ABSTRACT
Introduction and re-cap The growth in institutional investment in land and buildings in the 1970s provided an impetus for valuers to think about the way in which their valuation approaches related to more widely-used methods of investment analysis, especially those used for appraising the stocks and bonds held by those investors. Much was written about ‘rational’ valuation methods, especially those based on discounted cash flow. Nevertheless, the violent boom and slump of property prices in the early 1970s, the late 1980s and 2007-09 suggests that the market still had much to learn about the relationship between economic activity and the property market.
