New Method to Deduce Regional Factors of German Cost Approach

• Autorzy: Sebastian Zaddach , Alexandra Weitkamp , Hamza Alkhatib
• Języki publikacji: EN

Abstrakty

EN

The real value as result of cost approach is calculated on basis of standard construction costs. These were used to calculate the reproduction costs by involving gross floor area, ancillary construction costs, regional factors and adjustment on effective date of valuation. In a second step, reproduction costs were depreciated due to age. By including value of outdoor and other installations as well as land value you get the real value. Last step is the adjustment to current market value with following in consideration of value affecting circumstances. The standard construction costs are German-wide mean costs. But however, local costs differ significantly from this mean. Therefore, either regional factors are included or the adjustment is made within adjustment to current market value (Wolfgang Kleiber et al. 2007). But this has the disadvantage of falsified factors for adjustment to current market value and a greater difference between real value and market value, so transparency of method suffers. All factors of cost approach were deduced on real estate market. Yet, only regional factors were mostly estimated by expert knowledge for large regions. In a first approach, expert knowledge is replaced by statistical data. In case of replacing the regional factors estimated by expert knowledge by statistical ones, adjustment to current market value approximates 1.0 in mean. So the result is far better then by using the estimated regional factors. Yet, the result provides better regional factors, it bases on general data, not on expertises' data. A second approach is based on expertises' data and the investigation of the interconnections between the factors of cost approach with aim of better knowledge of interaction. Referring to the evaluation of distribution, a correlation analysis is performed in order to understand the link between the regional factor and the remaining components used in cost approach. Two main advantages are counted compared to the first approach. First, an improved interpretability of the regional factors in regard to its functional relationship in the cost approach is achieved. Second, accurate regional factors are provided, which are not based upon expert knowledge but is deduced by a new statistical analysis. (original abstract)

Słowa kluczowe

EN

Real estate's value; Real estate valuation; Correlation analysis

PL

Wartość nieruchomości; Wycena nieruchomości; Analiza korelacji

• Czasopismo: Studia i Materiały Towarzystwa Naukowego Nieruchomości
• Rocznik: 2010
• Tom: Some Aspects of Compulsory Purchase of Land for Public Purposes
• Strony: 117--137

Twórcy

autor

Sebastian Zaddach

• Leibniz Universität Hannover, Germany

autor

Alexandra Weitkamp

• Leibniz Universität Hannover, Germany

autor

Hamza Alkhatib

• Leibniz Universität Hannover, Germany

Bibliografia

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