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M23001 - The income approach to property valuations: Implicit versus explicit models (Online)

  • 7 Mar 2023
  • 13:30 - 16:45
  • Online Webinar


Registration is closed
Registration Time: 13:15
Sessions Time: 13:30 - 16:45  including a 15-minute break
Speakers: Ing Justin Mizzi
Venue:   Online Webinar
Participation Fees (The Institute is now accepting payments via Paypal)
MIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00

*Group bookings for 3 or more participants available.


Traditionally, commercial properties have been valued using the traditional capitalization method. This is an inflation implicit valuation method where the rental value is divided by an all-risks yield (ARY) in order to obtain the Market Value.
However, the world is experiencing a shift towards the discounted cash flow method as it is an inflation explicit method which is more versatile which makes it able to cater for changing complexities in lease structures. This shift has been slow in Malta as there remains a reluctance within the real estate sector to adopting valuation approaches in which these factors are made more explicit for a variety of reasons.
The webinar will discuss the key concepts and principles of these two methods, being the two main methods in the income approach. It will comment upon the on-going debate about the preferred use of implicit models of valuation vs their explicit counterparts by giving an overview of the processes and pros and cons of both methods and will give guidance about when to use both methods.

Specific topics to be covered during the session

Introduction to valuations
• Introduction to valuations
Valuation methodology and the different approaches
• Recommended literature
Important principles
• Investment vs commercial property
• Property as an investment
• Rental value and leases
The income approach
Introduction to the income approach
• Yields
• The traditional capitalization method
• The discounted cash flow method
• Practical examples and key considerations

Why is the session of relevance to our members?

This online session is beneficial for auditors, real estate and financial advisors, valuers, estate agents and property investors as over the three-hours you will:
  • learn the key terminology and principles of commercial and investment properties
  • learn how to estimate the rental value of commercial real estate
  • learn about the different valuation methods in the income approach
  • learn the key principles of the traditional capitalization and discounted cash flow methods.

Target Audience

  • Auditors who review/ audit property valuations
  • Accountants, architects and estate agents who conduct property valuation and advisory services
  • Landlords of commercial properties and property investors/ developers

Speaker's Profile

Justin Mizzi is an academic at heart who is passionate about real estate. He leads real estate valuation and advisory services at Archi+, an architecture firm based in Malta.
He holds a Masters of Architecture and Conservation and is currently working on a PhD on the topic of valuation quality.
Besides his roles as a real estate professional and student, he gives and organizes lecturers and talks on different topics related property investment and valuation.


2.25 Core
0.75 Professional


Terms and conditions  apply


By Registering and/or Booking for this event, you agree that MIA will collect your information which will be using it in accordance with its Privacy Notice available at the following link.
Please note that all webinars are recorded by the MIA. Such recordings will be retained by the MIA for internal use.

Contact Us

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E-mail: info@miamalta.org

Tel. +356 2258 1900