Development Valuations and Viability Studies by Nick French – ONLINE seminar on Monday 29 November

Real Estate Development

Development Valuations and Viability Studies

 

Development Appraisal is undertaken for two principal reasons:

  • To determine the value of land and/or buildings where development is likely to release latent value.
  • To determine the viability of a development in terms of profitability

 

In this lecture, the distinction between the two tasks will be clarified and discussed and all relevant mathematical models and techniques will be considered.

 

COURSE DIRECTOR

Nick French
Real Estate Valuation Theurgy, Property Education

Chichester, West Sussex, UK

 

Course content

To be successful, the developer of commercial or residential property needs to understand all aspects of the property market and the construction cycles. In particular, there is an intrinsic link between the profitability of a development and the state of property investment market at the time of delivering the new building to the market.

This course aims to provide delegates with an understanding of the process by which developments are assessed from simple heuristic benchmarks through to detailed cash flows and viability studies with sensitivity analysis.  It looks at current market conditions and the uncertainties that arise from developing in a downturn.

 

This course will cover:

  • Residual Calculations for Development Valuations
  • Residual Calculations for Viability Studies (including Forecasting and Expectations)
  • Measures of profitability (including Scenario/Sensitivity Analysis)

 

Agenda is below (hours expressed in CET – Belgrade time zone) :

14.00 DEVELOPMENT VALUATIONS VS VIABILITY STUDIES
A short revision of the role of the valuer/analyst and the distinction between valuations and viability studies

14.30 APPROACHES, METHODS and MODELS
A discussion of development valuations in the context of definitions and requirements on valuers (TEGOVA EVS)

14.45 THE RESIDUAL MODEL FOR MARKET VALUE
The application of implicit and cash flow models for market pricing

15:20 Comfort Break

15:30 THE RESIDUAL MODEL FOR VIABILITY STUDIES
The application of implicit and cash flow models for determining profit

16:30 THE RESIDUAL MODEL – Sensitivity modelling
Development is fraught with uncertainty and it is important to understand the upside and downside risk of any project.

17:00 INDIVIDUAL WORK ON CASE STUDY

18:30 Close

 

Live stream of the online seminar will be broadcasted via NAVS platform. Participants will be able to ask questions through chat or email and the professor will answer after the seminar. Participation in this seminar will bring you 6 CPD points for REV continuous professional development.

You can register at office@procenitelji.org.rs 

CEPEJ – Guidelines on videoconferencing in judicial proceedings

The European Commission for the efficiency of justice (CEPEJ) of the Council of Europe adopted guidelines on videoconferencing in judicial proceedings at its Plenary meeting in June 2021.

The guidelines include also proposals for the use of evidence giving experts during the
remote hearings.

You can find guidelines at CEPEJ official website at: CEPEJ – Guidelines on videoconferencing in judicial proceedings

EXPERTS TALK SERIES – Technology and the future of Real Estate – Andrew Baum and Danijela Ilic 2nd November

We are pleased to invite you to register for ONLINE seminar on Tuesday, November 2nd at 15:30 CET with the name of EXPERTS TALK SERIES – Technology and the future of Real Estate. with Professor Andrew Baum FRICS and the moderator of event Danijela Ilić, FRICS, REV, REV-BV. Below you can find more details about webinar, abstract and meet the speakers through their biographies.

 

ABSTRACT:

Real Estate is a slow-moving asset class, and the real estate industry is highly conservative. However, Real estate has been changing rapidly in the last decade under the pressure of Sustainability regulations and the emergence of a large number of innovative Proptech solutions, and the COVID-19 pandemic has only accelerated those changes. The drivers of Real Estate change have been identified through climate change, requirements for immune / healthy buildings and accelerated digitalization. Will the new priorities of investors in Real Estate and occupants requirements lead to partial or complete loss of value in certain types of real estate due to inflexible space and lack of possibility of easy and cost-effective change of use? Smart buildings with flexible uses, “self-sufficient” in the sense that they produce the necessary energy and process wastewater themselves, equipped with touchless technology and an intelligent air quality monitoring system, attract attention and become an investor’s priority. Application of the “big data” platforms changes the way buildings are constructed and

maintained as well as the way buildings are managed. How do these changes affect the work of Real Estate professionals?

 

To whom it is intended:

The expert discussion is primarily intended for real estate professionals and all persons dealing with real estate, whether in the legal or financial domain.

 

Participating Expert: Prof. Andrew Baum FRICS

Andrew Baum is Emeritus Professor at the University of Oxford, where he set up and led the Future of Real Estate Initiative. He is also Professor Emeritus at the University of Reading. He is Chairman of Newcore Capital Management, a real estate fund manager focussed on alternatives, and advisor to several property organisations. He holds BSc, MPhil and PhD degrees from the University of Reading, and is a graduate of the London Business School investment management programme, a chartered surveyor and a qualified member of the CFA institute (ASIP). He has held senior positions with Grosvenor, Nuveen, CBRE Global Investors and others.

Baum’s PropTech 3.0: The Future of Real Estate was the most downloaded Oxford/Saïd Business School report in 2017, and the most downloaded Proptech report on Infabode. Andrew Baum also was winner of the UK PropTech Association Special Achievement award for 2019. Baum’s new book with David Hartzell (Real Estate Investment: Strategies, Structures, Decisions, Wiley Finance) was published in January 2021.

 

Moderator: Danijela Ilić, FRICS, REV, REV-BV

Danijela is qualified property valuer with over 35 years of experience in property industry, out of which 18 years of experience in property valuation in Serbia.

She is the founder and President of National Association of Valuers of Serbia – NAVS(2006). Under her leadership, NAVS became a member of IVSC in 2009, TEGOVA in 2011, iiBV in 2016 and EuroExpert in 2018. She was a member of TEGOVA management board 2014 – 2021, a member of TEGOVA’s European Valuation Practice and Methodology Board and current Chairman of the European Business Valuation Standard Board. She has participated in translation of EVS and IVS into Serbian language as of 2007.

 

Attendance on this online seminar brings you 2 points for CPD – Continuing Professional Development for REV certified valuers. Also, according to the RICS system for CPD qualifying activities which is based on personal assessment i.e. individual member deciding which activities are relevant for their professional development, we recommend this seminar for your personal professional development in valuation profession.

 

Seminar will be broadcasted via online web platform (we will send you the link). Participants will be able to send questions to speakers via CHAT on the platform. Seminar will be available only in scheduled time in Belgrade time zone (CET).

 

Fee is 70 EUR.

For members of NAVS fee is 50 EUR.

 

You can register by sending an email to office@procenitelji.org.rs

Report of the RICS-NAVS conference – Is the Future of Real Estate now? held on 7th September 2021

On Tuesday 7th September 2021 was held RICS and NAVS joint annual conference with the theme: “Is the Future of Real Estate now?”

The Live stream of the conference was held online via a web platform with the participation of 12 speakers, experts from Serbia, Montenegro, Romania, Poland, Czech Republic and Netherlands.

During 3 sessions was the discussion on the effects of the pandemic on the market and construction with an emphasis on sustainability, green and healthy construction, laws and regulations regarding climate change, energy passports, EPCs, and also discussion on desktop valuations and databases and the role of valuers in all of the above.

Beside speakers, this year’s conference was attended by over 110 participants from the country and the region.

You can see the detailed agenda of the conference and the names of the speakers here – Agenda 7 September ENG

See a few pictures from the online conference and conference sponsors below:

RICS-NAVS conference 7th September 2021

We are pleased to inform You that Royal Institution of Chartered Surveyors – RICS and National Association of Valuers of Serbia – NAVS are organizing joint conference for the 3rd time.

Conference will consist out of 3 sessions with 13 experts to involve in discussions about the effects of the pandemic on the real estate and construction market with accent on sustainability, health, green buildings, legislations, European Climate Law, desktop valuations and databases and the role of the valuer.

First joint conference was held in Belgrade on 15 October 2019 under the headline “The future of valuation” and gathered more than 140 delegates from Europe. If You are interested more about last year’s conference you can find Speakers Bio’s and presentations at the following link PRESENTATIONS and even the video material on the following link VIDEO from 15-10-2019 . In 2020, conference with the title „Current trends and opportunities in the SEE markets and the role of professionalism in further developing our markets“  gathered around 170 online participants and covered by the Real Estate magazine.

In accordance with the trends and the circumstances, this year’s conference „Is the future of Real Estate now?“ will be also held ONLINE video platform on 07 September 2021 at 10:00 am CEST(Central European Summer Time).

The video platform is optimized for viewing via computers and smart phones. Simultaneous translation is provided.

Participants will get certificates of attendance for 5 CPD hours.

Conference fee is 130 EUR

The fee for RICS or NAVS members is 100 EUR

You can book your participation on the following REGISTER FORM or by sending an e-mail to office@procenitelji.org.rs

Find more informations about the conference at official website:

  • See the Agenda here.
  • Meet the panelist here.
  • Sponsors of the conference you can see here.

Changes in the Managing Board

At the meeting of the Managing Board of NAVS, held on April 9, 2021, the Managing Board co-opted new members, Vule Mizdraković and Ivana Stanojević, with a preliminary evaluation of their expertise and contribution to the work and achievement of NAVS goals in previous years and readiness to commit membership in the Managing Board.

At the last meeting of the assembly, it was decided on the expiration of the mandate of all members.

The new members were co-opted in accordance with the Statute, after two members of the NAVS Managing Board resigned from their positions, Marko Popović and Nina Milenković.

 

doc.dr Vule Mizdraković

Graduated at the Faculty of Economics, University of Belgrade in 2007 in the field of accounting, auditing and financial management. Vule Mizdrakovic has a Master’s degree in finance and accounting at Lincoln University, Oakland, California. In 2012 he acquired a PhD in the field of corporate bankruptcy at Singidunum University.
Since 2007, he has been employed as a teaching associate at Singidunum University for the scientific field of Accounting and Auditing. He is currently the Vice Dean and lecturing on the following courses: Accounting, Financial Reporting, Auditing Regulations and Financial Statements Analysis.

Since 2010, he has been a lecturer at the seminar in the field of accounting and financial reporting for acquiring certificate of professional real estate valuer, which is organised by the National Association of Valuers of Serbia (NAVS). Within NAVS, Vule is a member of REV Examination Commission and the Commission for Checking the Work of Licensed Valuers.

 

 

Ivana Stanojević REV, Valuation License no. 30

Ivana is a graduated engineer of architecture and a court expert in the field of architecture. She has many years of experience in providing consulting services in the field of real estate, including evaluation, Feasibility studies, lender’s supervision and project management.
Since 2009, Managing partner in IBM Consult Ltd, responsibilities include defining, controlling and implementation of Project for land development, land usage transformation, evaluation of assets, legal verification, and coordination with all related authorities.
Within NUPS, Ivana is a member of the Disciplinary Commission, RE and REV Examination Commission and the Commission for Checking the Work of Licensed Valuers.

VALUERS – ARE YOU CERTAIN YOU’RE UNCERTAIN? by Nick French

Nick French published new article on February 4, 2021 with the title: VALUERS – ARE YOU CERTAIN YOU’RE UNCERTAIN?

You can find the article on the following link https://www.propertychronicle.com/valuers-are-you-certain-youre-uncertain/

 

New EuroExpert E-Bulletin

From the following link you can find new EuroExpert E-Bulletin from 26 March 2021: https://procenitelji.org.rs/biblioteka/euroexpert-bilten/

6th Serbian Property & Infrastructure Development Conference

We invite you to register to ONLINE 6th Serbian Property & Infrastructure Development Conference – organized by TGI International Group on Tuesday, 23. March 2021.

More details about the conference, key topics, speakers, sponsors and registration you can find on the following link: https://www.realestateconference.rs/

A discount is provided for NAVS members.

 

Valuation panel from 5th Serbian Property & Infrastructure Development Conference held in 2020

Online seminar – RECENT CHANGES IN RETAILING AND THEIR IMPLICATIONS FOR VALUERS by Richard Grover

With great pleasure, NAVS – National Association of Valuers of Serbia is inviting you to register for an ONLINE seminar – RECENT CHANGES IN RETAILING AND THEIR IMPLICATIONS FOR VALUERS by Richard Grover on 04 March 2021 at 14:00 PM on Central East Time (Belgrade time zone GMT+1)

“The covid-19 pandemic has had serious repercussions for the retail sector with lockdowns resulting in the closure of non-essential stores for long periods. It also appears to have accelerated some trends which were apparent before the pandemic struck, particularly the growth of on-line purchases. Retailers have responded by demanding rent reductions and a move to turnover rents. The seminar will explore recent trends in retailing and discuss their implications for the valuation of retail properties…”

Lecturer is well known Richard Grover MRICS. He has taught at Oxford Brookes University for many years but is now retired as works there as a part-time Senior Lecturer on various RICS-accredited degrees. He has undertaken consultancy in a number of countries, principally in the transition countries of Eastern Europe on projects aimed at developing their property markets and associated education systems. He has recently been working on property tax and valuation projects in Serbia, Moldova, and Turkey on behalf of the World Bank.

Attendance on this online seminar brings you 3 points for CPD – Continuing Professional Development for REV certified valuers. Also, according to the RICS system for CPD qualifying activities which is based on personal assessment i.e. individual member deciding which activities are relevant for their professional development, we recommend this seminar for your personal professional development in valuation profession.

Seminar will be broadcasted via online web platform (we will send you the link), so all you need is a stabile internet connection, camera and microphone in order to take part in discussions. Seminar will be available only in scheduled time in Belgrade time zone (CET) and will not be available as a webinar in NAVS program of continuous professional education.

Below (or in attachment) you can find more details.

You can register by sending an email to office@procenitelji.org.rs