Värdering av hållbarhet och kvalitet, vilka förändringar görs i kalkylen?

Sammanfattning: All real estates are unique, especially based on the fact that they are non-moveable and investments are long lasting. Despite the unique traits of character, most of the valuations are made using average market data, based upon the type of property, the location and the year of value. The consequence of using market standards is that properties with sustainable and environmentally friendly solutions are valued in the same way, and with similar data, as a property of modular nature. Environmentally certified real estates are a good example of properties with value- adding qualities that is overlooked in valuations. Property owners choose to invest money in certifying their buildings, investors choose to prioritize certified buildings and tenants are making increasing demands on environmental issues. In addition, studies show that certified buildings provide higher value internationally. Despite this, the differences in the valuation of a certified property and a non-certified one, is almost non-existing in Sweden. The purpose of the report is to investigate the factors that may affect a property's value, and identify errors that can occur when a valuation is made using average market data instead of object-specific data. In order to achieve the purpose, an examination is made of whether and why properties should be valued differently. The topic is studied from the dimension certified versus non- certified buildings. Based on interviews and previous studies, an analysis is made of which factors in a discounted cash-flow analysis that should be affected by a property's specific characteristics, as well as which decisions should be based on an object-specific valuation. The conclusion is that, in many cases it would be better to use an object-specified valuation, especially when it comes to acquisition and development projects. If the object-specific qualities were taken into account to a greater extent, investments leading to lower risk would have a greater effect on the value. Indications can be found, that the market is starting to put a price on an objects qualities, since prices on certified buildings is higher than the prices for normal, similar buildings. Indications show that, it is the differences in risk that makes the biggest difference in value. An important point is the fact that it is the qualities that affects the risk and not the certification itself. Risk evaluations should be made for every individual case and the reason for risk adjustments can vary from different objects, at different points of time, since the knowledge of future events and risks can vary. The fact that properties, in many cases, should be valued based on their specific qualities can be stated, but the way the risk adjustments should be made, in the individual cases, is harder to say. The biggest problem with risk adjustments is to estimate the size of them and the estimation becomes more important as the yield gets lower, since the effect on the value bigger the lower the yield gets. Even though it is hard to estimate the size of the adjustments, for every single quality, it can be stated that the market is more willing to pay for some types of qualities and that these qualities should affect the value.