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Realoptionen und Immobilienbewertung: Eine Umsetzungsstudie

Author

Listed:
  • Steffen Brenner

    (Humboldt-Universität zu Berlin)

  • Rainer Schulz

    (University of Aberdeen Business School)

  • Wolfgang Härdle

    (Humboldt-Universität zu Berlin)

Abstract

Zusammenfassung In der Studie werden entwicklungsfähige Grundstücke des Berliner Stromversorgers Bewag als Realoptionen bewertet. Im Gegensatz zu traditionellen Bewertungsverfahren werden dadurch die Opportunitätskosten einer sofortigen und irreversiblen Entwicklung explizit berücksichtigt. Wir zeigen, dass Realoptionswerte sowohl konzeptionell als auch praktisch besser sind als andere Bewertungen nach dem Ertragswertansatz. Rein auf Bodenwerten beruhende Vergleichswerte sind im Mittel ebenfalls schlechter. Lediglich durch Gutachter angepasste Vergleichswerte sind Realoptionswerten im Mittel immer überlegen. Aber auch in Bezug auf die Gutachterwerte tragen Realoptionswerte noch Informationen bei, die zu insgesamt besseren Bewertungen führen können. Um den Einfluss von Annahmen und Parameterwerten auf Realoptionswerte abzuschätzen, werden umfangreiche Sensitivitätsanalysen durchgeführt. Insgesamt zeigt die Studie, dass das Realoptionsverfahren als sinnvolle Ergänzung zum gutachterlichen Vergleichswertverfahren angesehen werden kann. Das Realoptionsverfahren sollte deshalb in der Zukunft verstärkt bei der Immobilienbewertung herangezogen werden.

Suggested Citation

  • Steffen Brenner & Rainer Schulz & Wolfgang Härdle, 2007. "Realoptionen und Immobilienbewertung: Eine Umsetzungsstudie," Schmalenbach Journal of Business Research, Springer, vol. 59(8), pages 1002-1028, December.
    • Handle: RePEc:spr:sjobre:v:59:y:2007:i:8:d:10.1007_bf03372786
    DOI: 10.1007/BF03372786
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    References listed on IDEAS

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    More about this item

    Keywords

    Case Study; Real Estate Valuation; Real Options;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing

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