Journal ArticleDOI
The Initial Yield Revealed: Explicit Valuations and the Future of Property Investment
Andrew Baum,Bryan D. Macgregor +1 more
TLDR
In this article, the basic principles of property investment are discussed and an explicit valuation procedure which can be used at any level ranging from a single property to the aggregate market may be constructed.Abstract:
Starts from the basic principles of property investment and shows that the initial yield conceals estimates of a risk premium, expected income growth and expected depreciation. Suggests that an explicit valuation procedure which can be used at any level ranging from a single property to the aggregate market may be constructed. Concludes that the surveying profession is under threat from those able to meet the growing demand for such explicit analyses.read more
Citations
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Journal ArticleDOI
Commercial property as an inflation hedge: An Australian Perspective
TL;DR: The authors applied established analytical approaches to Australian data for commercial property in examining its inflation hedging capabilities, and found that Australian property at an aggregate level can provide a good hedge for both expected and unexpected inflation, even after allowing for the effect of tax in reducing investors' returns.
Posted Content
The causes and effects of depreciation in office buildings: a ten year update
Andrew Baum,Anita McElhinney +1 more
TL;DR: In this article, the authors repeat a cross-section analysis of around 125 City of London office buildings, and examine the longitudinal data contributed by a sample of 56 unrefurbished properties common to the 1986 and 1996 datasets.
The Influence of Contemporary Models on Valuation Practice in Nigeria
TL;DR: In this paper, the authors examined the practitioner's awareness, understanding, usage and problems of using any of the contemporary methods, using hypothesis testing concerning proportion in a Bernoulli experiment, revealed that majority of the Nigerian practitioners are not aware of, do not understand, and had not been using any contemporary methods.
Journal ArticleDOI
Property Investment Appraisal
TL;DR: In this article, the authors consider the application of discounted cash flow (DCF) techniques to the analysis of the property investment market and suggest how these formulae may be used for property investment appraisal and risk analysis.
Dissertation
Expertise development in commercial property valuation practice
TL;DR: The results show that where available data is inadequate, valuers solve an overall valuation problem by dividing the problem into a number of sub-problems that are solved by engaging in two main types of thinking: analytical and creative.
References
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Book
Property investment and the capital markets
TL;DR: In this article, the authors discuss the importance of present value, the effect of risk on present value principal issues diversification and portfolio theory the development of capital market theory the capital asset pricing model relaxing the assumptions tests of the property pricing model property and the market portfolio portfolio portfolio expansion and revision criticisms of risk return measures used in property investment analysis.
Book
Property Investment Appraisal
Andrew Baum,Neil Crosby +1 more
TL;DR: In this article, the authors provide a valuable critique of conventional valuation methods and argue for the adoption of more contemporary cash-flow methods, and explain how such valuation models are constructed and give useful examples throughout.
Book
Property Investment Depreciation and Obsolescence
TL;DR: In this article, the authors propose a depreciation sensitive model for the analysis of property investment, which is based on a new variable called depreciation and obsolescence (DVS) variable.