but at all those who may be interested in getting an understanding of property valuation.
It is now 25 years since the first edition of this book was written, and the objectives of the fifth edition remain the same as those of the first edition, that is to provide "an introduction to and general background reading for the subject of property valuation". It is directed not just at would be surveyors and valuers, but at all those who may be interested in getting an understanding of property valuation.
This new edition of bestselling textbook Introducing Property Valuationprovides students with a comprehensive introduction to the concepts and methods of valuing real estate, helping them to progress successfully from basic principles to a more sophisticated understanding. Taking a practically oriented rather than purely theoretical approach, the textbook equips readers with the skills to undertake their own valuation calculations. Fully updated to reflect recent developments in regulation and practice, experienced tutor and valuer Michael Blackledge demonstrates how the principles can be applied in professional practice in line with the requirements and guidance provided by the International Valuation Standards Council and the Royal Institution of Chartered Surveyors. Online material accompanies the new edition with Q&As and pre-programmed excel spreadsheets enabling students to prepare their own calculations. The five traditional methods of valuation are outlined and the practical applications of the two main approaches, the comparison and investment methods, are fully explored. The use of discounted cash flow and quarterly in advance calculations, topics which are not always adequately covered elsewhere, are also explained. Accessibly written with a full range of worked examples, case studies, clear chapter summaries and extensive further reading suggestions, this book is essential for any student of real estate and its valuation.
This comprehensive introduction to the concepts and methods of valuing real estate helps students to progress successfully from basic principles to a more sophisticated understanding. Taking a practically oriented rather than purely theoretical approach, this textbook enables you to undertake valuation calculations yourself. Experienced tutor and valuer Michael Blackledge demonstrates how the principles can be applied in professional practice in line with the requirements and guidance provided by the Royal Institution of Chartered Surveyors. The five traditional methods of valuation are outlined and the practical applications of the two main approaches, the comparison and investment methods, are fully explored. The use of discounted cash flow and quarterly in advance calculations, topics which have often been neglected elsewhere, are also explained. Complete with extensive further reading suggestions, a full range of worked examples, clear chapter summaries and additional online exercises, this book is essential for any student of real estate and its valuation.
A practical guide to the best approaches for commercial real estate value assessment Commercial Property Valuation provides a comprehensive examination of principles and methods of determining the accurate value of commercial assets. This invaluable resource covers all key elements of commercial property valuation, including valuation queries, real estate report structure, market analysis, capitalization and discount rates estimation, and more. This book details the economic characteristics unique to commercial property and illustrates property-specific risk factors and mitigation strategies. Drawing from years of professional and academic experience, the authors provide accurate information on multiple valuation approaches suitable for commercial real estate such as sales comparison, income capitalization and residual land value. Favoring real-world practicality over complex formulas, this book provides a powerful set of tools to assist readers in selecting and applying the best valuation approach to various situations. Actual case studies of office buildings, hotels, high street retails, and residential developments allow readers to understand and apply appropriate valuation methodologies. Commercial property is a major investment class that offers abundant opportunities but poses unique risks. Thorough and inclusive knowledge is essential to success in this complex and competitive sector of real estate. This book provides expert coverage of critical topics allowing readers to: Identify the unique economic characteristics and potential risks of commercial real estate valuation and investment Focus on methods specific to commercial real estate valuation Learn how to select and apply the appropriate valuation method in a variety of scenarios Access sample Excel spreadsheets and ancillary online resources including slides and useful Internet links Commercial Property Valuation is an essential resource for investors, appraisers, consultants, accountants, and students in real estate courses.
Discover an insightful new text covering advanced problems in real property valuation In Advanced Issues in Property Valuation, real estate valuation experts and authors Hans Lind and Bo Nordlund provide a deep understanding of the concepts, theories, methods and controversies in property valuation. The book introduces readers to controversies and discussions in real estate valuation, including the relevance of market value for valuation for lending purposes, how uncertainty in property valuations should be interpreted, and the relationship between market value and fair value in financial reporting. Readers will also benefit from the inclusion of: A thorough introduction to the concepts, theories, methods and problems in real estate property valuation An exploration of the relevance of market value for valuation for lending purposes A practical discussion of how uncertainty in property valuations should be interpreted A concise treatment of the relationship between market value and fair value in financial reporting An examination of how concerns about sustainability and other structural changes can affect property valuation Perfect for graduate level students in courses involving valuation or real estate, Advanced Issues in Property Valuation is also an excellent resource for real estate practitioners who wish to update and deepen their knowledge about property valuation.
This concise textbook is a user-friendly introduction to property valuation for students and practitioners who are new to the subject. The text covers the following key areas of study: valuation and markets, methods of valuation, the investment method in detail, taxation and statutory valuations, and the development appraisal and finance. It is packed with worked examples and photos, and covers the five main methods of valuation, their application in a variety of markets and their relation to the wider economic context. It aims to build knowledge and develop a subject vocabulary. This text is aimed primarily at undergraduates or students on postgraduate conversion courses in estate management, property, surveying, planning, design and construction disciplines. Professional advisors such as bankers, financial advisors, accountants, investors, analysts and lawyers should also find this text useful as an aid to their dealings in the property sector. New to this Edition: - Discussion on the impact of sustainability on valuation - End of chapter self-assessment questions provoke reflection with outline answers at the back of the book - Each chapter begins with key aims and a list of key terms with their definitions - Photographs illustrate different property characteristics and settings - Includes even more worked examples, including buy-to-let residential properties and affordable housing
This book discusses the role of the property market cycle in real estate valuation. Challenging traditional property valuation methods that rely on current market conditions and economic trends, this book argues for a re-evaluation of the relationship between property valuation and cycles in property markets. The book is divided into two parts. The first part gathers research on property market cycle analysis and the delicate problems dealing with property market information including the development of the real estate market index, appraisal bias, and the use of time series in plotting the market cycle. The second part proposes several possible modifications to the traditional income approach methodologies, including cyclical capitalization and the hedonic price method. Furthermore, this part also addresses the need for amendments to current s property valuation standards and institutional regulations. Written by an international cross-section of expert voices in market cycles and property valuation, the book is a comprehensive resource for any researcher or upper-level student studying economic volatility.
A user-friendly introduction to property valuation for students and practitioners who are new to the subject. The text is packed with worked examples and photos and covers the five main methods of valuation, their application in a variety of markets and their relation to the wider economic context.
Inhaltsangabe:Abstract: The dissertation analyses whether or not and to what extent the managers of German open-ended property funds see a necessity for amendments to the current German property valuation standards in the context of an increasing demand for European convergence in valuation practice. A critical review of the literature is structured in two chapters: (1) European valuation convergence; and (2) legal background and valuation standards in Germany in a European context. Three main drivers for European convergence have been identified, namely international investment, International Accounting Standards (IAS) and the new Basel Capital Accord. The main standard setting organisations with a European scope are the IVSC, TEGoVA and RICS. German standards are highly regulated by law (BauGB, KAGG, WertV, WertR). However, the relevant valuation basis in Germany mainly complies with its international counterpart. Three methods are outlined in the German standards (WertV), but additional approaches are allowed according to the guidelines (WertR). Systematic differences could be identified between the German investment method and relevant international approaches. The main German specialities in this regard are separation of value for land and building, consideration of only one income (sustainable long-term rent) and arriving at gross values. The Cost Approach is meaningless for the valuation of open-ended funds. Alternative international approaches are Term & Reversion, Layer, Equivalent Yield and DCF. 13 rating scale and 9 open-ended questions were extracted from the above headings and were assessed by 8 managers of open-ended property funds. Further in depth information could be gathered by semi-structured and unstructured interviews with 5 of these managers and 3 valuers. The survey indicated that the German fund managers are quite satisfied with the German standards (WertV) and only minor problems arise. A - 1 - European Convergence in Property Valuation: How do the German Open-Ended Property Funds measure up? need for modification could not be identified. DCF is used occasionally by fund managers, but the appropriateness for neutral valuations is seen with scepticism. Traditional British direct capitalisation methods are unpopular in Germany. Problems arise with the transparency in Germany due to data protection and sometimes with the qualification of German valuers. The emergence of a two tier market (domestic and international) is [...]
