Urban Underground Space Use Valuation Method Research

With the rapid development of urbanization, the land usage changes from the traditional two-dimensional to three-dimensional, that will inevitably involve the determination of land prices,coming with the division of land rights and the formation of more main body of land rights and land value, exploration the ideas and methods to assess the standard urban underground space land value and parcel urban underground space land value is urgent for the setting up of compensated usage system of urban underground space land-use right.So, the assess method of urban underground land value are the main subject of this paper, the mainly two topics are:first, the assess methods of parcel urban underground land value; second, the assess methods of the standard urban underground land value.Summarize the research findings. First, the nature, ideas, methods, theory of urban underground land value assessment are similar to the current ground land value assessment, but the selection of different methods are limited according to the development of the land-use right market. However the establishment of scientific utility ratio among floors requires long-term observation, statistical analysis,it can be used to assess the underground land value of high-rise buildings. As the underground garage, carports and parking purposes, the residual method is suitable. In the paper, I also apply the principle of residual method to establish the urban underground space assessment model and discuss the problem of how to assess the Stratified underground space land value. Because the high cost of underground space development and the difficulty to predict long-term stable income and to determine the coefficient such as the land capitalization rate, the income approach is difficult to apply in practice, it can only be applied to the active districts of leasehold such as MTR underground shops. Because the underground space land-use right trading is at the initial stage, the immature market, lacking of market transactions cases, and most cases are non-market transactions, so the application of market comparison approach is not feasible. Second, on the basis of the available standard land price in city and town, reference the matured utilization ratio between ground and underground spaces, the standard land price system of urban underground land-use right can be established to guide and regulate the right to use underground space and secondary market transactions. And a case of Ningbo are given for examples.I also find that the implementing rations between ground and underground spaces are relatively reasonable, but the impact of the degree of prosperity is not fully considered. It is proposed that the ratios are different with the division of the land level to fully reflect this factor.