L.Chubuk, PhD in Economics, Assosiate Professor Taras Shevchenko National University of Kyiv, Kyiv METHODS OF CALCULATING DISCOUNT AND CAPITALIZATION RATES TO VALUATING REAL ESTATE IN ACCORDANCE WITH MARKETS CONDITIONS

The existent methods of determination of the discount and capitalization rates for the valuation of the profitable real estate are analyzed from point of their prevalence, advantages and lacks of application. The alternative methods for setting the discount rates are selected (Galasyuk’s method). There are resulted recommendations in relation to approaching calculated size of the discount and capitalization rates to the real market information. In particular, expansion of the use of actually attained level of the expected return on the invested capital is offered. The actual values of capitalization rates on the office, commercial, ware-house real estate market in the capital of Ukraine are examined for period from 2008 to 2013, which evidence of considerable changeability of investment return indexes. There is confirmed the necessity of increasing the size of corrections in supply price to the level 18-20% for calculation of the capitalization rates after the method of market extraction. There is also propagates the account of additional market factors at the construction of recapitalization rates after the Invud’s method: annual growth (decline) of leasing rates that are obtained from the profit real estate object; annual growth (decline) of cost of the real property object; a percent of diminishing of cost of the real estate object in result of all kinds of depreciation (when residual value differ from a zero).

Key words: valuation of real estate; income approach; discount rate; capitalization rate; business expected earnings growth rate.

DOI: http://dx.doi.org/10.17721/1728-2667.2013/151-10/12

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