Construction of the model determine the discount rate by market extraction
Journal Title: Геодезія, картографія і аерофотознімання - Year 2014, Vol 80, Issue 2
Abstract
Purpose. The actual problem is the determination of the discount rate for cadastral valuation of real estate settlements. Discount rate – the most difficult variable (characteristic) that is needed to determine the market value of the property. The term “discount rate” (discount rate) determined the American Society of Appraisers, the coefficient used to calculate the present value of a sum of money which will be paid in the future. If the valuation that the rate is a rate of return on invested capital. The investor expects its receipt of future earnings based on the risk. Methodology. The technique is based on the analysis of rates of return that are derived owners of analogy, which, in our opinion, is very reliable and conclusive as it reflects the processes that take place directly in real estate,. To apply this technique requires reliable information about a large number of actual transactions for sale of real estate in the local real estate market and therefore we offer improvement method for determining the discount rate constructed from statistical processing variables properties using the foundations of market extraction method. Results. The investigations show influence on the value of the discount rate of factors: distance from the city centre; object type; The total area of??; state of the object; value of volume reconstruction is required; indicator of optimal location of the object. Originality. The investigations are useful for determining the discount rate typical objects. Every large town, district, region have their own characteristics forming the real estate market, and therefore require the construction of their own models. Model building involves thorough cleaning of market information and detailed analytical study. The study allow to determine the discount rate by comparison with the rate of return objects-analogues, and statistical methods – bring all bids discount rates for objects which are similar to the object of evaluation. Practical significance. Research possible to determine the discount rate by factors that objectively has the object of evaluation, rather than by subjective evaluation of the differences of the assessment of investment attractiveness of the ideal that qualitatively distinguishes the method from other methods of determining the discount rate and allows get a correct and reasonable characteristics of the assessment. Represented in the research can be applied to most settlements of Ukraine in order to determine fair market value of real estate and cadastre.
Authors and Affiliations
Yu. Hubar
Keywords
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