Taiwan is a crowded island with a large population but limited soil resource. The government makes the most effective use of the land by making various integrative developments in order to create the maximum use of social welfare. The idea of land reorganization thus came out. Take the metropolis of Kaohsiung for example, the implementation of land readjustment not only led to economic prosperity, but also created a spillover-effect like the growth of land utilization, construction, population and industries inside and outside the reorganization areas. It also brought enormous benefits to the government, land owners and the whole citizens as well. The fluctuation of real estate market price in Taiwan is easily affected by its economic situation, people's fear of the expectation on the increase of price index, the domestic idle capital flood, and the dramatic rising of the stock market, which lead to the enormous growth of land value, so there should be a long-term balance among economic factors (GDP, interest rate, and exchange rate) and land value. As for the researches of the interrelationship between the analysis of the land value change of real estate and economic factors, most scholars chose cities in northern Taiwan as an example, fewer researches had been made for Kaohsiung City in southern Taiwan. This paper, different from others, analyzes the public tender data of lands in every reorganization area in Kaohsiung City from the past few years. This paper aims at the long-term relationship of cointegration between the public tender data over the years of lands of readjustment area in Kaohsiung City and economic factors. The sample date is a long-term relationship from the year of 1962 to 2004 on such four parameters as Land value, GDP, interest rate, and exchange rate, which are the objects of this study, adopting the unit root test and Johansen¡¦s Maximum Likelihood Estimation (MLE) as studying tools. As this study finds out, the phenomenon of cointegration really exists among these four parameters. The land value has negative correlation with interest rate, and positive correlation with the GDP, and exchange rate.

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The goal of this thesis is to analyze the current status of the Czech real estate market and to assess the outlook of the Czech real estate market to year 2016. The analysis will be performed using a strategic outlook as well as a competition benchmark. The prognosis of the future development of the Czech real estate market will be assessed by developing a comprehensive model capturing the development of revenues on the real estate market. From the public policy's point of view, this is a very up-to-date topic to analyze, as the real estate market is an important barometer of economic outlook in any country. The troubles that were brought by the US mortgage crisis have undoubtedly affected the situation on the real estate market in the Czech republic. The theoretical part of this work will characterize used definitions, such as public policy, economic cycle, economic crisis, real estate market, real estate market bubble, mortgage crisis etc. In the analytical part of this work I shall develop a model that captures the development of the Czech real estate market with focus on parameters of realized transactions in the given year and the development of prices. To evaluate the current situation of the market I shall conduct a strategic analysis and the estimated future development will be captured by conducting a regression analysis using historic data to estimate the development to year 2016.

Language: English Title: The Housing Bubble in China Abstract: This paper studies the housing price boom in recent decade since 2003 in China. The study focuses on four municipalities of China, Beijing, Shanghai, Tianjin and Chongqing. Despite the fact that the whole country is suffering a sky soaring housing boom, this paper reveals a regional difference between two types of big cities. Better developed cities such as Beijing and Shanghai are experiencing greater volatility in the boom and economic fundamentals have less explanatory power to the price increases. Oppositely, less developed cities such as Tianjin and Chongqing have relatively sustainable housing prices which are better supported by economic fundamentals. Finally, this paper concludes that Beijing and Shanghai are experiencing a bubble in the housing prices, if the public expectation on economic growth cannot maintain, the bubble will burst.

Since literature that evaluates the impacts that Bus Rapid Transit (BRT) has on surrounding property values is limited, this research contributes to this research by investigating if proximity to a BRT station has an effect, either positive or negative, on residential housing values. Further, it investigates if the nature and extent of this effect varied during different stages of implementation of the BRT system and different housing market conditions. Fluctuations in sale prices were mitigated based on a six month moving median. Four hedonic price models were then used to evaluate the influence of independent variables on the dependent variable, adjusted sales price. Results indicated that properties that were in an area between 0.4 and 0.8 mile (network distance) away from a BRT station, possessed about a $5,000 premium in sales price during the bust and initial recovery of the real estate market that occurred between 2009 and 2013. Additional results also indicated that in areas where the percentage of households without access to a vehicle increased, sales prices on residential properties also increased. This study did not employ the use of spatial models and concludes that such models should be used in future research to account for spatial autocorrelation. Further, this research suggests that additional geographic variables should be used to evaluate how residents value accessibility to other transportation systems when compared to BRT.

In recent years, investors have become more concerned about where they invest their capital and how to spread the risk among different asset types. The interest in commercial real estates has increased as this market is seen as less volatile than the stock market. Previous research for other economies has found that the commercial real estate market and the stock market do not cointegrate. Therefore it is possible to invest in both asset classes to create diversified portfolios. This thesis examines if such cointegration relationship exist on the Swedish market. Furthermore, the thesis examines the correlation and the lead-lag relationship between the two asset classes. The observed data is quarterly between the years 1994-2013 and the indices used are OMX Stockholm, sold multi-dwelling and commercial buildings, and sold manufacturers industries. To examine if there exist any cointegration between the indices the Engle-Granger 2-step method is used and the lead-lag relationship is tested by using the Granger Causality test. The results from the different tests do not show any short- or long-term relationship between the Swedish stock market and the Swedish commercial real estate market, neither do the assets show any lead-lag relationship. This means that the portfolio risk decreases and it is therefore possible for investors to diversify their portfolios with both short- and long-term time horizons.

Master of Arts / Department of Economics / LeiLei Shen / This paper aims to examine the effect of property taxes on selling prices in China’s real estate market. I collect the data in China’s 35 major cities before and after the property tax has been implemented, and estimate the effects of property taxes using the Differences-in-Differences method. I find that the effect of property taxes in Shanghai and Chongqing does not lead to lower house prices in these two cities.

Diplomová práce pojednává o aplikaci benchmarkingu z pozice Realitní společnosti České spořitelny. V teoretické části práce je popsán celkový proces strategického řízení, z kterého benchmarking vychází. Poté je dán teoretický základ samotného benchmarkingu (postup, druhy, výhody, nevýhody). V praktické části práce je nastíněna situace Realitní společnosti České spořitelny na realitním trhu, její největší slabiny a je zvolen benchmark pro porovnání. Po samotné aplikaci benchmarkingu (finančního i nefinančního) jsou vyvozeny závěry a doporučení, které by měly vést ke zvýšení výkonnosti společnosti.

The thesis is focused on the area of personal finance and discusses the financing possibilities of an apartment for further renting. The thesis describes the construction of saving products and mortgage loans, law regulation, risks associated with doing business in this field and static as well as analytical methods for assessing investments. The practical part evaluates benefits of investing in a particular apartment in terms of both the above mentioned methods.

My diploma thesis deals with the analysis of yields which are used for finding out the value of the estate by the income approach. In the theoretical part there is the description of the particular approach of the estate valuation and the definition of the basic points going together with the real estate market. There is even the comparison of the methods used in the valuation of the estate with the methods used in the valuation of the business. The practical part deals with the yield analysis, its relationship with another macroeconomic quantity. This work is focused on the development of the yields through the real estate market segments, too.