This comprehensive introduction to the concepts and methods of valuing real estate provides information for students to progress successsfully from basic principles to a more sophisticated understanding of the subject. The book takes a practical rather than purely theoretical approach and demonstrates how the principles can be applied in professional practice with constant reference to the requirements of, and guidance provided by the Royal Institution of Chartered Surveyors. The traditional five methods of valuation are briefly explained but concentration is on the practical application of the two main approaches; the comparison and investment methods. The alternative method of valuation of discounted cash flow, an area which has been neglected in other texts, is also covered. Further reading is given, along with a full range of worked examples, clear chapter summaries and further questions. Website companion material is also available.

Table of Contents

Part I: Background 1. Economic Context 2. The Property Valuation Profession 3. Investment Part II: Valuation Mathematics 4. Compounding and Discounting 5. Sinking Funds and Mortgages 6. Capitalisation 7. Alternative Valuation Tables and Formulae Part III: Valuation Methods 8. Methods of Measurement 9. RICS Valuation Standards (The 'Red Book') 10. Comparison Method 11. Investment Method 12. Investment Method: Discounted Cash Flow Method 13. Residual Method 14. Profits Method 15. Cost Methods Part IV: Applied Valuations 16. Landlord and Tenant Valuations

About the Author

University of Portsmouth, UK