By Peter Wyatt
This e-book presents a unmarried textual content for postgraduate research of valuation on actual property classes. After a normal creation to the valuables marketplace and the commercial rules that underlie valuation, it introduces the idea of valuation as a suite of research innovations for opting for and knowing marketplace indications in a monetary context. the ultimate part of the e-book, describes the 3 different types of marketplace avid gamers who depend on valuation suggestion – the developer, investor and occupier.
* 'all in one' textual content for postgraduate learn of valuation on genuine property courses
● units valuation in its company finance context
● basic and available layout utilizing attempted and verified educating and studying devices
● Balanced remedy of concept and perform – with vast use of examples
● Accompanying site with functions: www.blackwellpublishing.com/wyatt
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Additional info for Property Valuation: In an Economic Context
Consequently property investments resemble a bond-type investment between rent reviews. Indeed, because rent reviews are almost always upward-only in the UK, if the market rent falls below the rent currently being paid by the tenant, the cash-flow has all the characteristics of a conventional fixed income bond where risk exposure depends almost entirely on the quality of the tenant. In contrast to bonds and equities, property represents a tangible investment asset that needs to be managed and maintained in order to secure a steady income stream.
The other important point to note is the rate of return on gilts provides a comparative reference for other investments because, in terms of security and liquidity, government bonds are regarded as risk-free. 2 Equities Chapter 1 An equity investment has none of the contractual certainty or specificity of a debt investment such as a bond (Appraisal Institute, 2001). Ordinary shares in companies can be purchased through a stock market or via a broker. Investors effectively own a share of the company’s assets, that is, its equity, subject to prior claims of operating expenses and debt service, and will receive a regular income or dividend (based on company profits), usually twice a year.
For occupiers, property represents a factor of production, the bid-price (rental value if let or capital value if purchased) that will depend on the specific use to which it is put; that is, its value to the business – this is what we have been discussing in the microeconomics section. Developers and investors, on the other hand, regard property as an investment opportunity and investment value will depend on its capacity to deliver a satisfactory return. But it should be remembered that the ability of a property to provide a satisfactory return to investors and developers is predicated on its value to users/occupiers, thus rental value is the key financial driver of commercial property market activity in all sectors.