Real Estate Valuation and Investment

Course leader: Dr Maurizio d´Amato.
Home institution: Politecnico di Bari, Italy
Invited lectures: Dr Malgorzata Renigier, Dr Andrzej Biłozor, Dr Artur Janowski
Home institutions : University of Warmia and Mazury in Olsztyn, Poland; Capital Market Board, Turkey
Brief description of the course

Property valuation is a delicate professional activity for banking, insurance companies, investment companies and many other actors. The course provides a general overview of the main approaches based on market, income and cost. The first one is a valuation activity using comparable properties to address the opinion of value. The second approach follows a proportional relationship between income and the value of a property. In the final approach or cost approach, value is based on the cost of the property. Further aspects analysed in the course are the valuation of real estate investment and real estate market analysis using statistical techniques. The course will provide also practical applications and examples.

Topic list

Real Estate Valuation

Mortgage Lending value

Real Estate Valuation Standards

Real Estate Investment

Real Estate Market Analysis

Reading list

Baum A. (2014), Real Estate Investment a Strategic Approach, Routledge

Shapiro E. Mackmin D. Sams G. (2013) Modern Methods of Valuation, Routledge

Geltner D.M. Miller N.G. Eicholtz P. Clayton J. (2002) Commercial Real Estate Analysis and Investment, Thomson Southwestern

RICS( 2014) Red Book (www.rics.org)
IVSC (2013) International Valuation Standards (www.ivsc.org)
TeGOVA(2016) European Valuation Standards (see www.tegova.org)
Bitner, R. (2008), Confessions of a subprime lender: An insider's tale of greed, fraud, and ignorance. John Wiley & Sons.

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