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A note on auditing fair value of investment properties 关于投资物业公允价值审计的说明
IF 1.3 Q3 BUSINESS, FINANCE Pub Date : 2021-02-25 DOI: 10.1108/JPIF-01-2021-0009
Bo Nordlund, J. Lorentzon, H. Lind
The purpose of this article is to study how fair values in financial reports are audited.,The study is a qualitative case study based on in-depth interviews.,One important finding is that auditors anchor in the figure presented by the company, and despite the auditing efforts, there is a substantial risk of management bias in the fair values reported. There is a risk for confirmation bias.,Relatively, few respondents were employed in this study, but their background and competence lead to the assessment that the study provides a representative picture of what is being investigated.,Auditors may need to develop ways of performing auditing of fair values to reduce the risks identified in this study.,This study presents a perspective of the auditing process enabling an evaluation of the quality of fair value estimates regarding investment properties in the financial reports. This study also provides users of financial reports as investors, bankers and other institutions with an enhanced understanding of reported estimates of fair (market) values.,Very few studies have investigated how auditors evaluate fair values of investment properties. This study contributes by giving users of financial reports an enhanced understanding of the quality of reported estimates of fair (market) values.
本文的目的是研究如何审计财务报告中的公允价值。本研究是基于深度访谈的定性案例研究。一个重要的发现是,审计人员以公司提供的数字为基础,尽管审计努力,但在报告的公允价值中存在管理偏差的重大风险。存在确认偏误的风险。相对而言,很少的受访者在这项研究中被雇用,但他们的背景和能力导致评估,该研究提供了什么正在调查的代表性图片。,审计师可能需要开发执行公允价值审计的方法,以减少本研究中发现的风险。本研究从审计过程的角度对财务报告中有关投资物业的公允价值估计的质量进行了评价。本研究还为财务报告的使用者(投资者、银行家和其他机构)提供了对报告的公允(市场)价值估计的更好理解。很少有研究调查审计师如何评估投资物业的公允价值。本研究的贡献在于使财务报告的使用者更好地了解所报告的公允(市场)价值估计的质量。
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引用次数: 2
Property investor decisions using income and rental ratio signals 使用收入和租金比率信号的房地产投资者决策
IF 1.3 Q3 BUSINESS, FINANCE Pub Date : 2021-02-19 DOI: 10.1108/JPIF-03-2020-0031
B. Brotman
PurposeThis paper, a case study, aims to consider whether the income ratio and rental ratio tracks the formation of residential housing price spikes and their collapse. The ratios are measuring the risk associated with house price stability. They may signal whether a real estate investor should consider purchasing real property, continue holding it or consider selling it. The Federal Reserve Bank of Dallas (Dallas Fed) calculates and publishes income ratios for Organization for Economic Cooperation and Development countries to measure “irrational exuberance,” which is a measure of housing price risk for a given country's housing market. The USA is a member of the organization. The income ratio idea is being repurposed to act as a buy/sell signal for real estate investors.Design/methodology/approachThe income ratio calculated by the Dallas Fed and this case study's ratio were date-stamped and graphed to determine whether the 2006–2008 housing “bubble and burst” could be visually detected. An ordinary least squares regression with the data transformed into logs and a regression with structural data breaks for the years 1990 through 2019 were modeled using the independent variables income ratio, rent ratio and the University of Michigan Consumer Sentiment Index. The descriptive statistics show a gradual increase in the ratios prior to exposure to an unexpected, exogenous financial shock, which took several months to grow and collapse. The regression analysis with breaks indicates that the income ratio can predict changes in housing prices using a lead of 2 months.FindingsThe gradual increases in the ratios with predetermine limits set by the real estate investor may trigger a sell decision when a specified rate is reached for the ratios even when housing prices are still rising. The independent variables were significant, but the rent ratio had the correct sign only with the regression with time breaks model was used. The housing spike using the Dallas Fed's income ratio and this study's income ratio indicated that the housing boom and collapse occurred rapidly. The boom does not appear to be a continuous housing price increase followed by a sudden price drop when ratio analysis is used. The income ratio is significant through time, but the rental ratio and Consumer Sentiment Index are insignificant for multiple-time breaks.Research limitations/implicationsInvestors should consider the relative prices of residential housing in a neighborhood when purchasing a property coupled with income and rental ratio trends that are taking place in the local market. High relative income ratios may signal that when an unexpected adverse event occurs the housing market may enter a state of crisis. The relative housing prices to income ratio indicates there is rising housing price stability risk. Aggregate data for the country are used, whereas real estate prices are also significantly impacted by local conditions.Practical implicationsRatio trends might enable rea
本文以个案研究的形式,考察收入比和租金比是否跟踪住宅价格峰值的形成及其崩溃。这些比率衡量的是与房价稳定相关的风险。它们可能表明房地产投资者是否应该考虑购买房地产、继续持有房地产还是考虑出售房地产。达拉斯联邦储备银行(Dallas Fed)计算并公布经济合作与发展组织成员国的收入比率,以衡量“非理性繁荣”,这是衡量特定国家住房市场的房价风险的一种指标。美国是该组织的成员之一。收入比率的概念正被重新定义为房地产投资者的买入/卖出信号。设计/方法/方法达拉斯联邦储备银行计算的收入比率和本案例研究的比率都加盖了日期戳,并绘制了图表,以确定是否可以从视觉上检测到2006-2008年的房地产“泡沫和破裂”。使用自变量收入比、租金比和密歇根大学消费者信心指数,对1990年至2019年的数据进行了普通最小二乘回归,将数据转换为对数,并对结构数据进行了回归。描述性统计数据显示,在遭受意外的外源性金融冲击之前,这些比率逐渐上升,而这种冲击经历了几个月的增长和崩溃。有间断的回归分析表明,收入比可以用2个月的先行值来预测房价的变化。房地产投资者在预先设定的限制下逐步提高比率,可能会在达到比率的特定比率时触发卖出决定,即使房价仍在上涨。自变量均显著,但租金率只有采用带时间间隔回归模型才有正确的符号。使用达拉斯联邦储备银行的收入比率和本研究的收入比率计算的房价飙升表明,房地产的繁荣和崩溃发生得很快。当使用比率分析时,繁荣似乎不是房价持续上涨然后突然下跌。随着时间的推移,收入比显著,但租金比和消费者信心指数在多次休息时不显著。研究局限/启示投资者在购买物业时,应考虑邻近住宅的相对价格,以及当地市场的收入和租金比率趋势。较高的相对收入比率可能表明,当意外的不利事件发生时,房地产市场可能进入危机状态。相对房价收入比表明房价稳定风险正在上升。我们使用的是全国的汇总数据,而房地产价格也受到当地条件的显著影响。实际意义比率趋势可能使房地产投资者和房主能够在价格崩溃之前决定何时出售房地产投资并保留财富,否则将导致权益损失。较高的繁荣比率应导致贴现率的增加,从而导致较低的估值,通过公式计算净营业收入股息除以贴现率。它还可以发出何时开始对房地产进行再投资的信号,因为房地产价格正在上涨,与收入相比比率相对较低。社会含义图形描述性描述似乎表明,由于峰值形成和崩溃的速度,政府在峰值形成时对房地产市场进行干预可能是不可能的。预期收入下降将导致收入比率发生变化,并发出房价将开始下降的信号。自2008年以来,美国住房市场的收入和租金比率都在持续上升。独创性/价值在分析中加入了消费者情绪变量。先前的研究人员建议在模型中加入消费者情绪解释变量。为这个变量生成的结果是违反直觉的。联邦住房金融局(FHFA)的价格指数结果与使用标准普尔/凯斯-席勒房价指数时不同,在不同的年份显示了变化。许多先前的研究使用了联邦住房金融局的价格指数。他们强调了与不断变化的繁荣比率水平相关的监管问题。本案例研究将这些想法应用于衡量风险的相对增加,这将影响用于估计住宅物业内在价值的贴现率。
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引用次数: 0
Valuing sustainability in real estate: a case study of the United Arab Emirates 评估房地产的可持续性:以阿拉伯联合酋长国为例
IF 1.3 Q3 BUSINESS, FINANCE Pub Date : 2021-02-12 DOI: 10.1108/JPIF-04-2020-0040
T. Lambourne
PurposeThe purpose of this paper is to determine if there is an impact of sustainability on the market in terms of a green premium or a brown discount on the price of commercial and residential real estate. It also seeks to identify the incentives and barriers for sustainable developments perceived by real estate professionals.Design/methodology/approachThe paper investigates the impact of sustainability features on the valuation of buildings in the United Arab Emirates (UAE). The study uses a qualitative structured questionnaire to determine the views of certified real estate valuers and advisors on this subject.FindingsThe results suggest a green premium of at least 1% in the UAE, coming from both supply-side and demand-side, and in commercial and residential sectors. Key barriers for the recognition of green building value include availability of reliable market data, lack of relevant technical skills and apparent client disinterest. Initiatives that would encourage green buildings include financial incentives for key stakeholders, raising and enforcing building standards, and higher energy prices. This paper identifies policy measures that local authorities may consider in transforming to a more sustainable economy. It is expected that such changes would convey to the real estate industry and affiliated stakeholders the financial benefits to be gained from investing in green buildings.Research limitations/implicationsThe UAE is not a transparent environment in terms of building prices and rents, and it can be challenging even for experienced professionals to determine whether an observed higher value can truly be considered a green premium. The second issue is that the results may be affected by a “voluntary response bias”, whereby recipients who are interested in sustainability are more likely to have responded to the survey.Practical implicationsThis paper identifies policy measures that local authorities may consider in transforming to a more sustainable economy. It is expected that such changes would convey to the real estate industry and affiliated stakeholders the financial benefits to be gained from investing in green buildings.Originality/valueMost research exploring the value of green buildings originates from developed economies and its applicability to the Middle East is questionable due to its differing origins and unusual development path. This article offers new insights into an under-researched market.
目的本文的目的是确定商业和住宅房地产价格的绿色溢价或棕色折扣是否对市场的可持续性产生影响。它还试图确定房地产专业人士认为的可持续发展的激励因素和障碍。设计/方法论/方法本文调查了可持续性特征对阿拉伯联合酋长国(UAE)建筑估价的影响。本研究采用了一份定性的结构化问卷,以确定注册房地产估价师和顾问对此问题的看法。调查结果表明,阿联酋的绿色溢价至少为1%,来自供应端和需求端,以及商业和住宅部门。承认绿色建筑价值的主要障碍包括可靠的市场数据、缺乏相关技术技能以及客户明显不感兴趣。鼓励绿色建筑的举措包括为关键利益相关者提供财政激励、提高和执行建筑标准以及提高能源价格。本文确定了地方当局在向更可持续的经济转型时可能考虑的政策措施。预计这些变化将向房地产行业和附属利益相关者传达投资绿色建筑所带来的经济利益。研究局限性/含义阿联酋在建筑价格和租金方面不是一个透明的环境,即使是有经验的专业人士也很难确定观察到的更高价值是否真的可以被视为绿色溢价。第二个问题是,结果可能会受到“自愿回应偏见”的影响,即对可持续性感兴趣的接受者更有可能对调查做出回应。实际含义本文确定了地方当局在向更可持续的经济转型时可能考虑的政策措施。预计这些变化将向房地产行业和附属利益相关者传达投资绿色建筑所带来的经济利益。原创性/价值大多数探索绿色建筑价值的研究源于发达经济体,由于其起源不同和发展道路不同寻常,其在中东的适用性值得怀疑。这篇文章为一个研究不足的市场提供了新的见解。
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引用次数: 4
Guest editorial 客座编辑
IF 1.3 Q3 BUSINESS, FINANCE Pub Date : 2021-02-10 DOI: 10.1108/jpif-03-2021-171
Larry Wofford, David Wyman, Elaine M. Worzala
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引用次数: 0
Cash flow uncertainty and IPO underpricing: evidence from income guarantee in Thai REITs 现金流的不确定性与IPO抑价——来自泰国REITs收入保障的证据
IF 1.3 Q3 BUSINESS, FINANCE Pub Date : 2021-01-05 DOI: 10.1108/jpif-07-2020-0085
Kanis Saengchote, Chittisa Charoenpanich
PurposeThe purpose of this article is to investigate the relationship between cash flow uncertainty and the underpricing of real estate investment trust (REIT) initial public offerings (IPOs) using hand-collected data on income guarantee in Thailand from January 2005 to December 2019.Design/methodology/approachThis article uses linear regression to determine the relationship between underpricing (initial return) and proxy for cash flow uncertainty (income guarantee), controlling for other factors. Because issuers can use several actions to signal their quality under asymmetric information, the joint decisions are analyzed as simultaneous equations and estimated using three-stage least square (3SLS) to address potential endogeneity concern.FindingsThis article finds that underpricing, on average, is negatively related to income guarantee, which is a proxy for ex ante cash flow uncertainty. The relationship is economically and statistically significant and robust to simultaneous equations estimation. Further investigation shows that REITs with income guarantee tend to have lower systematic risk (measured by CAPM beta) and returns, making the nature of some REITs more debt-like than equity-like.Practical implicationsFor issuers, the result suggests that offering income guarantee (which is more costly for assets with lower quality) can be a useful signal of asset quality to investors and reduce IPO discount. For institutional and retail investors, the results are informative about the risk-return tradeoffs in REIT IPO investment opportunities. Income guarantees makes REIT exposure more fix income-like, so there is a need to consider the credibility of the guarantor as well.Originality/valueThis article is the first to use income guarantee as an ex ante measure of cash flow uncertainty and explicitly investigates its linkage to IPO underpricing. This aspect of uncertainty and IPO underpricing remains little-studied in the academic literature. It also contributes to the growing literature of REIT IPOs in Asia.
本文的目的是利用泰国2005年1月至2019年12月的收入保证数据,研究现金流不确定性与房地产投资信托(REIT)首次公开发行(ipo)定价过低之间的关系。本文使用线性回归来确定定价过低(初始收益)与现金流不确定性代理(收入保证)之间的关系,控制其他因素。由于发行人在信息不对称的情况下可以使用多种行动来表明其质量,因此联合决策被分析为联立方程,并使用三阶段最小二乘法(3SLS)进行估计,以解决潜在的内生性问题。本文发现,平均而言,定价过低与收入保证呈负相关,收入保证是事前现金流不确定性的代表。这种关系在经济上和统计上都是显著的,并且对联立方程估计具有鲁棒性。进一步的研究表明,有收益保障的REITs往往具有较低的系统风险(以CAPM beta衡量)和收益,这使得一些REITs的性质更像债务而不是股权。对于发行人而言,研究结果表明,提供收益保证(对于质量较低的资产来说成本较高)可以向投资者提供资产质量的有用信号,并降低IPO折扣。对于机构投资者和散户投资者而言,研究结果对房地产投资信托基金IPO投资机会的风险回报权衡提供了信息。收入保证使房地产投资信托基金的敞口更像固定收益,因此也需要考虑担保人的信誉。原创性/价值本文首次将收入保证作为现金流不确定性的事前度量,并明确研究了其与IPO定价过低的联系。这方面的不确定性和IPO定价过低在学术文献中仍然很少研究。这也促进了亚洲房地产投资信托基金(REIT) ipo文献的增多。
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引用次数: 4
Property valuation: the hedonic pricing model: the application of search-and-matching models 房产估价:享乐定价模型:搜索匹配模型的应用
IF 1.3 Q3 BUSINESS, FINANCE Pub Date : 2021-01-01 DOI: 10.1108/jpif-12-2020-0138
Gaetano Lisi
PurposeThe aim of this education briefing is to comment upon how basic hedonic pricing models for the valuation of property can be expanded and developed. In this case, the briefing illustrates the use of the new economic approach to the analysis of housing markets, namely the search-and-matching models.Design/methodology/approachThis education briefing discusses the connection of two important economic theories: the hedonic price theory and the search-and-matching theory.FindingsThis education briefing gives an example of a (non-linear) form of the hedonic price function.Practical implicationsIn cases of mass appraisals, hedonic pricing models can provide a broad indication of value across submarkets and this education briefing demonstrates a theoretical model that can be used to provide a theoretical groundwork for the use of a concave hedonic price function in empirical estimates.Originality/valueThis education briefing shows how basic hedonic pricing models can be enhanced by a search-and-matching approach to determine property values.
目的:本教育简报的目的是评论如何扩展和发展用于财产估价的基本享乐定价模型。在这种情况下,简报说明了使用新的经济方法来分析住房市场,即搜索和匹配模型。这个教育简报讨论了两个重要的经济理论的联系:享乐价格理论和寻找与匹配理论。这个教育简报给出了享乐价格函数(非线性)形式的一个例子。在大规模评估的情况下,享乐定价模型可以提供跨子市场价值的广泛指示,本教育简报展示了一个理论模型,可用于为在经验估计中使用凹享乐价格函数提供理论基础。原创性/价值本教育简报展示了如何通过搜索和匹配方法来增强基本的享乐定价模型,以确定财产价值。
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引用次数: 0
Information asymmetry and REITs’ excess dividends: US and European market comparison 信息不对称与REITs超额分红:美国和欧洲市场比较
IF 1.3 Q3 BUSINESS, FINANCE Pub Date : 2020-12-30 DOI: 10.1108/jpif-07-2020-0080
G. Morri, Federico Palmieri, E. Sironi
PurposeThe purpose of this study is to analyze the determinants that lead REITs to pay out more dividends than the required level to retain their tax-favored status. In particular, the focus is on the effect that information asymmetry has on REITs’ excess dividends distribution.Design/methodology/approachA sample of 341 REITs from the USA, France, the UK, Spain, Belgium, Germany, the Netherlands and Italy has been analyzed for the period 2000–2016. Employing multiple linear regression models, the effects of information asymmetry, cash flow, size, ROA, leverage and treasury shares on excess dividends have been explored.FindingsResults indicate that REITs with greater information asymmetry distribute significantly more excess dividends, with superior evidence in Europe than in the USA. Regarding other determinants, cash flow influences excess dividends the most, whereas ROA and common shares repurchase have an inverse relationship with excess dividends.Practical implicationsThe paper explores the effects of excess dividends distribution on the most relevant REITs features. The joint analysis of the European and the US samples allows this study to make a comparison between the two markets and to identify affinities and differences.Originality/valueThe paper tests whether a proxy of asymmetry information plays a role in affecting the excess dividends distribution. In contrast to previous researches, it expands the analysis by comparing the US and European markets to underline any difference in the effect of asymmetry information on excess dividends. The topic has never been investigated before in relation to the European market.
目的本研究的目的是分析导致房地产投资信托基金支付超过所需水平的股息以保持其税收优惠地位的决定因素。重点研究了信息不对称对REITs超额股利分配的影响。设计/方法/方法对2000-2016年期间来自美国、法国、英国、西班牙、比利时、德国、荷兰和意大利的341个reit样本进行了分析。运用多元线性回归模型,探讨了信息不对称、现金流、规模、资产收益率、杠杆率和库存量股对超额股利的影响。研究结果表明,信息不对称程度越高的REITs所分配的超额股息显著多于信息不对称程度越高的REITs。在其他决定因素中,现金流量对超额股息的影响最大,而ROA和普通股回购与超额股息呈反比关系。本文探讨了超额股利分配对房地产投资信托基金最相关特征的影响。对欧洲和美国样本的联合分析使本研究能够对两个市场进行比较,并确定相似性和差异。原创性/价值本文检验了信息不对称的代理是否影响超额股利分配。与之前的研究相反,本文通过比较美国和欧洲市场来扩展分析,以强调信息不对称对超额股息影响的任何差异。这个话题以前从未被调查过,与欧洲市场有关。
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引用次数: 2
The technological impact on real estate investing: robots vs humans: new applications for organisational and portfolio strategies 技术对房地产投资的影响:机器人与人类:组织和投资组合战略的新应用
IF 1.3 Q3 BUSINESS, FINANCE Pub Date : 2020-12-28 DOI: 10.1108/jpif-12-2020-0137
Elaine Worzala, Lawrence A. Souza, O. Koroleva, China Martin, Alicia Becker, Nathaniel Derrick
PurposeThe goal of this paper is to present a roadmap for real estate operating companies (REOCs) to transform themselves into tech-centric enterprises.Design/methodology/approachThis qualitative approach is based on the impact of technology on physical real estate assets and organisational structures as reviewed in industry and academic literature, professional experience and current property technology (PropTech) applications.FindingsNew technologies are rapidly changing how investors, tenants and managers use, invest and finance property. The revolutionary change for the industry will be in its organisational and industry structure, away from the traditional hierarchical-mechanistic form to a virtual open-agile-innovative organisational form.Research limitations/implicationsResearch limitations come from the lack of real estate companies utilising the hybrid flipped form of organisational structures.Practical implicationsDue to the current state of the economy, effects of the pandemic and rapid adoption of new technologies, real estate companies are likely to radically change the way they are organised, how they add value, innovate and their leadership/management style.Social implicationsThe revolution in real estate technologisation will not come from the application of these technologies but the rapid change in ideological thought and management leadership style and culture.Originality/valueThe introduction of artificial intelligence/machine learning (AI/ML), blockchain, virtual reality, tablets, cell phones, applications, 5G, etc. is putting pressure on real estate organisations to change. These changes are long overdue and the future, modern real estate company will take a hybrid PropTech form – a company focussed on delivering high-quality products and services to its clients in real time.
目的本文的目的是为房地产运营公司(REOC)向以技术为中心的企业转型提供一个路线图。设计/方法论/方法该定性方法基于行业和学术文献、专业经验和当前房地产技术(PropTech)应用中回顾的技术对实物房地产资产和组织结构的影响。发现新技术正在迅速改变投资者、租户和管理者对房地产的使用、投资和融资方式。该行业的革命性变化将发生在其组织和行业结构上,从传统的层级机制形式转变为虚拟的开放敏捷创新组织形式。研究局限性/含义研究局限性来自于缺乏利用混合翻转形式的组织结构的房地产公司。实际意义由于当前的经济状况、疫情的影响和新技术的快速采用,房地产公司可能会从根本上改变其组织方式、增值方式、创新方式以及领导/管理风格。社会内涵房地产技术革命不是来自于这些技术的应用,而是来自于思想思想、管理领导风格和文化的快速变化。创意/价值人工智能/机器学习(AI/ML)、区块链、虚拟现实、平板电脑、手机、应用程序、5G等的引入给房地产组织带来了变革的压力。这些变化早就应该发生了,未来,现代房地产公司将采用PropTech的混合形式——一家专注于实时向客户提供高质量产品和服务的公司。
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引用次数: 4
Pricing to market: property valuation methods – a practical review 定价市场化:物业估价方法的实用回顾
IF 1.3 Q3 BUSINESS, FINANCE Pub Date : 2020-12-22 DOI: 10.1108/jpif-09-2020-0101
L. Gabrielli, N. French
PurposeValuation is the process of determining Market Value. Property valuation, as with the valuation of all assets, is an estimation of price in the market. It is value in exchange. The valuer role is to determine the appropriate approach, the method and use the right model to achieve this aim as best as possible. It is a combination of analysing the market and determining the critical variables for the valuation method/model. The method is separate from the valuation process which should be followed (according to the International Valuation Standards Council Valuation Standards) regardless the valuation method chosen. There are valuation approaches, valuation methods and, as a subset of the methods, techniques or models.Design/methodology/approachThis practice briefing is an overview of the Valuation Methods and Models available to the valuer and comments on the appropriateness of valuation each in assessing Market Value for specific property types.FindingsThis briefing is a review of the valuation methods and models and models that can be applied to determine market value.Practical implicationsThe role of the valuer in practice is to identify the method of valuation and then apply the correct mathematical model for the valuation task in hand.Originality/valueThis provides guidance on how valuations can be presented to the client in accordance with the International Valuation Standards.
目的估价是确定市场价值的过程。房地产估价与所有资产的估价一样,是对市场价格的估计。这是交换的价值。估价师的职责是确定适当的方法和方法,并使用正确的模型尽可能最好地实现这一目标。它是分析市场和确定估值方法/模型的关键变量的结合。该方法与应遵循的估价过程是分开的(根据国际估价标准委员会估价标准),无论选择何种估价方法。有估价方法、估价方法,以及作为方法、技术或模型的子集。设计/方法/方法本实践简报概述了估价师可用的估价方法和模型,并对评估特定房地产类型市场价值时每种估价的适当性提出了意见。发现本简报回顾了可用于确定市场价值的估值方法、模型和模型。实际含义估价师在实践中的作用是确定估价方法,然后将正确的数学模型应用于手头的估价任务。独创性/价值这为如何根据国际估价标准向客户提供估价提供了指导。
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引用次数: 9
Senior housing in Scotland: a development and investment opportunity? 苏格兰老年住宅:一个发展和投资机会?
IF 1.3 Q3 BUSINESS, FINANCE Pub Date : 2020-12-21 DOI: 10.1108/jpif-10-2020-0119
A. Fyfe, N. Hutchison
Funding Information: Under the Housing (Scotland) Act 2001, local authorities are required to prepare and submit a Local Housing Strategy (LHS) which is supported by an assessment of housing need and demand and subject to consultation and engagement with communities. The government had set a target of 50,000 affordable homes to be built by March 2021. This need is now unlikely to be met as a consequence of COVID-19. Funding for these homes comes from the Affordable Housing Supply Programme. Local authorities use their 3-years Resource Planning Assumption (RPA) from the Scottish Government to prepare Strategic Housing Investment plans (SHIPs) for their areas. These plans are the key documents for identifying strategic housing projects to assist the achievement of the 50,000 homes target. Currently, it does not appear that there is any policy obligation to build a set amount of senior homes per annum. It is up to local authorities to define need based on the demographics of their area. Acknowledgements: The authors express their thanks to the Elderly Accommodation Counsel for their assistance throughout this project and to Caroline Laurenson for her help on technology advancements. Publisher Copyright: © 2020, Emerald Publishing Limited. Copyright: Copyright 2020 Elsevier B.V., All rights reserved.
资金信息:根据2001年《住房(苏格兰)法》,地方当局必须编制和提交一项地方住房战略,该战略以住房需求和需求评估为依据,并须与社区协商和参与。政府设定了到2021年3月建造5万套经济适用房的目标。由于2019冠状病毒病,这一需求现在不太可能得到满足。这些房屋的资金来自经济适用房供应计划。地方当局利用苏格兰政府的3年资源规划假设(RPA)为其所在地区准备战略住房投资计划(ship)。这些计划是确定策略性房屋项目的关键文件,有助达致50,000间房屋的目标。目前,似乎没有任何政策义务要求每年建造一定数量的老年住宅。这取决于地方当局根据其所在地区的人口统计数据来确定需求。致谢:作者感谢长者住宿顾问在整个项目中提供的帮助,并感谢Caroline Laurenson在技术进步方面的帮助。版权所有:©2020,翡翠出版有限公司。版权所有:爱思唯尔b.v.版权所有
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引用次数: 5
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Journal of Property Investment & Finance
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