Regulations on Real Estate Appraisal Article 101

In the case that the land value ratio and building value ratio for the subject property is known, the following rules also apply to estimate the unit site value for the condominium based on the value of the subject property stated in the preceding Article:1. The value of a share of rights on the site for a condominium unit = the value of a condominium unit x land value ratio2. The unit value of a share of rights on the site for a condominium unit = the value of a share of rights on the site for a condominium unit / the site area owned by the condominium unit3. The unit land value for the site upon which a condominium unit stands = the unit value of a share of rights on the site for a condominium unit x averaged floor utility ratio / the floor utility ratio for this condominiumThe land value ratio and building value ratio in the preceding paragraph shall be estimated through appraisal methods and with reference to data surveyed in the local market.