Valuing real estate developments: basic concepts
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RICS and the International Valuation Standards Council endorse three valuation approaches, which are further explained in RICS Valuation – Global Standards (incorporating the IVS standards):
the market approach
the income approach and
the cost approach.
The valuation of development land and development projects is traditionally completed using either the comparable or residual methods of valuation. Additionally, the discounted cash flow (DCF) approach...