| The real estate market begins in 1980s in our country. In the past ten years, many customs have accepted the real estate as commodities. When a investor selects property in a particular city, he always analyses the local property market first. Up to now real estate investors have appraised real estate based on their intuition and experiences to risk failure, the technique of appraising the real estate more logically, quantitatively and accurately is required. According to the Marxist theory of value, value determines price and price changes with the value. For residential property is a special commodity, by linking the price of real estate with property values, we can understand the change of market better. Based on the value theory, this thesis will build a more rational evaluation system of real estate value so much and easily in china.By reviewing the summary of the study results of the determinants of property values, this thesis classifies the infuencing factors of the urban real estate value, and extracts nine variables reflecting the aspects of the urban basic environments the potential of urban growth and the level of the urban opening up through Delphi method and quantitively analyzed after we consult experts concerned in Hangzhou. we establish a new framwork for the real estate investment valuation and then describle and test the value model by applying it to fifteen big city's in china empirically. Furthermore, On the basis of the empirical analysis of Hangzhou real estate market with the urban real estate invetment value appraisal model, this thesis forecasts the Hangzhou real estate market trend in the future.On the basis of the empirical analysis of the urban real estate market, this thesis demonstrates the impact of urban ecnomics, population and the social factors on property value. The urban real estate investment value appraisal models can evaluate the real estate market value of the city, and the findings of this study should prove useful to real estate investors. Finally, the thesis makes suggestion and policy recommendations with regard to measuring the real market alarm degree and promotion land use efficiency. |
