THEORETICAL FOUNDATIONS OF VALUATION OF SPECIALIZED REAL ESTATE OBJECTS: HOTELS, SHOPPING CENTERS, AND OTHER COMMERCIAL PROPERTIES

The valuation of specialized real estate objects, such as hotels, shopping centers, and other commercial properties, presents unique challenges compared to standard residential or office real estate. These properties are characterized by complex cash flow structures, operational dependencies, location-specific factors, and diverse tenant arrangements, all of which significantly influence their market value. This study explores the theoretical foundations of specialized real estate valuation, emphasizing the application of income-based, cost-based, and market-comparative approaches. It also examines the impact of macroeconomic factors, including market demand, interest rates, and regional development policies, on property appraisal. The findings highlight the necessity of integrating operational, financial, and regulatory considerations to achieve accurate and reliable valuations. The study provides practical insights for appraisers, investors, and policymakers aiming to make informed decisions in the commercial real estate sector.