The Investment Real Estate Appraisal Research Based On The Market Approach

With the deepening of the market-oriented reform,real estate appraisal is becoming a sprout industry that has a high speed booming.Real estate appraisal means that professional appraiser evaluates particular value of the real estate in specific timing according to given purpose.In terms of real estate appraisal,compared with average one,the investment real estate has some particularities.The investment real estate indicates that enterprise collects rent from building,capital value-added,or both of them.In the practice of assessment,the most commonly used methods are marketing method,cost method and income method.Considering that the value of an investment real estate market is unstable,cost method is generally not suitable for the evaluation of the investment real estate.Besides,because income method is highly affected by parameters,it is also not suitable for the evaluation of the investment real estate.So in the evaluation of the investment real estate,marketing method is the most commonly used method.Based on the relevant theory foundation of real estate and market approach appraisal,the thesis systematically analyzed the basic principle of market approach and elaborated its application in investment real estate appraisal.And then adjust the influence factor by the specific cased of investment real estate appraisal and combining with the particularities of it.Lastly,conclude was obtained according to the procedure of market approach evaluation.On account of amending the factor of market approach mainly rely on the experience and judgment of appraisers without considering index weight.Therefore,in order to make up the disadvantages of market approach,the thesis adopted brainstorm to confirm the influence factors according to case investigation and study to build a relatively perfect indicator system.The indicator scores was quantized by expert scoring method and the index weight was quantized by analytic hierarchy process,and the conclude shows that the evaluation errors were reduced by these two ways.The first part of the article is introduction,which sketched out the research background and the significance of this article.And concluded the thinking,frame and the deficiency of innovation of the article.The second and third part discussed the related theories of investment real estate and the fundamental market approach and its application in investment real estate,which laid the foundation for case study.The forth part is case study.It introduced a specific case in the evaluation of investment real estate and applied the improved marketing method of this article to assessment.Then it compared and analyzed the evaluation result.The final part concluded this article and expressed some suggestions.On one hand,it summarized the research achievement,on the other hand it came up with policy suggestions.The creativeness of the thesis as follows: for one thing,combining with the industry characters,it amended indexes of investment real estate appraisal,which is conducive to the application in real cases.For another thing,it obtained a great evaluation result by employing analytic hierarchy process to market approach,which simultaneously contributes to application and promotion in the future.