Suchergebnisse

Cover -- Editorial advisory board -- Editorial -- Reflecting sustainability in property valuation - a progress report -- Sustainability evolution in the Australian property market -- Commercial property tax in the UK: business rates and rating appeals -- The econometric analysis of retail rents in Singapore -- Valuing specialised property using the DCF profits method -- Valuing specialised property: cost vs profits method uncertainty -- The internal rate of return(IRR): projections, benchmarks and pitfalls -- Book review

PurposeThe intent of this paper is to identify the role that comparable evidence plays in property valuation and how the availability and use of comparable evidence varies between different countries and jurisdictions across Europe.Design/methodology/approachThe paper is an overview of the role of comparable evidence, in all its forms, in property valuation. Through a survey of individuals and professional valuation associations, the relevant importance of different forms of market evidence was assessed and ranked according to the business transparency of the market in question.FindingsThe findings of this study helped inform The European Group of Valuers' Associations (TEGOVA) when setting the European Valuation Standards (EVS). The definition of Comparable Evidence should not be so narrow as to only include transactional evidence.Practical implicationsThe role of the professional property valuer is to provide value estimates for a range of purposes but when that purpose is to assess Market Value, the importance of pricing to market cannot be over-stated.Originality/valueThis provides guidance on how to identify and use comparable evidence to undertake valuations for Market Value.

PurposeThe aim of this Real Estate Insight is to comment upon the role that offices will play in the post-COVID 19 work environment. The impact of lockdowns, worldwide, was to accelerate the changes in office use that were already beginning in the late 2010s as changes in work culture and practice and supporting technology were slowly transforming the way in which people worked.Design/methodology/approachThis Real Estate Insight will comment upon changes in the UK market as a bellwether for global working practices. The nature of the "Insights" briefings means that this is a personal view of the author.FindingsThis paper looks at office usage in a transitional, post-COVID 19, marketplace. The findings are a reasoned conjecture that traditional office use still has a place for the workforce of the 2020s and beyond, although office use will be less intense as workers adopt a range of other working practices, including coworking and working at home, outside the four walls of the physical office building.Practical implicationsAs with all property investment, the value and performance of the property assets is interlinked with the use and demand of the space in question. There will be a rebasing of rents as the use of office space becomes less intense and the lowering of unit costs will allow companies to restructure the internal space to accommodate a more flexible working environment.Originality/valueThis is a review of the UK office market in relation to a seismic change in how workers choose to work post COVID-19.

PurposeAn understanding of uncertainty has always been an integral part of property valuations. No valuation is certain, and the valuer needs to convey to the user of the valuation in the degree of uncertainty pertaining to the market value.Design/methodology/approachThis practice briefing is a short overview of the importance of understanding uncertainty in valuation in normal markets and the particular difficulties now with the material uncertainty created by the COVID-19 pandemic.FindingsThis paper discusses how important it is for the valuer and the client to communicate and understand the uncertainty in the market at any point of time. The COVID-19 has had a significant impact on property values and the importance of clarity within valuation reports.Practical implicationsThis paper looks at the importance of placing capital and rental value changes due to material uncertainty in valuation reports.Originality/valueThis provides guidance on how professional bodies are advising their members, around the world, on how to report valuations and market value in the context of material uncertainty.

PurposeThe UK government, in late 2019, announced new proposed targets for the energy efficiency legislation in the UK, MEES – Minimum Energy Efficiency Standards. The current suggestion is that all let properties, commercial or residential, need to be B rated by 2030. If this is implemented, it will have a significant impact upon the UK market property investment market.Design/methodology/approachThis practice briefing is an overview of the 2018 legislation and comments on how market awareness has changed since its introduction and the potential impact upon prices of affected properties moving forwardFindingsThis paper discusses how capital and rental values are beginning to be discounted in the market to allow for current and future liabilities under the MEES legislation. This has a significant impact on strategies for property investment.Practical implicationsThis paper analyses the likelihood of (negative) capital and rental value changes under the proposed stricter energy efficiency guidelines.Originality/valueThis provides guidance on how valuations can be undertaken to reflect any impact of the likely changes to UK energy efficiency legislation.