Search results

1 – 10 of over 9000
To view the access options for this content please click here
Article
Publication date: 1 March 1983

ALLAN MULQUINEY and SIMON ALLEN

This paper considers the valuation in 1982 of the freehold interest in an industrial estate. The freeholder has granted a ground lease to a developer who has over a period…

Abstract

This paper considers the valuation in 1982 of the freehold interest in an industrial estate. The freeholder has granted a ground lease to a developer who has over a period of years constructed and let a number of factory and warehouse units. The ground rent is geared to a percentage of the rack rents on review every seven years. The majority of the occupation leases of the units on the estate are on a five‐yearly rent review basis with one unit on a three yearly rent review basis.

Details

Journal of Valuation, vol. 1 no. 3
Type: Research Article
ISSN: 0263-7480

Content available
Article
Publication date: 31 October 2018

Willem K. Korthals Altes

This paper aims to compare and review alternative ways to adjust public ground leases.

Downloads
1399

Abstract

Purpose

This paper aims to compare and review alternative ways to adjust public ground leases.

Design/methodology/approach

Based on principles derived from a review of scientific literature, alternatives for the extension of leases are discussed based on the case of Amsterdam.

Findings

Many alternatives lead public ground-lease systems to produce results that are the opposite of what they are intended to be (as inspired by Henry George): new improvements result in higher rent, but additional location values do not result in higher rent. One exception is the lease-adjustment-at-property-transaction alternative, which may nevertheless result in fewer transactions.

Social implications

Public leasehold systems are highly contested with regard to the extension of leases. Such systems are often aimed at capturing land-value gains. In practice, however, this tends to be more difficult than expected. Value capture by authorities, as intended by the system, results in counter-movements of lessees, who often gain public support to set lower leases. These political processes may even result in the termination of such public ground-lease systems. This paper reports on a search for possible solutions.

Originality/value

The comparison of various alternatives to ground-lease extension based on principles derived from literature is new, and it contributes insight into public ground-lease systems.

Details

Journal of European Real Estate Research, vol. 12 no. 1
Type: Research Article
ISSN: 1753-9269

Keywords

To view the access options for this content please click here
Article
Publication date: 3 April 2019

Kwasi Gyau Baffour Awuah and Frank Gyamfi-Yeboah

Although several factors influence property value determination depending on the market, relevant studies in sub-Saharan Africa (SSA) often fail to analyse the impact of…

Abstract

Purpose

Although several factors influence property value determination depending on the market, relevant studies in sub-Saharan Africa (SSA) often fail to analyse the impact of factors, such as unexpired term of leasehold interest and ground rent, which are also germane to market transactions and value determination. This study aims to examine the effect of unexpired term of leasehold interests and ground rent on the valuation of residential properties in Ghana.

Design/methodology/approach

A questionnaire instrument was used to collect the views of a sample of professional real estate valuers on the relevance of these and other factors that affect value. In addition, the valuers were tasked to value a residential property located in Accra, Ghana. Ordinary least squares and quantile regression models were thereafter used to analyse the data to determine the effect of the subject variables on value.

Findings

The study finds a significant relationship between valuers’ views on the relevance of unexpired term of leasehold interest and the value placed on residential properties. Further, the respondents who viewed ground rent as an important factor in estimating values placed significantly lower values than those who viewed it as less important.

Research limitations/implications

The findings suggest that the respondents may have split opinion on the existing anecdotal evidence that market participants ignore the unexpired term of leasehold interest, an issue that should be settled in theory. The findings also highlight the diversity of opinion on some of the fundamental factors that affect value and the need to build consensus to prevent excessive variation in value estimates among valuers.

Originality/value

The study makes a significant contribution in terms of extending the existing literature by analysing the impact of unexpired term of leasehold interests and ground rent on residential property values based on empirical data, issue(s) which have often been ignored by existing studies. Findings from the study also provide insights into additional possible causes of valuation errors in Ghana and SSA, which are useful for policy formulation and practice.

Details

International Journal of Housing Markets and Analysis, vol. 12 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

To view the access options for this content please click here
Book part
Publication date: 23 December 2010

Nigel F.B. Allington

One of the several claims that Seligman makes for Rooke is that he should be accorded priority in the discovery of the correct, that is Ricardian, doctrine of rent:there…

Abstract

One of the several claims that Seligman makes for Rooke is that he should be accorded priority in the discovery of the correct, that is Ricardian, doctrine of rent:there seems little doubt that the doctrine of rent was developed practically simultaneously by Malthus, West, Torrens and Rooke in 1814, but so far as the priority of actual publication is concerned, the above list should be reversed. And in the interests of historical accuracy, Rooke and Torrens must hereafter be accorded the position which they deserve. (Seligman, 1903, p. 512)1

Details

English, Irish and Subversives among the Dismal Scientists
Type: Book
ISBN: 978-0-85724-061-3

To view the access options for this content please click here
Article
Publication date: 1 November 1998

Ernest Raiklin

This paper attempts to analyze the mechanism of land rent distribution under the Soviet and post‐Soviet conditions. The subject is examined from a purely theoretical point…

Downloads
270

Abstract

This paper attempts to analyze the mechanism of land rent distribution under the Soviet and post‐Soviet conditions. The subject is examined from a purely theoretical point of view. The procedure is as follows: first, the socioeconomic meaning of the word “Soviet” is defined. Second, the difference between land rent production and land rent distribution is examined. Finally, Soviet land rent distribution is investigated. Also, changes which the collapse of the Soviet system brought to the process of land rent distribution during the post‐Soviet period are examined. Within this framework, the role of Soviet turnover taxes versus post‐Soviet value‐added taxes is discussed.

Details

International Journal of Social Economics, vol. 25 no. 10
Type: Research Article
ISSN: 0306-8293

Keywords

To view the access options for this content please click here
Article
Publication date: 7 March 2016

Qiulin Ke and Wencan Wang

– The purpose of this paper is to investigate the factors that affect the retail rent of shopping centres in Wuhan, an important city in central China.

Abstract

Purpose

The purpose of this paper is to investigate the factors that affect the retail rent of shopping centres in Wuhan, an important city in central China.

Design/methodology/approach

The study uses a data set of 68 shopping centres in urban Wuhan. A regression model is constructed to estimate the impact on retail rent of a composite range of variables that would capture the physical characteristics, spatial characteristics, potential attractiveness of shopping centres and market condition.

Findings

The empirical findings suggest the ceiling height, closeness to metro line station, being situated in commercial central area, vacancy rate and income have significant impact on rental level. Unexpected, the retail mix has a significant negative impact on rent. The impact of the more determining factors found in Western research – size, age, parking space and anchor tenant – is not supported in the Wuhan study.

Practical implications

While 68 shopping centres are included in the test, the sample size is relatively small. The comparatively short history of retail market in Wuhan would not allow to test the rent adjustment process.

Originality/value

This is the first paper to investigate retail rent determinants in a second-tier city in China. The results of the study give designers, developers and investors critical insights into the determinants of retail rent in an emerging market.

Details

Journal of Property Investment & Finance, vol. 34 no. 2
Type: Research Article
ISSN: 1463-578X

Keywords

To view the access options for this content please click here
Article
Publication date: 1 August 1995

David Gane

Advances an alternative method of analysing the market price ofleasehold investments for use when assessing the market price of acomparable investment. The method can be…

Downloads
1924

Abstract

Advances an alternative method of analysing the market price of leasehold investments for use when assessing the market price of a comparable investment. The method can be adapted to evaluate investment worth by substituting rental growth forecasts for those implied by market price levels. Baum and Crosby highlighted the inadequacy of current dual rate valuation methods for leasehold investments and the problems associated with the contemporary approach. Their work is used as the basis for this article. A discounted cash flow (DCF) approach is developed using an analysis of target returns. The all risks yield (ARY) and target return are first assessed on the basis that the investment is freehold but otherwise identical. The implied annual growth rate in CRV is then calculated using the equated yield formula. It is then argued, that because this growth in CRV arises from the location and quality of the building, it is equally applicable to a leasehold interest in that building. This leaves only the target return for the leasehold interest to be established, for a DCF valuation to be possible. Market transactions in leasehold properties are analysed in terms of target return to illustrate how statistical evidence of market sentiment can be accumulated. This evidence is based on the “extra return” required for leasehold investments over comparable freeholds. It will be shown that this “extra return” requirement is not materially affected by the freehold target return initially selected in order to carry out the analysis. The method accordingly appears reliable.

Details

Journal of Property Valuation and Investment, vol. 13 no. 3
Type: Research Article
ISSN: 0960-2712

Keywords

To view the access options for this content please click here
Book part
Publication date: 30 January 2002

Abstract

Details

Henry George's Writings on the United Kingdom
Type: Book
ISBN: 978-0-76230-793-7

Content available
Article
Publication date: 3 August 2020

Yan Ma, Cai Minqiang and Li Yun

The purpose of this paper is to define the Internet as a virtual space supported by technologies and presented in the form of socioeconomic relations from the perspective…

Abstract

Purpose

The purpose of this paper is to define the Internet as a virtual space supported by technologies and presented in the form of socioeconomic relations from the perspective of political economy. The Internet space is a unique virtual commodity different from ordinary commodities and has the following effect characteristics: super replicability, space- and time-transcendence, open-source shareability and reality–virtuality transformation.

Design/methodology/approach

Internet space can also be imagined as a piece of virtual land. Internet space can be deemed as a piece of virtual land and its value can be divided into labor value and virtual value. The pricing model of virtual value is mainly determined by the gain and discount rate and this value comes from the transfer and markup of social value. In the context of the Internet Plus era, Internet space has become an essential economic factor that influences human economic activities.

Findings

Therefore, it is of practical significance and theoretical value to introduce Internet space as an economic variable into the framework of economic theory. The realistic logic of Internet space is to influence human economic behaviors with the combination of information binding.

Originality/value

The theoretical mechanism is to have an impact on the micro-market price by changing market relations from two-dimensional to three-dimensional. Its path to functioning at the macro level is to influence economic behaviors by changing the expectations of investment and consumption, resulting in new economic trends.

Details

China Political Economy, vol. 3 no. 1
Type: Research Article
ISSN: 2516-1652

Keywords

To view the access options for this content please click here

Abstract

Details

Histories of Economic Thought
Type: Book
ISBN: 978-0-76230-997-9

1 – 10 of over 9000