The new edition remains a major critical work, outlining the limitations of property investment appraisal and valuation whilst still providing readers with enough practical application to help them undertake appraisals. The authors explain the process of property investment appraisal - estimating both the most likely selling price (market value) and the worth of property investments to individual or groups of investors (investment value). In a style that makes the theory as well as the practice of valuation accessible to students and practitioners, the authors provide a valuable critique of conventional valuation methods and argue for the adoption of more contemporary cash-flow methods. With many cases, problems and solutions presented throughout the book, and a companion website used for deeper analysis and slides presentations (see below), this is a key text for higher-level real estate students on BSc, MSc, MPhil and MBA courses worldwide as well as for practising property professionals worldwide in fund management, investment and asset management, banking and real estate advisory firms.