Proposal of forestry properties appraisal procedure using comparative sales approach and discounted cash flow method under conditions of the Czech Republic
2002
Zadrapa, R. (Lesni Znalecka Kancelar, Vsetin (Czech Republic))
The aim of this work was to propose a procedure for the market appraisal of forest properties in the Czech Republic. The basis of the proposal is a combination of the comparative sales approach and a modification of the discounted cash flow method. The first one associates the market value with a real price level of similar properties and the second one shows a real economic potential of the property. In this study, the official market value was not taken into account because 67 sales of the studied forest properties had been sold for only 46 % of their official value in average. The average purchase price was 12.42 CZK/square m. It is proposed to calculate the discount cash flow value by using three two-phase models. The models differ in the first phase duration (5 or 30 years) and in a type of profit in the second phase (regular rent or income from the sale of the residual property). The market value is calculated by using the weighed average of the results of both the described methods.
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