Real Estate Valuation Research On The Income Capitalization Approach

As the subprime crisis evolved into a global financial crisis, how to reasonable assessment of the value of real estate, accurate measure of real value has become the world's emphasis focus. With the China's real estate market rapid development in recent years, earning real estate, investment real estate valuation case substantially increase, so that the income capitalization approach becomes an important methods. At present there are some defects in the income capitalization approach, how to perfect present income capitalization approach model, making it more precise, more objective of the evaluation results, and reaction of the real estate value in a long term value trends, Providing purchase decision to people is an important task for the current real estate valuation to be solved.This article first illustrates the basic of real estate valuation, describes research on domestic and international real estate valuation, elaborate on the three main types of real estate valuation methods, market comparison approach, costing approach, income capitalization approach, their theoretical basis and scope of application, and set the income capitalization approach with the other two methods for an comparative analysis, emphasis on analyzing the applicability, limitations and key factors such as the net income, the capitalization rate of income capitalization approach, analyzing the factors affecting the current income capitalization approach, And introduction of cluster analysis into the capitalization rate extraction, choose an rent per square metre, real estate decoration, the floor three indicators with mutual comparability of real estate transaction case for clustering, resolves the problem of market extraction method difficult to selection comparable instance , improving the accuracy and objectivity of market extraction method selecting the case. And try to apply the capital asset pricing model introduced into the income capitalization approach, established an income capitalization approach based on capital asset pricing model, quantitative analysis volatility risk factors , so as to determine the value of real estate in the long term trend accurately, giving an purchase decision for people.Finally, use improved income capitalization approach in real estate appraisal case of Nanchang as an example, through cluster analysis of the Nanchang Hi-high 15 new real estate transaction, gaining four real estate organize tours to solve 3rd floor of Wanker quarter Huacheng choose the comparable case. Getting the market value and intrinsic value of the case, because of its intrinsic value less than the market value, the assessment of the case at present is not worth investing.