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The education of the real estate professional is changing and aligning itself more closely with the world of business.

This book takes a new approach to property appraisal by exploring the pricing mechanism in this changing context. It:

develops the notion of the pricing mechanism in relation to property

covers practical issues of comparison and the real problems in applying valuation theory

explores calculati*** - including social and environmental worth - ignored in other texts

As real estate professionals now advise both on strategic and operational ***ects of built assets, they must take into account practices of other investment markets and see investors as competitors to owner-occupiers. Both owner-occupiers and investors have to assess accurately how their buildings perform but also be aware of wider sustainability issues, and social and environmental resp***ibilities.

Real Estate Appraisal: from value to worth meets these new demands by examining the latest techniques of the marketplace; developing an understanding of both market appraisal and worth; and highlighting the emerging role of sustainability as a driver for decision-*** in real estate.

Written by a group of highly experienced lecturers and professionals at the cutting edge of investment practice, the book has an accessible style and authoritative coverage, for both students and practitioners facing changes in established ways of working.

Preface

Acknowledgements

About the authors

1 Introducing concepts of value and worth

　1.1　Real estate: an introduction to the economic concepts

　1.2　Aims of the book

　1.3　New influences on the real estate market

　1.4　Structure of the book

　1.5　Worth v. price v. value: definiti***

　1.6　Conventional approaches to establishing value

　1.7　Additional approaches to appraisal

　1.8　An introduction to the drivers for DCF

　1.9　Summary

2 Introduction to the purchase decision

　2.1　Introduction

　2.2　Criteria for purchase: the investment purchaser

　2.3　Criteria for purchase: occupational property

　2.4　The purchase transaction process

　2.5　The regulatory framework

　2.6　Due diligence and legal issues

　2.7　Summary

　Property investment: placing property within the multi-asset investment spectrum

　3.1　Introduction

　3.2　A comparative ***ysis of investment media

　3.3　An introduction to investment ***ysis and pricing

　3.4　Definiti*** and *** examples of financial return

　3.5　Property yields and returns

　3.6　Yield and return distinguished

　3.7　Compounding and discounting

　3.8　Discounted cash flow (DCF)

　3.9　An introduction to the imperfecti*** of the property market as compared with the equities and bonds market

　3.10 Property as an asset class compared with gilts and equities

　3.11 The place of property within the multi-asset portfolio

　3.12 Summary

4 The market appraisal approach: rental value

　4.1　Introduction

　4.2　Types of rent

　4.3　Assessing rental value

　4.4　Establishing rental value

　4.5　The principle of rental value established through comparison

　4.6　Challenges in assessing with reference to comparison

　4.7　Non-standard leases

　4.8　Establishing rental value where headline rents are used

　4.9　The comparative approach: a reservation

　4. l0 Continental European leases - an overview of the differences

　4.11 Conclusion

5 Assessing capital value: ***ysing discount rates

　5.1　Introduction

　5.2　The valuation yield

　5.3　The years purchase multiplier

　5.4 Gilt yields

　5.5　Index-linked gilts and strips

　5.6　Property yields relative to gilts yields: the risk premium calculation

　5.7　Property equity ***ysts' approach

　5.8　Risk adjusted discount rate

　5.9　Unbundling a valuation yield to derive the implied rate of rental growth

　5.10　The individual investor's required rate of return or choice of discount rate

　5.11　Pay back and discounted pay back

　5.12　Certainty equivalent

　5.13　Risk adjusted discount rate v. certainty equivalent

　5.14　Freehold valuation approaches

　5.15　Summary

6 Issuesofleasehold appraisal

　6.1　The nature of leasehold interests

　6.2　Leasehold value: the profit rent

　6.3　Inherent disadvantages of leasehold interest compared to a freehold interest

　***　A wasting asset and the need for replacement of capital

　6.5　Establishing capital value for a leasehold interest

　6.6　The conventional or historic perspective

　6.7　Summary

7 Structuring investment appraisals to determine investment worth

　7.1　Introduction

　7.2　The efficient market hypothesis

　7.3　The efficient market hypothesis in a property market context

　7.4　The worth approach - discounted cash flow ***ysis

　7.5　Introduction to property discounted cash flows

……

8 Rish within the appraisal and worth process

9 Occupational property: decision-*** and appraisat

10 Funding and financial structrues

11 Measuring return

12 Handling risks within the portfolio

13 Forecasting

Appendix A: Valuation and finance formulae

Appendix B: Worked examples in the chapters: how to download spreadsheets from the web site

Index

Professor Sarah Sayce is Head of the School of Surveying at Kingston University in which capacity she is resp***ible for a suite of undergraduate and postgraduate programmes and for the research programmes. She is a Chartered Surveyor and after some years

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书籍介绍

The education of the real estate professional is changing and aligning itself more closely with the world of business.

This book takes a new approach to property appraisal by exploring the pricing mechanism in this changing context. It:

* develops the notion of the pricing mechanism in relation to property

* covers practical issues of comparison and the real problems in applying valuation theory

* explores calculati*** - including social and environmental worth - ignored in other texts

As real estate professionals now advise both on strategic and operational ***ects of built assets, they must take into account practices of other investment markets and see investors as competitors to owner-occupiers. Both owner-occupiers and investors have to assess accurately how their buildings perform but also be aware of wider sustainability issues, and social and environmental resp***ibilities.

Real Estate Appraisal: from value to worth meets these new demands by examining the latest techniques of the marketplace; developing an understanding of both market appraisal and worth; and highlighting the emerging role of sustainability as a driver for decision-*** in real estate.

Written by a group of highly experienced lecturers and professionals at the cutting edge of investment practice, the book has an accessible style and authoritative coverage, for both students and practitioners facing changes in established ways of working.

For ***ing material please go to www.blackwellpublishing.com/sayce