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A Study on Dual Valuation Model for Land and Improvements of Building Site in Densely Developed Urban Locations

  • Korea Real Estate Review
  • 2006, 16(2), pp.9-29
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

박성식 1 이기열 1

1서울대학교

Candidate

ABSTRACT

Based upon land valuation theory, this paper indicates the practical problems of traditional land valuation methods and theoretically proposes new appraising method called the Dual Valuation Model (DVM). Building site, made up of land and improvements, has two different characters land-market and building stock-market in market aspect, vacant-land-value and contributory-value in terms of value aspect, and new-development-scale and present-scale in land development status. The problems of the existing methodologies have no consideration for the dual aspects of land with improvements and cannot explain the value change process by Floor Area Ratio (FAR). At conclusion, this study emphasizes that the DVM, in the association with dynamic FAR, would produce more accurate outcomes than existing methodologies.

Citation status

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