European Valuation Practice: Theory and technique -- Copyright -- Contents -- Contributors -- Foreword -- 1 The context of valuation practice in Europe -- 1.1 INTRODUCTION -- 1.2 INVESTMENT VALUATION: PRICING AND APPRAISAL OF WORTH -- 1.3 THE CULTURAL PROBLEM AND THE VALUATION PROCESS -- 1.4 ORGANIZATION OF THE BOOK -- REFERENCES -- PART 1 Theoretical basis of valuation -- 2 Concepts and models of value -- 2.1 INTRODUCTION -- 2.2 CONCEPTS OF VALUE -- 2.3 THE ESTIMATION OF EXCHANGE PRICE -- 2.4 MARKET VALUE AND COST -- 2.5 VALUATION MODELS -- 2.6 CONCLUSION -- FURTHER READING -- 3 Valuation of investment properties for acquisition, disposal and performance measurement -- 3.1 PROPERTY INVESTMENT -- 3.2 PROPERTY INVESTMENT AT THE PORTFOLIO LEVEL -- 3.3 PROPERTY INVESTMENT APPRAISAL AT THE INDIVIDUAL PROPERTY LEVEL -- 3.4 APPRAISAL INFORMATION NEEDS -- 3.5. PROPERTY INVESTMENT APPRAISAL - CONCLUDING COMMENTS -- REFERENCES -- 4 Valuation for loan security -- 4.1 FINANCE MECHANISMS -- 4.2 CHARACTERISTICS OF LOAN REQUIREMENTS -- 4.3 OBJECTIVES OF VALUATION -- 4.4 RELATIONSHIPS BETWEEN THE VALUER, LENDER AND BORROWER -- 4.5 REALIZING SECURITY IN CASE OF DEFAULT -- 4.6 VALUATION OF PROPERTY WITH DEVELOPMENT POTENTIAL -- 4.7 DATABASE MANAGEMENT -- 4.8 FEE LEVELS -- 4.9 REPORTING -- 4.10 CONCLUSION -- REFERENCES -- CASE LAW -- LEGISLATION -- PART 2 Valuation practice in Europe -- 5 Belgium -- 5.1 GENERAL BACKGROUND -- 5.2 PROPERTY RIGHTS -- 5.3 EDUCATION AND THE VALUATION PROFESSION -- 5.4 PURPOSE OF VALUATION AND VALUATION METHODOLOGY -- 5.5 APPLICATION OF VALUATION -- 5.6 CASE VALUATION FOR INVESTMENT PURPOSES -- 5.7 CONCLUSION -- FURTHER READING -- 6 Finland -- 6.1 THE VALUATION PROFESSION IN FINLAND -- 6.2 LEGISLATION AND REGULATORY PROVISION -- 6.3 CONTEXTUAL INFLUENCE -- 6.4 PROPERTY TENURE -- 6.5 VALUATION METHODS -- 6.6 PROPERTY DATA.

6.7 VALUATION REPORTS -- 6.8 CONCLUSION -- REFERENCES -- 7 France -- 7.1 OVERVIEW OF VALUATIONS -- 7.2 VALUATION STANDARDS -- 7.3 CONTEXTUAL INFLUENCES -- 7.4 PROPERTY TENURE -- 7.5 BASES OF VALUATION -- 7.6 VALUATION METHODS -- 7.7 TRANSACTION COSTS -- 7.8 DATABASE MANAGEMENT -- 7.9 CONCLUSION -- FURTHER READING -- 8 Germany -- 8.1 VALUATION FOR INVESTMENT -- 8.2 LOAN SECURITY VALUATION -- 8.3 THE OPEN-END INVESTMENT FUNDS -- 8.4 CLOSED-END FUNDS -- 8.5 VALUERS -- 8.6 AGENCY AND BROKERAGE -- 8.7 EDUCATION -- 8.8 PROFESSIONAL BODIES -- 8.9 VALUER'S LIABILITY -- 8.10 VALUER'S FEE LEVELS -- 8.11 PROPERTY TENURE IN GERMANY -- 8.12 GERMAN LEGISLATION -- 8.13 DEFINITIONS OF VALUE -- 8.14 CULTURAL DIFFERENCES (VALUATION UK VERSUS FRG) -- 8.15 DATABASE MANAGEMENT: DATA COLLECTION, RELIABILITY AND METHODS OF MEASUREMENT -- 8.16 MARKET TRANSPARENCY -- 8.17 CONCLUSION -- REFERENCES -- LEGISLATION -- 9 Italy -- 9.1 LEGISLATIVE AND REGULATORY CONTEXT -- 9.2 CONTEXUAL INFLUENCE -- 9.3 GROSS TO NET ADJUSTMENT -- 9.4 THEORETICAL BASIS OF VALUATION TECHNIQUES -- 9.5 DATABASE MANAGEMENT - SOURCES OF DATA -- 9.6 PRACTICAL APPLICATION OF TECHNIQUES -- 9.7 CONCLUSION -- REFERENCES -- 10 The Netherlands -- 10.1 MARKET STRUCTURE FOR BROKERAGE ACTIVITIES -- 10.2 MARKET DATA -- 10.3 THE RENTAL AGREEMENT -- 10.4 THE BASIS OF VALUATION METHODS -- 10.5 VALUATION FOR MORTGAGE LOANS -- 10.6 CONCLUSION -- REFERENCES -- 11 Norway -- 11.1 THE VALUATION PROFESSION -- 11.2 LEGISLATION AND REGULATORY PROVISIONS -- 11.3 PROPERTY TENURE -- 11.4 THEORETICAL BASIS OF VALUATION TECHNIQUES -- 11.5 VALUATION METHODS -- 11.6 DATABASE MANAGEMENT -- 11.7 VALUATION REPORTS -- 11.8 CONCLUSION -- FURTHER READING -- PROFESSIONAL BODIES -- 12 Portugal -- 12.1 INTRODUCTION -- 12.2 GEOGRAPHICAL AND HISTORICAL BACKGROUND -- 12.3 VALUATION PRACTICE AND TECHNIQUES 1950-1973.

12.4 VALUATION FOR COMMERCIAL PURPOSES 1973-1990 -- 12.5 THE DEVELOPMENT OF A MARKET FOR COMMERCIAL VALUATIONS -- 12.6 CURRENT PRACTICE -- 12.7 VALUATION APPRAISALS -- 12.8 CONCLUSION -- REFERENCES -- 13 Spain -- 13.1 VALUATION PRACTICE -- 13.2 BASES OF VALUATION -- 13.3 VALUATION GUIDELINES -- 13.4 VALUATION METHODS -- 13.5 VALUATION PROCESS -- 13.6 PROPERTY ANALYSIS -- 13.7 MARKET ANALYSIS -- 13.8 CONCLUSION -- REFERENCES -- 14 Sweden -- 14.1 THE MARKET FOR VALUATION SERVICES -- 14.2 LEGISLATIVE OR REGULATORY RULES FOR VALUATION -- 14.3 CONTEXTUAL INFLUENCES -- 14.4 AUTHORIZATION OF VALUERS -- 14.5 VALUATION CONCEPTS -- 14.6 VALUATION METHODS -- 14.7 MARKET INFORMATION -- 14.8 VALUATION REPORTS -- 14.9 CONCLUSION -- FURTHER READING -- 15 Switzerland -- 15.1 INVESTMENT BY OWNERS AND TENANTS -- 15.2 LEGISLATIVE AND REGULATORY CONTEXT -- 15.3 VALUATION TECHNIQUES -- 15.4 INFORMATION SOURCES -- 15.5 CONCLUSION -- REFERENCES -- 16 United Kingdom -- 16.1 MARKET DATA -- 16.2 THE LANDLORD AND TENANT RELATIONSHIP -- 16.3 VALUATION STANDARDS AND PROFESSIONAL LIABILITY -- 16.4 BASES OF VALUATION -- 16.5 APPLICATION OF METHODS OF VALUATION IN PRACTICE -- 16.6 CONCLUSION -- POSTSCRIPT -- REFERENCES -- CASE LAW -- PART 3 European valuation perspective -- 17 Conclusion and prospects -- 17.1 INTRODUCTION -- 17.2 THE CONCEPT OF EXCHANGE VALUE -- 17.3 THE PROFITS METHOD OF VALUATION -- 17.4 INCOME CAPITALIZATION -- 17.5 CALCULATION OF INVESTMENT WORTH -- 17.6 PROPERTY MARKETS IN THE 1990S: THE CRISIS OF CONFIDENCE -- 17.7 EDUCATION AND RESEARCH -- 17.8 CLIENT CHOICE AS AN INSTIGATOR OF REFORM AND CONVERGENCE IN PRACTICE -- 17.9 CONCLUSION -- REFERENCES -- Index.