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Davenport, D M (1997) Client satisfaction with construction cost - a comparative study of French and UK performance. Journal of Financial Management of Property and Construction, 2(03), 77–94.

Deddis, W G, McCluskey, W J, Mamis, A and McBumey, R D (1997) The potential for: market research, property market analysis, & property valuation using (GIS) Geographic Information System technology. Journal of Financial Management of Property and Construction, 2(03), 45–62.

Farrell, M L (1997) Illiquidity, uncertainty and the impact of the term structure of interest rates on the valuation of real estate in a context of Knight-Keynes uncertainty. Journal of Financial Management of Property and Construction, 2(03), 5–30.

  • Type: Journal Article
  • Keywords: Discounted cash flow; models; Internal rate of return
  • ISBN/ISSN: 1366-4387
  • URL: http://www.emeraldinsight.com/journals.htm?issn=1366-4387
  • Abstract:
    The practice of estimating the value of a real estate asset using Discounted Cash Flow, DCF, models, which match discount rate maturity with the investment horizon, does not account for the real opportunity cost of funds, and may produce erroneous estimates of value. When the yield curve is upward sloping the DCF model will tend to overstate the value of the subject property rights. When the long term interest rate structure is downward sloping, the estimate of value will be biased in the opposite direction. The results presented in this paper suggest that this effect may be most significant when the yield curve intersects the real estate asset's Internal Rate of return, IRR.

Hui, C M, Chiang, Y H and Tang, B S (1997) Asian real estate markets: boom and oversupply?. Journal of Financial Management of Property and Construction, 2(03), 63–76.

Odeyinka, H A and Yusif, A (1997) The causes and effects of construction delays on completion cost of housing projects in Nigeria. Journal of Financial Management of Property and Construction, 2(03), 31–44.