Income approach and property market cycle
International Journal of Strategic Property Management, ISSN: 1648-9179, Vol: 19, Issue: 3, Page: 207-219
2015
- 41Citations
- 36Captures
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Article Description
This paper is focused on a proposed valuation method including real estate market cycle analysis in real estate valuation process. Starting from early works on this field (d’Amato 2003) the work highlight the dangerous gap between academic research on property market cycles and professional practice of property valuation. The danger of this gap comes from the fact that in spite it is well documented that the property market has a “natural” cyclical behaviour, the opinions of value based on income approaches still relies on assumption of a stable or perpetually growing (or decreasing) income. This may be one generating factors of the real estate bubble and the subsequent financial markets crisis experienced recently. This paper offers a general introduction on Cyclical Capitalization as a further family of valuation methodologies based on income approach. This method includes in the traditional Dividend Discount Model more than one g-factor in order to plot property market cycle. An empirical application of Cyclical Capitalization is offered to the office market of the Eastern London.
Bibliographic Details
http://www.scopus.com/inward/record.url?partnerID=HzOxMe3b&scp=84944260694&origin=inward; http://dx.doi.org/10.3846/1648715x.2015.1048762; https://journals.vilniustech.lt/index.php/IJSPM/article/view/2121; http://www.tandfonline.com/doi/full/10.3846/1648715X.2015.1048762; http://www.tandfonline.com/doi/pdf/10.3846/1648715X.2015.1048762
Vilnius Gediminas Technical University
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