{"product_id":"property-valuation-isbn-9781119767411","title":"Property Valuation","description":"\u003cb\u003ePROPERTY VALUATION\u003c\/b\u003e \u003cp\u003e\u003cb\u003eThe new edition of the popular ‘all-in-one’ textbook on the valuation and appraisal of property, offering a more international perspective on valuation practice\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003ci\u003eProperty Valuation\u003c\/i\u003e provides a comprehensive examination of property valuation principles, methods, issues and applications of the valuation and appraisal of commercial and industrial property across investment, development and occupier markets. With a clear writing style, this easily accessible textbook presents valuation from the client perspective, offering balanced coverage of the theory and practice of single-asset pricing, risk and return issues. \u003c\/p\u003e\u003cp\u003eThe updated third edition reflects significant developments that have occurred in valuation over the past several years, particularly the expanding internationalisation of the valuation profession and the growing interest in valuation practice in emerging economies. Greater emphasis is placed on international content and context, such as the challenges of real estate asset valuation in countries with developing market economies, to offer a more global view of valuation practice. Throughout this edition, chapters link the most recent academic research to practical applications, incorporate the latest professional guidelines and standards and address land and property taxation, compulsory acquisition of land, the valuation of non-market goods and services and key valuation challenges with a more international perspective.  \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eAddresses the key challenges faced by valuation professionals in a single, up-to-date volume\u003c\/li\u003e \u003cli\u003eCombines academic coverage of principles with practical coverage of valuation applications\u003c\/li\u003e \u003cli\u003eIncorporates consideration of non-market value, including countries where land is seldom sold yet has social and environmental value\u003c\/li\u003e \u003cli\u003eContains a wealth of well-developed worked examples and classroom-proven teaching and learning devices\u003c\/li\u003e \u003cli\u003eIncludes access to a companion website with supporting material for students and lecturers\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003e\u003ci\u003eProperty Valuation, Third Edition\u003c\/i\u003e is an excellent textbook for advanced undergraduate and graduate courses including real estate finance, real estate economics, property surveying, valuation and land economics in the UK, Europe and North America. It is also a valuable resource for early-career practitioners preparing for professional competency assessments as well as those studying property valuation and appraisal in developing countries and emerging economies. \u003c\/p\u003e\u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSECTION A VALUATION PRINCIPLES 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1 Property Rights and Property Value 3\u003c\/p\u003e \u003cp\u003e1.1 Property rights 3\u003c\/p\u003e \u003cp\u003e1.1.1 Tenure 4\u003c\/p\u003e \u003cp\u003e1.1.2 Property rights in England 6\u003c\/p\u003e \u003cp\u003e1.2 Property value 8\u003c\/p\u003e \u003cp\u003e1.2.1 Extent of property rights 9\u003c\/p\u003e \u003cp\u003e1.2.2 Security of property rights 11\u003c\/p\u003e \u003cp\u003e1.2.3 Physical and geographical characteristics 13\u003c\/p\u003e \u003cp\u003e1.3 Property valuation 13\u003c\/p\u003e \u003cp\u003e1.3.1 Market transactions 14\u003c\/p\u003e \u003cp\u003e1.3.2 Investment decisions 15\u003c\/p\u003e \u003cp\u003e1.3.3 Compensation 15\u003c\/p\u003e \u003cp\u003e1.3.4 Land and property taxation 16\u003c\/p\u003e \u003cp\u003e1.3.5 Accounting, lending and insurance 16\u003c\/p\u003e \u003cp\u003eNote 18\u003c\/p\u003e \u003cp\u003eReferences 18\u003c\/p\u003e \u003cp\u003e2 The Economics of Property Value 19\u003c\/p\u003e \u003cp\u003e2.1 Introduction 19\u003c\/p\u003e \u003cp\u003e2.2 Land as a resource 19\u003c\/p\u003e \u003cp\u003e2.3 Supply and demand, markets and equilibrium price determination 21\u003c\/p\u003e \u003cp\u003e2.4 The property market and price determination 22\u003c\/p\u003e \u003cp\u003e2.4.1 The property market 22\u003c\/p\u003e \u003cp\u003e2.4.2 Price determination in the land market 23\u003c\/p\u003e \u003cp\u003e2.4.3 Price determination in the property (land and buildings)\u003c\/p\u003e \u003cp\u003emarket 26\u003c\/p\u003e \u003cp\u003e2.5 Location and land use 29\u003c\/p\u003e \u003cp\u003e2.6 Economics of property development 36\u003c\/p\u003e \u003cp\u003e2.6.1 Type and density of development 36\u003c\/p\u003e \u003cp\u003e2.6.2 Timing of development 38\u003c\/p\u003e \u003cp\u003e2.7 Non-market\u003c\/p\u003e \u003cp\u003econcepts of value 40\u003c\/p\u003e \u003cp\u003eNotes 42\u003c\/p\u003e \u003cp\u003eReferences 42\u003c\/p\u003e \u003cp\u003e3 Property Markets 45\u003c\/p\u003e \u003cp\u003e3.1 Introduction 45\u003c\/p\u003e \u003cp\u003e3.2 Property markets 46\u003c\/p\u003e \u003cp\u003e3.2.1 Occupier market 47\u003c\/p\u003e \u003cp\u003e3.2.2 Investment market 59\u003c\/p\u003e \u003cp\u003e3.2.3 Development market 63\u003c\/p\u003e \u003cp\u003e3.3 Property markets interaction 69\u003c\/p\u003e \u003cp\u003eNote 72\u003c\/p\u003e \u003cp\u003eReferences 72\u003c\/p\u003e \u003cp\u003e4 Valuation Mathematics 75\u003c\/p\u003e \u003cp\u003e4.1 Introduction 75\u003c\/p\u003e \u003cp\u003e4.2 The time value of money 76\u003c\/p\u003e \u003cp\u003e4.3 Single-sum\u003c\/p\u003e \u003cp\u003einvestments 77\u003c\/p\u003e \u003cp\u003e4.4 Multi-period\u003c\/p\u003e \u003cp\u003einvestments 78\u003c\/p\u003e \u003cp\u003e4.4.1 Level annuities 78\u003c\/p\u003e \u003cp\u003e4.4.2 From a level annuity to a growth annuity 82\u003c\/p\u003e \u003cp\u003e4.5 Timing of receipts 83\u003c\/p\u003e \u003cp\u003e4.6 Yields 84\u003c\/p\u003e \u003cp\u003e4.7 Rates of return 85\u003c\/p\u003e \u003cp\u003eNotes 90\u003c\/p\u003e \u003cp\u003eReferences 91\u003c\/p\u003e \u003cp\u003e5 Valuation Process and Governance 101\u003c\/p\u003e \u003cp\u003e5.1 Valuation process 101\u003c\/p\u003e \u003cp\u003e5.1.1 Confirm instruction and agree terms of engagement 101\u003c\/p\u003e \u003cp\u003e5.1.2 Inspect the property 103\u003c\/p\u003e \u003cp\u003e5.1.3 Gather and analyse comparable evidence 104\u003c\/p\u003e \u003cp\u003e5.1.4 Establish basis of value 106\u003c\/p\u003e \u003cp\u003e5.1.5 Make assumptions and special assumptions as\u003c\/p\u003e \u003cp\u003eappropriate 109\u003c\/p\u003e \u003cp\u003e5.1.6 Select valuation approach(es) and method(s) and\u003c\/p\u003e \u003cp\u003eundertake the valuation 110\u003c\/p\u003e \u003cp\u003e5.1.7 Produce a valuation report 110\u003c\/p\u003e \u003cp\u003e5.2 Valuation governance 112\u003c\/p\u003e \u003cp\u003e5.2.1 Standards of conduct 113\u003c\/p\u003e \u003cp\u003e5.2.2 Valuation process standards 115\u003c\/p\u003e \u003cp\u003e5.2.3 International valuation standards 115\u003c\/p\u003e \u003cp\u003e5.2.4 National valuation standards 116\u003c\/p\u003e \u003cp\u003e5.3 Valuation systems 117\u003c\/p\u003e \u003cp\u003e5.3.1 Information systems 119\u003c\/p\u003e \u003cp\u003e5.3.2 Valuation capacity 121\u003c\/p\u003e \u003cp\u003e5.3.3 Professional valuers associations 122\u003c\/p\u003e \u003cp\u003e5.4 Conclusion 125\u003c\/p\u003e \u003cp\u003eNotes 127\u003c\/p\u003e \u003cp\u003eReferences 127\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSECTION B VALUATION APPROACHES AND METHODS 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6 Market Approach 131\u003c\/p\u003e \u003cp\u003e6.1 Introduction 131\u003c\/p\u003e \u003cp\u003e6.2 The comparison method 132\u003c\/p\u003e \u003cp\u003e6.2.1 Collect comparable evidence of market transactions 132\u003c\/p\u003e \u003cp\u003e6.2.2 Identification of value-significant\u003c\/p\u003e \u003cp\u003echaracteristics 134\u003c\/p\u003e \u003cp\u003e6.2.3 Adjustment of value-significant\u003c\/p\u003e \u003cp\u003echaracteristics 139\u003c\/p\u003e \u003cp\u003e6.3 Hedonic regression method 150\u003c\/p\u003e \u003cp\u003e6.3.1 Simple linear regression 151\u003c\/p\u003e \u003cp\u003e6.3.2 Multiple linear regression 156\u003c\/p\u003e \u003cp\u003eNotes 168\u003c\/p\u003e \u003cp\u003eReferences 168\u003c\/p\u003e \u003cp\u003e7 Income Approach 173\u003c\/p\u003e \u003cp\u003e7.1 Introduction 173\u003c\/p\u003e \u003cp\u003e7.2 Income capitalisation method 174\u003c\/p\u003e \u003cp\u003e7.2.1 Perpetual annuities (freeholds) 175\u003c\/p\u003e \u003cp\u003e7.2.2 Annuities with a term certain (leaseholds) 179\u003c\/p\u003e \u003cp\u003e7.3 Discounted cash-flow method 183\u003c\/p\u003e \u003cp\u003e7.3.1 A discounted Cash-Flow valuation model 184\u003c\/p\u003e \u003cp\u003e7.3.2 Perpetual annuities 190\u003c\/p\u003e \u003cp\u003e7.3.3 Annuities with a term certain 193\u003c\/p\u003e \u003cp\u003e7.4 Profits method 195\u003c\/p\u003e \u003cp\u003e7.4.1 Method 196\u003c\/p\u003e \u003cp\u003eNotes 204\u003c\/p\u003e \u003cp\u003eReferences 204\u003c\/p\u003e \u003cp\u003e8 Cost Approach 235\u003c\/p\u003e \u003cp\u003e8.1 Introduction 235\u003c\/p\u003e \u003cp\u003e8.2 Replacement cost method 236\u003c\/p\u003e \u003cp\u003e8.2.1 Replacement cost 236\u003c\/p\u003e \u003cp\u003e8.2.2 Depreciation 237\u003c\/p\u003e \u003cp\u003e8.2.3 Land value 240\u003c\/p\u003e \u003cp\u003e8.2.4 Application of the replacement cost method 242\u003c\/p\u003e \u003cp\u003e8.2.5 Issues arising from the application of the replacement\u003c\/p\u003e \u003cp\u003ecost method 243\u003c\/p\u003e \u003cp\u003e8.3 Residual method 245\u003c\/p\u003e \u003cp\u003e8.3.1 Basic residual technique 246\u003c\/p\u003e \u003cp\u003e8.3.2 Basic residual profit appraisal 254\u003c\/p\u003e \u003cp\u003e8.3.3 Discounted cash-flow\u003c\/p\u003e \u003cp\u003eTechnique 255\u003c\/p\u003e \u003cp\u003eNotes 260\u003c\/p\u003e \u003cp\u003eReferences 260\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSECTION C VALUATION APPLICATION 271\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9 Valuation of Investment Property 273\u003c\/p\u003e \u003cp\u003e9.1 Introduction 273\u003c\/p\u003e \u003cp\u003e9.2 Analysis of rents 274\u003c\/p\u003e \u003cp\u003e9.2.1 Rental lease incentives 274\u003c\/p\u003e \u003cp\u003e9.2.2 Capital lease incentives 277\u003c\/p\u003e \u003cp\u003e9.2.3 ‘Surrendered’ leases 280\u003c\/p\u003e \u003cp\u003e9.2.4 Repairs, insurance, and ground rents 281\u003c\/p\u003e \u003cp\u003e9.2.5 Rent-review pattern 283\u003c\/p\u003e \u003cp\u003e9.3 Analysis of yields 284\u003c\/p\u003e \u003cp\u003e9.3.1 Equivalent yield 284\u003c\/p\u003e \u003cp\u003e9.3.2 Weighted average unexpired lease term 285\u003c\/p\u003e \u003cp\u003e9.4 Market valuation of investment property 285\u003c\/p\u003e \u003cp\u003e9.4.1 Voids and break options 285\u003c\/p\u003e \u003cp\u003e9.4.2 Statutory considerations 288\u003c\/p\u003e \u003cp\u003e9.4.3 Over-rented properties 294\u003c\/p\u003e \u003cp\u003e9.4.4 Turnover leases 296\u003c\/p\u003e \u003cp\u003e9.4.5 Long lease investments 299\u003c\/p\u003e \u003cp\u003e9.4.6 Synergistic value 299\u003c\/p\u003e \u003cp\u003e9.5 Investment valuation of investment property 302\u003c\/p\u003e \u003cp\u003e9.5.1 Inputs and assumptions 303\u003c\/p\u003e \u003cp\u003e9.5.2 Investment valuation using a discounted cash flow 306\u003c\/p\u003e \u003cp\u003eReferences 311\u003c\/p\u003e \u003cp\u003e10 Valuation of Development Property 359\u003c\/p\u003e \u003cp\u003e10.1 Introduction 359\u003c\/p\u003e \u003cp\u003e10.2 Market valuation of development property 359\u003c\/p\u003e \u003cp\u003e10.2.1 Comparison method 361\u003c\/p\u003e \u003cp\u003e10.2.2 Residual method 362\u003c\/p\u003e \u003cp\u003e10.3 Investment valuation of development property 369\u003c\/p\u003e \u003cp\u003e10.3.1 Estimating the investment value of development property 369\u003c\/p\u003e \u003cp\u003e10.3.2 Financial appraisals of development property 372\u003c\/p\u003e \u003cp\u003eReferences 381\u003c\/p\u003e \u003cp\u003e11 Valuations for Financial Statements and for Secured Lending 401\u003c\/p\u003e \u003cp\u003e11.1 Valuing property for financial statements 401\u003c\/p\u003e \u003cp\u003e11.1.1 Basis of reporting measurement 402\u003c\/p\u003e \u003cp\u003e11.1.2 Property categorisation 403\u003c\/p\u003e \u003cp\u003e11.1.3 Basis of value 405\u003c\/p\u003e \u003cp\u003e11.1.4 Valuation 407\u003c\/p\u003e \u003cp\u003e11.1.5 Other issues 411\u003c\/p\u003e \u003cp\u003e11.1.6 Example valuations 413\u003c\/p\u003e \u003cp\u003e11.2 Valuing property for secured lending purposes 415\u003c\/p\u003e \u003cp\u003e11.2.1 Professional standards and guidance 416\u003c\/p\u003e \u003cp\u003e11.2.2 Valuation methods for loan security valuations 420\u003c\/p\u003e \u003cp\u003e11.2.3 Example valuation 420\u003c\/p\u003e \u003cp\u003e11.2.4 Reinstatement cost assessment 424\u003c\/p\u003e \u003cp\u003eNote 424\u003c\/p\u003e \u003cp\u003eReferences 424\u003c\/p\u003e \u003cp\u003e12 Valuations for Land and Property Taxation 449\u003c\/p\u003e \u003cp\u003e12.1 Introduction 449\u003c\/p\u003e \u003cp\u003e12.2 A land tax or a land and property tax? 450\u003c\/p\u003e \u003cp\u003e12.3 Types of land and property taxes 452\u003c\/p\u003e \u003cp\u003e12.3.1 Occupation taxes 453\u003c\/p\u003e \u003cp\u003e12.3.2 Transfer and wealth taxes 455\u003c\/p\u003e \u003cp\u003e12.3.3 Betterment taxation 455\u003c\/p\u003e \u003cp\u003e12.4 Land and property taxation in england and wales 456\u003c\/p\u003e \u003cp\u003e12.4.1 Occupation taxes 457\u003c\/p\u003e \u003cp\u003e12.4.2 Transfer and wealth taxes 466\u003c\/p\u003e \u003cp\u003e12.4.3 Betterment taxation in England 469\u003c\/p\u003e \u003cp\u003eNotes 472\u003c\/p\u003e \u003cp\u003eReferences 472\u003c\/p\u003e \u003cp\u003e13 Valuations for Expropriation 477\u003c\/p\u003e \u003cp\u003e13.1 Introduction 477\u003c\/p\u003e \u003cp\u003e13.2 Valuation for expropriation 478\u003c\/p\u003e \u003cp\u003e13.2.1 Valuing property rights that are to be taken or extinguished 478\u003c\/p\u003e \u003cp\u003e13.2.2 Valuing retained property rights 479\u003c\/p\u003e \u003cp\u003e13.2.3 Valuing compensation for disturbance 479\u003c\/p\u003e \u003cp\u003e13.2.4 Valuing customary and informal land for expropriation purposes 480\u003c\/p\u003e \u003cp\u003e13.2.5 Expropriation and non-market value 481\u003c\/p\u003e \u003cp\u003e13.3 Valuations for compulsory purchase and planning compensation in England 482\u003c\/p\u003e \u003cp\u003e13.3.1 Legal background 482\u003c\/p\u003e \u003cp\u003e13.3.2 Compensation for land2 taken (compulsorily acquired) 483\u003c\/p\u003e \u003cp\u003e13.3.3 Identifying the planning position 486\u003c\/p\u003e \u003cp\u003e13.3.4 Compensation for severance and injurious affection 487\u003c\/p\u003e \u003cp\u003e13.3.5 Compensation for disturbance and other losses 491\u003c\/p\u003e \u003cp\u003e13.4 Planning compensation in England 493\u003c\/p\u003e \u003cp\u003e13.4.1 Revocation, modification and discontinuance orders 493\u003c\/p\u003e \u003cp\u003e13.4.2 Purchase notices 493\u003c\/p\u003e \u003cp\u003e13.4.3 Blight compensation 494\u003c\/p\u003e \u003cp\u003eNotes 494\u003c\/p\u003e \u003cp\u003eReferences 495\u003c\/p\u003e \u003cp\u003e14 Valuation Variance, Risk and Optionality 499\u003c\/p\u003e \u003cp\u003e14.1 Introduction 499\u003c\/p\u003e \u003cp\u003e14.2 Valuation accuracy and valuation variance 500\u003c\/p\u003e \u003cp\u003e14.3 Analysing risk 502\u003c\/p\u003e \u003cp\u003e14.3.1 Sensitivity analysis 503\u003c\/p\u003e \u003cp\u003e14.3.2 Scenario modelling 504\u003c\/p\u003e \u003cp\u003e14.3.3 Simulation 506\u003c\/p\u003e \u003cp\u003e14.4 Flexibility and options 511\u003c\/p\u003e \u003cp\u003e14.5 Uncertainty 513\u003c\/p\u003e \u003cp\u003eReferences 515\u003c\/p\u003e \u003cp\u003eAppendix A: Land Uses and Valuation Methods 525\u003c\/p\u003e \u003cp\u003eGlossary 529\u003c\/p\u003e \u003cp\u003eIndex 000\u003c\/p\u003e  \u003cp\u003e\u003cb\u003ePeter Wyatt\u003c\/b\u003e is a Chartered Valuation Surveyor and Professor of Real Estate Appraisal in the Department of Real Estate \u0026amp; Planning at the Henley Business School, University of Reading, UK. He has developed and delivered national and international university programmes at all levels and led national, European, and international real estate research projects. His recent work with UK Government investigated the theory and practice of development viability appraisal in planning policy, and current work with the UN is focusing on the valuation of unregistered land.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eThe new edition of the popular ‘all-in-one’ textbook on the valuation and appraisal of property, offering a more international perspective on valuation practice\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003ci\u003eProperty Valuation\u003c\/i\u003e provides a comprehensive examination of property valuation principles, methods, issues and applications of the valuation and appraisal of commercial and industrial property across investment, development and occupier markets. With a clear writing style, this easily accessible textbook presents valuation from the client perspective, offering balanced coverage of the theory and practice of single-asset pricing, risk and return issues. \u003c\/p\u003e\u003cp\u003eThe updated third edition reflects significant developments that have occurred in valuation over the past several years, particularly the expanding internationalisation of the valuation profession and the growing interest in valuation practice in emerging economies. Greater emphasis is placed on international content and context, such as the challenges of real estate asset valuation in countries with developing market economies, to offer a more global view of valuation practice. Throughout this edition, chapters link the most recent academic research to practical applications, incorporate the latest professional guidelines and standards and address land and property taxation, compulsory acquisition of land, the valuation of non-market goods and services and key valuation challenges with a more international perspective.  \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eAddresses the key challenges faced by valuation professionals in a single, up-to-date volume\u003c\/li\u003e \u003cli\u003eCombines academic coverage of principles with practical coverage of valuation applications\u003c\/li\u003e \u003cli\u003eIncorporates consideration of non-market value, including countries where land is seldom sold yet has social and environmental value\u003c\/li\u003e \u003cli\u003eContains a wealth of well-developed worked examples and classroom-proven teaching and learning devices\u003c\/li\u003e \u003cli\u003eIncludes access to a companion website with supporting material for students and lecturers\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003e\u003ci\u003eProperty Valuation, Third Edition\u003c\/i\u003e is an excellent textbook for advanced undergraduate and graduate courses including real estate finance, real estate economics, property surveying, valuation and land economics in the UK, Europe and North America. It is also a valuable resource for early-career practitioners preparing for professional competency assessments as well as those studying property valuation and appraisal in developing countries and emerging economies.\u003c\/p\u003e","brand":"Wiley-Blackwell","offers":[{"title":"Default Title","offer_id":47989877833957,"sku":"NP9781119767411","price":99.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119767411.jpg?v=1761785762","url":"https:\/\/k12savings.com\/es\/products\/property-valuation-isbn-9781119767411","provider":"K12savings","version":"1.0","type":"link"}