The aim of this paper is to examine the degree to which it is possible or practicable to make the analysis and valuation of property investments an explicit exercise. This is in direct contrast to the closed implicit nature of the practice which currently prevails, and which is epitomised by the use of the ‘all‐risks yield’ as a single gauge of the complex relationships of advantages and disadvantages within a particular investment. To what extent can the ‘all‐risks yield’ be purified, and to what extent will comparison with non‐property investments be facilitated as a result?
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Andrew Baum (1984) studied this question.
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