The document outlines an upcoming webinar on land valuation presented by Dr. Julian Roche. It provides an agenda for the webinar including a welcome, housekeeping notes, the start of the session, a Q&A period, and the end of the webinar. It also gives details on how participants can access recordings and slides after the webinar. The speaker's background is provided, noting his experience in real estate development, consultancy, and publishing books on real estate topics. The webinar will discuss traditional and deal-based approaches to land valuation, challenges in valuing land when transaction data is limited, and examples of land price indices used to extrapolate values.

1. Julian Roche
Land Valuation
The webinar will start shortly

2. Agenda
• Welcome
• Housekeeping notes
• Session starts
• Q&A
• End of webinar

3. House Keeping
• Slides will be available on our SlideShare page, link will be
emailed to you
• Recording of the webinar will be available to download, link
will be emailed
• Take the time to complete post-webinar survey that will pop
up at the end
• You can type your questions throughout the session
• Time will be allocated in the end for the speaker to address
your questions

4. About Your Speaker
Dr. Julian Roche
From an old real estate family in the UK, Dr. Julian Roche worked as an
economist for DRI McGraw-Hill and as a partner in a real estate
development company with US investments before launching his own real
estate consultancy specialising in global data provision. Later he spent five
years as a senior consultant to a venture capital company in the UK, where
he advised on corporate structure, flotations, trade sales and business
valuations. He has also published a number of books on real estate
derivatives and business valuations and has presented real estate courses
internationally for a number of years.

5. Why does it matter?
• Land forms an increasing part of
development costs – up to 80% in central
Kuwait, 60-70% in Abu Dhabi/Dubai, or
London.
• Improvements (infrastructure and buildings)
generate cash but they can be put up quickly
and cheaply
• Land creates value for investors
• Land banks form a large part of developer
value

6. Traditionally how was it done?
• Highest and Best Use (HBU)
• Total Values
• Residual Calculations
* TV-DCF of NOIs = Land Value
• ‘Abstract’ indices used for tax calculations
• Need to determine exact size of land parcel

7. Deal based land valuation
• Comparables
• International comparables
• Land Adjustment Grids
• Hedonic land price valuation
• Difficulties with infrequent actual sales

8. Extrapolating from deals
• What do valuers do when there is no
liquidity
• Land price indices
• Examples – IPD, Savills
– The average value of English farmland rose by 4% in 2014 to £10,200 per acre,
breaking the £10,000 per acre barrier for the first time in its history. In 2014, the value
of farms with houses and buildings, known as equipped land, rose by 2%, so a slower
rate of increase compared with the 12% gain in 2013. This weaker growth is due to
buyers becoming more discerning about the quality and type of land that they will buy

9. The Evidence

10. The Evidence