According to international valuation standarts there are three methods for real estate appraisal: Sales comparison approach cost approach and income capitalization approach In the income capitalization approach that is used widely in real estate appraisal almost all variables used in evaluation process are subject to some personal influences that directly effect the objectivity of the appraisal study For this reason the step of determining the variables that will be used in appraisal process is very important The discount rate calculation method which contains the risk free rate as a basis and the risk premium is used widely in both the theoretical studies and practice But this method may cause some inaccurate appraisals in the market conditions having very high real interest rates In this article appraisal process for Turkey was performed by using the the risk free rate as discount rate in a period that real interest rates are relatively high and eventually reached successful results Key Words: Real Estate Appraisal Income Capitalization Capitalization Rate
📌 3 Key Takeaways
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Objective & Hypothesis:According to international valuation standarts there are three methods for real estate appraisal: Sales comparison approach cost approach and income capitalization approach In the income capitalization approach that is used widely in real estate appraisal almost all variables used in evaluation process are subject to some personal influences that directly effect the objectivity of the appraisal study For this reason the step of determining the variables that will be used in appraisal process is very important The discount rate calculation method which contains the risk free rate as a basis and the risk premium is used widely in both the theoretical studies and practice But this method may cause some inaccurate appraisals in the market conditions having very high real interest rates In this article appraisal process for Turkey was performed by using the the risk free rate as discount rate in a period that real interest rates are relatively high and eventually reached successful results Key Words: Real Estate Appraisal Income Capitalization Capitalization Rate
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Key Findings & Data:According to international valuation standarts there are three methods for real estate appraisal: Sales comparison approach cost approach and income capitalization approach In the income capitalization approach that is used widely in real estate appraisal almost all variables used in evaluation process are subject to some personal influences that directly effect the objectivity of the appraisal study For this reason the step of determining the variables that will be used in appraisal process is very important The discount rate calculation method which contains the risk free rate as a basis and the risk premium is used widely in both the theoretical studies and practice But this method may cause some inaccurate appraisals in the market conditions having very high real interest rates In this article appraisal process for Turkey was performed by using the the risk free rate as discount rate in a period that real interest rates are relatively high and eventually reached successful results Key Words: Real Estate Appraisal Income Capitalization Capitalization Rate
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Conclusion & Impact:According to international valuation standarts there are three methods for real estate appraisal: Sales comparison approach cost approach and income capitalization approach In the income capitalization approach that is used widely in real estate appraisal almost all variables used in evaluation process are subject to some personal influences that directly effect the objectivity of the appraisal study For this reason the step of determining the variables that will be used in appraisal process is very important The discount rate calculation method which contains the risk free rate as a basis and the risk premium is used widely in both the theoretical studies and practice But this method may cause some inaccurate appraisals in the market conditions having very high real interest rates In this article appraisal process for Turkey was performed by using the the risk free rate as discount rate in a period that real interest rates are relatively high and eventually reached successful results Key Words: Real Estate Appraisal Income Capitalization Capitalization Rate
🔬Design:Research Article
📍Scope:Comprehensive Sample
⚙️Variables:Anahtar Kelimeler Gayrimenkul Değerlemesi · Gelir İndirgeme Yaklaşımı · Kapitalizasyon Oranı
Abstract
According to international valuation standarts there are three methods for real estate appraisal: Sales comparison approach cost approach and income capitalization approach In the income capitalization approach that is used widely in real estate appraisal almost all variables used in evaluation process are subject to some personal influences that directly effect the objectivity of the appraisal study For this reason the step of determining the variables that will be used in appraisal process is very important The discount rate calculation method which contains the risk free rate as a basis and the risk premium is used widely in both the theoretical studies and practice But this method may cause some inaccurate appraisals in the market conditions having very high real interest rates In this article appraisal process for Turkey was performed by using the the risk free rate as discount rate in a period that real interest rates are relatively high and eventually reached successful results Key Words: Real Estate Appraisal Income Capitalization Capitalization Rate
Özet
Uluslararası değerleme standartları kapsamında, emsal karşılaştırma yaklaşımı, maliyet yaklaşımı ve gelir indirgeme yaklaşımı olmak üzere gayrimenkul değerlemesinde kullanılan 3 temel yaklaşım söz konusudur. Gayrimenkul değerlemesinde yaygın olarak kullanılan gelir indirgeme yaklaşımında, değerleme sürecinde kullanılan ve sonucu doğrudan etkileyen değişkenler değerleme uzmanının kişisel yargılarına son derece açıktır. Bu durum, başta iskonto oranı olmak üzere, değerleme sürecinde kullanılacak değişkenlerin belirlenmesi aşamasına ayrı bir önem kazandırmaktadır. İskonto oranının hesaplanmasında risksiz faiz oranının baz alınıp buna belli bir risk priminin eklenmesini öngören yöntem, gerek bu alandaki bilimsel çalışmalarda gerekse uygulamada sıkça kullanılmaktadır. Ancak reel faizlerin çok yüksek seyrettiği piyasa koşullarında bu hesaplama biçimi düşük fiyatlamaya neden olabilmektedir. Bu çalışmada Türkiye için reel faizlerin görece yüksek olduğu bir zaman dilimi baz alınarak gerçekleştirilen değerleme işleminde, iskonto oranı (beklenen getiri oranı) olarak sadece risksiz faiz oranı kullanılmış ve genel olarak başarılı sonuçlar elde edilmiştir.
AYAN, Y. E. (2010). Gayrimenkul Değerlemesinde Gelir indirgeme Yaklaşımı Ve Yaklaşımın Türkiye Koşullarında Uygulanabilirliği kocaeli Uygulaması. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt: 19 - Sayı: 1, 382–397. https://ajindex.com/articles/73815
Linneman, P., 2004, Real Estate Finance & Investments: Risks And Opportunities, Linneman Associations. Kahr, J. ve Thomsett, M.J., 2005,
Real Estate Valuation And Analysis, John Wiley & Sons. Türkiye İstatistik Kurumu, Veri Tabanları, Enflasyon ve Fiyat, TÜFE Endeksi, http://www.tuik.gov.tr/tufeapp/Ana_Harcama_Indeks.do, Erişim tarihi: 5.11.2009.
Ventolo, W.L. ve Williams, M.R., 2001, Fundamentals Of Real Estate Appraisal, Dearborn Financial Publishing. Wurtzebach, C.H. ve Miles, M.E., 1991,