Abstract
The development of leisure as an economic activity has come into focus over the last century. Nowadays, a commercial leisure property has gained an important role within the total spectrum of world economies. Despite these developments in the leisure sector, the valuation of property for the purpose of commercial leisure is still regarded as an Achilles’ heel. The accepted approach to the property valuation in UK is to perform an open market valuation for the existing use. However, for the specialized properties including leisure assets, the distinctive valuation methodology has to be applied. This paper outlines the principles of methodology that are commonly used for the valuation of leisure property in the UK, Lithuania and other countries. Factors affecting the valuation process with respect to the property development and investment decision are discussed. The study is accompanied with examples of valuation method applications and analyses of individual case studies of golf course valuation. Santruka Per pastaraji šimtmeti laisvalaikio vystymas tapo reikšminga ekonomikos veiklos sritis. Šiuo metu laisvalaikio verslo nekilnojamasis turtas vaidina svarbu vaidmeni pasaulio šaliu ūkineje veikloje. Nepaisant laisvalaikio sektoriaus išsivystymo, nekilnojamojo turto vertinimas laisvalaikio verslo srityje vis dar yra silpnas. JK priimtas nekilnojamojo turto vertinimo būdas pagristas atviros rinkos vertinimu pagal turto paskirti. Tačiau specializuotam nekilnojamajam turtui, taip pat ir laisvalaikio, išskirtinis vertinimo metodas turi būti taikomas. Šiame straipsnyje apibūdinami principai, kurie taikomi laisvalaikio nekilnojamojo turto vertinimui JK, Lietuvoje ir kitose šalyse. Straipsnyje nagrinejami veiksniai, kurie daro itaka vertinimo procesui, kai nekilnojamasis turtas vertinamas vystymo ar investavimo tikslais. Tyrime pateikti golfo aikštynu vertinimo metodu ir analizes pavyzdžiai.
Highlights
Real estate valuation is a vital constituent of every business
This paper offers a short overview of methods that are used for the property valuation and focuses on the valuation of specialised property with particular emphasis on the leisure property
The valuation by the profits method is hugely criticised in view of the fact that the net profit is based on historic accounts, which may have been affected by uneven economic activity
Summary
As the land and property are key elements required for production of goods, the value of real estate depends on uses to which it is put and, on the demand for the product that is being produced. Value of the property is affected by a number of factors including the general economy, demand and supply of product, availability of finance, legal impact, planning system, physical constraints, and other social and economic elements influencing the market. The valuation is a process for the determining the property value by assessing influence of all these economic, social, legal, physical and political factors on the price. RICS guidelines provide the principles of leisure property valuation (RICS, 2007). RICS guidelines do not provide the theoretical basis on which commercial leisure properties are valued.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
