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Från markplätt till byggrätt - vem prickar rätt? En studie i hur värderingsmetodiken kan utvecklas

Andersson, Patrick LU and Bergqvist, Daniel LU (2016) VFT920 20161
Real Estate Science
Abstract (Swedish)
Syftet med detta examensarbete är att vidareutveckla den metodik som används vid värdering av mark med byggrätt för förvaltningsfastigheter. Målsättningen med arbetet är att en vidareutvecklad metodik ska minska osäkerheten i värdebedömningen och därigenom underlätta prissättningen av kommunal mark i exploateringsprocessen.

En byggrätt är resultatet av ett flertal olika processer där alla påverkar det potentiella värdet av en byggrätt. Genom att beskriva dessa processer, så som detaljplaneprocessen och markanvisningssystemet, klarläggs en del av den värderingsproblematik som uppstår vid värdering av mark med byggrätt. Även andra förhållanden, som att fastighetsutvecklingsprocessen karakteriseras av en kapitalkrävande byggfas och osäker... (More)
Syftet med detta examensarbete är att vidareutveckla den metodik som används vid värdering av mark med byggrätt för förvaltningsfastigheter. Målsättningen med arbetet är att en vidareutvecklad metodik ska minska osäkerheten i värdebedömningen och därigenom underlätta prissättningen av kommunal mark i exploateringsprocessen.

En byggrätt är resultatet av ett flertal olika processer där alla påverkar det potentiella värdet av en byggrätt. Genom att beskriva dessa processer, så som detaljplaneprocessen och markanvisningssystemet, klarläggs en del av den värderingsproblematik som uppstår vid värdering av mark med byggrätt. Även andra förhållanden, som att fastighetsutvecklingsprocessen karakteriseras av en kapitalkrävande byggfas och osäker uthyrningsfas innan projektet är klart, bidrar till ytterligare svårigheter i värderingsförfarandet.

I arbetet syftar intervjuer och litteraturstudier till att beskriva hur värderingförfarandet ser ut i nuläget. Genom dessa studier framkommer att värderingen baseras på ortspriser och byggrättskalkylering. En stor utmaning vid tillämpning av ortsprismetoden i samband med byggrättsvärdering är att tolka materialet. En byggrättskalkyl är känslig för val av ingångsvärden och har även som svaghet att den inte tar hänsyn till de faser som kännetecknar ett fastighetsutvecklingsprojekt, samt att metoden inte kan utvärdera ett projekts genomförbarhet ur ett finansiellt perspektiv.

Ytterligare ett resultat av arbetet är att olika typer av kassaflödesmodeller bör användas parallellt med de etablerade metoderna. Den mer detaljerade kassaflödesmodellen kan användas som ett verktyg för utvärdering och skälighetsprövning av ett tänkt marknadsvärde. Om kassaflödesmodeller ska tillämpas på byggrättsvärdering är det viktigt att fastställa kalkylräntor för de tidigare nämnda faserna. Arbetet presenterar olika metoder för hur dessa kalkylräntor bäst bestäms. Slutsatsen är att val av metod i stor grad är beroende av hur väl relevant data kan inhämtas. (Less)
Abstract
The purpose of the thesis is to identify the problems and develop the methodology used in valuation of land with development rights for investment properties. The objective with the study is to contribute to an increased understanding of the complexity in the process of valuation. Additionally, it is believed that a refined methodology will reduce the uncertainty in the valuation, thereby facilitating the pricing of municipal land in the development process.
A development right is the result of several different processes in which all affect the potential value of the development right. By describing these processes in the same manner as the detailed developing plan process and the allocation agreement system is described, a picture of... (More)
The purpose of the thesis is to identify the problems and develop the methodology used in valuation of land with development rights for investment properties. The objective with the study is to contribute to an increased understanding of the complexity in the process of valuation. Additionally, it is believed that a refined methodology will reduce the uncertainty in the valuation, thereby facilitating the pricing of municipal land in the development process.
A development right is the result of several different processes in which all affect the potential value of the development right. By describing these processes in the same manner as the detailed developing plan process and the allocation agreement system is described, a picture of the problems associated with valuation of development right is visualised. Other conditions, i.e. that the property developing process is characterised by a capital-intensive construction phase and an uncertain rental phase before the project is completed, contributes to additional difficulties in the process of valuation.
Interviews and literature studies presented in the thesis seek to draw a picture of how the process of valuation works today. Through these studies it appears that the valuation, to a wide extent, is based on location prices and ideas related to direct capitalisation. A major challenge when implying location pricing along with valuation of a developing process is to interpret the data. The method of direct capitalisation is associated with weaknesses when it comes to taking different, specific, phases into account, which is the normal case in a property developing process. The method of direct capitalisation also lack ability to determine whether the project is realisable from a financial point of view.
One additional result is that different types of cash flow models should be used in parallel with the established methods where the more detailed cash flow model is used as a tool for evaluating the accuracy of the valuation. If cash flow models to be applied in valuation of development rights, it is important to determine the discount rates for the phases earlier described. Further the thesis presents various methods for how to determine these discount rates with highest accuracy.
The thesis concludes that the choice of method for valuation to a large extent depends on how well data can be obtained. However, regardless of the theoretical model used, the municipalities, which are not testing the market's willingness to pay, will continue to find it difficult to sell the land at market price. (Less)
Please use this url to cite or link to this publication:
author
Andersson, Patrick LU and Bergqvist, Daniel LU
supervisor
organization
course
VFT920 20161
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
byggrätt, fastighetsvärdering, fastighetsutveckling, avkastningskrav
other publication id
ISRN/LUTVDG/TVLM/16/5367 SE
language
Swedish
id
8895687
date added to LUP
2017-04-11 13:34:06
date last changed
2017-04-11 13:34:06
@misc{8895687,
  abstract     = {The purpose of the thesis is to identify the problems and develop the methodology used in valuation of land with development rights for investment properties. The objective with the study is to contribute to an increased understanding of the complexity in the process of valuation. Additionally, it is believed that a refined methodology will reduce the uncertainty in the valuation, thereby facilitating the pricing of municipal land in the development process.
A development right is the result of several different processes in which all affect the potential value of the development right. By describing these processes in the same manner as the detailed developing plan process and the allocation agreement system is described, a picture of the problems associated with valuation of development right is visualised. Other conditions, i.e. that the property developing process is characterised by a capital-intensive construction phase and an uncertain rental phase before the project is completed, contributes to additional difficulties in the process of valuation.
Interviews and literature studies presented in the thesis seek to draw a picture of how the process of valuation works today. Through these studies it appears that the valuation, to a wide extent, is based on location prices and ideas related to direct capitalisation. A major challenge when implying location pricing along with valuation of a developing process is to interpret the data. The method of direct capitalisation is associated with weaknesses when it comes to taking different, specific, phases into account, which is the normal case in a property developing process. The method of direct capitalisation also lack ability to determine whether the project is realisable from a financial point of view.
One additional result is that different types of cash flow models should be used in parallel with the established methods where the more detailed cash flow model is used as a tool for evaluating the accuracy of the valuation. If cash flow models to be applied in valuation of development rights, it is important to determine the discount rates for the phases earlier described. Further the thesis presents various methods for how to determine these discount rates with highest accuracy. 
The thesis concludes that the choice of method for valuation to a large extent depends on how well data can be obtained. However, regardless of the theoretical model used, the municipalities, which are not testing the market's willingness to pay, will continue to find it difficult to sell the land at market price.},
  author       = {Andersson, Patrick and Bergqvist, Daniel},
  keyword      = {byggrätt,fastighetsvärdering,fastighetsutveckling,avkastningskrav},
  language     = {swe},
  note         = {Student Paper},
  title        = {Från markplätt till byggrätt - vem prickar rätt? En studie i hur värderingsmetodiken kan utvecklas},
  year         = {2016},
}