Property Valuation, 3rd Edition

Property Valuation, 3rd Edition

by Peter Wyatt
Released October 2022
Publisher(s): Wiley-Blackwell
ISBN: 9781119767411

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Book description

PROPERTY VALUATION

The new edition of the popular ‘all-in-one’ textbook on the valuation and appraisal of property, offering a more international perspective on valuation practice

Property Valuation 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.

The 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.

  • Addresses the key challenges faced by valuation professionals in a single, up-to-date volume
  • Combines academic coverage of principles with practical coverage of valuation applications
  • Incorporates consideration of non-market value, including countries where land is seldom sold yet has social and environmental value
  • Contains a wealth of well-developed worked examples and classroom-proven teaching and learning devices
  • Includes access to a companion website with supporting material for students and lecturers

Property Valuation, Third Edition 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.

Table of contents

  1. Cover
  2. Title Page
  3. Copyright Page
  4. Preface
  5. About the Companion Website
  6. Section A: Valuation Principles
    1. Chapter 1: Property Rights and Property Value
      1. 1.1 Property rights
      2. 1.2 Property value
      3. 1.3 Property valuation
      4. References
      5. Note
    2. Chapter 2: The Economics of Property Value
      1. 2.1 Introduction
      2. 2.2 Land as a resource
      3. 2.3 Supply and demand, markets and equilibrium price determination
      4. 2.4 The property market and price determination
      5. 2.5 Location and land use
      6. 2.6 Economics of property development
      7. 2.7 Non‐market concepts of value
      8. References
      9. Notes
    3. Chapter 3: Property Markets
      1. 3.1 Introduction
      2. 3.2 Property markets
      3. 3.3 Property markets interaction
      4. References
      5. Note
    4. Chapter 4: Valuation Mathematics
      1. 4.1 Introduction
      2. 4.2 The time value of money
      3. 4.3 Single‐sum investments
      4. 4.4 Multi‐period investments
      5. 4.5 Timing of receipts
      6. 4.6 Yields
      7. 4.7 Rates of return
      8. 4.A Appendix 4A
      9. 4.B Appendix 4B
      10. References
      11. Questions
      12. Answers
      13. Notes
    5. Chapter 5: Valuation Process and Governance
      1. 5.1 Valuation process
      2. 5.2 Valuation governance
      3. 5.3 Valuation systems
      4. 5.4 Conclusion
      5. References
      6. Notes
  7. Section B: Valuation Approaches and Methods
    1. Chapter 6: Market Approach
      1. 6.1 Introduction
      2. 6.2 The comparison method
      3. 6.3 Hedonic regression method
      4. References
      5. Questions
      6. Answers
      7. Notes
    2. Chapter 7: Income Approach
      1. 7.1 Introduction
      2. 7.2 Income capitalisation method
      3. 7.3 Discounted cash‐flow method
      4. 7.4 Profits method
      5. References
      6. Questions
      7. Answers
      8. Appendix
      9. Notes
    3. Chapter 8: Cost Approach
      1. 8.1 Introduction
      2. 8.2 Replacement cost method
      3. 8.3 Residual method
      4. References
      5. Questions
      6. Answers
      7. Notes
  8. Section C: Valuation Application
    1. Chapter 9: Valuation of Investment Property
      1. 9.1 Introduction
      2. 9.2 Analysis of rents
      3. 9.3 Analysis of yields
      4. 9.4 Market valuation of investment property
      5. 9.5 Investment valuation of investment property
      6. References
      7. Questions
      8. Answers
      9. 9.A Appendix: valuation of residential dwellings let on long leases
      10. Notes
    2. Chapter 10: Valuation of Development Property
      1. 10.1 Introduction
      2. 10.2 Market valuation of development property
      3. 10.3 Investment valuation of development property
      4. References
      5. Questions
      6. Answers
      7. 10.A Appendix – example development cash flow
      8. 10.B Appendix: contaminated land
    3. Chapter 11: Valuations for Financial Statements and for Secured Lending
      1. 11.1 Valuing property for financial statements
      2. 11.2 Valuing property for secured lending purposes
      3. References
      4. Questions
      5. Answers
      6. 11.A Other circumstances where valuations are required for financial statements in the United Kingdom
      7. 11.B Valuation of a hotel refurbishment for secured lending purposes
      8. Note
    4. Chapter 12: Valuations for Land and Property Taxation
      1. 12.1 Introduction
      2. 12.2 A land tax or a land and property tax?
      3. 12.3 Types of land and property taxes
      4. 12.4 Land and property taxation in England and Wales
      5. References
      6. Questions
      7. Answers
      8. Notes
    5. Chapter 13: Valuations for Expropriation
      1. 13.1 Introduction
      2. 13.2 Valuation for expropriation
      3. 13.3 Valuations for compulsory purchase and planning compensation in England
      4. 13.4 Planning compensation in England
      5. References
      6. Questions
      7. Answers
      8. Notes
    6. Chapter 14: Valuation Variance, Risk and Optionality
      1. 14.1 Introduction
      2. 14.2 Valuation accuracy and valuation variance
      3. 14.3 Analysing risk
      4. 14.4 Flexibility and options
      5. 14.5 Uncertainty
      6. References
      7. Questions
      8. Answers
  9. Appendix AppendixLand Uses and Valuation Methods
    1. A.1 Agriculture and fisheries
    2. A.2 Forests and woodland
    3. A.3 Natural resource extraction – water, minerals and other materials
    4. A.4 Recreation and leisure
    5. A.5 Utilities and infrastructure
    6. A.6 Residential
    7. A.7 Community services
    8. A.8 Land and buildings with (Re)development potential
    9. References
    10. Notes
  10. Glossary
  11. Index
  12. End User License Agreement

Product information

  • Title: Property Valuation, 3rd Edition
  • Author(s): Peter Wyatt
  • Release date: October 2022
  • Publisher(s): Wiley-Blackwell
  • ISBN: 9781119767411