Three approaches to residential buildings valuation as an element of the national wealth

The article examines the application of sales comparison, income and cost approaches to valuation of residential buildings as an element of national wealth. Each of the three approaches is considered from the perspective of accessibility and representativity of the available data, and the requirement to separate the value of land from the value of buildings. The advantages and the drawbacks of each approach are analyzed based on the practice of individual and mass market valuation and of residential buildings valuation for balance sheets in the System of National Accounts in other countries. The comparison approach has the advantage that it uses direct information on market sales of real property; however its application is hindered by the fact that the sales objects include the land value, which in SNA must be shown separately. Income approach may be used as additional to comparison approach to improve the representativeness where residential rent market is developed. The article substantiates the necessity to use the cost approach, which, contrary to the other two, assesses the dwelling directly. As perpetual inventory method requires long time investment series, an alternative method is suggested, which is to estimate reproduction cost based on the structure of total area of existing residential buildings.

оценка жилых зданий, оценка земель жилого назначения, проиведенные и непроизведенные активы, сравнительный, доходный и затратный подходы, метод непрерывной инвентаризации, национальное богатство, valuation of residential buildings, valuation of residential land, produced and non-produced assets, sales comparison, income and cost approaches, perpetual inventory method, national wealth

1. Методические рекомендации по определению рыночной стоимости земельных участков, утвержденные распоряжением Минимущества России от 6 марта 2002 г. № 568-р.

2. СНС-2008, Система национальных счетов 2008, Европейская комиссия, Международный валютный фонд, Организация Объединенных Наций, Организация экономического сотрудничества и развития, Всемирный банк, Нью-Йорк, 2012 год. URL: http://unstats.un.org/unsd/nationalaccount/docs/SNA2008Russian.pdf.

3. Федеральный стандарт оценки «Общие понятия оценки, подходы к оценке и требования к проведению оценки (ФСО № 1)», утвержденный приказом Минэкономразвития России от 20 июля 2007 года № 256.

4. ABS (2007), Feature Article: Valuing Land and Dwellings Owned by Households.Australian Bureau of Statistics URL: http://www.abs.gov.au/AUSSTATS/abs@.nsf/7d12b0f6763c78 caca257061001cc588/1ee1ce4cfeac8183ca257291000dd20e!OpenDocument.

5. OECD (2009), Measuring Capital. OECD Manual. Second edition. http://www.oecd.org/std/productivity-stats/43734711.pdf.