Suggestions for improving real estate valuation. Degree work: Valuation of residential real estate. Real estate valuation by direct capitalization method
Substituting real data on the cost per square meter of apartments in the city of Novosibirsk in each quarter of 2006, it can be noted that this value falls within the limits of the confidence intervals built according to the model. According to experts, the resulting model adequately describes the current situation in the real estate market at the moment. The forecast of growth in the cost of housing by the end of 2006 for certain types of apartments coincides with real data, since the growth of the market predicted by experts is 20-30%. The appraiser is constantly faced with the problem of predicting the cost of apartments, this problem is especially acute when assessing for lending purposes. The correctness of the decision depends on the experience, qualifications of the specialist, as well as on the quality of the collected data on the market of the object being evaluated.
Introduction
After binding, the collections of prices are sent back to Gosstroy for their further approval. Currently, the process of developing a new regulatory framework has not yet been completed.
Conducting real estate valuation based on the new regulatory framework is a very complex and time-consuming task that requires special knowledge and skills. In order for the new regulatory framework to enter into the practice of valuation, it is necessary to carry out a set of works on the development of software and computing systems adapted to solving applied problems of real estate valuation.
Recently, regional centers for pricing in construction have begun to work actively, firms specializing in the provision of information services have appeared, for example, NPF Center for Information Technologies in Construction.
Suggestions for improving real estate valuation methods
When using these publications, it must be remembered that most of their calculations are based on the normative base of the planned economy, indexed by certain price coefficients and, therefore, the final results of the assessment may have a significant error for the reasons stated above. When applying certain indices, it is necessary to carefully study the prerequisites for their calculation.
Recently published and announced as the first in the country, expected by appraisers, the Regional Guide to Construction Costs (RCC-2006). It shows the cost indicators by type construction works, aggregated cost indicators (UPS) and "information for assessing the required amount of investment in the express option."
In fact, the latter definition refers to the estimated cost of objects-analogues of modern buildings and structures.
Residential real estate appraisal (3)
In particular, there has been an ever-increasing demand for valuation to reflect assets in financial reporting in accordance with IAS, US GAAP or Russian standards accounting; assessment of the value of intangible assets to determine the effectiveness of marketing and brand strategies; valuation for the purpose of making purchase and sale transactions, lease of assets, M&A and other transactions for the transfer of ownership and other property rights; valuation for the purposes of insurance, additional issue of shares or buyback of shares during the privatization of state-owned enterprises; appraisal for the purpose of lending secured by property, etc. . According to the results of a study by the Expert RA rating agency, the most demanded services over the past year and a half were real estate and business valuation services in general.
Thesis: residential real estate appraisal
FEDERAL AGENCY FOR EDUCATION GOU VPO "MOSCOW STATE UNIVERSITY OF SERVICE" Faculty: "Institute of Regional Economics and Municipal Administration" Department: "State and municipal government» Course project. Topic: Improving real estate valuation methods.
Discipline: Management of municipal real estate. Completed by a student of the Group GRDS 3-2 Shevchuk M.V. Accepted by the teacher Dubovik M.V.
Improving real estate valuation methods
Thus, RCC collections should become the basic basis for real estate valuation. However, there are significant shortcomings of these collections.
The main one is that they do not provide the initial data and the main assumptions of the obtained values of the cost of analogues. So, it is not entirely clear what specific composition of the equipment is taken into account in the final indicators, what was included in the builder's other costs, etc.
The joint work of estimators, analysts and appraisers in the direction of improving the RCC can lead to the creation of an information base that is so necessary for real estate appraisers. The main direction in the development of appraisal activity is currently becoming the appraisal of the market value of real estate.
This becomes possible due to the fact that our country is accumulating a database of the actual market value of real estate.
Abstract: residential property valuation
Other situations for application: - feasibility study for new construction, - determination of the best and most efficient use of land, - renovation, - final price negotiation, - institutional and special purpose buildings, - insurance purposes. — method of market comparisons: assessment of the market value of property based on data on recent transactions with similar objects. It is assumed that a rational investor or buyer will not pay more for a particular property than it would cost to acquire another similar property with the same utility. - income method: the value of property is determined by the size, quality and duration of the period of receipt of those benefits that this object is expected to bring in the future.
20. methods of cost approach to real estate valuation (improvements).
Attention
Origin Natural (natural) objects. artificial objects(buildings).2. Purpose · Free land plots (for building or other purposes) · Natural complexes (deposits) for their exploitation · Buildings For housing.
Scale Land plots. .Complex of administrative buildings. Building. Premises or parts of buildings (sections, floors).4. Ready for use Ready objects Requiring reconstruction or major repairs Requiring completion of construction. 1.2 Methodology for evaluating residential real estate.
Improving real estate valuation methods
So, in the collections of UPVS, the following cost items are taken into account: direct costs; overhead costs; Planned savings (profit); general site costs for the allocation and development of the construction site; cost of design and survey work; costs associated with the production of work in the winter; The cost of premium wages the cost of maintaining the directorate of a standing enterprise; · losses from the liquidation of temporary buildings and structures; · the cost of transporting workers over a distance of more than 3 km. in the absence of public transport; · the cost of paying employees bonuses for the mobile nature of work. Experienced appraisers in their calculations use their own developments based on adjustments to analogues or consolidated estimates.
In the work of P.G. Grabovoi, S.P. Korostelev “Property valuation, Part I.
Topic: Improving real estate valuation methods
Statistical indicators for this model confirmed the significance of the results obtained. Thus, the resulting model very well reflects the dependence of the average cost of apartments on its parameters in the housing market of the city of Novosibirsk (without taking into account extreme options).
The presented models were put into practice in the real estate agencies of the city of Novosibirsk "Zhilfond" and "Amir - Real Estate", which have full-time employees for assessing the cost of apartments for sale, and also acting as collateral in loan agreements. It should be noted that experts highly appreciated the effectiveness of their application. The second important problem appraisers face is predicting the value of an apartment in the future.
Valuation of a residential property
Suggestions for improving real estate valuation methods Conclusion List of references and sources Appendix INTRODUCTION Among the elements market economy a special place is occupied by real estate, which acts as a means of production (land, administrative, industrial, warehouse, commercial and other buildings and premises, as well as other structures) and an object or object of consumption (land plots, residential buildings, cottages, apartments, garages) . Real estate is the basis of personal existence for citizens and serves as the basis for economic activity and development of enterprises and organizations of all forms of ownership.
In Russia, there is an active formation and development of the real estate market and an increasing number of citizens, enterprises and organizations are involved in real estate transactions.
residential property appraisal value
In general, the first chapter is devoted to a greater extent theoretical foundations, the basic categories associated with real estate valuation.
The second chapter of the work presents the results of real estate appraisal from the standpoint of three approaches to determining the market value: appraisal in terms of costs (cost approach), appraisal by direct comparison of sales (comparative approach), appraisal in terms of expected or actual income (income approach) .
When comparing the results of the assessment, it was found that all approaches give different results. Let us consider the main directions for improving the presented approaches to real estate valuation.
In modern appraisal practice, the technology of carrying out replacement cost calculations using UPVS collections is often used. The use of these collections began in 1997, when market information on real estate was practically absent, and the use of these collections was the only way to determine the "market value", mainly for the revaluation of fixed assets. In the last decade, there have been major changes in information support real estate market and budgeting. The Gosstroy of the Russian Federation has switched to a new estimate and regulatory framework. Decree of the Gosstroy of Russia No. 16 of April 08, 2002 “On measures to complete the transition to a new estimated and regulatory base for pricing in construction” canceled from 01/01/2003 the regulatory documents of the Gosstroy of the USSR, drawn up at the price level provided for by the estimated and regulatory bases of 1991. and 1984. Instead of them, state elemental estimated norms (GESN) and federal unit prices (FER) are introduced. Gosstroy of Russia approved and put into effect:
· GESNr-2001 "State elemental estimated norms for repair and construction work";
· GESN-2001 "State elemental estimated norms for general construction works";
GESNm-2001 "State elemental estimated norms for equipment installation"
HPES are designed to determine the composition and the need for resources necessary to perform construction work at facilities, prepare cost estimates (estimates) using the resource method, as well as to pay for work performed and write off materials.
Gosstroy of Russia develops Federal unit prices (FER, FERr and FERm) only for the Moscow region. Further, the prices for the Moscow Region are transferred by Gosstroy to the Regional Centers for pricing in construction to link prices to regional conditions. After binding, the collections of prices are sent back to Gosstroy for their further approval. Currently, the process of developing a new regulatory framework has not yet been completed. Conducting real estate valuation based on the new regulatory framework is a very complex and time-consuming task that requires special knowledge and skills. In order for the new regulatory framework to enter into the practice of valuation, it is necessary to carry out a set of works on the development of software and computing systems adapted to solving applied problems of real estate valuation.
Recently, regional centers for pricing in construction have begun to work actively, firms specializing in the provision of information services have appeared, for example, NPF Center for Information Technologies in Construction.
And only real estate appraisers still use long-outdated collections of the 70s of the last century and at the same time justify the “market value” of objects on their basis. Experienced appraisers have long understood the shortcomings of the use of UPVS collections, primarily related to the list of costs included in unit prices, average indexation, inconsistency in technologies, the ratio of the scope of work, etc.
So, in the collections of UPVS, the following cost items are taken into account:
· direct costs;
overhead costs;
Planned savings (profit);
general site costs for the allocation and development of the construction site;
cost of design and survey work;
costs associated with the production of work in the winter;
The cost of premium wages
the cost of maintaining the directorate of a standing enterprise;
· losses from the liquidation of temporary buildings and structures;
· the cost of transporting workers over a distance of more than 3 km. in the absence of public transport;
· the cost of paying employees bonuses for the mobile nature of work.
Experienced appraisers in their calculations use their own developments based on adjustments to analogues or consolidated estimates.
In the work of P.G. Grabovoi, S.P. Korostelev “Property appraisal, Part I. Real estate appraisal”, a specific example shows that the results of calculating the replacement cost of residential real estate using the methodology of the UPVS significantly, several times, differ from market indicators.
However, in the majority of reports reviewed by the Expert Council of the Russian Society of Appraisers, the assessment of the market value of real estate is still based on outdated UPVS. Moreover, in order to somehow bring the results of these calculations closer to market indicators, a certain multiplying factor is introduced into them, which is called “entrepreneur's profit”. It is accepted absolutely arbitrarily, since it is not possible to remove this indicator from the market in modern conditions. It should be emphasized here that, in accordance with IVS-2003, “the application of market value requires the conclusion of a valuation solely on the basis of market data”. When applying the RSA, the appraiser determines unequivocally a non-market value, which should be reflected in the report.
In Russia, there is still no reliable information base on the aggregated basic indicators of the cost of construction, which are available from Western appraisers (following the example of WESSEXS, LAXTONS, R.S.MEANS).
At present, the main recognized information base real estate appraisals are developments of Ko-Invest LLC. This firm quarterly publishes the bulletin "Price Indices in Construction", as well as the series "Appraiser's Handbook": "Industrial buildings", "Residential buildings", "Collections of purchasing power parities of currencies in national construction markets", "Handbook of the replacement cost of buildings and structures in current price level, etc.
When using these publications, it must be remembered that most of their calculations are based on the normative base of the planned economy, indexed by certain price coefficients and, therefore, the final results of the assessment may have a significant error for the reasons stated above. When applying certain indices, it is necessary to carefully study the prerequisites for their calculation.
Recently published and announced as the first in the country, expected by appraisers, the Regional Guide to Construction Costs (RCC-2006). It provides cost indicators by type of construction work, aggregated cost indicators (UCS) and "information for assessing the required amount of investment in the express option." In fact, the latter definition refers to the estimated cost of objects-analogues of modern buildings and structures. Part III of the RCC contains "analogue objects with technical and economic indicators of structural elements, analogous objects with technical and economic indicators for the object as a whole and a summary table of technical and economic indicators recommended for determining the cost of residential buildings and social and cultural facilities." Cost indicators are defined in prices as of 01.01.2006 for the "Moscow Region". The directory includes cost indicators for 18 types of modern residential buildings and 27 non-residential real estate. In RCC-2007 this list of objects has been significantly expanded.
The publication of RCC creates the conditions for its application in real estate and business valuation procedures. If in real estate appraisal it is possible to use part II of the handbook "Aggregated value indicators", then in the cost approach to business appraisal it is possible to use part III "Objects-analogues of buildings and structures".
Thus, RCC collections should become the basic basis for real estate valuation. However, there are significant shortcomings of these collections. The main one is that they do not provide the initial data and the main assumptions of the obtained values of the cost of analogues. So, it is not entirely clear what specific composition of the equipment is taken into account in the final indicators, what was included in the builder's other costs, etc. The joint work of estimators, analysts and appraisers in the direction of improving the RCC can lead to the creation of an information base that is so necessary for real estate appraisers.
The main direction in the development of appraisal activity is currently becoming the appraisal of the market value of real estate. This becomes possible due to the fact that our country is accumulating a database of the actual market value of real estate.
In order to simplify the process of appraisal of residential real estate in appraisal agencies, a regression model of the cost of an apartment can be used, which allows you to calculate the cost of a residential property depending on a number of its parameters.
An example of building such a model is given in the magazine "Real Estate" for December 2005. The model was built according to the price lists of several real estate companies that are engaged in the implementation of housing of various consumer characteristics in various districts of the city of Novosibirsk. For the analysis, information was collected on 450 apartments (150 options for each type of apartment - one-, two-, three-room) according to the following parameters:
apartment price,
the area in which the residence is located,
property type:
public housing,
Housing acquired under a privatization agreement,
Property purchased under a sale and purchase agreement
* material of the building in which the apartment is located:
Panel, brick, monolith,
* house type:
Elite,
improved layout,
typical,
full size,
- "Khrushchev",
storey of the house,
the floor on which the apartment is located,
total area of the apartment,
apartment living area,
kitchen area,
the presence of a balcony or loggia,
having a phone.
Let us consider in detail the procedure for building a model using the example of one-room apartments.
At the first stage of building the model, the matrix of correlation coefficients was analyzed in order to identify parameters that strongly depend on each other. The main task was to select such factors, the correlation coefficient for which would not exceed the value of 0.8. Based on the results of the analysis, a matrix of correlation coefficients was built, which takes into account 6 factors, that is, exactly half of those initially collected, since the remaining factors did not satisfy the condition imposed on the correlation coefficient.
Based on the collected data on the selected factors, the following regression model was built:
C \u003d -10.12 + 9.24 Stotal + 35.62 * x1 - 21.17 * x2 + 15.07 * x3 +
65 * x4 + 64.48 * x5 (3.1)
or in general:
C \u003d -a0 + asStot + a1x1 + arr + a3x3 + a4x4 + a5x5 (3.2)
The following notation is used in the presented equation:
C - the price of an apartment with fixed parameters defined below,
Stot - the total area of the apartment,
x1 is a dummy variable characterizing the area in which the apartment is located,
x2 is a dummy variable characterizing the material of the house where the apartment is located;
x3 is a variable that characterizes the number of storeys of the building in which the appraised apartment is located;
x4 is a dummy variable characterizing the floor on which the apartment is located;
x5 is a dummy variable characterizing the presence of a telephone in the apartment.
Statistical indicators for this model confirmed the significance of the results obtained.
Thus, the resulting model very well reflects the dependence of the average cost of apartments on its parameters in the housing market of the city of Novosibirsk (without taking into account extreme options).
The presented models were put into practice in the real estate agencies of the city of Novosibirsk "Zhilfond" and "Amir - Real Estate", which have full-time employees for assessing the cost of apartments for sale, and also acting as collateral in loan agreements. It should be noted that experts highly appreciated the effectiveness of their application.
The second important problem appraisers face is predicting the value of an apartment in the future. This problem becomes especially relevant when assessing the cost of an apartment for mortgage purposes, since the sale of an apartment will take place in the future, and it is important to determine the rate of growth in the cost of an apartment for the period of a loan agreement.
The initial data for building a model of price dynamics in the secondary housing market were taken from the Real Estate magazines by quarters of the corresponding years. For each year, information was collected on 240 apartments - 80 for each type of apartment (one-, two-, three-room apartments). . The main purpose of building the model is to determine the model for changing the prices of real estate in the secondary market.
The structure of the collected data on apartments is shown in fig. 2.1, 2.2, 2.3.
Rice. 2.1. The structure of apartments considered when building the model, by type of housing
Rice. 2.2. The structure of apartments considered when building the model, by type of housing
Rice. 2.3. The structure of the apartments considered when building the model, by the type of material of the house
The temporal analysis of economic phenomena distinguishes between different types of evolution.
1. Trend, trend or long-term movement. There is no strict definition of a trend, it is revealed intuitively. A trend corresponds to a slow change in some particular direction that persists over a long period of time.
2. Cycle, short-term component - fast quasi-periodic movement, in which there is an increase phase and a decrease phase.
3. Seasonal component - changes that occur regularly, as opposed to a cycle.
4. Random fluctuations, effects - chaotic movement of a relatively high frequency, which is more or less constant.
Some statistical series represent one or another type of evolution in its pure form, but most of them are a combination of all or individual components.
Theoretically, a series of price dynamics is a combination of trend, seasonal component and random fluctuations. On the present stage During the development of the real estate market, the seasonal component of the price of an apartment is disrupted, which is due to high rates of price growth and the investment attractiveness of the market in question. That is why special attention was paid to highlighting the trend in the dynamic series under consideration.
According to the series of dynamics of prices for apartments, the following model was built.
Polynomial of the second degree:
yi = a + bt2, (3.3)
where i - apartment type,
t - time period.
It should be noted that, in accordance with the criteria used in statistics, the correlation coefficient should be close to 1 (greater than 0.7), the significance factor F should be less than 0.03 (for the given model parameters).
Thus, the obtained models reflect well the dynamics of prices in the secondary housing market of the city of Novosibirsk.
According to the obtained model, the growth in the cost of one-room apartments should have been 22.0% in 2006, while the actual growth in cost was 24.3%.
According to this model, the growth in the cost of a two-room apartment in the city of Novosibirsk in 2006 was supposed to be 21.7%, while in fact the growth rate was 21.6%.
In accordance with the presented model, the growth in the cost of a three-room apartment in the city of Novosibirsk in 2006 was supposed to be 21.5%, while in fact the growth rate was 31.0%.
Substituting real data on the cost per square meter of apartments in the city of Novosibirsk in each quarter of 2006, it can be noted that this value falls within the limits of the confidence intervals built according to the model.
According to experts, the resulting model adequately describes the current situation in the real estate market at the moment. The forecast for growth in the cost of housing by the end of 2006 for certain types of apartments coincides with real data, since the growth of the market predicted by experts is 20-30%.
The appraiser is constantly faced with the problem of predicting the cost of apartments, this problem is especially acute when assessing for lending purposes. The correctness of the decision depends on the experience, qualifications of the specialist, as well as on the quality of the collected data on the market of the object being evaluated. The use of the proposed statistical models in the work of specialists will help improve the accuracy of forecasts, as well as the quality of residential real estate valuation.
As a manuscript Akulova Evgenia Olegovna IMPROVING THE METHODS OF ANALYSIS OF THE MOST EFFECTIVE USE OF REAL ESTATE FOR THE PURPOSES OF VALUATION 08.00.10 – Finance, money turnover and credit Abstract of the dissertation for the degree of candidate economic sciences Moscow, 2015 Russian Federation» Supervisor Candidate of Economic Sciences, Professor Elena Nikolaevna Ivanova Official opponents Sergei G. Sternik Doctor of Economics, Professor, Russian Academy of National Economy and public service under the President of the Russian Federation”, Professor of the Department of Real Estate Management and Land Use Problems Khloptsov Dmitry Mikhailovich Doctor of Economics, Associate Professor, Federal State Autonomous Educational Institution of Higher Education "National Research Tomsk State University", Head of the Department of General and Applied Economics of the Faculty of Economics The defense will take place on April 16, 2015 at 12:00 pm at a meeting of the dissertation council D 505.001.02 on the basis of the Financial University under the Government of the Russian Federation at the address: Leningradsky Prospekt, 49, room. 406, Moscow, GSP-3, 125993. The dissertation can be found in the dissertation hall of the Library and Information Complex of the Financial University under the Government of the Russian Federation at the address: 49 Leningradsky Prospekt, room. 203, Moscow, GSP-3, 125993 and on the official website: http://www.fa.ru. The abstract was sent out on February 10, 2015. Scientific Secretary of the Dissertation Council D 505.001.02 Candidate of Economic Sciences, Associate Professor Meshkova Elena Ivanovna 3 I. GENERAL CHARACTERISTICS OF THE WORK Relevance of the topic of the dissertation research. The current stage in the development of property valuation is characterized by a deeper understanding of the theory and methodology for determining its market value, the consolidation of fundamental principles in the developed valuation standards, as well as the dissemination of the latest methods in practice. The principle of the most efficient use (hereinafter BEI), the practical aspect of which is implemented using NEI analysis methods, is one of the most controversial and least developed provisions of the theory and practice of property valuation. It implies that the value of the market value of the appraisal object is formed by its unique characteristics, subject to the optimal use option that ensures the satisfaction of social and industrial needs, the maximization of the profit of its owner and, as a result, the highest value of the object itself. The obligation to take into account the NEI principle in assessing the market value of real estate, which is laid down in international standards appraisal is enshrined in the federal standard “Real Estate Appraisal (FSO No. 7)” adopted in September 2014, however, this does not stop the discussion in the appraisal community regarding its fundamental need and the procedure for practical implementation. The absence of a unified conceptual apparatus, transparent and systematic methodological tools, and a developed information infrastructure complicates the identification of an NEI version of an object for the purpose of assessing its market value. Thus, the obligatory implementation of the NEI principle in assessing the market value of real estate creates an urgent need to improve the methods of its analysis, specify existing methods and calculation algorithms adapted to the specifics Russian market real estate. The degree of scientific development of the problem. The NEI principle as one of the fundamental principles valuation is considered mainly in the works on real estate valuation by foreign authors: Kinnard V., Ordway N., Reilly D., Ring A., Friedman D., Harrison G.S., Eckert D.K. and others, and Russian authors: Alexandrov V.T., Artemenkov I.L., Asaul A.N., Grabovoi P.G., Gribovsky S.V., Gryaznova A.G., Ivanova E.N., Korosteleva S.P., Kulakova Yu.N., Leifera L.A., 4 Ozerova E.S., Petrova V.I., Sternik G.M., Sternik S.G., Tarasevich E.I., Tepman L.N., Fedotova M.A., Fomenko A.N., Yaskevich E.E. etc. Highly appreciating the contribution of scientists to the development of approaches and methods of real estate valuation, it should be noted that the coverage of NEI in their works is of a general nature, does not contain clear comprehensive methods for its practical implementation. The applied aspect of the NEI principle, implemented through the analysis of alternative use cases, in the works of domestic and foreign authors is reduced mainly to a description of a brief algorithm, does not contain a justification for the feasibility and scope of its application, as well as restrictions due to Russian valuation conditions. In the last decade, interest in the problems of practical implementation of the NEI principle has increased in the Russian scientific literature. Conceptual issues of analysis in the conditions of the Russian real estate market are covered in the works of Grigoriev V.V., Ozerov E.S., Smolyak S.A., Fomenko A.N.; applied aspects of solving problems of analysis in the conditions of market closure, undeveloped information infrastructure, high degree of uncertainty are considered by Aleksandrov V.T., Korostelev S.P., Munerman I.V., Ozerov E.S., Pupentsova S.V., Yaskevich E. .E. They developed recommendations for improving individual stages of the NEI analysis, aimed at improving the quality of valuation services. In dissertations Grunov S.V. and Gubareva E.V. the issues of NEI analysis in the context of problems of general economic management and efficiency of resource use are being studied. The work of Petrova M.N. is of practical significance. , which explores the quantitative and qualitative methods of NEI analysis. However, the proposed economic and mathematical models have a number of limitations and require adaptation to the current realities of the real estate market and valuation activities in Russia, as well as installation into a complex algorithm. Thus, the existing interpretations of the NEI principle require comprehension and clarification in accordance with the main trends in improving the standards and methods of real estate valuation, the current level of development of which dictates the need to develop a comprehensive analysis algorithm using methods that are relevant to the Russian conditions of valuation. Purpose and objectives of the study. The purpose of the study is to improve the methodological tools for the analysis of NEI, which provides an increase in the correctness of the 5 real estate valuation. To achieve the goal of the study, the following tasks were set in the work: - to clarify the content of the concept of the principle of the most efficient use and the procedure for its practical implementation, to argue the need for its mandatory implementation in the valuation of real estate; consider the existing classification of real estate objects and analyze the possibility of introducing a new attribute that groups objects according to the need and the degree of detail of the NEI analysis; analyze the specific features of the Russian real estate market to identify its most acute problems in order to improve the NEI analysis algorithm and methods for its practical implementation; develop methodological recommendations that take into account the specifics of the Russian real estate market, according to the practical assessment of the basic criteria for analysis: legal admissibility, physical feasibility and financial feasibility; explore the methods of NEI analysis, develop recommendations and evaluate the effectiveness of their practical application in Russian assessment practice. The object of research is the principle of NEI as an immanent component of the valuation of real estate. The subject of the study is the methodological tools for the practical implementation of the NEI principle in assessing the market value of real estate objects. Field of study. The study was carried out in accordance with paragraph 5.1 "Theory, methodology and conceptual foundations for the formation of the value of various property objects" of the Passport of the specialty 08.00.10 - Finance, money circulation and credit (economic sciences). The theoretical and methodological basis of the study are the key provisions economic theory and system analysis, as well as the conclusions contained in the works of domestic and foreign authors on the theory of valuation and investment analysis, in particular, on valuation real estate, business, performance evaluation investment projects, pricing in construction. The fundamental nature of the principle under study necessitated the use of general scientific theoretical methods of cognition (historical, analytical, synthetic, methods of deduction and system analysis, etc.), as well as modern methods of economic and mathematical analysis: expert assessments, analysis of hierarchies, scenario method, financial modeling, grouping, tabular presentation of data, etc. The information base of the study was analytical reviews of real estate markets, scientific reports of conferences and seminars on the subject of the problem under study, analytical materials of periodicals, as well as reference and analytical resources on the Internet, legislative and regulatory acts of the Russian Federation, reports on the assessment of the market value of real estate objects, own research and calculations of the author. The scientific novelty of the study lies in the improvement of the theoretical and methodological tools for analyzing the NEI of real estate for the purposes of valuation. The provisions of the scientific novelty of the dissertation submitted for defense are as follows: 1. To prove the need to take into account the NEI principle in valuation, as well as to determine the content of the analysis, the prevailing views on its role and essence are investigated and it is substantiated that it is a key principle of evaluation the market value of the property, as reflected in the proposed formulations. The NEI principle is the basic provision of the theory of estimating the market value of real estate, the value of which should be determined based on the assumption of its NEI - the use of a competitive, market-demanded and justified on the date of assessment, meeting the criteria of legal admissibility, physical feasibility, financial feasibility and maximizing the value potential of a free or built-up land plot . NEI analysis is a valuation procedure that ensures the practical implementation of the NEI principle, and consists in studying the effectiveness of the option for using the object that has developed at the date of assessment, and comparing it with alternative development options in order to identify a use that maximizes the value of the land. 2. The need to introduce a new classification feature of real estate objects “the need and degree of detail of the NEI analysis” is substantiated based on the identified key characteristics of real estate: origin, suitability of improvements for operation, divisibility, physical condition of improvements, functional purpose. 3. The necessity of modernizing and expanding the NEI analysis algorithm in the valuation of real estate is proved, which consists both in changing the sequence of analysis, according to which the stages of studying the economic potential of the location and the criterion of legal admissibility should precede the stage of market research, and in introducing additional stages: classification of the property being valued according to the degree of detail of the NEI analysis; qualitative analysis of alternative use cases. 4. The need for a qualitative comparison of alternative options for using the object of assessment, implemented through the proposed algorithm using the hierarchy analysis method (hereinafter HAI), based on the use of criteria, is substantiated: a) the completeness of the use of location advantages; b) legal validity of development; c) physical feasibility; d) the development potential of the real estate market; e) the efficiency of attracting financial resources, which makes it possible to identify the options for using real estate that are least in demand on the market and exclude them from subsequent research. 5. Based on the systematization of existing methods for analyzing the NEI, identifying their advantages and disadvantages, it is substantiated that the method of analyzing a land plot as conditionally free and with existing improvements, involving direct capitalization of income generated by a single real estate object, followed by subtraction of the cost of creating improvements (or costs for their reconstruction) and bringing the resulting value to the date of valuation, ensures the maximum correctness of the results in the current conditions of Russian valuation activities. 6. As a result of the study of the Russian real estate market, the need to take into account the intermediate use of objects in the analysis of NEI was proved, for which the concept of “intermediate type of use of real estate” was clarified, and a methodology for its analysis was developed and tested. The theoretical significance of the results of the study lies in the development of a detailed algorithm for analyzing the NEI of real estate, which makes it possible to put into practice the fundamental principle of the theory of valuation, therefore, the elements of scientific novelty put forward for defense can be interpreted as its further development in terms of improving the methodological tools for determining the market value of real estate. The main results of the study can be used in the formation of training courses related to real estate valuation. The practical significance of the dissertation lies in the fact that the elements of scientific novelty obtained by the author are focused on widespread use in the practice of real estate valuation, contribute to improving the quality of valuation services and growth investment attractiveness valued objects. Of independent practical importance are: the system of characteristics of real estate objects, which ensures their grouping according to the proposed classification feature “the need and degree of detail of the NEI analysis”; developed methodology for the analysis of the criterion of physical feasibility, based on the systematization of legal documentation and the classification of real estate objects, to reliably determine the potential parameters of the development of a land plot and predict the space-planning characteristics of various options for its use; the proposed algorithm for qualitative comparison of alternative use cases using the AHP, which allows to exclude inefficient options from the subsequent analysis of the criteria of financial feasibility and maximum efficiency; developed methodology for NEI analysis taking into account the intermediate use case, which provides for taking into account changes in urban planning plans for the development of territories and long-term plans of developers with a short-term preservation of the current use of real estate objects. Approbation and implementation of the results of the work: the main results of the dissertation research were reported, discussed and approved at scientific and practical conferences and a round table: , Karaganda Economic University of Kazpotrebsoyuz, April 12-13, 2012); Fifth International Scientific and Methodological Conference "Property Cost: Valuation and Management" (Moscow, Moscow Financial and Industrial University "Synergy", November 22, 2013); round table “Property Management: Global Practice and Russian Realities” (Moscow, Mergers and Acquisitions Congress, Financial University, September 19, 2014). The dissertation was carried out as part of the research work carried out at the Financial University within the framework of the State task in 2013 on the topic “Increasing financial stability Russian enterprises on the basis of their cost management”. The results of the scientific research are used in the practical activities of the Department of Evaluation of the Integrated Joint-Stock Company of the "Knight Analysis Frank" algorithm by applying the NEI. The use of the author's developed methodology for determining space-planning solutions for improvements, the method of analyzing hierarchies, the methodology of analysis taking into account intermediate use allows us to comply with the requirements of assessment standards, ensure a high level of work, objectivity and correctness of assessment results in a limited information space, contribute to the efficiency and competitiveness of the Department due to a more structured approach to real estate valuation and optimization of the company's operating costs. The NEI analysis algorithm upgraded by the author, which supplements the assessment of the market value of real estate with methodically sound tools, is used in the practical activities of Russian Appraisal Service LLC. In particular, the use of the method of financial feasibility analysis, identified by the author as the most appropriate, which also involves the implementation of risk analysis, allows you to more deeply explore the NEI, contributing to the improvement of the methodological foundations of work and improving the quality of services provided. The results of the study are used in educational process in FGOBUVPO "Financial University under the Government of the Russian Federation" department "Evaluation and management of property" in teaching academic disciplines “Real Estate Valuation” and “Real Estate Market and its Development Trends”. The implementation of the results of the dissertation research by organizations is confirmed by relevant certificates. in the indicated 10 Publications. On the topic of the dissertation research, 6 papers were published with a total volume of 4.43 p.l. (author's volume 3.92 pp), including 4 works with a total volume of 3.55 pp. (author's volume 3.2 pp) in peer-reviewed scientific publications determined by the Higher Attestation Commission of the Ministry of Education and Science of Russia. The structure and scope of the dissertation. The dissertation consists of an introduction, three chapters, a conclusion, a list of references from 119 sources, and 3 appendices. The text of the dissertation is presented on 204 pages. The work is illustrated with 19 tables and 7 figures. II. THE MAIN CONTENT OF THE THESIS In the introduction of the work, the relevance of the topic of the dissertation research is substantiated, the degree of its scientific development and the methodology of the work are presented: the purpose and objectives of the study are determined, the elements of the scientific novelty of the work and its practical significance are reflected. The first group of questions is related to the study of the historical development of the concept of NEI, the definition of the content of the concept of NEI, the role and place of the principle in the modern system of valuation of real estate objects. The valuation of property objects is based on the fundamental premises of the neoclassical theory that dominates modern economic thought. This theory is based on the concept of a rational consumer, whose behavior is driven by the goal of maximizing utility, which predetermined the formation of key principles for assessing market value. The principles of valuation are combined into four groups depending on the source of formation and the degree of influence on the value: principles based on the owner's ideas about the usefulness of the object; principles based on the operational characteristics of the object being assessed; principles conditioned by the influence of the market environment; NEI principle. The essence of the NEI principle lies in the fact that the market value of real estate is formed on the basis of the unique characteristics of the object, which determine the option for its optimal use under the influence of the forces of supply and demand prevailing at the valuation date, when all market participants are interested in maximizing their own benefit. The NEI principle is implemented to the maximum in real estate appraisal, which is due to its “two-component nature”: the constant component is a land plot with an invariable link to a specific place and the stability of properties, and the variable component is the improvements made on it. The location and properties of the site predetermine the variant of its use that meets the current needs of the market. The income of the site is provided by the improvements introduced, which can be changed in accordance with the functions demanded by the market. Therefore, the assessment of the market value of real estate is based on the NEI version of the land plot, which maximizes its value potential. The analysis of foreign and Russian scientific literature on the topic of dissertation research, as well as assessment standards, showed that they contain big number different interpretations of the NEI concept of real estate objects that meet four key criteria: legal admissibility, physical feasibility, financial feasibility and maximum efficiency. Unsatisfactory urban planning, the changing conjuncture of the Russian market, require clarification of the concept of NEI from the standpoint of compliance with market conditions that prevailed at the date of the valuation, and current trends in the development of valuation require an emphasis on its theoretical significance. For this purpose, the author's interpretation of the “NEI principle” is formulated, which is given on page 6. The practical implementation of the NEI principle consists in analyzing the effectiveness of the real estate use case that has developed at the date of assessment (hereinafter referred to as the NEI analysis). According to the existing regulations in the field of appraisal activities in the Russian Federation, this procedure should be singled out as an independent and mandatory stage preceding the calculation of the market value of real estate using the methods of income, comparative and cost approaches. This requires the introduction of a refined definition of NEI analysis, also presented on page 6. Based on a study and comparison of international (hereinafter IVS), European and American standards with Russian valuation standards, significant differences in approaches to NEI analysis were revealed. The current version of the IVS, unlike their previous editions, does not stipulate that the market value of an object should be determined based on the identified version of the NEI, but indicates that it reflects it, since the established practice of zoning 12 assumes the effective use of any territory. In this regard, the NEI of the appraised object will be taken into account when analyzing the prices of purchase and sale and lease transactions for analogue objects when assessing its market value using the methods of comparative and income approaches. The Russian unstable real estate market and the peculiarities of legislative regulation of urban planning and zoning do not guarantee that the current option for using the appraised object is effective, and that the prices of analogous objects reflect its NEI. Therefore, in Russian standards, it is currently advisable to single out the NEI analysis as an independent procedure. The complexity of the NEI analysis of real estate, due to the degree of development of its market, which is characterized by a limited information infrastructure and poor development of urban planning, requires the introduction of an additional classification feature of real estate objects, taking into account the need for NEI analysis when determining their market value. The proposed system of key characteristics of real estate: origin; serviceability of improvements; divisibility; physical condition improvements; the type of real estate object, arranged in a hierarchical sequence, allows you to determine the need for NEI analysis and classify the object in accordance with the new classification feature - "the need and degree of detail of the NEI analysis" - to a specific group. A schematic interpretation of the developed system of characteristics for classifying real estate objects in order to determine the need for NEI analysis and the degree of its detail is shown in Figure 1. Thus, the specifics of the Russian real estate market necessitates the practical implementation of the NEI principle for most objects, which consists in the procedure for its analysis, and The state of the market predetermines the need to improve the methods and directions of this analysis. The second group of questions arises from the need for a critical study of the tools for the practical implementation of the principle of improving the existing methods of its analysis. NEI real estate and 13 Origin of PZ with existing improvements Vacant PZ Improvements not serviceable (wear > 80%) Improvements serviceable (wear and tear)< 80%) Неделимый единый комплекс (здания с участками) Анализ НЭИ для свободного ЗУ Анализ НЭИ для свободного ЗУ и ЗУ с существующими улучшениями Составная часть неделимой вещи (помещения, квартиры) Здания, пригодные к эксплуатации (износ от 20% до 40%) Незавершенное строительство Здания, требующие реконструкции или капитального ремонта (износ от 40 до 80%) Новое строительство или реконструкция (износ <20%) Анализ НЭИ для ЗУ с существующими улучшениями Жилые, коммерческие Обществен ные Анализ НЭИ не проводится Источник: разработка автора Рисунок 1 – Классификация объектов по потребности в проведении анализа НЭИ Изучение существующих подходов к анализу НЭИ недвижимого имущества позволило выявить наличие общепринятого алгоритма его практической реализации. Анализ НЭИ принято проводить в двух направлениях: для земельного участка как условно свободного и с существующими улучшениями. Поскольку функциональное использование любого объекта недвижимости опирается в первую очередь на характеристики местоположения, юридические и физические ограничения использования земельного участка, и направлено на раскрытие его стоимостного потенциала, далее описана процедура анализа для земельного участка как условно свободного. Исследование практики реализации принципа НЭИ недвижимости позволило сформулировать основные пробелы существующего алгоритма: изучение местоположения объекта представляет собой самостоятельный этап, не имеющий отношения к анализу НЭИ; не проводится качественный анализ различных вариантов использования; предлагаемая последовательность этапов анализа НЭИ неэффективна и трудоемка; отсутствуют детализированные рекомендации по отдельным аналитическим процедурам, что осложняет практическую реализацию принципа НЭИ. Для устранения выявленных недостатков автором обоснована необходимость модернизации существующего алгоритма анализа НЭИ, которая включает следующие положения. 14 1. Анализ НЭИ следует начинать с исследования характеристик оцениваемого объекта, позволяющих отнести его к определенной группе в соответствии с предложенным новым классификационным признаком «необходимость и степень детальности анализа НЭИ» в соответствии с рисунком 1. 2. Предлагается в первую очередь включать в процедуру анализа НЭИ этап исследования местоположения объекта с позиции изучения конкурентной среды и выявления основных преимуществ и недостатков его расположения, влияющих на выбор вариантов его потенциального использования. 3. В целях сокращения трудоемкости оценочных работ целесообразно сначала рассмотреть критерий юридической допустимости, и только законодательно разрешенные варианты позиционировать на территориальном рынке недвижимости на предмет их востребованности. 4. Целесообразно ввести этап качественного анализа вариантов с применением метода анализа иерархий, и только по наиболее приемлемым вариантам осуществлять количественные расчеты финансовой целесообразности. Схематичное изображение детализированного алгоритма анализа НЭИ с учетом предложенных преобразований представлено на рисунке 2. Исследование объекта по классификационному признаку «необходимость и степень детальности анализа НЭИ» Формирование полного перечня альтернативных вариантов использования объекта оценки Анализ местоположе ния объекта Анализ юридической допустимости с целью выявления законодательно разрешенных видов использования Анализ рынка и существующих классификаций исследуемых сегментов рынка Составление перечня возможных вариантов использования Анализ осуществимости Анализ физической осуществимости с целью выявления потенциально возможных параметров застройки территории по каждому варианту использования Качественный анализ возможных вариантов использования Количественный анализ возможных вариантов использования по критерию финансовой целесообразности Выбор варианта использования, максимизирующего стоимость объекта оценки Источник: разработка автора Рисунок 2 – Детализированный алгоритм анализа НЭИ недвижимости 15 Исследование юридической допустимости предполагает изучение объекта оценки с целью выявления законодательно разрешенных вариантов использования. Поскольку юридическая верификация заключается в определении соответствия текущего и альтернативных вариантов использования существующим градостроительным нормам, в которых также указывается информация о разрешенных параметрах застройки территории, обоснована логическая взаимосвязь данного этапа анализа с исследованием физической осуществимости. На основании проведенной систематизации существующих нормативно-правовых актов, норм и правил, а также документов на участок, была разработана структурированная схема, содержащая перечень документации с указанием содержащейся в ней информации, необходимой для анализа НЭИ. На основании данной схемы определяются основные сегменты рынка недвижимости, на которых можно специализироваться с учетом законодательной разрешенности, и для которых необходимо изучение классификационных требований. Анализ физической осуществимости опирается на разрешенные параметры застройки территории, полученные на этапе исследования юридической допустимости, и классификационные требования. Существующие рекомендации предполагают ограничение данного этапа анализа исследованием физических характеристик участка, его формы и рельефа, а также возможности размещения на нем новых строений, однако они не учитывают основную цель этапа: определить потенциально возможные параметры застройки участка с учетом ограничений по плотности, высотности, объемам строительства. В литературе по оценке недвижимости существуют краткие рекомендации по определению объемно-планировочных параметров застройки земли в ходе анализа НЭИ недвижимости. К недостаткам данных рекомендаций можно отнести индифферентность к наличию различных исходных данных для выбора способа расчета объемно-планировочных характеристик и отсутствие рекомендаций по учету классификаций объектов недвижимости, содержащих требования к отдельным техническим характеристикам строений. Для устранения указанных недостатков разработана авторская методика определения объемно-планировочных решений строений, схематично представленная на рисунке 3, дополненная вариантами расчетов параметров застройки на основании коэффициента плотности застройки (через общую площадь здания) и на основании данных по этажности и высоте этажа, получаемых в результате анализа рынка и исследования классификаций необходимого сегмента 16 рынка. Предложенный алгоритм может выполняться по одному из трех сценариев в зависимости от наличия доступной исходной информации: коэффициента застройки; коэффициента плотности застройки; информации об этажности и высоте этажа. Результатом данного этапа является формулирование альтернативных вариантов использования объекта оценки с указанием их ключевых физических характеристик. Определение исходного показателя Исходя из нормативноправовых актов, классификаций объектов недвижимости Коэффициент застройки Коэффициент плотности застройки S КЗ З S ЗУ Допустимая площадь застройки S З К З * S ЗУ 1 Допустимая высотность здания К ПЗ SЗ S ЗУ По площади участка, его форме и близости строений ориентировочно определяется SЗ с учетом нормативов по плотности застройки, указанных в СП 42.13330.2011, Приложение Г ввнеш S общ n эт анализ формы участка отступы от границ участка, строений парковка, пожарные проезды корректировка по «строительному модулю» h зд – высотные регламенты, ГПЗУ, внеш S общ hзд hэт * nэт документы, классификации Классификации объектов недвижимости по сегментам Обзоры рынка Отношение допустимой высоты здания к количеству этажей Минимальная высота 1 этажа Целесообразная этажность здания n эт Допустимая общая площадь здания по внешнему обмеру h зд hэт внеш S общ S З * nэт Допустимая общая площадь здания по внутреннему обмеру nэт внеш S общ SЗ внеш S общ К ПЗ * S ЗУ внутр внеш Sобщ Sобщ Толщина наружных стен При наличии данных об этажности или условий 1 и 2 3 2 Для расчета арендопригод ной площади внутр внеш S общ S общ * 0,95 Строительный объем здания (Vстр) внеш Vстр S общ * hзд Источник: разработка автора Рисунок 3 – Схема определения объемно-планировочных характеристик строений Отобранные варианты использования подлежат проверке по критерию финансовой целесообразности, заключающейся в изучении стоимостного потенциала 17 объекта недвижимости и способности генерирования им положительного денежного потока. Для повышения эффективности данного этапа целесообразно предварительно сопоставить данные варианты использования по качественным характеристикам. Выбор варианта НЭИ недвижимости представляет собой процесс принятия решения по совокупности большого числа параметров, поэтому автором рассмотрена возможность применения метода анализа иерархий (далее МАИ). Применение МАИ основывается на качественной интерпретации анализируемых параметров, оцененных на основе экспертных суждений и логики, с учетом их влияния на итоговый результат. Многокритериальный анализ на базе МАИ позволяет представить сложный процесс принятия решения в качестве структурированной иерархической системы и учесть взаимное влияние факторов на каждый из рассматриваемых вариантов использования и сопоставить их на основании отобранных критериев. Исследовательская задача, заключающаяся в определении данных критериев анализа НЭИ недвижимости, формирующих первый и второй уровни иерархии, была решена путем опроса экспертного мнения специалистов-оценщиков в отношении значимости и взаимного влияния отобранных критериев. Результаты анализа представлены в таблице 1. Таблица 1 – Веса критериев анализа НЭИ Критерий 1 порядка Использование потенциала местоположения Юридическая обоснованность Физическая осуществимость Потенциал рынка развития Эффективность привлечения финансовых ресурсов Итог Вес, % 24,8 34,9 26,5 8,4 Критерий 2 порядка Полнота использования преимуществ с точки зрения транспортной доступности Полнота использования преимуществ с точки зрения пассажиропотока Конкуренция в ближайшем окружении Соответствие назначению по градостроительному плану земельного участка Соответствие назначению по кадастровому паспорту или свидетельству Соответствие функции назначению по правилам землепользования и застройки территории Наличие данных о возможности изменения назначения Соответствие функции назначению по генеральному плану поселения Эффективность по критерию плотности застройки Эффективность по критерию максимальной высотности Арендопригодная площадь Наличие свободных ниш рынка Потенциал развития сегмента рынка Средний уровень доходности сегмента Возможность привлечения заемных средств 5,4 Эффективность привлечения заемных средств 100 Вес, % Итого вес, % 33,3 8,3 33,3 8,3 33,3 8,3 44,0 15,4 28,3 9,9 17,1 6,0 7,3 2,6 3,4 1,2 42,9 42,9 14,3 63,7 25,8 10,5 75,0 11,3 11,3 3,8 5,3 2,2 0,9 4,1 25,0 1,4 100 Источник: исследование автора 18 После построения иерархической структуры процесса принятия решения о выборе варианта НЭИ анализ проводится в рамках стандартных процедур МАИ. Альтернативы использования объекта оценки, которые получают наименьшие веса качества, исключаются из последующего анализа. После применения МАИ отобранные варианты использования недвижимости подлежат количественной оценке по критерию финансовой целесообразности с точки зрения способности генерировать положительный денежный поток и раскрывать стоимостной потенциал земельного участка. Количественная оценка отобранных вариантов использования по критериям финансовой целесообразности и максимальной эффективности представляет собой наиболее сложный и трудоемкий этап анализ, опирающийся на классические методы стоимостной оценки, представленные в таблице 2. Таблица 2 – Существующие методы практической реализации принципа НЭИ № п/п Метод анализа НЭИ/Соответствующий метод оценки ЗУ Расчетная формула Трудноопределяемые параметры Вывод о применимости Rb, Rl Область применения ограничена возможностями определения коэффициентов капитализации отдельно для здания и для земельного участка. Не выявлены Применим при наличии информации о стоимости улучшений и сопоставимости анализируемых вариантов по техническим параметрам застройки, срокам реализации и начала операционной деятельности. Анализ ЗУ как условно свободного I O VB * RB RL VL где: V L – рыночная 1 «Земельный участок рассматривается как незастроенный, коэффициенты капитализации для земли и строений различны» / Метод остатка для земли, модификация 1 стоимость земли, ден. ед.; I O – чистый операционный доход, приносимый единым объектом недвижимости, ден. ед.; V B – рыночная стоимость улучшений, ден. ед.; RB – коэффициент капитализации для улучшений; RL – коэффициент капитализации для земли. 2 «Земельный участок рассматривается как незастроенный, коэффициенты капитализации для зданий и земли одинаковы» / Метод остатка для земли, модификация 2 VL где: IO VB , RO Ro – общий коэффициент капитализации. 19 Продолжение таблицы 2 № п/п Метод анализа НЭИ/Соответствующий метод оценки ЗУ Расчетная формула Труднооп ределяе мые параметр ы VL VO VB 3 «Земельный участок рассматривается как незастроенный, и известна рыночная цена продажи недвижимости предполагаемого назначения»/ Метод выделения VB E B * Pr где: VО – рыночная стоимость единого объекта недвижимости, ден. ед.; E B – стоимость Vо воспроизводства улучшений за вычетом физического износа, ден. ед.; Pr – прибыль девелопера. Вывод о применимости Область применения ограничена наличием рыночных данных по сопоставимым со всеми анализируемыми вариантами объектам-аналогам; наличием информации об износе и стоимости улучшений по объектам-аналогам. E1 E2 ... (1 Y) 1 (1 Y) 2 En I1 I2 (1 Y) n (1 Y)1 (1 Y) 2 VL .... In (1 Y) n VOn 1 (1 Y) n где: E1 , E2 , En – сумма 4 Метод предполагаемого использования*/ Метод предполагаемого использования капитальных затрат в n-й период времени, ден. ед.; I1 , I 2 , I n – величина чистого операционного расхода в nй период времени, ден. ед.; E, Y, n Y – ставка дисконтирования, дол. ед.; Применим при условии возможности достоверного определения затрат на создание улучшений, сроков строительства, загрузки объекта, прогноза доходов. VOn1 – стоимость реверсии единого объекта недвижимости в постпрогнозном периоде времени, ден. ед. Анализ ЗУ с существующими улучшениями VO 5 6 «Земельный участок рассматривается как застроенный, строения требуют проведения некоторых улучшений»/Нет где: Применим при наличии возможности достоверного определения затрат на изменение существующих улучшений. IO E Im p RO E Im p - расходы, связанные с проведением работ по реконструкции/модернизаци и/капитальному ремонту, ден. ед. E «Земельный участок Применим при условии рассматривается как анализа земельного участка с Не IO VO застроенный, не требующий не выявле- улучшениями, RO улучшений»/Метод прямой требующими затрат. ны капитализации дохода * Одинаковые условия реализации как для свободного участка, так и для участка с улучшениями
Send your good work in the knowledge base is simple. Use the form below
Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.
Similar Documents
Comparative (market) approach to real estate valuation. Technology for implementing the sales analysis method. Calculation of the value of a property using the gross rental multiplier. Comparative unit method. Features of real estate appraisal in Russia.
test, added 12/03/2012
Characteristics of real estate as an object of civil rights. The concept and classification of real estate objects. Problems of legal regulation of construction in progress. Participation in civil circulation. Real estate transactions.
term paper, added 05/28/2016
Basic principles and methods of real estate valuation; study of the economic situation in the regional and local market. Determination of the market value of the complex of real estate LLP "Mechanized Works": characteristics, ownership.
thesis, added 20.02.2011
Real estate appraisal, its goals, objectives and purpose. Legal framework for real estate valuation. Review of the system of state registration of real estate objects, rights to property and transactions with it. Legal regulation of the real estate market in the Russian Federation.
abstract, added 09/24/2015
Characteristic features of market relations in the field of real estate. Legal aspects of the economy and rental of real estate, including an analysis of the sources of civil law regulation of relations in the field of real estate. The essence of the basic principles of real estate valuation.
control work, added 05/13/2010
The main types of forms of ownership of enterprises. Characteristics and classifications of real estate objects. Management of certain properties. Management of systems of real estate objects of the Federation. Operations with real estate objects.
course of lectures, added 04/16/2013
Definition of the concept of real estate. Legal essence of real estate objects (rights). Differences between rights and encumbrances. The material essence of real estate objects. Legal status of the land. Examples of description of the location of the land.
After carrying out this research work, the following proposals for improving the residential real estate market have been identified. Often a large role in the formation of the cost of 1 square. m. of living space has a direct influence on the realtor buyer or seller. Dishonesty and the use of personal interests of employees of intermediary organizations leads to an artificial increase in prices for residential real estate. Thus, the secondary housing market often simply goes beyond the control of local governments, as it is under the jurisdiction of real estate companies. And only a small percentage of the proposed apartments in the secondary housing market under the influence of the city administration. Drawing a conclusion from the above, I would like to say that in the conditions of the financial crisis, in this respect, control is necessary from the side of local governments. This is due to the rather high demand for housing and thus a high percentage of profits from the resale of secondary housing is obtained by small real estate agencies. I would also like to draw the close attention of self-government bodies and its structural divisions to the growth in the cost of housing. Since the real estate market is in the process of recovering from the crisis and housing prices are starting to skyrocket due to high demand. With the tightening of the conditions of auctions for the purchase of land plots for individual residential construction, small companies should be forced out of the market, seeking to make high profits without proper fulfillment of the terms of the contracts. Also, on the way to improving the real estate market in Omsk, it is necessary to improve the regulatory and legal framework. This will lead to a decrease in the rate of growth in prices for residential real estate and to equalize them with the real needs of the market.
On the way to a perfect real estate market, it is necessary to create services that maintain strict control over this type of documentation. The combination of all the above measures will help the real estate market in Omsk to get out of the crisis in the shortest possible time and improve the conditions for controlling the turnover of apartments in this market.
Conclusion
In this graduation project, a deep analysis of the current situation in the secondary housing market in Omsk was carried out. At the same time, the natural and ecological state of the city was studied, as well as social and economic factors that have a direct impact on the formation of secondary housing.
Also studied the capacity of the residential real estate market, supply and demand in the secondary market in the period 2009-2012.
A detailed analysis of the proposals in the secondary housing market was carried out. Possible methods for improving the residential real estate market in the conditions of the economic crisis have been developed. The prospects for the development of the residential real estate market are considered.
The relevance of the study is emphasized by the fact that the future of cities is largely associated with the development of the residential real estate market. Since the residential real estate market i.e. The housing market is one of the most important markets, it has a direct impact on the life of society, so the state of other components of society's life depends on its condition.
The purpose of the graduation project is fully realized. In accordance with the goal, the following tasks were solved:
The scientific and methodological provisions of the marketing of residential real estate in the city of Omsk were studied;
The legislative and regulatory framework for the development of marketing of residential real estate in cities is considered;
The main directions for improving the residential real estate market have been developed;
The conditions for ensuring life safety during evaluation work are considered;
The analysis of environmental decisions in the assessment of factors that pay attention to the nature of the city is carried out.
