Banking. Land valuation (most important)

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Banking. Land valuation (most important)

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Topic 39. Land valuation

An integral element of any real estate property, its natural basis is a land plot. The land has the right to the income generated by the entire property, since the cost of buildings and structures on the land plot is secondary in nature and acts as an additional contribution to the value of the land plot. The benefits from the use of the land plot are used for an unlimited time.

In modern conditions in Russia, land is one of the most difficult objects of economic assessment as part of real estate. Reasons for the difficulty of assessment:

1) the specifics of this object, 2) the lack of development of the notarial legal framework, 3) the underdevelopment of the land market in the country.

The specificity of land and its difference from other types of real estate is due to its features:

1) land is a natural resource that cannot be freely reproduced, 2) when assessing, it is necessary to take into account the possibility of multi-purpose use of land:

a) as the main means of production (agricultural and forest lands), b) as a space for socio-economic development (location of various real estate objects). C) the land fund is the basis for the formation of the living environment of the population, and ensures environmental safety, especially the forest and water resources. D) the concept of physical and functional wear and tear is not used to assess value (Real estate valuation and management: lecture notes, Real estate economics: lecture notes, Buying a house and land).

With all these qualities, the land belongs to the valuation. The object of appraisal is a land plot without real estate objects located on it and in its depths. A land plot is a part of the earth's surface that has a functional boundary, area, location, legal status and other characteristics reflected in the state land cadastre and documents of state registration of rights to land.

Land valuation is subdivided into mass and cadastral valuation of land plots and regional valuation of a single land plot.

The purpose of the cadastral valuation is to determine the value of all land plots within the boundaries of administrative-territorial entities (oblast, region, city) by valuation zones at the beginning of the next year.

Market appraisal - determination of the market value of a land plot on the date of appraisal by an independent appraiser in accordance with accepted standards and evaluation methods:

1) income approach: *direct capitalization method, *income capitalization by periods, *income balance technique.

2) comparative: *sales comparison method, *transfer method

3) costly: *withdrawal method, *development cost determination method, *assessment based on infrastructure costs.

In advanced economies, all 3 methods are used whenever possible. Differences in estimates indicate either errors in the assessment or an imbalance in the land market.

Authors: Shevchuk D.A., Shevchuk V.A.

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