European Valuation Practice: Theory and Techniques by A. Adair, M.L. Downie, S. McGreal, G. Vos

By A. Adair, M.L. Downie, S. McGreal, G. Vos

The range of valuation perform inside Europe is perceived as an issue in the globalization of estate. This edited textbook examines the perform of genuine property valuation in chosen international locations in Europe. the point of interest is on international locations with good constructed actual property markets during which either foreign and indigenous traders are lively. The booklet is aimed toward genuine property pros, financiers, institutional advisers, estate researchers and scholars who require a better knowing of comparative estate appraisal innovations utilized throughout Europe.

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For this the definition of OMV is amended to include an additional assumption that the market value will be based on the existing use of the property continuing. 2 (RICS Appraisal and Valuation Manual) An opinion of the best price at which the sale of an interest in property would have been completed unconditionally for cash consideration on the date of valuation, assuming: 1. a willing seller; 2. that, prior to the date of valuation, there has been a reasonable period (having regard to the nature of the property and the state of the market) for the proper marketing of the interest, for the agreement of price and terms and for the completion of the sale; 3.

The following chapters, which describe theory and practice in several European countries, illustrate the various indigenous applications of the basic concepts of market value, their associated definitions of market value and their application in practice. W. (1988) The Theory of Land Values—A Reintroduction, The University of Reading, Department of Economics (Discussion Paper No. 34). M. (1983) An Introduction to Post-Keynesian and Marxian Theories of Value and Price, Macmillan Press, London. Ricardo, D.

Similarly, if there is no rental produced, the investment method will also be inappropriate. The profits method could be applied if the property is intrinsically linked to the business carried out in the property; however, where that business is one of production (rather than service) it is difficult to determine the contribution of the property to the overall usage. The plant and machinery contained within is likely to have a greater value to the business than the structure containing it. Thus, once again, the valuer must revert to understanding the thought process of the user of the building.

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