- Filename: european-valuation-standards-2003.
- ISBN: 9781135322984
- Release Date: 2014-07-10
- Number of pages: 415
- Author: Tegova,
- Publisher: Taylor & Francis
First Published in 2003. Routledge is an imprint of Taylor & Francis, an informa company.
First Published in 2003. Routledge is an imprint of Taylor & Francis, an informa company.
Inhaltsangabe:Abstract: The dissertation analyses whether or not and to what extent the managers of German open-ended property funds see a necessity for amendments to the current German property valuation standards in the context of an increasing demand for European convergence in valuation practice. A critical review of the literature is structured in two chapters: (1) European valuation convergence; and (2) legal background and valuation standards in Germany in a European context. Three main drivers for European convergence have been identified, namely international investment, International Accounting Standards (IAS) and the new Basel Capital Accord. The main standard setting organisations with a European scope are the IVSC, TEGoVA and RICS. German standards are highly regulated by law (BauGB, KAGG, WertV, WertR). However, the relevant valuation basis in Germany mainly complies with its international counterpart. Three methods are outlined in the German standards (WertV), but additional approaches are allowed according to the guidelines (WertR). Systematic differences could be identified between the German investment method and relevant international approaches. The main German specialities in this regard are separation of value for land and building, consideration of only one income (sustainable long-term rent) and arriving at gross values. The Cost Approach is meaningless for the valuation of open-ended funds. Alternative international approaches are Term & Reversion, Layer, Equivalent Yield and DCF. 13 rating scale and 9 open-ended questions were extracted from the above headings and were assessed by 8 managers of open-ended property funds. Further in depth information could be gathered by semi-structured and unstructured interviews with 5 of these managers and 3 valuers. The survey indicated that the German fund managers are quite satisfied with the German standards (WertV) and only minor problems arise. A - 1 - European Convergence in Property Valuation: How do the German Open-Ended Property Funds measure up? need for modification could not be identified. DCF is used occasionally by fund managers, but the appropriateness for neutral valuations is seen with scepticism. Traditional British direct capitalisation methods are unpopular in Germany. Problems arise with the transparency in Germany due to data protection and sometimes with the qualification of German valuers. The emergence of a two tier market (domestic and international) is apparently not entirely recognised in Germany as well as issues of European Convergence in property valuation. German clients as well as valuers should verify their awareness with the impact of ongoing developments, which drive European convergence. Further research could examine the identified issues by adopting a case study approach. Inhaltsverzeichnis:Table of Contents: CONTENTI APPENDICESIII LIST OF TABLESIV LIST OF FIGURESV GLOSSARYVI ACKNOWLEDGEMENTXI ABSTRACT1 1.INTRODUCTION3 1.1BACKGROUND TO THE PROBLEM4 1.2RESEARCH GOALS5 1.3RESEARCH METHODOLOGY6 1.4DISSERTATION CONTENTS9 2.EUROPEAN VALUATION CONVERGENCE11 2.1DRIVERS FOR CONVERGENCE12 2.1.1International Investment12 2.1.2International Accounting Standards (IAS)13 2.1.3The New Basel Capital Accord15 2.2THE ROLE OF GERMAN OPEN-ENDED PROPERTY FUNDS ON EUROPEAN INVESTMENT MARKETS17 2.3ORGANISATIONS SETTING PROPERTY VALUATION STANDARDS WITH A EUROPEAN SCOPE20 2.3.1The International Valuation Standards Committee (IVSC) 20 2.3.2The European Group of Valuers' Associations (TEGoVA)22 2.3.3The Royal Institution of Chartered Surveyors (RICS)24 2.4SUMMARY26 3.LEGAL BACKGROUND AND VALUATION STANDARDS FOR THE REAL ESTATE ASSETS OF OPEN-ENDED PROPERTY FUNDS IN GERMANY IN A EUROPEAN CONTEXT29 3.1LAW AND ORDER30 3.1.1The Building Act 1987 - Baugesetzbuch (BauGB)30 3.1.2The Investment Companies Act/ The 4th Financial Market Promotion Act 2002 -Gesetz über Kapitalanlagegesellschaften (KAGG)/ 4. Finanzmarktförderungsgesetz31 3.1.3The Federal Order for Valuation 1988/ The Federal Guidelines for Valuation 2002 - Wertermittlungsverordnung (WertV)/ Wertermittlungsrichtlinien (WertR)32 3.2VALUATION BASES34 3.2.1Application of the concepts of Price, Value and Worth in Germany34 3.2.2Verkehrswert vs. Market Value36 3.3VALUATION METHODS38 3.3.1Vergleichswertverfahren versus Comparative Method40 3.3.2Ertragswertmethode versus Investment Method41 3.3.3Adaptations of the Investment Method44 3.3.4Discounted Cash Flow (DCF)46 3.4SUMMARY49 4.THE SURVEY AND DATA ANALYSIS52 4.1QUESTIONNAIRE DESIGN AND METHODOLOGY53 4.2ANALYSIS55 4.2.1Rating Scale Questions55 4.2.2Qualitative Questions and Interviews59 4.3SUMMARY62 5.CONCLUSION65 5.1REVIEW OF AIM AND OBJECTIVES66 5.2FINAL CONCLUSIONS AND RECOMMENDATIONS69
Seminar paper from the year 2007 in the subject Business economics - Miscellaneous, grade: 2,7, Nurtingen University, course: Real Estate Management, 15 entries in the bibliography, language: English, abstract: The international globalization in the real estate business started much later than in other businesses. Historic grown specifics, topographic and cultural differences as well as judicial, fiscal, and political basic conditions, which do not have an international standardization are reasons for this reserve. But today many real estate companies and investors act worldwide, so that the real estate business and so the property valuation too cannot longer be seen as a national issue only. Germany has an attractive real estate market for foreign investors because of its steady currency, appealing lease contract structures and a rent growth potential. In recent years foreign investors have increased their presence in the real estate business in Germany and so there is a rising demand for property valuations using international methods. The conventional national German systems of valuation are inadequately. A standardization of valuation methods or at least comparable national valuation methods is an essential condition for foreign institutional investors. Standardized methods are necessary to ensure the transparency for all participants in the real estate market. The purpose of this paper is to point out established international property valuation methods. At first I will describe the important terms and definitions which are used for valuation methods, followed by an explanation why and when a property valuation will be necessary. I will also show you several valuation standards which have developed and I will deliver an insight of different international property valuation methods with short simplified example which shall clarify each particular procedure.
Inhaltsangabe:Abstract: This paper deals with the valuation of property in a global context and discusses contemporary and evolving issues that might affect property valuation standards and practice in Germany and in the United Kingdom. It shows the need, the development and the growing acceptance of International Valuations Standards (IVS) published by the International Valuations Standards Committee and identifies valuations for financial reporting as the key driving force behind the ambition of harmonising valuation standards. Additionally, the major differences between valuation standards and practice in Germany and the UK are examined, the interrelationship between and the discussion about three concurring set of standards (namely Red Book, Blue Book and White Book) is presented and the importance of Market Value as the central underlying definition of value is highlighted. Then the parallel development of International Accounting Standards (IAS) and their adoption within the European Union from 2005 onwards is explained and it is shown that this reinforces the position and the acceptance of IVS. Furthermore, the major differences between IAS, German and UK Generally Accepted Accounting Practice regarding the treatment of real estate are shown and the possible consequences for the valuation of fixed assets are derived. Also the New Basel Capital Accord (Basel II) which determines the way how banks have to allocate capital is identified as another area of interest for the valuation profession. For this reason the methodology of Basel II is explained briefly and the problems and consequences regarding the treatment and valuation of real estate that evolve out of an application of Basel II are explored. Finally, other areas of interest that might determine the future of property valuation are addressed, notably the issue of sustainability. It is shown that there are numerous benefits of sustainable buildings, that the client demand for them is rising and that valuers will have to consider this aspect because it will affect the Market Value of the property. In sum, this paper shows that there are fundamental differences in the way how the German and the UK valuation scene is acting to cope up with these developments on the international scene, i.e., the UK valuers and the RICS are acting proactive and are at the forefront of new developments (the fact that the RICS based their new Red Book mainly on IVS is the best example), while in contrast [...]
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