Peculiarities of expert appraisal of real estate for disposal by direct purchase
Students Name: Fesenko Rostyslav Valeriiovych
Qualification Level: magister
Speciality: Land and Real Estate Valuation
Institute: Institute of Geodesy
Mode of Study: full
Academic Year: 2022-2023 н.р.
Language of Defence: ukrainian
Abstract: Fesenko RV, Vynarchyk LV (head). Peculiarities of expert appraisal of real estate for disposal by direct purchase. Master’s thesis. - National University "Lviv Polytechnic", Lviv, 2022. Extended annotation. Determining the value of real estate is a common and one of the most common tasks of practical appraisal activity, which is resorted to in case of a change of owner, terms of ownership and terms of use of the property, based on its results during privatization, taxation and accounting, in the case of mortgage, forced alienation and acceptance of investments and urban planning solutions, etc. Real estate, at the same time, is quite a difficult object to evaluate. Expert monetary assessment is a mandatory type of activity. This is the process of determining the value of property and related rights by an appraiser, which is carried out exclusively for the conclusion of civil law agreements and other notarial registration, as well as the correct determination of the tax amount. For the practical implementation of the theoretical provisions, a non-residential building was chosen, which is located at the address of Lviv Region, Lviv District, Horodok, St. Dzherelna, 18a, which is used for commerce. The research object is a plot of land with commercial non-residential building located on it. Subject of research - determine the features of the expert assessment of real estate for disposal by direct purchase. The purpose of the research: determination of the market value of the object of assessment for privatization by buyout. Results of the research. The formation of the real estate market, as one of the branches of the state economy, is an independent type of activity, which aims to provide objective and reliable, as well as accessible information to persons who make decisions about carrying out certain operations on the market. In the process of establishing market relations, real estate became the object of administrative, tax, civil and residential legal relations. Today, one of the most reliable types of capital investment is the purchase of real estate. Normative and legal sources in the field of real estate valuation were analyzed, as well as the work of specialists of the Department of Real Estate Valuation of the Lviv Polytechnic National University. Determining the value of real estate depends on the following factors: location, availability and quality of infrastructure, transport accessibility, nature of surrounding buildings, physical characteristics and volume-parametric solutions of the valuation object itself, etc. The calculation of the market value of the object of research is presented, as the most likely price for which it can be sold on an open competitive market. The choice of valuation method is extremely important to obtain an objective and accurate real estate value, so three approaches to real estate valuation were used, namely: comparative, net income capitalization method and residual method for land. The agreement of the evaluation results is substantiated and the conclusion about the estimated value of the object of research is formulated. The characteristics of the object of evaluation, its best and most effective use are presented, the calculation of the obtained market value is substantiated by three methodical approaches, namely the comparative one - UAH 9 420. and by the residual method for land - UAH 9 345. excluding VAT. Having analyzed the expediency of using one or another methodological approach, taking into account all the advantages and disadvantages of the methods, paying attention to the purpose of the assessment, I came to the conclusion that in today’s market conditions, the use of the average value between the two approaches will be the most justified and will fully reflect the market value object of research. The real estate market feels a colossal impact of the war in Ukraine, which determines its state and development trends. The state of the residential real estate market for 2022 was analyzed, prices per m2 for primary residential real estate in Ukraine and the city of Lviv were analyzed, and it was determined that the average price per m2 in Lviv as of November 2022 is UAH 46 300. Quarterly prices are considered, as well as monthly prices and median prices in more detail. I determined that the most expensive area for buying a new building is the Halytskyi district of the city, where the price of one m2 reaches UAH 76,500 on average, and the cheapest, in turn, are the Sykhivskyi and Shevchenkivskyi districts of the city, where the price does not exceed UAH 43,000 per m2. I came to the conclusion that although the real estate market was completely frozen in March and April throughout the country, it is still starting to gradually improve, most of all in the western regions, this can be seen from the analysis of price dynamics, where a clear trend can be seen that despite the increase in prices in the hryvnia currency, the demand among people is gradually rising. I briefly looked at the situation in the secondary real estate market, which also experienced a crisis due to the war, namely, it can be seen that the prices for purchase and rent in a number of areas, in particular those that are closer to the borders with the EU, have increased significantly. First of all, the reason was the remoteness of the western and some northern regions from the points of active hostilities. Keywords: real estate, object of assessment, commercial real estate, civil law agreements, property taxation, real estate market. 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