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Understanding the Fundamental Change in How Investment Appraisals should be Prepared and Interpreted

A Henry Stewart Briefing

Property Investment Appraisals in Low Yield Markets

• Why they are different
• How to do them
• How to interpret them

The new low inflation, low yield world has thrown up severe methodological challenges for long term investors in general and property investment in particular.

This briefing explains What those problems are and How to change the ways appraisals are done and interpreted to address them.

This briefing covers:

  • Implications of the low yield market for confidence intervals and sensitivity analysis
  • Coping with the increased effect of real value volatility
  • Is the all-risks-yield far too crude to be used in low yield environments?
  • Assessing the robustness of estimates of growth
  • Identifying the real determinants of changes in demand
  • Factoring in obsolescence and the increased need to separate appraisals of land values and appraisals of buildings on the land
  • Understanding the increased importance of immediate and deferred clean-up on appraisals
  • Taking account of planning changes and the consequences for value change over the long term
  • Long term estimates of the implications of tax changes – how to handle the uncertainty
  • Addressing deflation risk
  • How all the ‘usual’ appraisal methodologies are affected by low yield markets

For all investors, developers, valuers, investment surveyors and others involved in property investment, development, valuation and appraisal.

Full documentation will be provided to all delegates and adequate time set aside for questions and discussion.

Friday, 24 October 2003
The Jurys Hotel, London WC1