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Property and real estate evaluation (goods estimation also becomes outdated) is a procedure, which by the application of founded economical, regulated by legislation, legal and structural knowledge tried to determine an estimated value for cultivated and vacant properties (real estate).
The property valuation is accomplished usually through for this qualified experts for property valuation. These experts have usually a scientific university or specialized university education in architecture, civil engineering, survey engineer nature, management economics, building economics, real estate economics, space planning or geography and a professional experience and/or a far qualification of several years in the area of the property valuation.
After "§ 193 BauGB also a panel of experts refunds market value appraisals.
A goal in the property valuation is the determination of the market value (market value) in the sense "§ 194 BauGB. For this different recognized valuation procedures are used.
With the reference value procedure purchase prices of such properties are to be consulted, which agree sufficient due to their Werthaltigkeit with property which can be evaluated (comparison properties so mentioned). Suitably this procedure is particularly during the evaluation of vacant properties and free-hold flats. A condition is that a sufficient large number of comparison objects is present. The more specific the real estate is, is suitable the less the reference value procedure for practice ("§ 13 WertV).
With application of the productive value procedure the value of the buildings is to determine separately from the land value on the basis of the yield. The land value is usually determined over the discussed reference value procedure. This procedure comes in particular to the course if the yield achievement is the crucial criterion for the Immobilieninvestment. That concerns above all living objects starting from three housing units, trade objects and operator real estates so mentioned as for instance hotels, hospitals and leisure real estates ("§ 15 WertV).
With application of the asset value method the value of the structural facility, like buildings, is exterior installations and special operating equipment and the value of the other plants to determine separately from the land value to normal manufacturing costs. The land value is to be determined in the reference value procedure. The asset value method particularly applied with self-used real estates as for instance with single family houses. The real value still additionally market-settled over to a result conforming to market trends to come beyond that ("§ 21 WertV).
These three procedures mentioned are standardized in Germany by the valuation regulation (WertV) and in the usual court practice are used.
As addition of the valuation regulation (WertV) valuation guidelines (WertR) were issued.
There are further procedures, which are internationally used:
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