房地產(chǎn)估價(jià)_收益估價(jià)發(fā)與假設(shè)開(kāi)發(fā)法

1、第五章 收益估價(jià)法第六章 假設(shè)開(kāi)發(fā)法niijjYiAnYYYnAYYYAYYAYAV11112111312111321112111niiYiAnYnAYAAV11111121A；nYYAV111萬(wàn)元58.1951050%10111%1020111nYRAVYAV 萬(wàn)元200%1020YAVnYnYnYnK111111假設(shè)KVnVKVNV11111NYnYnNYNVNKnKNVnVNnNVnV111111NNYnnYnYnnYNNYNYNVn237.2852150%101130%1013050%101300050305030mKKVV元257.204350%8111200050150mKVV元2

2、62.199830%8111180030130mKVV元2m70.1169150%81140%814050%81120050405040元KKVVtnYtYYAtiiYiAV111111萬(wàn)元86.300538%101115%101%10355%101304%101283%101252%10122%10120tn)Y1 (11 t)YY(1At1ii)Y1 (iAVtYYAtiiYiAV111tY)Y(1At1ii)Y1 (iAV)(20.310%)101%(1035%)101 (30%)101 (28%)101 (25%)101 (22%1012055432萬(wàn)元nYnYbnYYbYAV1111

3、22YbYAV萬(wàn)元6002%)10(3%10302YbYAVn)Y(1nYbn)Y(111)2YbYA(V年13.5(12251bA萬(wàn)元28.1295 .13%615 .13%625 .13%61112%62%625n)Y(1nYbn)Y(111)2YbYA(V時(shí)當(dāng)時(shí)當(dāng)YgYnAYgnYggYAV1111萬(wàn)元59.22440%81%211%2%815111nYggYAVgYAV萬(wàn)元）(250%2%815gYAVnYggYAV111gYAVY1Eg1(1 EgYEn)Y1Ig1(1 Ig-YIV01111nEgEnIgIEgYEIgYIV)(67.426%3%812%5%820EgYEIgYIV

4、萬(wàn)元tYtViYiAtiV111tYtVtYYAV1111tYtVtYtYbtYYbYAV111112（tYtVtYtYbtYYbYAV111112（tYtVtYggYAV1111（tYtVtYggYAV1111)2m/(81.38415%)121 (55005)12%(111 %12200t)Y(1tVt)Y(111 YAV元萬(wàn)元）(75.3623%101%813%101302%10128%10125111VtYtVtiiYiAV萬(wàn)元）(69.3752440%91112%91%900.362%9140.32%9140.32V（萬(wàn)元）21.229440%9111%960.21V)( 325%1

5、0600001210002025年（元）nYA萬(wàn)元）(92.143%10111%1060000111nYYAVYAV YAV VAY 表5-2 選取的可比實(shí)例及相關(guān)資料可比實(shí)例凈收益（萬(wàn)元年）價(jià)格（萬(wàn)元）報(bào)酬率（）11512012.5022218012.223129512.6346252011.9258872012.22nYYAV1110111VnYYA,nAVVnYYAX111211121XXXYYYYgYAVgVAYLRBRBVOALVBRBVLRLVBVLVORBRBLRLORBRLLRLOR1BRBLRBOR1%10. 9%10%451%8%451BRLLRLORnLYLYnBYBYB

6、VOALV)1 (11111（萬(wàn)元）125%8%1020030土地價(jià) 值BRLRLVOABVnBYBYnLYLYLVOABV)1 (11111ERMRMVOAEVnMYMYMVMA111111nMYnMYMYMVMAMR%13.10121121512%61121512%6112%6111nMYnMYMYMVMAMR%88.10%12%601%13.10%601ERMMRMORMREREVOAMV價(jià)格年收益資本化率RNOIV 年收益價(jià)格收益乘數(shù)收益乘數(shù)年收益房地產(chǎn)價(jià)值毛租金乘數(shù)毛租金房地產(chǎn)價(jià)值毛租金價(jià)格毛租金乘數(shù)PGIMPGIVPGIVPGIMEGIMEGIVEGIVEGIM NIMNOIVNO

7、IVNIM RNIM1RNOIV EGIMNIRORYR收益乘數(shù)房地產(chǎn)的某種年收益資本化率房地產(chǎn)的某種年收益房地產(chǎn)的價(jià)值nYYYnAYYAYAV1211121112111nYYYnAYYAYAV1211121112111（萬(wàn)元）年有效毛收入1008%80123035000（萬(wàn)元）年經(jīng)常費(fèi)1801215萬(wàn)元）年房產(chǎn)稅(96.120%121008（萬(wàn)元）年其他稅費(fèi)48.60%61008（萬(wàn)元）（）（）（年運(yùn)營(yíng)費(fèi)用44.36148.6096.120180321（萬(wàn)元）年運(yùn)營(yíng)費(fèi)用年有效毛收入年凈收益56.64644.3611008萬(wàn)元）(90.637645%10111%1056.646111nYYAV

8、估價(jià)時(shí)點(diǎn)未來(lái)可實(shí)現(xiàn)樓價(jià)：3188.78萬(wàn)元商品房銷售完成2008.92009.32009.92010.32010.92012.92073.9V總=？第一次資金投入日第二次資金投入日土地購(gòu)入時(shí)點(diǎn)土地使用期滿開(kāi)發(fā)期2年商品房開(kāi)發(fā)完成土地使用年限65年V總=？主體結(jié)構(gòu)完成A1A2A3A4A5A6A7A45A46A472006.3.102007.9.10 9.102008.3.102009.3.102010.3.102011.3.102012.3.102013.3.102014.3.102015.3.10 2055.3.102056.3.10(估價(jià)時(shí)點(diǎn))開(kāi)發(fā)期3年寫字樓開(kāi)發(fā)完成剩余使用年限50-3=4

9、7年土地使用年限50年序序號(hào)號(hào)項(xiàng)目項(xiàng)目?jī)?nèi)容及計(jì)算方法內(nèi)容及計(jì)算方法不同容積率下各項(xiàng)費(fèi)用相應(yīng)變化情況不同容積率下各項(xiàng)費(fèi)用相應(yīng)變化情況容積率容積率平均建筑容積率：平均建筑容積率：1.31.01.31.51.82.0土地使用費(fèi)(元/)土地七通一平及建筑施工期間，按標(biāo)準(zhǔn)30%收取，按兩年計(jì)5.45.45.45.45.4土地開(kāi)發(fā)費(fèi)(元/)小區(qū)配套費(fèi)用，大市政費(fèi)用由政府投資7070707070建筑費(fèi)(包括建筑營(yíng)業(yè)稅) (元/)建筑營(yíng)業(yè)稅按建、安費(fèi)用的3%250325375450500利息(元)按+8%2632364246營(yíng)業(yè)稅及城市維護(hù)稅(元/)按3.21%8.010.412.014.416.1利潤(rùn)及管理費(fèi)(元/)按+21.6%70.386.