Test di verifica delle quotazioni immobiliari

I test di verifica delle quotazioni immobiliari riportate nelle pubblicazioni di settore (ufficiali e private) sono basati sul modello finanziario dell’incidenza dell’area e sui saggi di capitalizzazione del terreno e del fabbricato. I test sono impostati sulle residual techniques e sul band of investment. I test di verifica sono rigorosi e possono essere prontamente applicati alle quotazioni disponibili

Real estate surfaces appraisal

In the appraisal of the market value of the properties are applied two important surface indexes: the market sur- face ratio of the secondary surfaces and the ratio of the site value to total value (allocation method). The measure of both these indexes can be revealed difficult: the data collection of the surface trade ratio in the market can get different results and in practice often the valuer refolds on the fixed coefficients brought in the handbooks and in the circulars of the public administration; the appraisal of the ratio of the site, especially in the central zones and for ancient buildings, where besides the incidence is higher, is developed extrapolating the ratios from the peripheral zones for new building or falling back on the publications of real estate sector. For the market comparison methods are proposed a series of test of surface trade ratio and land value ratio to foresee the effect on the appraisal result

RAZIONALIZZAZIONE ESTIMATIVA DELL'EXPERTISE IMMOBILIARE

The Italian appraisal practice is characterized by valuations developed in subjective opinions formulated by the valuers, according to the experience and the competence rather than on the survey of the market data of comparable properties. This practice makes up for the lack of information on the real estate market and to the consequent absence of systematic collections of market data. This tradition is in the cadastral appraisal for the rural (1886) and urban properties (1939). The assessed income is appraised for a representative property and wide to all the other properties with arbitrary scores (pure number). The assessed value is derived from the income with fixed multipliers

Stime catastali e standard internazionali

Il metodo per classi e tariffe del Catasto italiano è esaminato alla luce degli standard valutativi e catastali internazionali

Il saggio di capitalizzazione negativo nella stima analitica degli arboreti

In Italy, appraisal profession uses the income capitalization approach in valuation of the urban real properties and the firms. In appraising, the capitalization value represents a method to estimate the market value. In counseling, the capitalization value calculates the present value of expected benefits according to a presumed requirement for profit or yield. Under these circumstances, for the investor has primary importance to know the cash flow of the expected earnings. In the income capitalization approach of agricultural properties, the most of interest is placed on appraisal of tree crops, that uses the past income method or the future income method. These methods need smaller predictions and insert the observed price on the land market. Both methods consider the discounted rate constant on a time interval of arboreal pluriennial cycle. On the decreasing production period and on the initial stage, the use of these appraisal methods may request a negative discounted rate, which is in every respect a capitalization rate. The negative cap rate leads to a positive arboretum value. The negative cap rates are consistent with the income approach of tree crops

Problemi di verifica del saggio di capitalizzazione.

In the direct capitalization method, the appraisal models of capitalization rate can act as verification tests. In the yield capitalization method and in the discounted cash flow analysis there are not available tests and it is necessary to apply the study of the cash flow with the sensitivity analysis