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LUND UNIVERSITY LIBRARIES

Värdering av hållbarhet och kvalitet, vilka förändringar görs i kalkylen?

Ivarsson, Matilda LU (2016) VFT920 20161
Real Estate Science
Abstract
All real estates are unique, especially based on the fact that they are non-moveable and investments are long lasting. Despite the unique traits of character, most of the valuations are made using average market data, based upon the type of property, the location and the year of value. The consequence of using market standards is that properties with sustainable and environmentally friendly solutions are valued in the same way, and with similar data, as a property of modular nature.
Environmentally certified real estates are a good example of properties with value- adding qualities that is overlooked in valuations. Property owners choose to invest money in certifying their buildings, investors choose to prioritize certified buildings and... (More)
All real estates are unique, especially based on the fact that they are non-moveable and investments are long lasting. Despite the unique traits of character, most of the valuations are made using average market data, based upon the type of property, the location and the year of value. The consequence of using market standards is that properties with sustainable and environmentally friendly solutions are valued in the same way, and with similar data, as a property of modular nature.
Environmentally certified real estates are a good example of properties with value- adding qualities that is overlooked in valuations. Property owners choose to invest money in certifying their buildings, investors choose to prioritize certified buildings and tenants are making increasing demands on environmental issues. In addition, studies show that certified buildings provide higher value internationally. Despite this, the differences in the valuation of a certified property and a non-certified one, is almost non-existing in Sweden.
The purpose of the report is to investigate the factors that may affect a property's value, and identify errors that can occur when a valuation is made using average market data instead of object-specific data. In order to achieve the purpose, an examination is made of whether and why properties should be valued differently. The topic is studied from the dimension certified versus non- certified buildings. Based on interviews and previous studies, an analysis is made of which factors in a discounted cash-flow analysis that should be affected by a property's specific characteristics, as well as which decisions should be based on an object-specific valuation.
The conclusion is that, in many cases it would be better to use an object-specified valuation, especially when it comes to acquisition and development projects. If the object-specific qualities were taken into account to a greater extent, investments leading to lower risk would have a greater effect on the value.
Indications can be found, that the market is starting to put a price on an objects qualities, since prices on certified buildings is higher than the prices for normal, similar buildings. Indications show that, it is the differences in risk that makes the biggest difference in value. An important point is the fact that it is the qualities that affects the risk and not the certification itself. Risk evaluations should be made for every individual case and the reason for risk adjustments can vary from different objects, at different points of time, since the knowledge of future events and risks can vary.
The fact that properties, in many cases, should be valued based on their specific qualities can be stated, but the way the risk adjustments should be made, in the individual cases, is harder to say. The biggest problem with risk adjustments is to estimate the size of them and the estimation becomes more important as the yield gets lower, since the effect on the value bigger the lower the yield gets.
Even though it is hard to estimate the size of the adjustments, for every single quality, it can be stated that the market is more willing to pay for some types of qualities and that these qualities should affect the value. (Less)
Abstract (Swedish)
Alla fastigheter är unika, framförallt i avseendet att de inte är flyttbara och att de investeringar som görs är bestående. Trots de unika karaktärsdrag som följer med en fastighet sker de flesta värderingar med schabloniserade marknadsantaganden baserat på typ av fastighet, läge och värdeår. Följden blir att fastigheter med hållbara och miljövänliga lösningar värderas på samma sätt, och med likartade siffror, som en fastighet av modulkaraktär.
Miljöcertifierade fastigheter är ett bra exempel på fastigheter med värdeskapande kvaliteter som förbises vid värderingar. Fastighetsägare väljer att investera pengar i att certifiera sina byggnader, investerare väljer att prioritera certifierade byggnader och hyresgäster ställer allt högre krav på... (More)
Alla fastigheter är unika, framförallt i avseendet att de inte är flyttbara och att de investeringar som görs är bestående. Trots de unika karaktärsdrag som följer med en fastighet sker de flesta värderingar med schabloniserade marknadsantaganden baserat på typ av fastighet, läge och värdeår. Följden blir att fastigheter med hållbara och miljövänliga lösningar värderas på samma sätt, och med likartade siffror, som en fastighet av modulkaraktär.
Miljöcertifierade fastigheter är ett bra exempel på fastigheter med värdeskapande kvaliteter som förbises vid värderingar. Fastighetsägare väljer att investera pengar i att certifiera sina byggnader, investerare väljer att prioritera certifierade byggnader och hyresgäster ställer allt högre krav på miljö- och hållbarhetsaspekter. Dessutom visar undersökningar att certifierade byggnader ger högre värde internationellt. Ändå görs ingen större skillnad mellan certifierade fastigheter och icke-certifierade fastigheter vid svenska värderingar.
Syftet med arbetet är därför att undersöka vilka faktorer som kan påverka en fastighets värdering samt identifiera fel som kan uppstå då en värdebedömning görs med hjälp av genomsnittlig marknadsdata istället för objektspecifik data. För att uppnå syftet undersöks om och varför fastigheter bör värderas olika. Ämnet studeras ur dimensionen miljöcertifierade kontra icke miljöcertifierade byggnader. Baserat på intervjuer och tidigare studier analyseras vilka faktorer i en kassaflödesanalys som bör påverkas av en fastighets specifika egenskaper samt vilka beslut som bör baseras på en objektspecifik värdering.
Analysen resulterar i slutsatsen att det i många fall skulle vara bättre att använda sig av en objektsspecifik värdering, framförallt vid förvärv och vid utvecklingsprojekt. Om större hänsyn togs till objektspecifika kvaliteter skulle investeringar som leder till lägre risker ge större utslag på värderingen. Detta eftersom funktionen som beskriver värdet är strikt exponentiellt avtagande med hänsyn till avkastningskravets ökning. Detta innebär att ju lägre risken är i en fastighet, desto lägre avkastningskrav kan sättas och ju lägre avkastningskravet är desto större utslag får en höjning av driftnettot på värderingen. Ett tecken på att marknaden har börjat tänka i liknande banor är det faktum att priserna på miljöcertifierade byggnader, av många investerare, upplevs som högre än för konventionella, liknande fastigheter.
Det mesta tyder på att värdeskillnaden, mellan certifierade och icke-certifierade byggnader, till stor del beror på de sänkta riskerna som certifieringen medför. Det är dock inte bara kvaliteter som följer av en miljöcertifiering som sänker risken, och framförallt krävs det inte en certifiering för att risken ska sänkas. Det är snarare de enskilda kvaliteterna som följer av en certifiering som är risksänkande, och inte själva certifieringen i sig. Risken bör därför bedömas i varje individuellt fall för sig och grunderna för riskjustering kan variera mellan olika objekt, i olika marknadslägen och vid olika tillfällen, eftersom vetskapen om framtida händelser och risker kan variera. (Less)
Please use this url to cite or link to this publication:
author
Ivarsson, Matilda LU
supervisor
organization
alternative title
Valuation of sustainability and quality, what changes are made in the calculation?
course
VFT920 20161
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Valuation, Social properties, Environmental certification, Yield, Värdering, Samhällsfastighet, Miljöcertifiering, Direktavkastning
language
Swedish
id
8871219
date added to LUP
2016-04-27 09:03:19
date last changed
2016-04-27 09:03:19
@misc{8871219,
  abstract     = {{All real estates are unique, especially based on the fact that they are non-moveable and investments are long lasting. Despite the unique traits of character, most of the valuations are made using average market data, based upon the type of property, the location and the year of value. The consequence of using market standards is that properties with sustainable and environmentally friendly solutions are valued in the same way, and with similar data, as a property of modular nature.
Environmentally certified real estates are a good example of properties with value- adding qualities that is overlooked in valuations. Property owners choose to invest money in certifying their buildings, investors choose to prioritize certified buildings and tenants are making increasing demands on environmental issues. In addition, studies show that certified buildings provide higher value internationally. Despite this, the differences in the valuation of a certified property and a non-certified one, is almost non-existing in Sweden.
The purpose of the report is to investigate the factors that may affect a property's value, and identify errors that can occur when a valuation is made using average market data instead of object-specific data. In order to achieve the purpose, an examination is made of whether and why properties should be valued differently. The topic is studied from the dimension certified versus non- certified buildings. Based on interviews and previous studies, an analysis is made of which factors in a discounted cash-flow analysis that should be affected by a property's specific characteristics, as well as which decisions should be based on an object-specific valuation.
The conclusion is that, in many cases it would be better to use an object-specified valuation, especially when it comes to acquisition and development projects. If the object-specific qualities were taken into account to a greater extent, investments leading to lower risk would have a greater effect on the value.
Indications can be found, that the market is starting to put a price on an objects qualities, since prices on certified buildings is higher than the prices for normal, similar buildings. Indications show that, it is the differences in risk that makes the biggest difference in value. An important point is the fact that it is the qualities that affects the risk and not the certification itself. Risk evaluations should be made for every individual case and the reason for risk adjustments can vary from different objects, at different points of time, since the knowledge of future events and risks can vary.
The fact that properties, in many cases, should be valued based on their specific qualities can be stated, but the way the risk adjustments should be made, in the individual cases, is harder to say. The biggest problem with risk adjustments is to estimate the size of them and the estimation becomes more important as the yield gets lower, since the effect on the value bigger the lower the yield gets.
Even though it is hard to estimate the size of the adjustments, for every single quality, it can be stated that the market is more willing to pay for some types of qualities and that these qualities should affect the value.}},
  author       = {{Ivarsson, Matilda}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Värdering av hållbarhet och kvalitet, vilka förändringar görs i kalkylen?}},
  year         = {{2016}},
}