The present work deals with the use of the real option approach to property valuation. It addresses the question to what extent these originating from financial theory method can be used effectively in the evaluation of existing properties. The aim is to clarify whether there are detectable differences between the notarized purchase price and market value assessment and whether this gap can be closed through the use of real option method as a complementary method. In addition, it will be analysed which added value can be determined for the involved parties by the use of the real option approach. The questions are validated empirically on the basis of data provided sets of Berlin’s advisory committee and discussed by means of the current literature. Expert interviews supplement the information. As a result, it is clear that the normalized German real estate assessment procedures are very good, but on the real option method, the allowable variation can be reduced between determined market value and notarized purchase price. This speculation premium potentially contained in a real estate investment can be quantitatively better detected. It can be deduced various scenarios that will ultimately lead to action for all stakeholders options from the application of this additional procedure for the various market participants.


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    Title :

    Das Realoptionsverfahren in der Immobilienbewertung


    Additional title:

    The real option method in real estate evaluation


    Contributors:

    Publication date :

    2015



    Type of media :

    Miscellaneous


    Type of material :

    Electronic Resource


    Language :

    German



    Classification :

    DDC:    629