Den svenska fastighetsmarknaden har trots sina upp- och nedgångar varit relativt stadig under åren, fram till att coronapandemin drabbade landet. Marknaden drabbades av högre osäkerhetsnivåer och vakanserna ökade för flera fastighetssegment. Syftet med uppsatsen var att undersöka hur tre utvalda fastighetsbolag gick till väga vid värdering av sina avkastningsfastigheter under pandemin. Vidare undersöktes även de ökade vakanserna som var en konsekvens av pandemin, och hur bolagen påverkades av dessa. Avslutningsvis tydliggjordes lärdomarna som bolagen fick under pandemin, och hur dessa kommer tillämpas i framtida fastighetsvärdering. Med hjälp av semistrukturerade intervjuer fastställde studien att den praktiska värderingen var oförändrad under pandemin. Däremot uppkom högre osäkerhetsnivåer, vilket innebar att bevis på marknaden behövde inväntas innan förändringar gjordes i värderingen. Hyresgästernas betalningsförmåga var ännu en osäkerhet, men genom att inkludera statens coronabidrag i kalkylerna uppnåddes fortsatt realistiska resultat. Vidare tog bolagen hänsyn till vakanser för de fastighetssegment som påverkades av dem mest. Kunskapen implementerades dock på olika sätt, där ett bolag räknade med fortsatta hyresintäkter medan ett annat gjorde avdrag. Slutligen fastställdes det att användning av relevanta jämförelseobjekt, undvikande att skriva ned fastighetsvärden innan bevis på marknaden kan stödja antagandena och god kontakt med branschkollegor är de lärdomarna som bolagen kommer tillämpa i framtiden. / Despite its ups and downs, the Swedish real estate market has been relatively stable over the years, until the corona pandemic hit the country. The market was affected by higher levels of uncertainty and vacancies increased for several property segments. The purpose of the essay was to investigate how three selected real estate companies proceeded in valuing their rental properties during the pandemic. Furthermore, the increased vacancies were also examined, and how the companies were affected by these. Finally, the lessons learned from the companies during the pandemic were clarified, and how these will be applied in future property valuation. Using semi-structured interviews, the study established that the practical valuation was unchanged during the pandemic. On the other hand, higher levels of uncertainty arose, which meant that evidence on the market needed to be awaited before changes were made to the valuation. The tenants' ability to pay rent was another uncertainty, but by including the state's corona contribution in the calculations, continued realistic results were achieved. Furthermore, the companies took into account vacancies for the property segments that were most affected by them. However, the knowledge was implemented in different ways, where one company counted on continued rental income while another made deductions. Finally, it was established that the use of relevant comparative objects, avoiding writing down property values before evidence on the market can support the assumptions and good contact with industry colleagues are the lessons that the companies will apply in the future.

Hållbar utveckling är ett omtalat ämne i dagens fastighetsbransch. Med flera färdplaner och globala mål som främjar en långsiktig hållbar utveckling har det framkommit system för hur man ska miljöanpassa byggnader. Miljöbyggnad och Svanenmärkning är två system som utvecklats i Sverige. För att följa ett hållbart strategiskt arbetet följer flera fastighetsbolag uppmaningen om ett netto noll utsläpp av växthusgaser 2045 i fastighetsbranschen. Detta föranleder ett ökat initiativ av att bygga hållbart och miljöanpassa redan befintliga byggnader.   Syftet med uppsatsen är att utföra en studie på hur de svenska miljöcertifieringssystemen, Miljöbyggnad och Svanen, förhåller sig till ett hållbarhetsarbete samt hur dessa certifikat värderas i fastighetsvärderingsprocessen. Studien kommer i förhållande till certifieringarna granska värderingsprocessen för att undersöka om certifikatet har ett ekonomiskt värde och analysera sambandet mellan miljöcertifiering och marknadsvärdet.  Resultatet av denna undersökning antyder att bostäder som är miljöcertifierade inte påvisar ett tydligt ekonomisk värde i relation till marknadsvärdet. Dock konstateras det att avgiften som erläggs på dessa bostadsrätter är betydligt lägre än de konventionella bostadsrätterna. Ett resultat av detta visar att miljö- och hållbarhets attributerna som existerar i dessa bostäder resulterar till en lägre avgift i jämförelse med de icke-miljöcertifierade bostadsrätterna. Småhusen påvisar ingen ökning av marknadsvärdet om en Svanenmärkning finns. Slutsatsen som tagits i detta arbete är att värderingen kring både bostadsrätter samt småhus vare sig dessa är miljöcertifierade eller ej ger en svår bedömning om det finns en tydligt korrelation mellan miljöcertifieringen och marknadsvärdet. / Sustainable development is an ongoing topic in today's real estate industry. With several roadmaps and global goals that promote a long-term sustainable development, systems for how to adapt buildings to the environment have emerged. Environmental Building and Nordic Swan Ecolabel are two systems developed in Sweden. In order to follow sustainable strategic work, several real estate companies follow the goal for a net zero emission of greenhouse gases by 2045 in the real estate industry. This leads to an increased initiative of sustainable development and adapting existing buildings to the environment. The purpose of the thesis is to carry out a study of how the Swedish environmental certification systems, Environmental Building and Nordic Swan Ecolabel, relate to sustainability work and how these certificates are valued in the property valuation process. In relation to the certifications, the study will investigate the valuation process to examine whether the certificate has an economic value and analyze the connection between environmental certification and market value. Results of this survey suggest that homes that are environmentally certified do not show a clear economic value in relation to the market value. However, it is noted that the fee paid on these condominiums is significantly lower than the conventional condominiums. A result of this shows that the environmental and sustainability attributes that exist in these homes result in a lower fee in comparison with the non-environmentally certified condominiums. The single-family homes do not show an increase in market value for houses with a Nordic Swan Ecolabel.  The conclusion drawn in this study is that the valuation of both a condominium and a single-family home, whether these homes are environmentally certified or not, is difficult to assess whether there is a clear correlation between the certification and the market value.

Fastighetsvärderingar utförs av mäklare eller värderare inför försäljning, belåning, arvskiften, skilsmässor, etc. Genom olika metoder beroende på vilket värderingsobjekt det handlar om kan ett marknadsvärde uppskattas. Vid värderingar av småhus är ortsprismetoden genomgående den mest användbara metoden. Läget anses vara den absolut viktigaste värdefaktorn att ta hänsyn till när en värdering utförs, men även skicket, standard, tillgång till service och kommunikationer samt om objektet befinner sig i närhet av vatten. De värdehöjande faktorer, värderingsmetoder och regler kring detta kan skilja och skiljer sig även åt mellan länderna. Denna studie behandlar hur värderingsprocessen går till i Sverige respektive Spanien. Valet av länder motiveras med att det historiskt sett varit populärt för svenskar att investera i spanska fastigheter, främst i form av semesterhus. Då kunskapen är begränsad om hur ett marknadsvärde uppstår i Spanien samt hur köp och försäljningsprocessen går till är denna studie viktig för de som vill köpa en fastighet. Utan besittning av kunskaper om fastighetsmarknaden kan drömmen om det perfekta semesterboendet visas bli en dålig affär. För att skapa förståelse om hur ett värde uppkommer och vilka värdefaktorer som medför påverkan på fastigheten kan denna studie tillföra lyckade fastighetsköp, både i Sverige och i Spanien. För att bidra med relevant information och fakta som stämmer med verkligheten har intervjuer med värderare och mäklare som är aktiva i Sverige och i Spanien utförts. Detta resulterade i svar som var både oväntade och förväntade. I vissa aspekter var värderingsprocessen väldigt lik mellan länderna, medan det också fanns anmärkningsvärda skillnader som kunde diskuteras. Den största skillnad som identifierats i studien är hur mäklare erhåller sin licens i de båda länderna. I Sverige krävs utbildning för att kunna erhålla en mäklarlicens medan licensen i Spanien erbjuds till en försumlig summa. Andra märkbara skillnader är hur köpprocessen skiljer sig mellan länderna samt vilka värdefaktorer som efterfrågas av svenskar som köper bostad i Spanien. / Property valuation is executed by real estate brokers or property valuaters before selling, mortgage, inheritance, divorce, etc. Different methods can be used when determing a market value depending on what kind of object it is. When valuating houses, the most common method in Sweden is called “ortsprismetoden”, which compares similar objects to the object that’s being valuated. The most important valuation factor is the location, and has to be considered when deciding the properties value. Other important factors are the properties condition, standard, orientation and if it’s close to water. These factors that enhance the value, the metods that conclude the value and the laws attached to properties could be different in Sweden and in Spain. This study manage how the valuation process is executed in Sweden and in Spain. The countries were chosen based on that it historically have been very popular for Swedes to invest in properties, mainly vacation homes, in Spain. The knowledge about how a market value developes, how the selling/buying process works in Spain is rather limited, therefore this study is important for people who wants to invest in a Spanish property. Without the understandig of the property market, the dream of a perfect vacation home could result in a bad purchase. This study could contribute to a successful purchase by contributing knowledge about the property valuating process, how a market value is determend and what factors increse the value. nterviews were executed with real estate brokers and property valuaters in both Sweden and Spain to provide valuable answers to the questions asked in this study. This resulted in both expected and unexpected answers. In some aspects the valuation process were very similar between the countries, but in other aspects there were some major differences that could be discussed. The biggest difference were if the real estate brokers needed a licens to value property or not. In Sweden the broker needs education to get a licens, while in Spain the licens could be bought. Other differences were the selling/buying aspects and what the most important valuation factors were.

The Cadastral authority has requested students who can help them to investigate the impact on price formation for chattel houses and the leasehold's opportunity to form an independent property. The aim of this study was to form a template that shows the price difference between Chattel houses that can form an independent property and those which cannot. The observed Chattel houses within this study has been delimited to be located inside Gävleborg´s county. A literature study followed by a qualitative and quantitative research method was used in order to investigate whether template can be established. The qualitative research method consisted of interviews with three different occupational categories, cadastral surveyors, property appraisers and banks. The objects of interest in this study were objects where the building and the land are owned by different owners, referred to as, Chattel house. Therefore the quantitative research method was used to analyze statistics of transferred Chattel houses for the period 2017-2019. To support the statistical analysis three hypotheses formulated for which factors that influences the price of Chattel houses. The results contains compiled answers from the interviews with the occupational categories followed by statistics and a local price analysis of the statistics. The study shows that there is a difference in price between Chattel houses that can form an independent property and Chattel houses that cannot. It also appears that the difference between the Chattel houses, that has been analyzed in this study, can be attributed to the geographical location of the objects. However, the size of the building does not have a direct impact on an increased transfer price

This thesis examines whether housing price estimations can be improved by combining several modalities of data through the utilization of neural networks. The analysis is limited to apartments in the Stockholm municipality, and the applied modalities are residential attributes (tabular data) and photo montages (image data). The tabular data includes living area, number of rooms, age, latitude, longitude and ocean distance, while the image data contains montages of four images representing the kitchen, bathroom, living space and neighborhood through satellite imagery. Furthermore, the dataset comprises a total of 1154 apartments sold within a time frame of approximately six months, ending in June 2023. The analysis is conducted by designing three artificial neural networks and comparing their performances: a multilayer perceptron that predicts selling prices using tabular data, a convolutional neural network that predicts selling prices using image data, and a multimodal neural network that estimates sold prices taking both modalities as inputs. To facilitate the construction process, the multimodal neural network is designed by integrating the other models into its architecture. This is achieved through the concatenation of their outputs, which is then fed into a joint hidden layer. Before initiating the network development phase, the data is preprocessed appropriately, for example by excluding duplicates and dealing with missing values. In addition, images are categorized into room types via object detection, satellite images are collected, and photo montages are created. To obtain well-performing models, hyperparameter tuning is performed using methods such as grid search or random search. Moreover, the models are evaluated through three repetitions of 5-fold cross-validation with the mean absolute percentage error as performance metric. The analysis shows that the multimodal neural network exhibits a marginal but significant performance advantage compared to the multilayer perceptron, both in terms of cross-validation scores and test set outcomes. This result underscores the potential benefits of utilizing both image data and tabular data for predicting apartment selling prices through the application of neural networks. Furthermore, this work motivates a deeper investigation into these prediction methods using larger datasets for which the multimodal neural network may achieve even stronger predictive capacity / Detta examensarbete undersöker huruvida bostadsprisuppskattningar kan förbättras genom att kombinera flera modaliteter vid tillämpning av neurala nätverk. Analysen är begränsad till lägenheter i Stockholms kommun, och de tillämpade modaliteterna är bostadsattribut (tabelldata) och fotomontage (bilddata). Tabelldatat inkluderar bostadsyta, antal rum, ålder, latitud, longitud och avstånd till havet, medan bilddatat består av montage med fyra bilder som representerar kök, badrum, vardagsrum och närområde genom satellitbilder. Datasetet omfattar totalt 1154 lägenheter sålda inom ett tidsspann på cirka sex månader, fram till och med juni 2023. Analysen utförs genom att designa tre artificiella neurala nätverk och jämföra deras prestanda: en flerskiktsperceptron som förutsäger försäljningspriser med hjälp av tabelldata, ett konvolutionellt neuralt nätverk som förutsäger försäljningspriser med hjälp av bilddata, och ett multimodalt neuralt nätverk som estimerar sålda priser med båda modaliteterna som indata. För att underlätta konstruktionsprocessen designas det multimodala neurala nätverket genom att integrera de andra modellerna i sin arkitektur. Detta åstadkoms genom en sammanlänkning av deras utdata, som sedan matas in i ett gemensamt dolt lager.  Innan nätverksutvecklingsfasen påbörjas, förbehandlas datat på lämpligt sätt, till exempel genom exkludering av dubbletter och hantering av saknade värden. Dessutom kategoriseras bilder till rumstyper via objektdetektering, satellitbilder samlas in och fotomontage skapas. För att uppnå välpresterande modeller utförs hyperparameterjustering med metoder som rutnätssökning eller slumpmässig sökning. Vidare utvärderas modellerna genom tre upprepningar av 5-faldig korsvalidering med det genomsnittliga absoluta procentuella felet som prestandamått. Analysen visar på att det multimodala neurala nätverket uppvisar en marginell men tydlig prestandafördel jämfört med flerskiktsperceptronen, både när det gäller korsvalideringspoäng och testresultat. Detta understryker de potentiella fördelarna med att använda både bilddata och tabelldata vid estimering av lägenheters försäljningspris genom tillämpning av neurala nätverk. Vidare motiverar detta arbete en djupare undersökning av dessa prediktionsmetoder med hjälp av större datamängder, för vilket det multimodala neurala nätverket har potential att uppnå ännu starkare prediktiv kapacitet.

Title: Integration of Sustainability Factors in Property Valuation - A Qualitative Study on the Impact of Sustainability Factors on the Valuation Process of Commercial Properties in Sweden   Subject: Bachelor's Thesis in Business Administration, 15 Credits   Authors: Sebastian Åkerlund & Wilmer Grunditz   Supervisor: Peter Palm Research Questions: How are sustainability factors managed in the process of valuing a commercial property? How do sustainability aspects impact risk assessment in property valuation?   Purpose: The study aims to investigate how sustainability aspects are managed in the valuation process of a commercial property. It also seeks to explore how sustainability aspects influence the risk assessment of a property during valuation. The study intends to collect empirical data from expert actors within the Swedish property valuation industry. This includes external consultants from independent entities, internal appraisers, and appraisers from credit institutions.   Method: The study was conducted using a qualitative research approach and involved semi-structured interviews with property valuers from various segments and geographical areas in Sweden.   Conclusion: The conclusion is that property valuers handle sustainability factors differently due to the lack of an industry standard. Furthermore, sustainability aspects impact risk assessment differently due to the nature of property valuation and the lack of transparency in the commercial property market. It is evident that the valuation industry is undergoing significant changes with sustainability integration.   Keywords: Property Valuation, Sustainability, Risk Assessment, Commercial Properties, Sustainability Integration

Flexibility affects the risks associated with a property and therefore its valuation. This is particularly critical for companies that report changes in property values in their income statements. Flexibility in real estate can be defined in three different ways: physical, functional and financial. This study examines functional and financial flexibility within the Stockholm office market, a topic of great interest to real estate stakeholders in the Swedish market. Gibson (2001) emphasises the importance of functional flexibility by highlighting the activities that a building can support. Offices achieve functional flexibility by providing technology, team spaces and meeting areas that meet the needs of the organisation. In addition, Gibson (2001) emphasises that the design of the space should make it easy for people to move around the organisation without unnecessary barriers. Financial flexibility is mainly defined by the terms of the lease. Tenants want to know if they can expand or how quickly they can move out of the property and at what cost. This study examines functional and financial flexibility within the Stockholm office market, a topic of great interest to real estate stakeholders in the Swedish market. The study addresses two main questions. What motivates property owners to include and offer flexible office space in their portfolios? What is the impact of flexible office space on property value, and to what extent do market participants believe it exists? To investigate these research questions and the most appropriate methodology, an analysis of previous research on property valuation about functional and economic flexibility was undertaken. Interviews and a survey were conducted to address the issues of the impact of flexible offices on property value from the valuers' perspective and the motivations of property owners to include and offer flexible offices in their portfolios. The results of the methods found that property owners need to weigh the risks associated with functional and financial flexibility in their estate when making decisions. The study found that the main reasons for introducing flexibility were to meet customer demand and to avoid losing market share. It also found that owners are more accepting of flexibility in well-located office buildings where the risk of vacancy is lower. Although currently a small part of corporate portfolios, financial and functional flexibility is expected to become more common, despite its negative impact on property value due to increased risk. / Flexibilitet påverkar de risker förknippade med en fastighet och därmed värderingen av den. Detta är särskilt viktigt för företag som redovisar förändringar i fastighetsvärden i sina resultaträkningar. Flexibilitet kan definieras på tre olika sätt inom fastighetsbranschen: fysisk, funktionell och finansiell. Denna studie undersöker funktionell och finansiell flexibilitet på Stockholms kontorsmarknad, ett ämne som är av stort intresse för fastighetsintressenter på den svenska marknaden. Gibson (2001) betonar vikten av funktionell flexibilitet genom att lyfta fram de aktiviteter som en byggnad kan stödja. Kontor uppnår funktionell flexibilitet genom att tillhandahålla teknik, team utrymmen och mötesplatser som uppfyller organisationens behov. Dessutom betonar Gibson (2001) hur utrymmena har utformats, det ska vara lätt för medarbetarna att flytta inom organisationen utan onödiga hinder. Finansiell flexibilitet definieras främst som villkoren i hyresavtalen. Hyresgästerna vill veta om det finns möjlighet att expandera eller hur snabbt de kan lämna fastigheten och till vilken kostnad. Denna studie undersöker funktionell och finansiell flexibilitet på Stockholms kontorsmarknad, ett ämne som är av stort intresse för fastighetsintressenter på den svenska marknaden.  Forskningen behandlar två huvudfrågor. Vad motiverar fastighetsägare att inkludera och erbjuda flexibla kontorsytor i sina portföljer? Och vilken inverkan har flexibla kontorsytor på fastighetsvärdet, och i vilken utsträckning tror marknadsaktörerna att de existerar?För att undersöka dessa forskningsfrågor och den lämpligaste metoden genomfördes en analys av tidigare forskning om fastighetsvärdering i förhållande till funktionell och ekonomisk flexibilitet. Intervjuer och en enkätundersökning genomfördes för att besvara forskingsfrågorna. Resultaten visade att fastighetsägare behöver väga riskerna med funktionell och finansiell flexibilitet i sina fastigheter vid beslutsfattande. Studien visar att de främsta anledningarna till införandet av flexibilitet var att möta kundernas efterfrågan och att undvika att förlora marknadsandelar. Ägarna är mer även mer positiva till flexibilitet i välbelägna kontorsbyggnader där risken för vakanser är lägre. Finansiell och funktionell flexibilitet för närvarande är en liten del av företagens portföljer men förväntas bli vanligare, trots dess negativa inverkan på fastighetsvärdet på grund av ökad risk.

Do investments in Contemporary Art Centers spur investment and economic development in the surrounding community? And if so, what factors are associated with these developments' outcomes? To assess these questions, a general overview of the dominant arts-and-economic-policy perspectives were considered, and two cases of contemporary art center developments, one in St. Louis and one in Cincinnati, were compared and treated as hypothetical value-capture investments. Sale prices of properties surrounding each investment property were adjusted to reflect market factors, then compared to values before and after an investment property opened to the public. A review of supplemental documents and interviews with the developments' directors were used to determine factors that contributed to the effects observed in the study. Findings indicated that the adjusted value of properties in Cincinnati declined with distance from the site of development in the post-test period, and not in the pre-test period. Hedonic results for properties in St. Louis were not significant. However, the museum's development was one among other factors that signified to investors that the area was ready for restoration. Interviews and document review indicated that community participation in the development planning process, distinctive architecture, and commercial contexts were associated with developments meeting their stated goals.

Thesis (MA (Geography and Environmental Studies))--University of Stellenbosch, 2010. / ENGLISH ABSTRACT: The research problem addressed in this study is how to ascertain the primary determinants of house prices in Hout Bay. This overarching aim encompasses three interwoven aspects. The research attempts first to determine which factors generally affect property prices in Hout Bay; second, to assess the extent to which individual factors affect house prices; and third, to discover the role variables collectively play in determining house prices in Hout Bay. Four objectives emerge from this subdivision of the aim, namely identify potential house priceinfluencing factors in Hout Bay; quantify the selected locational variables; statistically analyse the variables to distinguish the significant and insignificant ones; and use regression analysis to deduce the collective and individual influences of the significant factors on house prices. Structured interviews were conducted with representatives of 12 estate agencies in Hout Bay to uncover factors affecting the local property market. Through insights gleaned from the literature, manipulation of municipal valuation and cadastral data and the structured interviews, 39 structural and site-related variables, 18 distance variables and 11 socioeconomic variables were constructed. Several preliminary and descriptive analyses performed on the variables gave a general impression of the distribution of data and assisted in identifying statistically significant variables for determining house prices. These analyses included measures of central tendency (mean, median and mode); measures of dispersion (minimum and maximum values, range, standard deviation, skewness and kurtosis); the compilation of histograms for each variable; analysis of variance (ANOVA) on nominal data variables; and the creation of 2D scatterplots for ordinal data variables. Spearman rank order correlation was performed on the nominal and ordinal data variables. Statistically weak variables and those exhibiting signs of multicollinearity were eliminated. A best-subsets regression analysis was executed on the remaining variables. The regression model performed adequately, explaining close to 54% of the variation in house prices in Hout Bay. Among the individual factors, the size of the erf was the strongest predictor of the house price dependent variable, house size was the second most important factor, while distance to busy roads and quality of the house shared similar importance. Regression residuals were also mapped to expose spatial patterns. It is recommended that comparable research be conducted on a citywide scale, that variables be quantified differently and that new GIS techniques be incorporated in future studies. / AFRIKAANSE OPSOMMING: Die navorsingsprobleem wat hierdie studie aanspreek, is hoe om vas te stel wat die primêre faktore is wat huispryse in Houtbaai bepaal. Hierdie oorkoepelende doelwit vervat drie onderling verwante aspekte. Eerstens, poog die navorsing om te bepaal watter faktore in die algemeen huispryse in Houtbaai beïnvloed; tweedens, om te assesseer tot watter mate individuele faktore huispryse affekteer; en derdens, om te ontdek watter kollektiewe rol veranderlikes in die bepaling van huispryse in Houtbaai speel. Vanuit hierdie onderverdeling van die navorsingsdoelwit het vier doelstellings ontstaan, naamlik identifiseer die potensiële faktore wat huispryse in Houtbaai beïnvloed; kwantifiseer die geselekteerde liggingsveranderlikes; voer verskeie analises uit op die veranderlikes om die beduidende en onbeduidende veranderlikes te identifiseer; en benut regressie-analise om die kollektiewe en individuele invloed van beduidende faktore op huispryse in die studiegebied vas te stel. Gestruktureerde onderhoude is met verkoopslui van 12 eiendomsagentskappe in Houtbaai gevoer om die faktore te bepaal wat die plaaslike eiendomsmark beïnvloed. Deur middel van insigte verkry uit die akademiese literatuur, manipulasie van munisipale waardasie- en kadastrale data en die gestruktureerde onderhoude is 39 strukturele en liggingsverwante veranderlikes, 18 afstandsveranderlikes en 11 sosio-ekonomiese veranderlikes geskep. Verskeie analises wat op die veranderlikes uitgevoer is, het ‘n algemene indruk van die verspreiding van die data verskaf en het die identifisering van statistiesbeduidende veranderlikes bevorder. Hierdie analises het maatstawwe vir sentrale neiging (rekenkundige gemiddelde, mediaan en modus); maatstawwe vir dispersie (minimum en maksimum, variasiewydte, standaardafwyking, skeefheid en kurtose); die samestelling van histogramme vir elke veranderlike; die analise van variansie (ANOVA) op veranderlikes met nominale data; en die skep van 2D-spreidingstippe vir veranderlikes met ordinale data behels. Spearman se rangorde korrelasie is op beide die nominale en ordinale data uitgevoer. Statistiesonbeduidende veranderlikes, of dié wat tekens van multikollineariteit met ander veranderlikes getoon het, is geëlimineer. ‘n Beste deelversameling regressie-analise is uitgevoer op die oorblywende veranderlikes. Die regressiemodel het gepaste resultate behaal deurdat dit byna 54% van die variasie in Houtbaai se huispryse verklaar het. Van die individuele veranderlikes was die grootte van die erf die sterkste voorspeller van die huisprys afhanklike veranderlike, huisgrootte was die tweede belangrikste faktor, terwyl afstand van besige paaie en die kwaliteit van die huis soortgelyke invloed gedeel het. Die regressiemodel se residu’s is gekarteer om ruimtelike patrone vas te stel. Dit word aanbeveel dat soortgelyke navorsing op ‘n stadswye skaal uitgevoer word, dat die veranderlikes op ander wyses gekwantifiseer word en dat nuwe GIStegnieke in toekomstige studies aangewend word.

The aim of this diploma thesis is to analyze the development of the prices of real estate in the Czech Republic. The thesis is divided into three main parts. The first one deals with the theoretical introduction to valuation of the real estate. Moreover, the thesis presents the current development of the prices of real estate on the Czech market. The last part focuses on co-integration analysis, within which an ADL model is created. This model serves as a base for an error correction model, which describes short-term as well as long-term relations within the time series. The explanatory variables are gross domestic product, consumer price index, the amount of finished apartments, interest rate of mortgage loans, common rate of unemployment, and average gross monthly income. It is the one-equation model which describes the relation among the already mentioned explanatory variables and the HPI index. analysis of the development of the prices of real estate