Valuation of properties and economic models of real estate markets [Elektronische Ressource] / von Rainer Schulz

Valuation of Properties and Economic Modelsof Real Estate MarketsD I S S E R T A T I O Nzur Erlangung des akademischen Gradesdoctor rerum politicarum(Dr. rer. pol.)¨im Fach Okonometrie und Volkswirtschaftslehreeingereicht an derWirtschaftswissenschaftlichen Fakult¨atHumboldt-Universit¨at zu BerlinvonDiplom-Volkswirt M.A. Rainer Schulzgeboren am 10.01.1967 in Jugenheim an der BergstraßePr¨asident der Humboldt-Universit¨at zu Berlin:Prof. Dr. Jur¨ gen MlynekDekan der Wirtschaftswissenschaftlichen Fakult¨at:Prof. Michael C. Burda, Ph.D.Gutachter:1. Prof. Dr. Wolfgang H¨ardle2. Prof. Irwin L. Collier, Ph.D.eingereicht am: 3. Januar 2003Tag der mundlic¨ hen Prufung:¨ 5. Februar 2003AbstractAppraisals should assess the market value of properties and are neces-sary for buying, selling or building decisions, for lending and for taxation.Despitethisunambiguoustaskdifferenttechniquesexistforascertainingmar-ket values. An valuation approach should be in accordance with economictheoryandshouldgenerateappraisals, whicharereliableestimatesfortrans-action prices. This dissertation analyzes the three most important valuationapproaches, i.e. cost, sales comparison, and income approach, shows theunderlying market models and evaluates the valuation techniques that arecodified in the German Regulation on Valuation (WertV). For the latterevaluations, appraisals are compared with observed transaction prices.