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Risk and Investment

In: A Guide to Institutional Property Investment

Author

Listed:
  • Angus P. J. McIntosh
  • Stephen G. Sykes

Abstract

The concept of risk in relation to property investment is generally only considered in the context of development situations. Even so, there can be few developers who seriously undertake risk analysis as a matter of course. Development appraisal models, like valuation models, tend to be simplistic and are rarely approached on a cash flow projection basis. ‘Residual valuation’ models ignore the explicit timing of payments (see Chapter 11). Whilst this can be quite useful for a first approach when a number of potential schemes must be rapidly assessed (and in many cases no detailed figures are available), the application of such models to realistically assess in detail the likely profitability of a scheme and associated problems must be regarded as seriously limited.

Suggested Citation

  • Angus P. J. McIntosh & Stephen G. Sykes, 1985. "Risk and Investment," Palgrave Macmillan Books, in: A Guide to Institutional Property Investment, chapter 14, pages 287-308, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07154-8_14
    DOI: 10.1007/978-1-349-07154-8_14
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