Starts from the basic principles of property investment and shows that the initial yield conceals estimates of a risk premium, expected income growth and expected depreciation. Suggests that an explicit valuation procedure which can be used at any level ranging from a single property to the aggregate market may be constructed. Concludes that the surveying profession is under threat from those able to meet the growing demand for such explicit analyses.
Baum, A.E. and MacGregor, B.D. (1992), "The Initial Yield Revealed: Explicit Valuations and the Future of Property Investment", Journal of Property Valuation and Investment, Vol. 10 No. 4, pp. 709-726. https://doi.org/10.1108/14635789210031334
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