房地产评估与房产经济学马里兰大学丁成日.ppt

房地产评估与房地产经济学 What is Real Estate Economics什么是房地产经济学 Is about people and how their actions affect real estate values 房地产经济研究人以及人的行为影响房地产价值 Real estate economics is a study that uses economic principles, both macro and micro, to analyze the impact that national, regional, community, and neighborhood trends have on real estate values. 房地产经济学使用微观和宏观经济学原则分析国家、区域、社区和邻里对房地产价值的影响 It helps people to understand what causes fluctuations in real estate activity and how these changes can affect local real estate markets. 房地产经济学帮助人们理解影响房地产市场涨跌以及这些变化又如何影响地方房地产市场 What are Factors that Affect the Value of a Property影响房地产价值的因素 Capital markets—supply side 资本市场——供给方面 Labor markets—demand side 劳动力市场——需求方面 Population growth—demand side 人口增长——需求方面 Market segmentation—locality of supply and demand, types or uses, characteristics of property etc. 市场分割——供需的地方性，类型或使用，房地产特性等 What are Factors that Affect the Value of a Property影响房地产价值的因素 Interrelationship between sub-markets of properties 房地产子市场的相关性 Regulations and laws (taxation, land use regulation) 规定与法律 （税收、土地利用规定） Urban infrastructure and neighborhood amenity 城市基础设施和社区舒适度 Political, social, and economic forces 政治、社会和经济力量 Capital Market and Property Market资本市场和房地产市场 Location and Value of a Property房地产区位和价值 Urban Land Market城市土地市场 Supply of land is inelastic, demand is elastic 土地供给是非弹性的，需求是弹性的 Translating rents to land prices将租金转化为土地价值 Rents are a function of: Agricultural land value Value of the structures Location value Expected growth in location value Translating rents to land prices将租金转化为土地价值 Prices are a function of: Interest rates Expected rent growth Risk of rental payment Tax regime Land Price (rent gradient) and Spatial Structure级差地租与空间结构 Land values in multi-nuclear cities Housing Economics住房经济学 Characteristics of housing commodity and housing markets Heterogeneity (style, rooms, location, amenity, urban services etc.) Immobility A change in housing consumption means a change in residential location High tr