In the name of Allah the Merciful

Property Investment Appraisal

4th Edition Andrew E. Baum, Neil Crosby, Steven Devaney, 1118399552, 1118399536, 9781118399552, 9781118399538, 978-1118399552, 978-1118399538, B08TQGDBXF

English | 2021 | EPUB, Converted PDF | 8 MB

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Discover an insightful examination of the property investment appraisal process from leaders in the industry  

This book explains the process of  property investment appraisal: the process of estimating both the most  likely selling price (market value) and the worth of property  investments to individuals or groups of investors (investment value). 

Valuations are important. They are used  as a surrogate for transactions in the measurement of investment  performance and they influence investors and other market operators when  transacting property. Valuations need to be trusted by their clients  and valuers need to produce rational and objective solutions.   Appraisals of worth are even more important, as they help to determine  the prices that should be paid for assets, even in times of crisis, and  they can indicate market under- or over-pricing.  

In a style that makes the theory as well  as the practice of valuation accessible to students and practitioners,  the authors provide a valuable critique of conventional valuation  methods and argue for the adoption of more contemporary cash-flow  methods. They explain how such valuation models are constructed and give  useful examples throughout.  They also show how these contemporary  cash-flow methods connect market valuations with rational appraisals.  

The UK property investment market has  been through periods of both boom and bust since the first edition of  this text was produced in 1988. As a result, the book includes examples  generated by vastly different market states. Complex reversions,  over-rented properties and leaseholds are all fully examined by the  authors.  

This Fourth Edition includes new  material throughout, including brand new chapters on development  appraisals and bank lending valuations, heavily revised sections on  discounted cash flow models with extended examples, and on the  measurement and analysis of risk at an individual property asset level.  The heart of the book remains the critical examination of market  valuation models, which no other book addresses in such detail.