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THE APPLICATION OF INCOME APPROACH IN PROPERTY VALUATION IN POLAND
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Maria Trojanek
University of Economics in Poznan
Department of Investments and Real Estate
m.trojanek@ue.poznan.pl
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The Application of Income Approach in Property Valuation in Poland
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ABSTRACT. The income approach is mainly applied in calculating market value of properties, which earn or might earn income. The approach may also turn useful in the process of estimating the non-market value of a property (e.g. mortgage lending value). Calculating market value with the application of the subject approach means estimating the market value of the right to receive infinite income flows. However, the correctness of calculations depend on the correct estimation of rental rates, capitalization rates, discount rates, and other parameters reflecting the market segment represented by a valued property.
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Received: July, 2010
1st Revision: September, 2010
Accepted: October, 2010
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JEL Classification: D23, P2
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Keywords: property value, market value of a property, property valuation.
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