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　　分類: 图书,进口原版书,经管与理财 Business & Investing ,

作者： Professor Sarah Sayce 著

出 版 社：

出版时间： 2006-12-1字数：版次： 1页数： 340印刷时间： 2006/06/01开本：印次：纸张： 胶版纸I S B N ： 9781405100014包装： 平装内容简介

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 calculations - including social and environmental worth - ignored in other texts

As real estate professionals now advise both on strategic and operational aspects 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 responsibilities.

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-making 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.

作者简介

Professor Sarah Sayce is Head of the School of Surveying at Kingston University in which capacity she is responsible for a suite of undergraduate and postgraduate programmes and for the research programmes. She is a Chartered Surveyor and after some years in practice she moved into teaching and research. She has published widely on many aspects of commercial property from portfolio management to leisure property and sustainability.

目录

Preface

Acknowledgements

About the authors

1 Introducing concepts of value and worth

1.1Real estate: an introduction to the economic concepts

1.2Aims of the book

1.3New influences on the real estate market

1.4Structure of the book

1.5Worth v. price v. value: definitions

1.6Conventional approaches to establishing value

1.7Additional approaches to appraisal

1.8An introduction to the drivers for DCF

1.9Summary

2 Introduction to the purchase decision

2.1Introduction

2.2Criteria for purchase: the investment purchaser

2.3Criteria for purchase: occupational property

2.4The purchase transaction process

2.5The regulatory framework

2.6Due diligence and legal issues

2.7Summary

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

3.1Introduction

3.2A comparative analysis of investment media

3.3An introduction to investment analysis and pricing

3.4Definitions and simple examples of financial return

3.5Property yields and returns

3.6Yield and return distinguished

3.7Compounding and discounting

3.8Discounted cash flow (DCF)

3.9An introduction to the imperfections 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

4.1Introduction

4.2Types of rent

4.3Assessing rental value

4.4Establishing rental value

4.5The principle of rental value established through comparison

4.6Challenges in assessing with reference to comparison

4.7Non-standard leases

4.8Establishing rental value where headline rents are used

4.9The comparative approach: a reservation

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

4.11 Conclusion

5 Assessing capital value: analysing discount rates

5.1Introduction

5.2The valuation yield

5.3The years purchase multiplier

5.4 Gilt yields

5.5Index-linked gilts and strips

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

5.7Property equity analysts' approach

5.8Risk adjusted discount rate

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

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

5.11Pay back and discounted pay back

5.12Certainty equivalent

5.13Risk adjusted discount rate v. certainty equivalent

5.14Freehold valuation approaches

5.15Summary

6 Issuesofleasehold appraisal

6.1The nature of leasehold interests

6.2Leasehold value: the profit rent

6.3Inherent disadvantages of leasehold interest compared to a freehold interest

6.4A wasting asset and the need for replacement of capital

6.5Establishing capital value for a leasehold interest

6.6The conventional or historic perspective

6.7Summary

7 Structuring investment appraisals to determine investment worth

7.1Introduction

7.2The efficient market hypothesis

7.3The efficient market hypothesis in a property market context

7.4The worth approach - discounted cash flow analysis

7.5Introduction to property discounted cash flows

……

8 Rish within the appraisal and worth process

9 Occupational property: decision-making 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

 

 

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