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Question 2: （Max 2000 words） Deadline: 15 Dec 2021 on-line submission
Real Estate Valuation Methods and Approaches
According to the Red Book Global Standards by Royal Institution of Chartered Surveyors (RICS), valuations are required of different interests in different types of assets for a range of different purposes. Given this diversity, the approach to the estimation of value in one case may well be inappropriate in another, let alone the actual method(s) or technique(s) used. The overall valuation approach is usually classified into one of three main categories:
- The comparison method or market approach is based on comparing the subject asset with identical or similar assets (or liabilities) for which price information is available, such as a comparison with market transactions in the same, or closely similar, type of asset (or liability) within an appropriate time horizon.
- The investment method or income approach is based on capitalization or conversion of present and predicted income (cash flows), which may take a number of different forms, to produce a single current capital value. Among the forms taken, capitalization of a conventional market-based income or discounting of a specific income projection can both be considered appropriate depending on the type of asset and whether such an approach would be adopted by market participants.
- The contractor’s method or cost approach is based on the economic principle that a purchaser will pay no more for an asset than the cost to obtain one of equal utility whether by purchase or construction.
Question 2 Tasks:
You are required to value different types of properties using the three real estate valuation methods mentioned above in respect of the following issues:
- Discuss the purpose of real estate valuation and the differences of the three real estate valuation methods mentioned above in valuing different types of real estate properties (20%);
- Articulate (with more details given) how to implement the three real estate valuation methods mentioned above for valuing different types of real estate properties (e.g., residential flats, commercial building, or government building), with possible examples and calculations (40%);
- Propose any alternative (new) valuation method(s) to the existing one or any possible improvement strategy that can enhance the valuation/estimation, providing justifications (40%).