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dc.contributor.authorJefferies Rodney, L.en
dc.date.accessioned2009-10-22T01:06:52Z
dc.date.issued2009-01en
dc.identifier.citationJefferies, R. (2009). A brief history and development of 'real value' valuation models - the last four decades. In Proceedings of the 15th annual conference of the Pacific Rim Real Estate Society, Sydney, Australia, 18-21 January 2009.en
dc.identifier.urihttps://hdl.handle.net/10182/1247
dc.description.abstractThis paper summarises the author's research of the literature related to the concept of 'real value' valuation models as applied to income or investment property which transpires to be, on one hand interesting, but on the other-hand disappointing in their scope and lack of adoption by the valuation profession. The basic real value valuation model was promoted in the UK as a ''positive'' investment valuation model in the early 1970's. However, it foundered in the 1980s due to the rejection of the (then) complicated formulary and mathematical calculations required in favour of a more recognisable nominal 'equated yield' valuation model. To a lesser degree and in a different format, a not dissimilar "dynamic capitalisation" valuation model was promoted in the 1980s in the USA. That model also appears to have similarly foundered in favour of the (then) well established 'mortgage-equity' appraisal model then in use since the 1960's. The author has, over the last decade, further developed a more contemporary and adaptable 'real value' valuation model that differs in some important aspects from these UK and USA models particularly in its user-friendly spreadsheet template model format with a flexibility that hopefully will not suffer the same ultimate oblivion as these earlier models.en
dc.language.isoenen
dc.publisherPacific Rim Real Estate Society.en
dc.relationThe original publication is available from - Pacific Rim Real Estate Society.en
dc.subjectdynamic capitalisationen
dc.subjectequated yielden
dc.subjectincome capitalisationen
dc.subjectinflationen
dc.subjectleased feeen
dc.subjectleaseholden
dc.subjectpositive valuationen
dc.subjectreal required returnsen
dc.subjectreal growthen
dc.subjectreal valueen
dc.titleA brief history and development of 'real value' valuation models - the last four decadesen
dc.typeConference Contribution - Published
dc.subject.marsdenFields of Research::340000 Economics::340200 Applied Economics::340202 Environment and resource economicsen
lu.contributor.unitLincoln Universityen
lu.contributor.unitFaculty of Agribusiness and Commerceen
lu.contributor.unitDepartment of Land Management and Systemsen
pubs.organisational-group/LU
pubs.organisational-group/LU/Faculty of Agribusiness and Commerce
pubs.organisational-group/LU/Faculty of Agribusiness and Commerce/LAMS
pubs.publication-statusPublisheden
lu.subtypeConference Paperen


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