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Overview
Overview
Real Estate Analysis: A Financial Toolkit presents economic and financial models, applications and insights, packaged as a toolkit for analysts and other participants in commercial and residential real estate markets.
Participants in property markets - analysts, brokers, commentators as well as investors and tenants move seamlessly across a range of physical and financial markets. They employ models that illuminate market activity: the tools of supply and demand to explain rental trends and to forecast vacancy rates and construction cycles; forecasts of macro-economists foreshadow shoppers' spending behaviour in shopping malls and the growth in demand for office space; capital market arithmetic to apply discount and capitalisation rates. Currently these topics are scattered through textbooks. This book brings these tools together and situates them in a real estate market context..
Topics addressed include:
- The interaction of markets - capital, space and physical assets
- Debt, the cost of capital and investment hurdle rates
- Real options - valuing lease contracts and land values
- Risk - what counts, what doesn't (systemic and non-systemic risk)
- Discounted rates and capitalisation rates - interpreting spreads to sovereign bond yields
- Externalities - why do markets "fail"; what are the "solutions"?
- Property rights - different rules, different outcomes
- Exploitation for natural resources (exhaustible, renewable) - how does DCF fit in?
- Cost benefit analysis - the analytics of compensation payments
- Forecasting - purpose and process
This book will complement, sometimes challenge, standard texts in real estate training programs. The target audience is curious professionals and ambitious scholars, seeking insights beyond standard class-room fare.
- Format: Trade Paperback
- Author: Rees, David
- ISBN: 9780367630218
- Condition: New
- Number Of Pages: 168
- Publication Year: 2023
Language:
English