Özet:

According to international valuation standarts there are three methods for real estate appraisal: Sales comparison approach cost approach and income capitalization approach In the income capitalization approach that is used widely in real estate appraisal almost all variables used in evaluation process are subject to some personal influences that directly effect the objectivity of the appraisal study For this reason the step of determining the variables that will be used in appraisal process is very important The discount rate calculation method which contains the risk free rate as a basis and the risk premium is used widely in both the theoretical studies and practice But this method may cause some inaccurate appraisals in the market conditions having very high real interest rates In this article appraisal process for Turkey was performed by using the the risk free rate as discount rate in a period that real interest rates are relatively high and eventually reached successful results Key Words: Real Estate Appraisal Income Capitalization Capitalization Rate

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