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Master's Thesis from the year 2003 in the subject Business economics - Miscellaneous, grade: 1,0, Kingston University London (unbekannt), language: English, abstract: Inhaltsangabe:Abstract:
The dissertation analyses whether or not and to what extent the managers of German open-ended property funds see a necessity for amendments to the current German property valuation standards in the context of an increasing demand for European convergence in valuation practice. A critical review of the literature is structured in two chapters: (1) European valuation convergence; and (2) legal background and valuation standards in Germany in a European context. Three main drivers for European convergence have been identified, namely international investment, International Accounting Standards (IAS) and the new Basel Capital Accord. The main standard setting organisations with a European scope are the IVSC, TEGoVA and RICS. German standards are highly regulated by law (BauGB, KAGG, WertV, WertR). However, the relevant valuation basis in Germany mainly complies with its international counterpart. Three methods are outlined in the German standards (WertV), but additional approaches are allowed according to the guidelines (WertR). Systematic differences could be identified between the German investment method and relevant international approaches. The main German specialities in this regard are separation of value for land and building, consideration of only one income (sustainable long-term rent) and arriving at gross values. The Cost Approach is meaningless for the valuation of open-ended funds. Alternative international approaches are Term & Reversion, Layer, Equivalent Yield and DCF.
13 rating scale and 9 open-ended questions were extracted from the above headings and were assessed by 8 managers of open-ended property funds. Further in depth information could be gathered by semi-structured and unstructured interviews with 5 of these managers and 3 valuers. The survey indicated that the German fund managers are quite satisfied with the German standards (WertV) and only minor problems arise. A - 1 - European Convergence in Property Valuation: How do the German Open-Ended Property Funds measure up?
need for modification could not be identified. DCF is used occasionally by fund managers, but the appropriateness for neutral valuations is seen with scepticism. Traditional British direct capitalisation methods are unpopular in Germany. Problems arise with the transparency in Germany due to data protection and sometimes with the qualification of German valuers. The emergence of a two tier market (domestic and international) is apparently not entirely recognised in Germany as well as issues of European Convergence in property valuation. German clients as well as valuers should verify their awareness with the impact of ongoing developments, which drive European convergence. Further research could examine the identified issues by adopting a case study approach.
Inhaltsverzeichnis:Table of Contents:
CONTENTI
APPENDICESIII
LIST OF TABLESIV
LIST OF FIGURESV
GLOSSARYVI
ACKNOWLEDGEMENTXI
ABSTRACT1
1.INTRODUCTION3
1.1BACKGROUND TO THE PROBLEM4
1.2RESEARCH GOALS5
1.3RESEARCH METHODOLOGY6
1.4DISSERTATION CONTENTS9
2.EUROPEAN VALUATION CONVERGENCE11
2.1DRIVERS FOR CONVERGENCE12
2.1.1International Investment12
2.1.2International Accounting Standards (IAS)13
2.1.3The New Basel Capital Accord15
2.2THE ROLE OF GERMAN OPEN-ENDED PROPERTY FUNDS ON EUROPEAN INVESTMENT MARKETS17
2.3ORGANISATIONS SETTING PROPERTY VALUATION STANDARDS WITH A EUROPEAN SCOPE20
2.3.1The International Valuation Standards Committee (IVSC) 20
2.3.2The European Group of Valuers' Associations (TEGoVA)22
2.3.3The Royal Institution of Chartered Surveyors (RICS)24
2.4SUMMARY26
3.LEGAL BACKGROUND AND VALUA...
