Examines the valuation of a real estate leasing certificate in Belgium. Develops a detailed model, which derives from the valuation theory concerning participating, redeemable bonds. Permits a user to generate valuations of real estate certificates for any number of assumptions. Concludes that a real estate valuer could also use the model to test the reasonableness of their expert valuations against the tables.
Miltz, D., de Vel, J. and Dedier, T. (1993), "Valuation of Real Estate Certificates", Journal of Property Valuation and Investment, Vol. 11 No. 4, pp. 315-326. https://doi.org/10.1108/EUM0000000003309
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