Full valuation of a parcel

Every part in one response: figures, dcf, discount_rate, direct_cap, land_value, yield_on_cost, rents, sensitivity and the assumptions used. Prefer a single part when you need only one.

GET

https://revenoo.aireon.ch/api/valuation/{egrid}

Path parameters

egrid
string
required
Swiss parcel identifier: "CH" followed by 12 characters. Spaces are ignored, letters may be lower case.

pattern: ^[Cc][Hh][0-9A-Za-z]{12}$

Returns

200

The valuation.

JSON

api_version
string
required
valuation_date
string
required
format: date
parcel
object
required
The parcel: EGRID, address, municipality, BFS number, canton, zone, coordinates and areas.
data
object
required
Provenance: market data status and date, municipal and Zürich reference rents.
links
object
required
app opens this valuation in revenoo; docs is this document.
assumptions
object
required
Assumptions you can change. Omitted keys keep the defaults the response reports.
- asking_land_price
  optional
  number | null
  Asking price of the land. When set, the response appraises it: project IRR, profit on cost and on value, initial yield on cost.
  
  maximum: 100000000000 · minimum: 0
- rentable_area_m2
  optional
  number
  Rentable area (NIA) in m². The unit mix is rescaled to it.
  
  maximum: 10000000 · minimum: 1
- residential_rent_per_m2_year
  optional
  number
  Rent per m² NIA and year for every apartment row of the unit mix (parking keeps its own rent).
  
  maximum: 5000 · minimum: 0
- vacancy_pct
  optional
  number
  Stabilized vacancy, in percent of GPR, applied to every row of the unit mix.
  
  maximum: 100 · minimum: 0
- discount_rate_real_pct
  optional
  number
  Real discount rate in percent. Setting it enters the macro rate at this value and resets the premiums to zero; premium assumptions sent with it add to it.
  
  maximum: 30 · minimum: 0
- macro_premium_pct
  optional
  number
  Macro premium added to the macro rate, in percent.
  
  maximum: 10 · minimum: -10
- micro_rating
  optional
  good
  or
  average
  or
  weak
  Micro location grade, which sets the micro premium.
- micro_premium_bp
  optional
  number | null
  Micro premium in basis points; replaces the micro rating while set (e.g. from proove). null returns to the rating.
  
  maximum: 500 · minimum: -500
- usage_rating
  optional
  residential
  or
  office
  or
  retail
  or
  commercial
  Use of the property, which sets the usage premium.
- condition_rating
  optional
  new
  or
  like_new
  or
  normal_condition
  or
  minor_renovation_needed
  or
  major_renovation_needed
  Condition of the building, which sets the condition premium.
- special_premium_pct
  optional
  number
  Special premium for risks no other factor covers, in percent.
  
  maximum: 10 · minimum: -10
- inflation_pct
  optional
  number
  Expected inflation in percent; real rate plus inflation gives the nominal rate, shown for reference (the cash flows are real).
  
  maximum: 20 · minimum: -5
- forecast_years
  optional
  integer
  Explicit forecast period in years (RICS §4.65: markets often default to about ten).
  
  maximum: 50 · minimum: 1
- rent_growth_real_pct
  optional
  number
  Real rent growth per year, in percent. Must stay below the real discount rate.
  
  maximum: 10 · minimum: -10
- discount_timing
  optional
  mid_year
  or
  end_year
  Discount each year from its middle or its end.
- exit_cap_rate_pct
  optional
  number | null
  Exit capitalization rate in percent. null lets it follow the discount rate (RICS §4.59 with no real growth).
  
  maximum: 30 · minimum: 0.1
- exit_sale_costs_pct
  optional
  number
  Sale costs deducted from the terminal value, in percent (RICS §4.63).
  
  maximum: 20 · minimum: 0
- lease_up
  optional
  boolean
  Model a lease-up: occupancy rises from the initial level to stabilized over the lease-up months.
- initial_occupancy_pct
  optional
  number
  Occupancy at the start of the lease-up, in percent.
  
  maximum: 100 · minimum: 0
- lease_up_months
  optional
  integer
  Months until stabilized occupancy.
  
  maximum: 60 · minimum: 0
- cap_rate_pct
  optional
  number
  Capitalization rate in percent: direct cap value = stabilized NOI ÷ cap rate.
  
  maximum: 30 · minimum: 0.1
- noi_convention
  optional
  after_capex
  or
  before_capex
  or
  custom_factor
  Which NOI is capitalized.
- gdv_source
  optional
  dcf
  or
  direct_cap
  or
  manual
  Where the gross development value (GDV) comes from.
- gdv_manual
  optional
  number
  GDV amount when gdv_source is manual.
  
  maximum: 100000000000 · minimum: 0
- construction_cost_per_m2_nia
  optional
  number
  Construction costs per m² NIA.
  
  maximum: 50000 · minimum: 0
- professional_fees_pct
  optional
  number
  Professional fees, in percent of construction costs (RICS B1.2.6).
  
  maximum: 50 · minimum: 0
- contingency_pct
  optional
  number
  Contingency, in percent of construction costs (RICS B1.2.5).
  
  maximum: 50 · minimum: 0
- sale_costs_pct
  optional
  number
  Sale costs, in percent of GDV (GDV less sale costs is the NDV).
  
  maximum: 20 · minimum: 0
- site_acquisition_costs_pct
  optional
  number
  Site acquisition costs, in percent of the land price (RICS B1.2.2).
  
  maximum: 20 · minimum: 0
- development_period_months
  optional
  integer
  Development period from land purchase to completion, in months.
  
  maximum: 240 · minimum: 1
- target_irr_pct
  optional
  number
  Target rate of return of the DCF application: a project IRR before finance, real (RICS §6.2.4, §7.2.4).
  
  maximum: 100 · minimum: 0
- finance_rate_pct
  optional
  number
  Cost of finance per year, on 100% of land and building costs (RICS B2.2.2).
  
  maximum: 30 · minimum: 0
- developers_profit_pct
  optional
  number
  Developer's profit, in percent of GDV (RICS B2.2.3).
  
  maximum: 100 · minimum: 0
- target_yield_on_cost_pct
  optional
  number
  Target initial yield on cost: annual income over total development cost, in percent (RICS B2.2.3.4).
  
  maximum: 50 · minimum: 0.1
- yield_on_cost_basis
  optional
  gross_rent
  or
  noi_before_capex
  or
  noi_after_capex
  The annual income the yield on cost is read on: GPR, or NOI before or after the capex reserve.
}
figures
optional
object
The key figures.
- dcf_value
  optional
  number | null
  Market value by explicit DCF: PV of the net cash flows plus PV of the terminal value.
- dcf_value_per_m2_nia
  optional
  number | null
  DCF value per m² of rentable area (NIA).
- discount_rate_real_pct
  optional
  number | null
  Real discount rate, built up from the macro rate (municipal rent level against Zürich) and five premiums.
- direct_cap_value
  optional
  number | null
  Direct cap value: stabilized NOI ÷ capitalization rate.
- dcf_implied_cap_rate_pct
  optional
  number | null
  Stabilized NOI ÷ DCF value.
- land_value_yield_on_cost
  optional
  number | null
  Residual land value at which the initial yield on cost meets its target.
- land_value_yield_on_cost_per_m2_nia
  optional
  number | null
  The same per m² NIA.
- land_value_dcf
  optional
  number | null
  Residual land value, DCF application: NPV 0 at the target rate of return.
- land_value_static
  optional
  number | null
  Residual land value, basic (static) application: after finance and developer's profit.
- land_value_static_implied_irr_pct
  optional
  number | null
  Project IRR the static land value implies.
- net_yield_after_capex_pct
  optional
  number | null
  NOI after the capex reserve ÷ DCF value.
- gross_yield_pct
  optional
  number | null
  GPR ÷ DCF value.
- noi_after_capex
  optional
  number | null
  Stabilized net operating income after the capex reserve.
- gross_potential_rent
  optional
  number | null
  Gross potential rent of the unit mix per year.
- units_total
  optional
  number | null
  Apartments in the unit mix.
- dcf_value_at_rate_minus_30bp
  optional
  number | null
  DCF value with the discount rate 30 bp lower.
- dcf_value_at_rate_plus_30bp
  optional
  number | null
  DCF value with the discount rate 30 bp higher.
- asking_price
  optional
  object | null
  Appraisal of asking_land_price when set: project IRR, profit on cost and on value, initial yield on cost. Null otherwise.
}
dcf
optional
object | null
discount_rate
optional
object
direct_cap
optional
object | null
land_value
optional
object | null
yield_on_cost
optional
object | null
rents
optional
object
sensitivity
optional
object

400

Invalid EGRID or assumptions. details lists each invalid assumption.

JSON

error
string
required
details
optional
unknown
For invalid assumptions: one { key, message } per problem.

404

No parcel with this EGRID, or an unknown part.

JSON

error
string
required
details
optional
unknown
For invalid assumptions: one { key, message } per problem.

429

Too many uncached requests from this client; retry after the Retry-After seconds.

JSON

error
string
required
details
optional
unknown
For invalid assumptions: one { key, message } per problem.

502

The data service (RES) failed.

JSON

error
string
required
details
optional
unknown
For invalid assumptions: one { key, message } per problem.

503

The data service is not configured.

JSON

error
string
required
details
optional
unknown
For invalid assumptions: one { key, message } per problem.

{ "api_version": "2.0.0", "valuation_date": "2026-11-03", "parcel": { "egrid": "CH427777450687", "address": "Hausmattweg 1", "zip": "4663", "municipality": "Aarburg", "bfs_number": 4271, "canton": "AG", "zone": "Wohnzone W3", "lat": 47.322534, "lng": 7.898823, "land_area_m2": 2276, "buildable_gfa_m2": 1707, "rentable_area_m2": 1366 }, "data": { "market_data": "missing", "market_data_date": null, "municipality_rent_per_m2_year": null, "zurich_reference_rent_per_m2_year": null }, "links": { "app": "https://revenoo.aireon.ch/?lat=47.322534&lng=7.898823&parcel_id=CH427777450687", "docs": "https://revenoo.aireon.ch/api/openapi.json" }, "figures": { "dcf_value": 16464966, "dcf_value_per_m2_nia": 12053, "discount_rate_real_pct": 2.1, "direct_cap_value": 11570111, "dcf_implied_cap_rate_pct": 2.3919, "land_value_yield_on_cost": 2431836, "land_value_yield_on_cost_per_m2_nia": 1780, "land_value_dcf": 6462216, "land_value_static": 7269027, "land_value_static_implied_irr_pct": 10.3364, "net_yield_after_capex_pct": 2.073, "gross_yield_pct": 2.8093, "noi_after_capex": 341318, "gross_potential_rent": 462554, "units_total": 22, "dcf_value_at_rate_minus_30bp": 19123494, "dcf_value_at_rate_plus_30bp": 14470148, "asking_price": null }, "dcf": { "dcf_value": 16464966, "pv_cash_flows": 3525722, "terminal_value": 16253251, "net_terminal_value": 15928186, "pv_terminal_value": 12939244, "exit_noi": 341318, "discount_rate_pct": 2.1, "implied_cap_rate_pct": 2.3919, "cash_flows": [ { "year": 1, "gross_potential_rent": 462554, "vacancy_loss": 64757, "effective_gross_income": 397796, "operating_expenses": 50881, "maintenance": 15403, "capex_reserve": 0, "net_cash_flow": 331512, "discount_factor": 0.989663, "present_value": 328085 }, { "year": 2, "gross_potential_rent": 462554, "vacancy_loss": 13877, "effective_gross_income": 448677, "operating_expenses": 28910, "maintenance": 15403, "capex_reserve": 0, "net_cash_flow": 404364, "discount_factor": 0.969307, "present_value": 391953 }, { "year": 3, "gross_potential_rent": 462554, "vacancy_loss": 13877, "effective_gross_income": 448677, "operating_expenses": 28910, "maintenance": 15403, "capex_reserve": 0, "net_cash_flow": 404364, "discount_factor": 0.94937, "present_value": 383891 }, { "year": 4, "gross_potential_rent": 462554, "vacancy_loss": 13877, "effective_gross_income": 448677, "operating_expenses": 28910, "maintenance": 19797, "capex_reserve": 0, "net_cash_flow": 399970, "discount_factor": 0.929844, "present_value": 371910 }, { "year": 5, "gross_potential_rent": 462554, "vacancy_loss": 13877, "effective_gross_income": 448677, "operating_expenses": 28910, "maintenance": 19797, "capex_reserve": 0, "net_cash_flow": 399970, "discount_factor": 0.910719, "present_value": 364260 }, { "year": 6, "gross_potential_rent": 462554, "vacancy_loss": 13877, "effective_gross_income": 448677, "operating_expenses": 28910, "maintenance": 25949, "capex_reserve": 0, "net_cash_flow": 393818, "discount_factor": 0.891987, "present_value": 351281 }, { "year": 7, "gross_potential_rent": 462554, "vacancy_loss": 13877, "effective_gross_income": 448677, "operating_expenses": 28910, "maintenance": 25949, "capex_reserve": 0, "net_cash_flow": 393818, "discount_factor": 0.87364, "present_value": 344055 }, { "year": 8, "gross_potential_rent": 462554, "vacancy_loss": 13877, "effective_gross_income": 448677, "operating_expenses": 28910, "maintenance": 25949, "capex_reserve": 0, "net_cash_flow": 393818, "discount_factor": 0.855671, "present_value": 336979 }, { "year": 9, "gross_potential_rent": 462554, "vacancy_loss": 13877, "effective_gross_income": 448677, "operating_expenses": 28910, "maintenance": 25949, "capex_reserve": 0, "net_cash_flow": 393818, "discount_factor": 0.838072, "present_value": 330048 }, { "year": 10, "gross_potential_rent": 462554, "vacancy_loss": 13877, "effective_gross_income": 448677, "operating_expenses": 28910, "maintenance": 25949, "capex_reserve": 0, "net_cash_flow": 393818, "discount_factor": 0.820834, "present_value": 323259 } ], "method": "Explicit DCF: the net cash flow of each forecast year plus the terminal value (exit NOI ÷ exit cap rate, less sale costs), discounted at the discount rate.", "sources": [ { "source": "rics_dcf", "title": "RICS, Discounted cash flow valuations (practice information, 2023)", "paragraphs": "§2.8, §4.51–4.53, §4.59, §4.62–4.63, §4.65, §5.11" } ] }, "discount_rate": { "real_rate_pct": 2.1, "nominal_rate_pct": 3.121, "applied_rate_pct": 2.1, "inflation_pct": 1, "macro_rate_source": "zurich_baseline", "build_up": { "baseline_rate_zurich_pct": 2.1, "macro_rate_pct": 2.1, "macro_premium_pct": 0, "micro_premium_pct": 0, "usage_premium_pct": 0, "condition_premium_pct": 0, "special_premium_pct": 0, "micro_rating": "average", "usage_rating": "residential", "condition_rating": "new" }, "method": "Build-up: the macro rate (the municipality's rent level against Zürich, applied to the Zürich baseline rate) plus macro, micro, usage, condition and special premiums, in real terms.", "sources": [ { "source": "rics_dcf", "title": "RICS, Discounted cash flow valuations (practice information, 2023)", "paragraphs": "§4.66, §4.71, §5.10–5.11, §5.14–5.15" } ] }, "direct_cap": { "direct_cap_value": 11570111, "noi_convention": "after_capex", "stabilized_noi": 341318, "noi_factor_pct": 73.79, "cap_rate_pct": 2.95, "bridge": { "gross_potential_rent": 462554, "vacancy_loss": 13877, "effective_gross_income": 448677, "operating_expenses": 28910, "maintenance": 25949, "capex_reserve": 52500 }, "difference_to_dcf": 4894855, "method": "Implicit income capitalization: stabilized NOI divided by the capitalization rate.", "sources": [ { "source": "rics_dcf", "title": "RICS, Discounted cash flow valuations (practice information, 2023)", "paragraphs": "§2.7–2.10, glossary \"Capitalisation rate\", Appendix A" } ] }, "land_value": { "gross_development_value": 16464966, "yield_on_cost": { "land_value": 2431836, "per_m2_land": 1068, "per_m2_nia": 1780, "target_initial_yield_on_cost_pct": 5, "income_basis": "gross_rent", "annual_income": 462554, "max_total_development_cost": 9251071, "method": "Land value at which the initial yield on cost (annual income on completion ÷ total development cost incl. finance) meets the target.", "sources": [ { "source": "rics_development", "title": "RICS, Valuation of development property (1st ed., 2019)", "paragraphs": "B2.2.3.4, B2.2.2" } ] }, "dcf": { "land_value": 6462216, "per_m2_land": 2839, "per_m2_nia": 4731, "target_rate_of_return_pct": 15, "pv_ndv": 12200882, "pv_development_costs": 5577110, "method": "Residual land value, discounted cash flow application: the land price at which the monthly development cash flow has an NPV of zero at the target rate of return (a project IRR before finance).", "sources": [ { "source": "rics_development", "title": "RICS, Valuation of development property (1st ed., 2019)", "paragraphs": "§6.2, Appendix B1, §7.2.4" } ] }, "static": { "land_value": 7269027, "per_m2_land": 3194, "per_m2_nia": 5321, "developers_profit_pct": 10, "finance_rate_pct": 3, "implied_irr_pct": 10.3364, "method": "Residual land value, basic application: NDV less development costs, finance and developer's profit, discounted for the development period.", "sources": [ { "source": "rics_development", "title": "RICS, Valuation of development property (1st ed., 2019)", "paragraphs": "§6.3, Appendix B2" } ] }, "development_costs": { "net_development_value": 16135666, "construction_costs": 5464000, "professional_fees": 655680, "contingency": 273200, "development_costs": 6392880, "development_period_months": 24 } }, "yield_on_cost": { "land_value": 2431836, "per_m2_land": 1068, "per_m2_nia": 1780, "target_initial_yield_on_cost_pct": 5, "income_basis": "gross_rent", "annual_income": 462554, "income": { "gross_potential_rent": 462554, "noi_before_capex": 393818, "noi_after_capex": 341318 }, "max_total_development_cost": 9251071, "development_costs": { "construction_cost_per_m2_nia": 4000, "construction_costs": 5464000, "professional_fees": 655680, "contingency": 273200, "letting_expenses": 21971, "finance_rate_pct": 3, "development_period_months": 24, "finance_on_development_costs": 191786 }, "available_at_completion": 2644434, "finance_on_land": 151801, "available_for_land": 2492632, "site_acquisition_costs": 60796, "at_asking_price": null, "sensitivity": { "rows": "target_yield_on_cost_pct", "columns": "construction_cost_per_m2_nia", "row_values": [ 4, 4.5, 5, 5.5, 6 ], "column_values": [ 3600, 3800, 4000, 4200, 4400 ], "cells": [ [ 5164201, 4861436, 4558671, 4255906, 3953141 ], [ 3982626, 3679861, 3377096, 3074331, 2771567 ], [ 3037366, 2734601, 2431836, 2129072, 1826307 ], [ 2263972, 1961207, 1658442, 1355677, 1052912 ], [ 1619476, 1316712, 1013947, 711182, 408417 ] ], "current": { "row": 2, "column": 2 } }, "method": "Initial yield on cost: the annual income on completion of letting over the total development cost (land, its acquisition costs, construction, professional fees, contingency, letting expenses and finance on all of them). Read backwards at the target yield it caps the total development cost, and the land value is what the other costs leave. It values the land for development to the parcel's buildable area, not the property that stands on it today.", "sources": [ { "source": "rics_development", "title": "RICS, Valuation of development property (1st ed., 2019)", "paragraphs": "B2.2.3.4, B2.2.2, B1.2.6.2" } ] }, "rents": { "gross_potential_rent": 462554, "rent_per_m2_year": 282, "distributions": [ { "unit_type": "Studio", "basis": "per_m2_year", "p10": 220, "average": 300, "p90": 400, "percentile": 80, "adopted": 361, "source": null }, { "unit_type": "2 Rooms", "basis": "per_m2_year", "p10": 185, "average": 250, "p90": 330, "percentile": 80, "adopted": 299, "source": null }, { "unit_type": "3 Rooms", "basis": "per_m2_year", "p10": 165, "average": 220, "p90": 290, "percentile": 80, "adopted": 263, "source": null }, { "unit_type": "4 Rooms", "basis": "per_m2_year", "p10": 150, "average": 200, "p90": 265, "percentile": 80, "adopted": 240, "source": null }, { "unit_type": "5 Rooms", "basis": "per_m2_year", "p10": 135, "average": 180, "p90": 240, "percentile": 80, "adopted": 217, "source": null }, { "unit_type": "Indoor Parking", "basis": "per_unit_month", "p10": 130, "average": 130, "p90": 130, "percentile": 80, "adopted": 130, "source": null } ], "unit_mix": [ { "unit_type": "2 Rooms", "units": 13, "area_m2": 702.7, "rent_basis": "per_m2_year", "rent_per_m2_year": 299, "rent_per_unit_month": null, "vacancy_pct": 3 }, { "unit_type": "3 Rooms", "units": 9, "area_m2": 663.3, "rent_basis": "per_m2_year", "rent_per_m2_year": 263, "rent_per_unit_month": null, "vacancy_pct": 3 }, { "unit_type": "Indoor Parking", "units": 50, "area_m2": 0, "rent_basis": "per_unit_month", "rent_per_m2_year": null, "rent_per_unit_month": 130, "vacancy_pct": 3 } ], "method": "Market rent per unit type from the municipality's asking rents; the adopted rent is a percentile of a log-normal fit to P10 and P90 (revenoo's method). GPR sums the adopted rents over the unit mix.", "sources": [ { "source": "rics_dcf", "title": "RICS, Discounted cash flow valuations (practice information, 2023)", "paragraphs": "glossary \"Market rent (MR)\", §4.14–4.16, §4.30" }, { "source": "ivs_104", "title": "IVS 104 Bases of value", "paragraphs": "§40.1" } ] }, "sensitivity": { "dcf_rent_vs_discount_rate": { "rows": "rent_change_pct", "columns": "discount_rate_pct", "row_values": [ -10, -5, 0, 5, 10 ], "column_values": [ 1.5, 1.8, 2.1, 2.4, 2.7 ], "cells": [ [ 20559545, 17211145, 14818469, 13023133, 11626035 ], [ 21701742, 18167320, 15641717, 13746641, 12271926 ], [ 22843939, 19123494, 16464966, 14470148, 12917817 ], [ 23986136, 20079669, 17288214, 15193655, 13563708 ], [ 25128333, 21035844, 18111462, 15917163, 14209599 ] ], "current": { "row": 2, "column": 2 } }, "dcf_rent_vs_exit_cap_rate": { "rows": "rent_change_pct", "columns": "exit_cap_rate_pct", "row_values": [ -10, -5, 0, 5, 10 ], "column_values": [ 1.5, 1.8, 2.1, 2.4, 2.7 ], "cells": [ [ 19476597, 16759356, 14818469, 13362804, 12230620 ], [ 20558630, 17690431, 15641717, 14105182, 12910099 ], [ 21640663, 18621506, 16464966, 14847560, 13589578 ], [ 22722696, 19552582, 17288214, 15589938, 14269057 ], [ 23804730, 20483657, 18111462, 16332316, 14948536 ] ], "current": { "row": 2, "column": 2 } }, "direct_cap_noi_factor_vs_cap_rate": { "rows": "noi_factor_pct", "columns": "cap_rate_pct", "row_values": [ 67.79, 70.79, 73.79, 76.79, 79.79 ], "column_values": [ 2.35, 2.65, 2.95, 3.25, 3.55 ], "cells": [ [ 13343194, 11832644, 10629324, 9648156, 8832819 ], [ 13933688, 12356289, 11099718, 10075128, 9223709 ], [ 14524182, 12879935, 11570111, 10502101, 9614599 ], [ 15114676, 13403581, 12040505, 10929073, 10005490 ], [ 15705170, 13927226, 12510898, 11356046, 10396380 ] ], "current": { "row": 2, "column": 2 } }, "land_value_yield_on_cost": { "rows": "target_yield_on_cost_pct", "columns": "construction_cost_per_m2_nia", "row_values": [ 4, 4.5, 5, 5.5, 6 ], "column_values": [ 3600, 3800, 4000, 4200, 4400 ], "cells": [ [ 5164201, 4861436, 4558671, 4255906, 3953141 ], [ 3982626, 3679861, 3377096, 3074331, 2771567 ], [ 3037366, 2734601, 2431836, 2129072, 1826307 ], [ 2263972, 1961207, 1658442, 1355677, 1052912 ], [ 1619476, 1316712, 1013947, 711182, 408417 ] ], "current": { "row": 2, "column": 2 } }, "land_value_dcf_rate_vs_construction_cost": { "rows": "target_rate_of_return_pct", "columns": "construction_cost_per_m2_nia", "row_values": [ 10, 12.5, 15, 20, 25 ], "column_values": [ 3600, 3800, 4000, 4200, 4400 ], "cells": [ [ 7899331, 7615404, 7331478, 7047551, 6763624 ], [ 7437124, 7159285, 6881447, 6603609, 6325771 ], [ 7006325, 6734271, 6462216, 6190162, 5918108 ], [ 6228393, 5967080, 5705767, 5444454, 5183142 ], [ 5547050, 5295500, 5043949, 4792399, 4540849 ] ], "current": { "row": 2, "column": 2 } }, "land_value_dcf_period_vs_gdv": { "rows": "development_period_months", "columns": "gross_development_value", "row_values": [ 12, 18, 24, 30, 36 ], "column_values": [ 14818469, 15641717, 16464966, 17288214, 18111462 ], "cells": [ [ 6499222, 7183661, 7868101, 8552541, 9236980 ], [ 5861834, 6500077, 7138321, 7776564, 8414807 ], [ 5271887, 5867052, 6462216, 7057381, 7652546 ], [ 4726029, 5281023, 5836017, 6391012, 6946006 ], [ 4221144, 4738678, 5256213, 5773748, 6291283 ] ], "current": { "row": 2, "column": 2 } }, "land_value_static": { "rows": "construction_cost_per_m2_nia", "columns": "gross_development_value", "row_values": [ 3600, 3800, 4000, 4200, 4400 ], "column_values": [ 14818469, 15641717, 16464966, 17288214, 18111462 ], "cells": [ [ 6542124, 7208340, 7874557, 8540773, 9206989 ], [ 6239359, 6905576, 7571792, 8238008, 8904224 ], [ 5936594, 6602811, 7269027, 7935243, 8601459 ], [ 5633830, 6300046, 6966262, 7632478, 8298694 ], [ 5331065, 5997281, 6663497, 7329713, 7995930 ] ], "current": { "row": 2, "column": 2 } }, "method": "Two-way sensitivity: each cell is the value with the two inputs moved and all others unchanged; `current` marks the base case. `rows` and `columns` name the two inputs; their values are in the unit the name ends in, rates in percent.", "sources": [ { "source": "rics_dcf", "title": "RICS, Discounted cash flow valuations (practice information, 2023)", "paragraphs": "glossary \"Sensitivity analysis/testing\", Appendix B" } ] }, "assumptions": { "asking_land_price": null, "rentable_area_m2": 1366, "residential_rent_per_m2_year": 281.52, "vacancy_pct": 3, "discount_rate_real_pct": 2.1, "macro_premium_pct": 0, "micro_rating": "average", "micro_premium_bp": null, "usage_rating": "residential", "condition_rating": "new", "special_premium_pct": 0, "inflation_pct": 1, "forecast_years": 10, "rent_growth_real_pct": 0, "discount_timing": "mid_year", "exit_cap_rate_pct": null, "exit_sale_costs_pct": 2, "lease_up": true, "initial_occupancy_pct": 75, "lease_up_months": 12, "cap_rate_pct": 2.95, "noi_convention": "after_capex", "gdv_source": "dcf", "gdv_manual": 0, "construction_cost_per_m2_nia": 4000, "professional_fees_pct": 12, "contingency_pct": 5, "sale_costs_pct": 2, "site_acquisition_costs_pct": 2.5, "development_period_months": 24, "target_irr_pct": 15, "finance_rate_pct": 3, "developers_profit_pct": 10, "target_yield_on_cost_pct": 5, "yield_on_cost_basis": "gross_rent" } }