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VALUASI NILAI PROPERTI LAHAN.

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Presentation on theme: "VALUASI NILAI PROPERTI LAHAN."— Presentation transcript:

1 VALUASI NILAI PROPERTI LAHAN

2 Real property valuation Valuation is both a Science and an Art!
Metode Valuasi Teori Valuasi Terori Nilai Valuation is both a Science and an Art!

3 - on exchange, money, prices and value (Politics and Ethics)
TEORI NILAI Platon (427 – 347 BC) - division of labour (specialization) contributes to higher efficiency (The State) Aristoteles (384 – 322 BC) - on exchange, money, prices and value (Politics and Ethics) Adam Smith (1723 – 1790) - distinction between Utility value and Exchange value (An inquiry into the nature and causes of the wealth of nations, 1776)

4 TEORI NILAI Karl Marx (1818 – 1883) Hernando de Soto (1940 - )
- connections to Aristoteles and the dis- tinction between utility value and ex- change value. The latter is a reflection of the labour which is spent on the specific commodity Marx claimed. (Das Kapital, 1867, 1885, 1894) Hernando de Soto ( ) - on the causes to wealth differences in the world and why capitalism triumphs in the west but fails everywhere else. (The Mystery of Capital, 2000)

5 The Swedish Hand-book Fastighetsvärdering (Real Estate Valuation):
Teori Nilai Background factors: The Swedish Hand-book Fastighetsvärdering (Real Estate Valuation): - Utility/Benefit - Scarcity - Need - Use/disposition rights - Transfer rights

6 Teori Nilai - Utility/Benefit - Scarcity - Desire
Background factors: The Appraisal of Real Estate Part I, Chapter 2 page 19: - Utility/Benefit - Scarcity - Desire - Effective purchase power

7 Value theory Background factors - a summary: - Utility/Benefit Scarcity Desire/Need Effective purchase power Use/disposition rights Transfer rights

8 Teori Nilai - Utility/Benefit - Scarcity - Desire/Need
- Effective purchase power - Use/disposition rights - Transfer rights The first two factors are related to the supply side of economy and human behaviour, the two next to the demand side of economy and human behaviour

9 Teori Nilai Supply and demand
Definition: The quantity of one thing (money) that can be obtained in exchange for another thing (property) The core of the value theory is: Desire/Need Utility/benefit Scarcity Purchasing power, using rights, transfer rights Supply and demand Number of properties Supply Demand Price

10 Teori Nilai A consequence of: Depends on people´s desires
Valuation factors for real property Social ideals and standards Economic activities and trends Government regulations and activities Physical or environmental forces Location factors Depends on people´s desires Depends on future benefits The value can not be calculated, it can only be estimated

11 Real property valuation
Valuation is both a Science and an Art! Valuation includes components and knowledge of: -mathematics -statistics -physical (land) planning -urban planning -rural planning/agriculture -building construction -sociology/human behaviour -common sense/feeling

12 Real property valuation
Literature: Handouts The Appraisal of Real Estate: Part 1 Fundamentals Chapter 2 The Nature of Value (pages 19 – 31)

13 Real property valuation
Valuation Methods Valuation Theory Value Theory Valuation is both a Science and an Art!

14 Teori Valuasi Aristoteles (322-284 BC) Adam Smith (1723-1790)
- subjective utility value Adam Smith ( ) - utility value, exchange value David Ricardo ( ) Thomas Malthus ( )

15 Relation between subjective yield value
and market value Seller Buyer Seller´s yield value Buyer´s yield value Area for presumptive transaction

16 Teori Valuasi Classical scholars: Smith Ricardo Malthus
Their basic theory was a sort of “price theory” where they empha- sized the influence of production costs on the value but where the demand factor was supressed.

17 Teori Valuasi Stanley Jevons (1835 - 1882) Leon Walras (1834 - 1910)
The classical scholars could not suffi-ciently explain many valuation problems and the Neo-classical scholars appeared: Stanley Jevons ( ) Leon Walras ( ) Alfred Marshall ( ) Ernst Laur ( ) The most prominent feature of their ideas were “The margin theory” (Margin utility, margin cost and margin income) The demand component was important for the value, not only the production cost

18 Teori Valuasi Modern economists with influence on value theory and valuation theory are: Frederic Babcock (The Valuation of Real Estate, 1932) Richard Ratcliff (Modern Real Estate Valuation, Theory and Application, 1968)

19 Teori Valuasi Market value
The most probable price of a property on the open market Used in most cases Net income value The present value of future yearly net income Used e.g. for - investment decisions - market simulation Cost value Replacement costs minus depreciation Used e.g. for - insurance compensation - market simulation

20 Metode Valuasi Price = Value = Cost
___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Price = Value = Cost (The Appraisal of Real Estate, 12th edition, Chapter 2 page )

21 Definition of market value (1)
Number of transfers Price Market value The most probable price of the property on the open market

22 Definisi Nilai Pasar Some key elements: - “ asset”
“ the estimated amount” “ a property should exchange” “ on date of valuation” “ between a willing buyer” “ a willing seller” “ in an arm´s-length transaction” “ after proper marketing” “ wherein the parties had each acted knowledgeably” “ and without compulsion”

23 Metode Valuasi Sales comparison approach
Income capitalisation approach Cost approach When searching for a market value, the income and cost methods are market simulating methods!

24 Sales comparison approach
Identification and selection of real properties purchased in a comparable market area Objects are made comparable... ...and adjusted according to purchase dates (price trends) or other differencies Mean price of the selected purchases = estimated market value

25 Information needed Information about the purchase Price Date of sale
Seller Buyer Information about the real property Land use Land area Building: size, age, standard etc. Other special conditions Seller: Mr Ek Buyer: Mrs Alm Date: Price: etc.

26 Pendekatan Kapitalisasi Pendapatan
SEK/ USD Remaining value Yearly net income 1 2 3 etc n Year The current value of future yearly net income and remaining value at the end of the calculation period

27 Pendekatan Kapitalisasi Pendapatan
4 methods: Sales price / square meter Sales price coefficient Gross capitalisation factor Net capitalisation percent

28 Information needed Information about the real property: Land use
Land area Building: size, age, standard etc. Yearly costs and incomes Other special conditions

29 Pendekatan Biaya Replacement costs 1 000
SEK/ USD Replacement costs Depreciation 3.5 %/year Cost value Cost of land Age (years) 10 Replacement costs Depreciation 10 years 3,5 % Cost of land Cost value

30 Informasi yg diperlukan
General information Average replacement costs Depreciation - time and percent Average value of land Information about the real property Land use Land area Building: size, age, standard etc. Other special conditions

31 Real property valuation
Notice - a frequent mistake ! Economics Mathematics Statistics GIS Land planning Sociology Common sense Others

32 Real property valuation
Recommendation - a balanced and appetizing mix ! Economics Land planning Sociology Mathematics Statistics GIS Others Common sense


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