A classic textbook that has guided generations of students through the intricacies of property valuation, The Income Approach to Property Valuation remains a keen favourite amongst students and teachers alike. This new edition has been thoroughly revised and updated to meet the increasingly international perspectives of modern Real Estate students. The links between theory and practice are clearly demonstrated throughout, with a range of new international case studies and practice-based examples. The Income Approach to Property Valuation teaches readers:
- how to analyse market rents and sales prices to derive market evidence to support an opinion of market value;
- the investment method of valuation and how it is applied in practice;
- how specific legal factors can impact on market value when they interfere with market forces;
- what the market and the profession may consider to be the 'right' methodology in today's market place; and
- how to use spreadsheets in valuation.
This extensively revised new edition is perfect both for students on Real Estate courses worldwide and for professional candidates working towards their final assessment of professional competence (APC) for the Royal Institution of Chartered Surveyors, needing to demonstrate a valuation competence at levels 2 and 3.
Table of Contents
Part 1: The Context 1. The Global Contextual Framework 2. Local Contextual Framework 3. Fundamental Financial Concepts 4. Fundamental Methodologies Part 2: Income Approach to Property Valuation in Practice 5. Basic Principles 6. Market Valuation 7. The Income Approach: Freeholds 8. The Income Approach: Leaseholds 9. Investment Appraisal 10. Development Appraisal 11. Profits Based Valuation 12. Residential Valuations Part 3: Income Approach to Property Valuation Past and Present 13. The Historical Development of the Income Approach to Property Valuation 14. Contemporary Issues Impacting upon the Income Approach to Property Valuation 15. Case Study Examples
Andrew Baum is Chairman of Property Funds Research and Newcore Capital Management, and Visiting Professor of Management Practice at the Saïd Business School at the University of Oxford. He was formerly Professor of Land Management at the University of Reading where he is now Emeritus Professor, Honorary Professor of Real Estate Investment at the University of Cambridge and Fellow of St John’s College, Cambridge.
David Mackmin is Emeritus Professor of Real Estate at Sheffield Hallam University. He was formerly Professor of Real Estate at Sheffield Hallam University, Visiting Professor of Valuation at the Technische Universität Wien and Course Director of undergraduate and postgraduate courses at the University of Reading.
Nick Nunnington isVisiting Professor of Corporate Real Estate at Nottingham Trent University. He was formerly Principal Lecturer at Sheffield Hallam University, Sorouh Dean of Real Estate Management at the Higher Colleges of Technology in Abu Dhabi and subsequently an Associate Vice Provost for quality and curriculum development for professional courses across 17 colleges in the United Arab Emirates. He is now freelance with a variety of roles including teaching blended learning courses on the Master of Real Estate programme at the University of Adelaide, Australia.
Praise for the previous edition:
'If you know the feeling of a long lost friend returning after a period of not being close, then you will know the feeling that I felt when I read the new edition of The Income Approach to Property Valuation. I grew up with this text. It was the first text that I read; it was the text that helped to establish my fascination and my own understanding of property valuation and pricing. [...] this is still the best introductory text on the market. Baum is the author of a number of other texts that are more advanced or more specialised (all of which are excellent) but if you are a student studying property valuation for the first time, ignore the plethora of other textbooks that purport to be good introductions to the topic. Just buy this book, you will not regret it.' - Nick French, Oxford Brookes University, Journal of Property Investment & Finance
'The sixth edition builds upon its solid foundations as a principle and well-established property valuation textbook for both students and practitioners alike. It covers all aspects of investment valuation and makes good use of worked examples to aid the understanding of this complex subject. This edition is further improved with a more detailed explanation (together with examples) of the Profits Method which has been compiled by a leisure sector specialist and thus gives the book a more rounded feel.'- Keith Petrie, MRICS, Property Valuation Teaching Consultant, University of Aberdeen