TFL Vsebine / Revija SIR*IUS

Identity management

Mero kapitalizacije lahko pri ocenjevanju vrednosti nepremičnin izračunamo na podlagi tržne primerjave in na podlagi metode dograjevanja, ki je uporabna tudi, ko ni na voljo veliko tržnih podatkov o primerljivih prodajah in oddajah nepremičnin. Metoda dograjevanja temelji na sestavljanju mere kapitalizacije iz donosnosti netveganih naložb in dodatnih premij. Pri tem je izpostavljena (pre)veliki subjektivnosti ocenjevalca, saj skoraj vse spremenljivke temeljijo na izkustvenih podatkih. Pričujoč članek temelji na raziskavi, izvedeni med pooblaščenimi ocenjevalci vrednosti nepremičnin, na podlagi katere je izvedena parametrizacija spremenljivk, posebej premije za tveganje.

Capitalization rate in real property appraisal can be caculated by applying the market approach or the build-up method which can also be used in cases where not much market information on comaparble sales or leases of real property is available. The build-up method is based on the sum of capitalization rate derived from the rate of return for risk free investments, and additional premiums (risk allowance). The method is too much exposed to subjective judgement of the appraiser since almost all the variables are based on empirical data. The article is based on a research conducted among certified real estate appraisers, including a parametrization of variables, especially the risk allowance.