Page 108 - Demo

"е....../L д%.%д, *%2%!/L *!=L...е “л%›...% 3че“2ь " !=м*=. ,ме......% “!="...,2ель...%г% C%д.%д=.
e?е %д...= òðóäíîñòü ïðè àíàëèçå òðàí- çàêöèé – ýòî ïîèñê è ïðîâåðêà èíôîðìà- öèè î ñäåëêå è ïîíèìàíèå ìîòèâîâ èí- âåñòîðà. b !=м*=. ,...-%!м=ц,, % “дел*е "=›.../м "л е2“ C!едме2 “дел*, (...ед",›,- м%“2ь ,л, C!едC!, 2,е-“%K“2"е......,*), ...=л,- ч,е д%C%л...,2ель.../. 3“л%",L, *%2%!/е м%- г32 “3?е“2"е......% "л, 2ь ...= C3Kл,*3ем3ю це...3 “дел*,. p=ƒл,ч.../м, м%г32 K/2ь м%2,"/ ,..."е- “2%!=, C!,%K!е2е...,е деL“2"3ю?ег% K,ƒ...е“=,
C!,%K!е2е...,е %KAе*2= ...ед",›,м%“2,. d=....../е % “дел*е м%г32 “",де2ель“2"%"=2ь, ч2% C!,%- K!е2=л=“ь *%мC=..., , ...% м%2,"%м м%гл= K/2ь C%*3C*= %KAе*2= ...ед",›,м%“2,, е“л,, ...=C!,- ме!, ...=л%г%"/е ,л, ,.../е 3“л%", (" ч=“2, “2!=... дл !еƒ,де...2%" , ...е!еƒ,де...2%" 3“л%", C!,%K!е2е..., ...ед",›,м%“2, “3?е“2"е......% %2- л,ч=ю2“ ) ƒ=“2="л ю2 ,..."е“2%!= ,д2, ...= C%- *3C*3 *%мC=...,,, *%гд= !е=ль...%L целью “дел*,
"л е2“ ...ед",›,м%“2ь. Š% е“2ь, ïðèìåíè- ìîñòü ìåòîäà ðûíî÷íûõ ñðàâíåíèé äëÿ ãî- ñòèíèö, îñîáåííî â óñëîâèÿõ ðîññèéñêîãî ðûíêà, ñóùåñòâåííî çàòðóäíåíà.
Îáçîð ïðèìåíåíèÿ ìåòîäà ñîîòíåñåíèÿ öåíû è äîõîäà ïðè îöåíêå ãîñòèíèö
lе2%д “%%2...е“е..., це.../ , д%.%д= %“...%"/- "=е2“ ...= C!едC%л%›е...,,, ч2% "ел,ч,...= д%- .%д=, C!,...%“,м%г% ...ед",›,м%“2ью, "л е2“ це...%%K!=ƒ3ю?,м -=*2%!%м, , “%,ƒме!е...,е це.../ , д%.%д= C% =...=л%г,ч.../м %KAе*2=м д=е2 %“...%"=...,е дл ,“C%льƒ%"=..., 3“!ед...е....../. !еƒ3ль2=2%" C!, %це...*е *%...*!е2...%г% %KAе*2= ...ед",›,м%“2,.
b ƒ=",“,м%“2, %2 ",д= C!,...%“,м%г% ...ед",- ›,м%“2ью д%.%д=, м%›...% ,“C%льƒ%"=2ь âàëî- âîé ðåíòíûé ìóëüòèïëèêàòîð (ÂÐÌ)17 è îá- ùèé êîýôôèöèåíò êàïèòàëèçàöèè (ÎÊÊ)18,19.
}2=C/ %це...*, ...ед",›,м%“2, C!, C%м%?, bpl / njj:
 nце...,"=е2“ "=л%"%L д%.%д %це...,"=ем%г% %KAе*2=, л,K% C%2е...ц,=ль.../L, л,K% деL- “2",2ель.../L (bpl) / p=““ч,2/"=е2“ ч,- “2/L %Cе!=ц,%....../L д%.%д %це...,"=ем%г% %KAе*2= ...ед",›,м%“2, (njj).
 o%дK,!=ю2“ ...е ме...ее 2!е. =...=л%г%" * %це- ...,"=ем%м3 %KAе*23, C% *%2%!/м ,мее2“ д%“2%"е!...= ,...-%!м=ц, % це...е C!%д=›, ,:  "ел,ч,...е C%2е...ц,=ль...%г% л,K% деL“2-
",2ель...%г% д%.%д= (bpl);
 "ел,ч,...е ч,“2%г% %Cе!=ц,%......%г% д%.%-
д= (njj).
 b...%“ 2“ ...е%K.%д,м/е *%!!е*2,!%"*,, 3"ел,ч,"=ю?,е “%C%“2=",м%“2ь =...=л%г%" “ %це...,"=ем/м %KAе*2%м.
 o% *=›д%м3 =...=л%г3 !=““ч,2/"=е2“ bpl / njj.
 nC!едел е2“ ,2%г%"/L C%*=ƒ=2ель bpl / njj, *=* “!ед... =!,-ме2,че“*= !=“че2- ...= "ел,ч,...= C% "“ем =...=л%г=м.
 p=““ч,2/"=е2“ !/...%ч...= “2%,м%“2ь %це- ...,"=ем%г% %KAе*2=, *=* C!%,ƒ"еде...,е “!ед...ег% bpl , !=“че2...%г% =де*"=2...%г% "=л%"%г% д%.%д= %це...,"=ем%г% %KAе*2= (bpl) / %2...%ше...,е ч,“2%г% %Cе!=ц,%......%- г% д%.%д= %це...,"=ем%г% %KAе*2= * “!ед...е- м3 njj C% %2%K!=....../м =...=л%г=м.
j=* "%ƒм%›.../е %г!=...,че..., C!,ме...е..., C!,"%д 2“ ...е%K.%д,м%“2ь ...=л,ч, !=ƒ",2%- г% !/...*=, д%“23C...%L ,...-%!м=ц,, % де 2ель- ...%“2, =...=л%г%", ...е"%ƒм%›...%“2ь д%“2,›е..., C%л...%L “%C%“2=",м%“2,, “л%›...%“2, “ 3че2%м %Cе!=ц,%....../. !=“.%д%".
Äåòàëèçàöèè ïðèìåíåíèÿ ìåòîäà ê ãî- ñòèíè÷íîé íåäâèæèìîñòè â ðîññèéñêèõ èñòî÷íèêàõ íàéòè íå óäàëîñü.
b ƒ=!3Kе›.../. ,“2%ч...,*=., *!%ме !е=л,- ƒ=ц,,, %C,“=......%L "/ше20, C!едл=г=ю2“ е?е "=!,=...2/ ,“C%льƒ%"=..., ме2%д=, =д=C2,!%- "=....../е * г%“2,...,ч...%L ...ед",›,м%“2,21.
dл C!%"еде..., !=“че2= “ “%C%“2=",м/- м, =...=л%г=м, ...е%K.%д,м% C%л3ч,2ь ,...-%!-
17 ÂÐÌ = Ö / ÏÂÄ (ÄÂÄ) – òî æå ñàìîå Gross Income multiplier (GIM’S) è, ñîîòâåòñòâåííî, Effective Gross Income.
18 ÎÊÊ = ×ÎÄ / Ö – òî æå, ÷òî capitalization rate.
19 Îöåíêà ñòîèìîñòè íåäâèæèìîñòè / Ñ.Â. Ãðèáîâñêèé, Å.Í. Èâàíîâà, Ä.Ñ. Ëüâîâ, Î.Å. Ìåäâåäåâà, Ì.: «Èíòåððåêëàìà», 2003.
20 Èñïîëüçîâàíèå Room Revenue Multiplier (RRM) àíàëîãà gross income multiplier òîëüêî äëÿ äîõîäà îò íîìåðîâ íåò ñìûñëà îïèñûâàòü îòäåëüíî
(RRM = Sale Price/Room Revenue).
21 Èç äàëüíåéøåãî áóäåò âèäíî, ÷òî ïîêàçàòåëè ÂÐÌ è ÎÊÊ âïðÿìóþ íå âû÷èñëÿþòñÿ, à èñïîëüçóþòñÿ òîëüêî äëÿ âíåñåíèÿ êîððåêòèðîâîê, íî,
åñëè âçÿòü ìàòåìàòè÷åñêîå âûðàæåíèå ìåòîäà, ïîíÿòíî, ÷òî èìåííî îí áûë îñíîâíûì.
1266 • l`i• 2017 108 a~kkeŠem| • RWAY
Ýêîíîìèêà íåäâèæèìîñòè. Îöåíêà