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<\/p>\n","protected":false},"excerpt":{"rendered":"The market value of a property is determined by the conditions prevailing in ordinary market transactions at the valuation date. A valuation must therefore consider the market conditions under which a property can be traded. Applying a valuation method as a mere calculation is not sufficient.<\/p>\n
Marketability describes how readily a property can be sold on customary market terms within a reasonable marketing period. The accessible pool of buyers, financing opportunities and the characteristics of the property all play an important role. These factors can influence demand and, consequently, price formation.<\/p>\n
A broad pool of buyers generally increases sale opportunities. For specialized properties, large transaction sizes, or assets with limited suitability for alternative uses, however, the number of potential purchasers may be restricted. The impact depends on which buyers can realistically participate under prevailing market conditions.<\/p>\n
Financing availability is also part of this assessment. High equity requirements, restricted lending opportunities or specific investment risks can limit the number of potential purchasers. These circumstances do not necessarily change a property’s characteristics, but they can affect its marketability.<\/p>\n
Marketability cannot be determined solely from individual transaction prices or previous marketing periods. A limited number of transactions alone does not prove stable or declining property values. Individual sales under special conditions may indicate a price level that cannot automatically be applied to ordinary market transactions.<\/p>\n
The valuation must therefore assess the available market information in context. Comparable transactions, buyer structures, financing conditions, and actual demand can provide evidence of marketability. The reliability of this assessment depends on the information’s quality and representativeness.<\/p>\n
Limited marketability does not automatically justify an additional reduction in value. Its effects on price formation may already be reflected in the market data and valuation assumptions applied. Any necessary adjustments to valuation parameters must be justified in a transparent and verifiable manner based on the available market information. The valuation must examine these relationships to ensure that relevant factors are neither overlooked nor accounted for more than once.<\/p>\n
Special selling conditions must be distinguished from ordinary market transactions. An owner who is required to sell within a short period because of exceptional liquidity needs may accept terms that differ from those prevailing in the ordinary market. The relevance of such a transaction price to market value must therefore be examined.<\/p>\n
A property’s future exit potential can already influence the current acquisition decision. Investors consider which buyers might be available at a later sale and which risks could affect the disposal. Where these expectations already influence ordinary price formation at the valuation date, they form part of the valuation.<\/p>\n
Marketability is therefore not a consideration that becomes relevant only when a specific sale is initiated. Its value-relevant effects must already be assessed at the valuation date. Market value must reflect the conditions under which the property can be traded in ordinary market transactions.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The market value of a property is determined by the conditions prevailing in ordinary market transactions at the valuation date. A valuation must therefore consider the market conditions under which a property can be traded. Applying a valuation method as a mere calculation is not sufficient. Marketability describes how readily a property can be sold […]<\/p>\n","protected":false},"author":5,"featured_media":5014,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[120],"tags":[],"hf_cat_post":[],"class_list":["post-5013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-valuation"],"acf":[],"_links":{"self":[{"href":"https:\/\/ronnykazyska.de\/en\/wp-json\/wp\/v2\/posts\/5013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ronnykazyska.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ronnykazyska.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ronnykazyska.de\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/ronnykazyska.de\/en\/wp-json\/wp\/v2\/comments?post=5013"}],"version-history":[{"count":0,"href":"https:\/\/ronnykazyska.de\/en\/wp-json\/wp\/v2\/posts\/5013\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ronnykazyska.de\/en\/wp-json\/wp\/v2\/media\/5014"}],"wp:attachment":[{"href":"https:\/\/ronnykazyska.de\/en\/wp-json\/wp\/v2\/media?parent=5013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ronnykazyska.de\/en\/wp-json\/wp\/v2\/categories?post=5013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ronnykazyska.de\/en\/wp-json\/wp\/v2\/tags?post=5013"},{"taxonomy":"hf_cat_post","embeddable":true,"href":"https:\/\/ronnykazyska.de\/en\/wp-json\/wp\/v2\/hf_cat_post?post=5013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}