magistrsko delo
Jan Tratnik (Author), Tanja Markovič-Hribernik (Mentor), Igor Pšunder (Co-mentor)

Abstract

Nepremičnine se zaradi svojih fizičnih, ekonomskih in institucionalnih lastnosti razlikujejo od drugih dobrin. Te lastnosti dajejo nepremičninam pomembno vlogo in pomen na nepremičninskem trgu. Nepremičninski trg ima močan vpliv na razvoj celotnega gospodarstva, saj zagotavlja gradbene objekte in infrastrukturo, potrebno za življenje in delo. Nepremičninski trg tako kot vsi ostali trgi zaradi nepopolnosti le redko deluje brezhibno v stalnem ravnovesju med povpraševanjem in ponudbo ter na enakomerni ravni dejavnosti. Predvsem zaradi teh nepopolnosti na trgu mora ocenjevalec vrednosti pri oceni vrednosti paziti, da upošteva trenutne razmere na trgu nepremičnin. Ocena vrednosti v bistvu predstavlja mnenje o vrednosti nečesa. Lahko bi jo definirali kot strokovno mnenje, ki temelji na znanju, izkušnjah in objektivnosti ocenjevalca vrednosti. Ocena vrednosti nepremičnine je formalna ocena vrednosti in temelji na pravilnem zbiranju in analiziranju tržnih podatkov ocenjevalca vrednosti. Namen ocene vrednosti je predvsem, da olajšuje prenos lastništva nepremičnine, pomaga določiti prodajalcu sprejemljivo prodajno ceno in kupcem omogoča, da se odločijo o ponujeni ceni. Tako ocena vrednosti vzpostavi podlago za izmenjavo med kupcem in prodajalcem. Proces ocenjevanja vrednosti poteka v določenem vrstnem redu, in sicer od identifikacije in statusa ocenjevalca, identifikacije naročnika, namena ocenjevanja vrednosti, identifikacije sredstev ali obveznosti, podlage vrednosti, datuma ocenjevanja vrednosti, obsega raziskav, narave in virov informacij, predpostavk, omejitev uporabe, potrditve, da bo ocenjevanje vrednosti izvedeno v skladu z Mednarodnimi standardi ocenjevanja vrednosti, do končnega poročila vrednosti. Za izbiro ustrezne metode ocenjevanje vrednosti se lahko ocenjevalec odloča med tremi različnimi načini, in sicer med načinom tržnih primerjav, na donosu zasnovanem načinu in nabavnovrednostnem načinu. V pričujočem delu smo v raziskovalnem delu magistrske naloge za ocenjevanje vrednosti izbrali metodo diskontiranega denarnega toka, ki je ena izmed metod, ki spadajo k na donosu zasnovanem načinu. S to metodo smo skušali ugotoviti tržno vrednost naložbene nepremičnine v gradnji, kjer smo prihodnje denarne tokove diskontirali na čas ocenjevanja vrednosti.

Keywords

naložbe;nepremičnine;nepremičninski trg;denarni tok;ocenjevanje vrednosti;

Data

Language: Slovenian
Year of publishing:
Typology: 2.09 - Master's Thesis
Organization: UM EPF - Faculty of Economics and Business
Publisher: [J. Tratnik]
UDC: 332.6/.7(043.2)
COBISS: 12540700 Link will open in a new window
Views: 1209
Downloads: 204
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Other data

Secondary language: English
Secondary title: Appraisal of investment property under construction
Secondary abstract: The property itself is due to their physical, economic and institutional characteristics slightly different from other goods. These features give property an important role on real estate market. Real estate market has specific role for each county and has special influence on development of the whole national economy, because real estate market guarantees buildings and infrastructure needed for living and working. Real estate market like any other markets, due to imperfections rarely works perfectly in a constant balance between supply and demand. Because of these imperfections on real estate market appraiser has to be careful while estimating the value and take into account the current situation on the real estate market. Valuation actually represent opinion on the value of something and it could be defined as an expert opinion based on knowledge, experience and objectivity of appraiser. Valuation of real estate is formal assessment of the value and it’s based correct collecting and analyzing market data by appraiser. The purpose of valuation is basically to facilitate the transfer of ownership of real estate, helps determine seller variable selling prices and allow buyers to decide if the selling price is right for them. Basically valuation is establishing base for future exchanging between buyer and seller. Valuation process is accomplished by following specific steps, from introduction of the problem, scope of work determination, data collection and property description, data analysis, site value opinion, application of the approaches to value, reconciliation of value indications and final opinion of value to report of defined value. The appraiser can decide from three different approaches of evaluating. Those are sale comparison approach, income capitalization approach and cost approach. In this master thesis we decided to select discounted cash flow method for evaluation of real estates, which belongs to income capitalization approach. With this method we will try to determine the market price of investment property under construction. To determine market price we will discount future cash flows at the time of valuation.
Secondary keywords: discounted cash flow;evaluation;investment property under construction;real estate market;
URN: URN:SI:UM:
Type (COBISS): Master's thesis/paper
Thesis comment: Univ. v Mariboru, Ekonomsko-poslovna fak.
Pages: III, 71 f.
ID: 9161510