Real Estate Valuation
Niveau
Advanced
Learning outcomes of the courses/module
The participants:
• analyze complex properties, plots and estates taking technical, legal, economic and market-related factors into account and derive key value-relevant parameters.
• value properties using national and international methods and compare their explanatory power for different use types and scenarios.
• develop robust valuation models including sensitivity and risk analyzes and justify the methodological approach as well as the derivation of assumptions.
• structure appraisals, valuation reports and decision papers in accordance with applicable standards and argue the results appropriately for the audience.
• evaluate special cases such as development properties, revitalisations, ESG-related changes in value or volatile markets and formulate professional recommendations for action.
• analyze complex properties, plots and estates taking technical, legal, economic and market-related factors into account and derive key value-relevant parameters.
• value properties using national and international methods and compare their explanatory power for different use types and scenarios.
• develop robust valuation models including sensitivity and risk analyzes and justify the methodological approach as well as the derivation of assumptions.
• structure appraisals, valuation reports and decision papers in accordance with applicable standards and argue the results appropriately for the audience.
• evaluate special cases such as development properties, revitalisations, ESG-related changes in value or volatile markets and formulate professional recommendations for action.
Prerequisites for the course
Fundamentals of real estate economics
Course content
- National & international valuation standards
- Derivation and review of value-relevant factors
- Derivation of property yield rates, discount rates, market rents & operating costs
- Valuation of special property types
- Review and plausibility-check methods, risk analysis, model validation
- Derivation and review of value-relevant factors
- Derivation of property yield rates, discount rates, market rents & operating costs
- Valuation of special property types
- Review and plausibility-check methods, risk analysis, model validation
Recommended specialist literature
- Kranewitter, H. (2017). Liegenschaftsbewertung (7. Aufl.). Wien: Manz.
- Seiser, F. J., & Kainz, F. (2014). Der Wert von Immobilien: Standards und Praxis der Bewertung (2. Aufl.). Graz: Seiser + Seiser Immobilien Consulting.
- Bienert, S., & Funk, M. (Hrsg.). (2022). Immobilienbewertung Österreich (4. Aufl.). Wien: ÖVI.
- Kleiber, W., Fischer, R., & Werling, U. (2017). Verkehrswertermittlung von Grundstücken: Kommentar und Handbuch zur Ermittlung von Marktwerten und Beleihungswerten sowie zur steuerlichen Bewertung unter Berücksichtigung der ImmoWertV (8. Aufl.). Köln: Bundesanzeiger Verlag.
- The European Group of Valuers’ Associations (TEGoVA). (2020). European Valuation Standards (EVS) – 9th ed.
- Seiser, F. J., & Kainz, F. (2014). Der Wert von Immobilien: Standards und Praxis der Bewertung (2. Aufl.). Graz: Seiser + Seiser Immobilien Consulting.
- Bienert, S., & Funk, M. (Hrsg.). (2022). Immobilienbewertung Österreich (4. Aufl.). Wien: ÖVI.
- Kleiber, W., Fischer, R., & Werling, U. (2017). Verkehrswertermittlung von Grundstücken: Kommentar und Handbuch zur Ermittlung von Marktwerten und Beleihungswerten sowie zur steuerlichen Bewertung unter Berücksichtigung der ImmoWertV (8. Aufl.). Köln: Bundesanzeiger Verlag.
- The European Group of Valuers’ Associations (TEGoVA). (2020). European Valuation Standards (EVS) – 9th ed.
Assessment methods and criteria
Portfolio exam
Language
German
Number of ECTS credits awarded
5
Semester hours per week
Planned teaching and learning method
Lectures, discussions, exercises, case studies, group work
Semester/trimester in which the course/module is offered
2