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In Part One of this paper, the logical basis of the conventional approach was examined and found to be wanting. The contemporary approaches have a more logical basis but the application of technique has a serious flaw in the analysis stage. While the conventional techniques require no...
This paper synthesises the mortgageequity capitalisation technique, often used in property investment analysis and valuation practice in the United States of America, and the equated yield technique used in the United Kingdom. The mortgateequity technique considers two components of value,...
Analysing depreciation and obsolescence requires a model which separates the effect of abnormal changes in the market from the underlying growth trends. The model presented by Sykes fails to recognise the economic principles involved and, therefore, gives rise to results which are open to...
In the 1970s, yields on UK commercial investment property appear to have been influenced principally by the cost of long term capital and the rate of rental growth. Consequently, yields tended to respond to the economic cycle, falling in times of economic recovery and rising when the economy...
The object of the Investment Profiles is to expose the bidden assumptions which lie behind valuations of investment properties, and in doing so to provide a more objective platform for debate and argument about any particular valuation. The traditional approach to valuation is to apply an all...
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