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Saigon Paragon
Valuation Print E-mail
Written by Administrator   
Wednesday, 07 December 2005


Commercial real estate is the single most important fixed asset in today's business environment. As a fundamental tool of production, it can hinder change, obstruct innovation and reduce productivity and profitability.

So whether you are an owner occupier, a lender or an investor, knowing the true worth of your property assets is a prerequisite to maximising occupational and investment returns and in formulating strategic decisions.

We can provide appraisal advise of the highest caliber which is why our services are contractually retained by probably the largest foreign bank in Vietnam.

We combine professional expertise and market knowledge with an astute understanding of our clients' needs.

We undertake asset appraisals (ie valuations) for many purposes including: incorporation into company accounts & balance sheets; to assess security for loans and mortgages; for vendors and purchasers; mergers & takeovers; strategic planning; and asset management.

A common thread runs through them all is the necessity in every case for a rigourous analysis of the market, a full appreciation of the physical aspects of the property, a thorough understanding of the legal aspects and documentation, and how all these factors combine to impact on value.

We are able to draw on in-house databases backed up by our own personal knowledge, experience and understanding of the local marketplace to ensure that we provide you with accurate advise.

Average Real Estate Market Prices Could Mislead. When people talk about average real estate market prices, they may mean the average price in so many USD$ dollars (or Taels of gold) or they may be speaking of an average price per unit square meter of floor area. Useful though these may be, there are also a few points to note, otherwise they may be more like traps than tools : -

  • There is always a likelihood (i.e. a chance) that no actual property exists at the ‘average' market price, though this problem may partly be solved by looking at the median, mode and distribution.
  • Average market prices are likely to contain both market-wide financial considerations and certain case-specific non-financial considerations. Normally, it is assumed that most transactions occur between unrelated parties and the parties will try to maximize their own profits, especially if market information is openly available. Hence, given a certain number of transactions is reached, it may be safe to assume the average price thus calculated largely represents a figure derived via market interaction with insignificant undue skewed circumstances. Nonetheless, the same may not be said of an average price where the transactions during the period are comparatively sparse, thus making the influence of one skewed transaction, if any, greater in such circumstances. Skewed transactions could involve a seller disposing the property for peanuts because he / she thinks it has bad fung-shui, yet the market is unlikely to know the true reason other than observing a particularly low-priced transaction. One method is to discard the utterly out of range transactions, be they on the very low or very high side.
  • Average market prices strictly speaking represent the prices 'those bunch of sellers and buyers' are willing to deal at during a particular period. Normally they constitute at best a small percentage of the overall market, yet statistically they are assumed to ‘represent' the market. Yet, though the mathematical probability is usually small, what if they really do not represent the market at all? For one, investment plans and strategies based on market observations will need to be amended. Even if they do represent the market, it does not follow the market views thus implied are correct (and in many cases they are not).
  • Average real estate prices are very useful, and while they usually do reflect the interaction or even the competition between sellers and buyers, they should not be immune from being questioned. The statement that "the price is right because someone is willing to pay it" is basically garbage. In actual fact, market prices are usually either too low or too high given any lengthy period of observation (cyclic market patterns) and thus in a sense are wrong most of the time. Nonetheless, larger profits are made via these ups and downs. Analysis involves the use of data and quantitative tools, though it does not replace having good common sense.

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Last Updated ( Saturday, 14 October 2006 )
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