This practical book presents a step-by-step guide to the latest techniques of real estate analysis and valuation. It carefully unfolds the valuation and property analysis process and guides valuers to the attainment of their objective – price prediction. The book provides a strong intellectual skills base, and helps enhance problem-solving skills. Newly updated, the second edition: · Has a more complete treatment of the method of hypothetical development, · Uses questions and assignments in selected chapters to reinforce important points, · Discusses the limitations on the use of the weighted average cost of capital, · Gives a more formal treatment to the necessity of conducting scenario analyses prior to discounted cash flow analyses, and · Further emphasises the imperative of valuers’ making a logical connection between comparable sales and the final value estimate. "... For the valuation student the book provides a much needed overview and typology of contemporary valuation issues and practices, bringing together basic and advanced valuation methods heavily embellished with case studies and examples. For the practitioner, the book's merit lies in the detailed and cogent presentation of contemporary valuation methods ... using case studies." Peter Cashmore in Australian Land Economics Review, Vol 1, 1995. "... intelligently written, extremely well argued and has an academic rigour which is sorely lacking from other recent valuation texts ... it is a book which debates how things should be done, how they are done and why differences do occur. It challenges the reader to think and I find this refreshing in a text of this nature." Nick French in Journal of Property Investment and Finance, Vol 17, No. 1.