Joe
2023-01-27 08:39老師,這道Mock B AM的題,為什么二線城市的cap rate比gateway城市高?
所屬:CFA Level III > Capital Market Expectations 視頻位置 相關(guān)試題
來源: 視頻位置 相關(guān)試題
1個(gè)回答
Johnny助教
2023-01-28 14:35
該回答已被題主采納
同學(xué)你好,原版教材有以下內(nèi)容:
There is a clear pattern of high cap rates for riskier property types (hotels versus apartments, skilled nursing facilities versus medical offices), lower-quality properties (low-productivity versus high-productivity malls), and less attractive locations (offices in secondary versus gateway cities).
風(fēng)險(xiǎn)更高的房地產(chǎn)、質(zhì)量更差的房屋、區(qū)域不好的房屋的cap rate更高,二線城市的區(qū)域不如門戶城市,cap rate也就更高。Cap rate=要求收益率-NOI增長(zhǎng)率,越糟糕的房屋,其NOI增長(zhǎng)率會(huì)更低,而且投資者的要求收益率也會(huì)更高,以此來彌補(bǔ)其承擔(dān)的風(fēng)險(xiǎn),綜合來看,越?jīng)]有吸引力的房屋的cap rate越高
