Uporaba metode preostanka vrednosti za potrebe ocenjevanja in presojo naložb v nepremičnine : magistrsko delo

Zupančič, Samo (author), Šubic Kovač, Maruška (mentor)

Metoda preostanka vrednosti oziroma donosa spada na področju nepremičnin med zahtevnejše metode vrednotenja nepremičnin oziroma zemljišč in je uporabna samo v specifičnih primerih. Največji problem so kakovostni vhodni podatki. Nekritična uporaba vhodnih podatkov pri oceni vrednosti lahko privede do popolnoma napačne ocene. Zato je namen magistrske naloge podrobno analizirati metodo preostanka, in sicer kot metodo preostanka vrednosti in kot metodo preostanka donosa. Cilj raziskave je preveriti uporabnost metode preostanka za oceno uspešnosti investiranja nepremičnine v Republiki Sloveniji. Postavljena je naslednja temeljna hipoteza: Metoda preostanka je bolj uporabna na področju presoje naložb v nepremičnine kot na področju vrednotenja nepremičnin. Raziskovalna vprašanja, povezana s to hipotezo, so: (a) Kako povečati uporabnost metode preostanka? (b) Kako izboljšati količino (popolnost zajema) in kakovost podatkov za povečanje zanesljivosti ocene na podlagi metode preostanka? (c) Katere informacijske podlage bi potrebovali za izboljšanje kakovosti rezultatov, dobljenih na podlagi metode preostanka? Hipotezi in vprašanjem ustrezno je zasnovana metoda dela. Najprej so analizirane obstoječe raziskave z obravnavanega področja, izvedena kritična analiza metode preostanka in potrebnih podatkov za njeno uporabo. Sledi analiza razmerij med ceno stanovanj in ceno zemljišč ter stroški gradnje, na podlagi katere smo dokazali, da ima metoda omejeno možnost uporabe v obdobju nestabilnega nepremičninskega trga. Raziskava dejavnikov, ki vplivajo na uporabo metode preostanka, je narejena s pomočjo anketnega vprašalnika. V anketo je bilo vključenih 89 cenilcev. Ugotovljeno je, da se metoda preostanka v praksi redko kdaj uporablja za oceno vrednosti zemljišča in je bolj primerna za oceno vrednosti za naložbenika. V zadnjem delu sta podrobno prikazana dva primera uporabe metode preostanka. Na podlagi predhodnih in te raziskave lahko zaključimo, da je metoda preostanka bolj uporabna na področju presoje naložb v nepremičnine kot na področju vrednotenja nepremičnin.

• Language: Slovenian
• Keywords: gradbeništvo, magistrska dela, navigacijski sistemi, prostorski podatki, objektni katalogi, algoritmi za iskanje optimalnih poti, ISO 19110:2005
• Work type: Master's thesis
• Typology: 2.09 - Master's Thesis
• Organization: FGG - Faculty of Civil and Geodetic Engineering
• Place of publishing: Ljubljana
• Publisher: [S. Zupančič]
• Year: 2016
• Number of pages: XVI, 136 str.
• PID: 20.500.12556/RUL-86470
• UDC: 332.6(043.3)
• COBISS.SI-ID: 7707233
• Publication date in RUL: 03.11.2016

Secondary language

• Language: English
• Title: Residual value methods for valuation and assessment of investments in real estate : graduation – master thesis

Abstract

Residual value or yield analysis is an advanced method of real estate valuation, applicable in a limited number of cases only. Its biggest problem is the quality of the input data. Less than critical use of the input data may lead to a completely wrong assessment. Therefore, the purpose of the thesis is to analyse in detail the residual method as a residual values as well as residual yield method. The aim of the survey is to determine the adequacy of the method in evaluating the performance real estate investments in the Republic of Slovenia. The underlying hypothesis posited is: the residual method is more useful in assessing real estate investments in real estate compared to real estate valuation. Research issues related to this hypothesis are: (a) how to increase the usefulness of the residual method? (b) how to improve the volume (the perfection of covers) and the quality of the data in order to increase the reliability of the estimates, based on the residual method? (c) Which information bases would need to improve the quality of the results obtained on the basis of the residual method? Hypothesis and the question of the proper method are the basis of the work presented here. First, the existing research areas under consideration were analysed and a critical analysis of the residual method and the necessary data for it performed. The next step was an analysis of the relationship between the prices of housing and the land and the construction costs, on the basis of which we could prove that the method is less adequate in periods of unstable real estate market. The survey of the factors affecting the use of the methods of the balance was made by means of a questionnaire. The survey involved 89 respondents. The conclusion is that the residual method has in practice been rarely used for real estate valuation and proved more suitable when assessing the investor’s value. Two detailed examples of the application of the residual method are included. Based on the past and current research we can conclude that the residual method is a better choice when assessing the yield of the real estate investment than when determining its value.

• Keywords: civil engineering, master of science thesis, navigation system, feature data, feature catalogue, optimal path algorithms, SIST EN ISO 19110:2005