[DATUM]
WAARDEREN: RENDEMENTSANALYSE
SAMENVATTING 2022-2023
LAURA MYLLE
HOGENT
,INHOUD
inhoud........................................................................................................................................................................1
THEMA 1 – INLEIDING...............................................................................................................................................3
1) DE VASTGOEDMARKT.......................................................................................................................................3
schattingsmethodes?............................................................................................................................................4
De regels van de kunst..........................................................................................................................................5
2) HET BEGRIP “WAARDE”....................................................................................................................................8
Thema 2 – market evidence....................................................................................................................................12
schattingsmethodes............................................................................................................................................12
Thema 3 – kostenbenadering..................................................................................................................................17
kostenbenadering...............................................................................................................................................17
Thema 4 – inkomstenbenadering...........................................................................................................................22
De productiviteit van een gebouw......................................................................................................................23
Multipliers...........................................................................................................................................................27
de tijdswaarde van geld.....................................................................................................................................30
Waarderingsmethode: kapitalisatie...................................................................................................................31
Thema 5 – residantiele markt: opbrengsteigendommen.......................................................................................33
Investeren in residentieel vastgoed – institutioneel...........................................................................................33
Investeren in residentieel vastgoed - particulier................................................................................................34
Risico...................................................................................................................................................................35
Rendement..........................................................................................................................................................37
rendementsberekening.......................................................................................................................................37
Patrimoniumvennootschap................................................................................................................................39
Thema 6 – office market.........................................................................................................................................39
kantoorgebouwen..............................................................................................................................................39
Thema 7) asset deal vs. share deal..........................................................................................................................45
Asset deal of share deal?....................................................................................................................................45
Asset deal............................................................................................................................................................46
Share deal...........................................................................................................................................................46
Rendementsanalyse in de praktijk......................................................................................................................48
Thema 9) KMO en logistiek.....................................................................................................................................48
Verschijningsvormen..........................................................................................................................................48
, Productiegebouwen............................................................................................................................................48
Logistiek..............................................................................................................................................................48
Stedenbouwkundige randvoorwaarden.............................................................................................................48
Locatieparameters op nationaal niveau.............................................................................................................49
Waardebepalende factoren................................................................................................................................49
Thema 10) gross operating profit............................................................................................................................54
Incourant onroerend goed met commerciële exploitatie...................................................................................54
Agrarisch vastgoed.............................................................................................................................................55
Case: operational cash flow- methode...............................................................................................................58
Handelszaak........................................................................................................................................................59
Thema 11) vruchtgebruik........................................................................................................................................62
Definitie..............................................................................................................................................................62
Waarderingsmethodes.......................................................................................................................................63
, THEMA 1 – INLEIDING
1) DE VASTGOEDMARKT
1. Residentieel vastgoed residentieel
2. Kantoren
3. Winkelvastgoed
4. Industrieel / logistiek / agrarisch vastgoed commercieel
5. Exploitatievastgoed
Op basis van bestemming
1. Functioneel
2. Economisch
3. Representatief
Op basis van fiscaal regime
1. Nieuwbouwmarkt (primair)
2. Secundaire markt
Op basis van gebuik
3. Koopmarkt
4. Huurmarkt
5. Zakelijke rechten
ONDERLINGE RELATIE TUSSEN DEELMARKTEN
HET VIERKWADRANTENMODEL: HUUR VERSUS KOOP
WAARDEREN: RENDEMENTSANALYSE
SAMENVATTING 2022-2023
LAURA MYLLE
HOGENT
,INHOUD
inhoud........................................................................................................................................................................1
THEMA 1 – INLEIDING...............................................................................................................................................3
1) DE VASTGOEDMARKT.......................................................................................................................................3
schattingsmethodes?............................................................................................................................................4
De regels van de kunst..........................................................................................................................................5
2) HET BEGRIP “WAARDE”....................................................................................................................................8
Thema 2 – market evidence....................................................................................................................................12
schattingsmethodes............................................................................................................................................12
Thema 3 – kostenbenadering..................................................................................................................................17
kostenbenadering...............................................................................................................................................17
Thema 4 – inkomstenbenadering...........................................................................................................................22
De productiviteit van een gebouw......................................................................................................................23
Multipliers...........................................................................................................................................................27
de tijdswaarde van geld.....................................................................................................................................30
Waarderingsmethode: kapitalisatie...................................................................................................................31
Thema 5 – residantiele markt: opbrengsteigendommen.......................................................................................33
Investeren in residentieel vastgoed – institutioneel...........................................................................................33
Investeren in residentieel vastgoed - particulier................................................................................................34
Risico...................................................................................................................................................................35
Rendement..........................................................................................................................................................37
rendementsberekening.......................................................................................................................................37
Patrimoniumvennootschap................................................................................................................................39
Thema 6 – office market.........................................................................................................................................39
kantoorgebouwen..............................................................................................................................................39
Thema 7) asset deal vs. share deal..........................................................................................................................45
Asset deal of share deal?....................................................................................................................................45
Asset deal............................................................................................................................................................46
Share deal...........................................................................................................................................................46
Rendementsanalyse in de praktijk......................................................................................................................48
Thema 9) KMO en logistiek.....................................................................................................................................48
Verschijningsvormen..........................................................................................................................................48
, Productiegebouwen............................................................................................................................................48
Logistiek..............................................................................................................................................................48
Stedenbouwkundige randvoorwaarden.............................................................................................................48
Locatieparameters op nationaal niveau.............................................................................................................49
Waardebepalende factoren................................................................................................................................49
Thema 10) gross operating profit............................................................................................................................54
Incourant onroerend goed met commerciële exploitatie...................................................................................54
Agrarisch vastgoed.............................................................................................................................................55
Case: operational cash flow- methode...............................................................................................................58
Handelszaak........................................................................................................................................................59
Thema 11) vruchtgebruik........................................................................................................................................62
Definitie..............................................................................................................................................................62
Waarderingsmethodes.......................................................................................................................................63
, THEMA 1 – INLEIDING
1) DE VASTGOEDMARKT
1. Residentieel vastgoed residentieel
2. Kantoren
3. Winkelvastgoed
4. Industrieel / logistiek / agrarisch vastgoed commercieel
5. Exploitatievastgoed
Op basis van bestemming
1. Functioneel
2. Economisch
3. Representatief
Op basis van fiscaal regime
1. Nieuwbouwmarkt (primair)
2. Secundaire markt
Op basis van gebuik
3. Koopmarkt
4. Huurmarkt
5. Zakelijke rechten
ONDERLINGE RELATIE TUSSEN DEELMARKTEN
HET VIERKWADRANTENMODEL: HUUR VERSUS KOOP
