Property Investment Appraisal, 3rd Edition
November 2007, Wiley-Blackwell
Valuations are important: they are used as a surrogate for
transactions in the construction of investment performance and they
influence investors and other market operators when transacting
property. Valuations need to be trusted by their clients and
valuers therefore need to produce rational and objective
In a style that makes the theory as well as the practice of
valuation accessible to students and practitioners, the authors
provide a valuable critique of conventional valuation methods and
argue for the adoption of more contemporary cash-flow methods. They
explain how such valuation models are constructed and give useful
The UK property investment market has been through periods of
both boom and bust since the first edition of this text was
produced in 1988 and the book includes examples generated by the
different market states: for example, complex reversions,
over-rented situations and leasehold examples are in ready supply
and are examined fully by the authors. They have retained the
book’s basic structure and thrust, setting out fundamental
investment and appraisal theory in Part One of the book, but adding
a new chapter on building and modelling cash flows as a precursor
to the investment material in Part Three.
The heart of the book remains the critical examination of market valuation models addressed in Part Two – it remains the case that no other book addresses this issue in detail.
Chapter 1 Property investment appraisal in its context.
Chapter 2 Principles of investment analysis.
Part 2 Conventional Market Valuation Models.
Chapter 3 The evolution of conventional appraisal techniques.
Chapter 4 The current conventional market valuation models.
Part 3 Contemporary Market Valuation Models.
Chapter 5 Contemporary growth explicit valuation models.
Chapter 6 Contemporary freehold market valuation.
Chapter 7 Contemporary leasehold market valuation.
Part 4 Valuation: The Assessment of Worth.
Chapter 8 Property investment analysis : the assessment of worth.
Part 5 Case Study and Conclusions.
Chapter 9 Value and price: A case study.
Chapter 10 Conclusions.
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