Housing availability plays a central role for the mobility in the labour market and for the economic growth in a country. Housing construction in Sweden is now increasing strongly after a period of low construction during and after the financial crisis in 2008. Despite this, many of the Swedish municipalities indicate that there is a housing shortage, especially in the metropolitan regions. The main reason for this is that the population has grown at a faster pace compared to the number of homes. This thesis uses a regression analysis to analyse what fundamental economic factors that affected housing construction in Stockholm County between 1992 and 2016.  The result from the regression analysis shows that the repo rate, inflation, GDP, population, unemployment, housing prices, and construction cost, with a lag of seven, seven, zero, one, six, two, and three quarters respectively, have a significant effect on housing construction. Furthermore, the regression model showed a low significance level for income, thus this variable was excluded from the model. Moreover, a time trend was included in the regression model. The time trend shows statistically significance, and its β coefficient implies an approximate 3% increase in housing construction per year, on average. Moreover, the regression model, presented in this thesis, has an R-squared value of 0.73, which indicates that the model can explain 73% of the variation in housing construction in Stockholm County between 1992 and 2016. / Tillgängligheten av bostäder spelar en central roll för rörligheten på arbetsmarknaden och för den ekonomiska tillväxten i ett land. Bostadsbyggandet i Sverige ökar nu kraftigt efter en period av lågkonjunktur, under och efter finanskrisen 2008. Trots detta anser många kommuner i Sverige att bostadsbristen är stor, särskilt i storstadsregionerna. Den främsta orsaken till detta är att befolkningen har vuxit i en högre takt än antalet bostäder. Denna uppsats använder en regressionsanalys för att analysera vilka fundamentala ekonomiska faktorer som påverkat bostadsbyggandet i Stockholms län mellan 1992 och 2016. Resultatet av regressionsanalysen visar att reporäntan, inflationen, BNP, befolkningsmängd, arbetslöshet, bostadspriser och byggkostnader, med sju, sju, noll, en, sex, två, respektive tre kvartals förskjutning, hade en signifikant inverkan på bostadsbyggandet. Vidare visade regressionsmodellen en låg signifikansnivå för variabeln inkomst, vilket medförde att denna variabel uteslöts från modellen. Dessutom inkluderades en tidsvariabel i regressionsmodellen. Tidsvariabeln visar statistisk signifikans och dess koefficient indikerar att bostadsbyggandet i genomsnitt ökade med ca 3% per år. Regressionsmodellen som presenteras i denna uppsats har ett R2-värde på 0,73 vilket indikerar att modellen förklarar 73% av variationen i bostadsbyggande i Stockholms län mellan 1992 och 2016.

Fastighetsmarknaden är en marknad som är i stort behov av mycket kapital som kan erhållas på många olika sätt. V˚ar uppsats tar upp de allra vanligaste finansie-ringskanalerna och beskriver i vilken fas en viss finansieringskanal kan vara lämplig för ett fastighetsbolag. Sammanfattningsvis kan man säga att mindre bolag använder sig mer eller mindre uteslutande av bankkredit. Bankmarknaden klarar dock inte att finansiera större fastighetsbolag och därför måste de säöa sig till andra marknader. Obligationsmark-naden är då den vanligaste finansieringsformen i kombination med bankkapital. För att kunna erhålla billigare obligationskapital är det viktigt med en bra kreditrating.Det finns också andra kompletterande finansieringskanaler som är populära, bland annat aktier och hybridkapital. Det är viktigt för fastighetsbolagen att ha en balans mellan eget kapital- och skuldfinansiering. Något som har framkommit under uppsatsen är att det i grund och botten finns en samstämmighet mellan aktörerna och deras bild av hur ett fastighetsbolag bör finansieras. Det finns dock skiljaktigheter som kan bottna i personliga preferenser. Vi har också studerat Covid 19-pandemins påverkan på fastighetsfinansiering. Slut-satserna vi kunnat dra har visat på att i och med att denna pandemi inte uppstått på de finansiella marknaderna har bemötandet från andra aktörer varit mer rationellt än vid tidigare ekonomiska kriser. Det som påverkade fastighetsmarknaden mest var att delar av kapitalmarknaden, främst gällande obligationer frös. Dock kunde man se en snabb återhämtning som nu är återställd. / The real estate market is a market that needs an incredible amount of capital which can be obtained in several di↵erent ways. Our thesis contains a description of the most common ways of financing a real estate corporation as well as a description of finance channels that are appropriate for the real estate business. To conclude, many individuals and companies believe that smaller companies use lo-ans from banks. The bank market itself cannot finance the whole real estate market and therefore real estate companies have to seek capital from other markets. The most common complement to loans is the bond market. It’s important to notice that bond capital becomes cheaper with an improved and better credit rating. There are also other popular ways to compliment your financing, such as through certificates and hybrid capital. Having a good balance between equity and debt financing are also important ways to compliment your financing for a successful fi-nance. During our thesis, we have learned that there is a coherence between the actors on the market and their view of how a real estate company should be financed even though there are di↵erences that can be based on personal preferences. We have also studied the consequences of the Covid 19- pandemic and how it has a↵ected real estate financing in Sweden. We came to a conclusion that the impact has been quite small since it has been an economic crisis that hasn’t been based on the financial markets.The biggest impact that the pandemic was on parts of the capital market, espe-cially the bond market which froze during the spring and early summer of 2020. Though we could see a quick recovery from that freeze and the market is now back on track and restored.

Fastighetsmarknaden har tidigare upplevt finansiella kriser där en lågräntemiljö och lättillgängliga krediter varit startskotten till de ekonomiska bubblor som skapats. Fastigheter som tillgång har varit lönsamma investeringar vid rätt tidpunkt men också tagit med sig resten av ekonomin när de föll. Finansiella aktörer fick nya mer lättsamma spelregler att följa vilket öppnade upp för nya typer av krediter samtidigt som fokus blev på att tjäna mer pengar istället för att ta hänsyn till de nya riskerna.  Nu genomgår vi en kris som inte började inom den finansiella sektorn utan en pandemi som påfrestar det ekonomiska systemet på ett helt nytt sätt och transformerat fastighetsmarknaden. Den kommersiella marknaden har fått ett nytt fokus, där de tidigare säkra investeringarna blivit inaktuella och digitaliseringen påskyndat det nya förhållningssättet i samhället.  Studiens syfte är att undersöka hur dessa 90-talskrisen, den amerikanska bolånekrisen 2008 och Covid-19 krisen påverkat den svenska fastighetsmarknaden och se hur fastighetsmarknaden sett ut inför och efter dessa olika kriser tillsammans med att utforska skillnaden mellan en finansiell kris påverkan och en samhällskris i form av corona-pandemin vi nu går igenom. / The real estate market has previously experienced financial crises where a low interest rate environment and easily accessible loans have been the starting point for the economic bubbles that have been created.Properties as an asset have been profitable investments at the right time but have also brought the rest of the economy down when the investments fell in value. Financial players were given new, easier rules to follow, which opened up for new types of credit, while the focus was on making more money instead of taking into account the new risks.  We are now going through a crisis that did not start in the financial sector but a pandemic that strains the economic system in a completely new way and transformed the real estate market.The commercial market has been given a new focus, where the previously secure investments have become obsolete and digitalisation has accelerated the new approach in society.  The purpose of the study is to investigate how the crisis in the 1990s, the US mortgage crisis 2008 and Covid-19 crisis has affected the Swedish real estate market, to also consider what the real estate market looked like before and after these different crises.In addition, even exploring the difference between a financial crisis impact and a societal crisis in the form of the current corona pandemic we are experiencing now.

Kapitalstrukturen hos svenska fastighetsbolag har sedan finanskrisen år 2007–2008 förändrats avsevärt. Framför allt genom en ökad mängd marknadsfinansiering i form av obligations- och certifikatslån men även genom hybridkapital såsom D- och preferensaktier. Det har skapat nya vägar och strategier för fastighetsbolag att genom sin kapitalstruktur påverka utvecklingen på bolaget. Bolagen har genom de nya finansieringsalternativen nått ut till nya typer av investerare som tidigare inte var aktiva på den svenska fastighetsmarknaden. Det finns dock andra aktörer än fastighetsbolagen själva som påverkar hur deras kapitalstruktur ser ut. Investerare, kreditvärderingsinstitut, finansinspektionen och banker är några av de aktörer som är med och influerar fastighetsbolagen. Studiens syfte är att undersöka svenska fastighetsbolags kapitalstruktur och huruvida kapitalstrukturen påverkas av bolagens fastighetsbestånd. Studien undersöker även hur finansieringstrender och marknadsföreteelser påverkar fastighetsbolags tillgång på kapital. Målsättningen med studien är att dra slutsatser om hur fastighetsbolags fastighetsbestånd, finansieringstrender samt företeelser på marknaden influerar deras kapitalstruktur. Studien är indelad i två delar och inleds med en kvantitativ del som utgångspunkt där skillnader i fastighetsbolags räntebärande skulder undersöks genom deras genomsnittliga direktavkastningskrav använt vid värdering. Den andra delen består av en kvalitativ intervjustudie med semistrukturerade intervjuer med finanschefer/CFO:s på fastighetsbolag, fastighetsanalytiker på bank samt en kreditvärderingsanalytiker på ett kreditvärderingsinstitut. Studien visar att fastighetsbolagens fastighetsbestånd påverkar tillgången och priset på finansiering. Det är däremot svårt att avgöra till hur stor del fastighetsbeståndet påverkar. Det går inte att säga att fastighetsbeståndets risk, mätt i direktavkastningskrav, påverkar fastighetsbolagens räntebärande skuldstruktur. Utifrån intervjustudien kan slutsatser dras att fastighetsbolagens kapitalstruktur påverkas av många parametrar. Fastighetsbolagen kan till största del själva bestämma hur de vill utforma sin kapitalstruktur. De är sällan begränsade att använda sig av något av finansieringsinstrumenten, dock finns det väsentliga prisskillnader beroende på bolagets storlek, renommé, kreditbetyg, ägarstruktur, tillväxttakt och fastighetsbeståndets ekonomiska status. / The capital structure of Swedish real estate companies has changed considerably since the financial crisis in 2007-2008. The change has primarily been through an increased amount of market financing in the form of bonds and certificates of deposit, but also through hybrid capital. It has created new ways and strategies for real estate companies to influence the development of the company through its capital structure. Through the new financingalternatives, the companies have reached out to new types of investors who were not previously active in the Swedish real estate market. However, there are other actors than the real estate companies themselves who influence what their capital structure looks like. Investors, credit rating agencies, the Swedish Financial Supervisory Authority and banks are some of the actors involved in influencing real estate companies. The purpose of the study is to examine the capital structure of Swedish real estate companies and whether the capital structure is affected by the companies' property portfolio. The study also examines how financing trends and market phenomena affect real estate companies' access to capital. The aim of the study is to draw conclusions about how real estate companies' property portfolio, financing trends and phenomena in the market influence their capital structure. The study is divided into two parts and begins with a quantitative part where differences in real estate companies' interest-bearing debts are examined through their average yield used in valuations. The second part consists of a qualitative interview study with semi-structured interviews with CFOs at real estate companies, real estate analysts at banks and a credit rating analyst at a credit rating agency. The study presents that real estate companies' property portfolio affects the supply and price of financing. Although, it is difficult to determine to what extent the property portfolio affects the capital structure. It is not possible to say that the risk of the property portfolio, measured in average valuation yield, affects the real estate companies' interest-bearing debt structure. Based on the interview study, conclusions can be drawn that the real estate companies' capital structure is affected by many parameters. The real estate companies can for the most part decide for themselves how they want to design their capital structure. They are rarely limited to using any of the different financial instruments, however, there are significant price differences depending on the company's size, reputation, credit rating, ownership structure, growth rate and the financial status of the property portfolio.

Syfte: Studien syftar till att visa hur och varför volymen börsnoteringar av fastighetsbolag varierat över tid och hur denna volym har påverkats av det ekonomiska klimatet. Metod: Studien baseras på en kvantitativ metod. Multipel regressionsanalys tillämpas där makroekonomiska faktorers förklaringsvärde för volymen börsintroduktioner av fastighetsbolag undersöks. Teoretisk referensram: Det teoretiska ramverk som används i denna studie har sin primära utgångspunkt i tidigare forskning gjorda på börsnoteringar. Vidare har The Fisher Di Pasquale Wheaton model använts för att få en djupare förståelse för fastighetsbranschens mekanismer. Kopplingen till aktiemarknaden har sitt ursprung i Den effektiva marknadshypotesen tillsammans med The capital demand hypothesis. Resultat: Denna studie finner ett negativt samband mellan antalet introduktioner av fastighetsbolag samt det aktuella ränte- och konjunkturläget. Aktieprisutvecklingen bland fastighetsbolag och volatilitet på fastighetsaktiemarknaden har båda ett positivt samband med antalet introduktioner av fastighetsbolag. Denna studie finner inget samband mellan antalet introduktioner av fastighetsbolag och inflationsnivå. / Objective: This thesis aims to gain a deeper understanding of IPO activity by real estate firms, and why its volume varies over time. The objective is also to obtain the impacts of macroeconomic factors on the volumes of initial public offerings. Method: This study uses a quantitative method were macroeconomic factors will be used as predictors in a multiple regression analysis. Further, IPO volumes of real estate firms will be considered as the constant. Theorethical references: The basic theories that are used in this thesis are Efficient Market Hypothesis, the FDW-model, and The Capital Demand Hypothesis. Previous thesis that covers IPOs are considered as the fundmental basis of this study. Results: The results shows a negative correlation between the IPO volumes of real estate firms, and the interest rate, as well as the economic cycle. Hence, this study finds a positive correlation between stock prices and the volatility at the stock market. The results don’t find any significant correlation between IPO volumes and the inflation rate.

The background of our thesis is the fact that properties and their related industry have a big negative impact on our environment. Since the real estate business is an important part of how the society is constructed, environmental solutions and sustainable real estate development can contribute to positive climate changes globally. The last decades have shown an increasing number of green properties, however the proliferation on the Swedish market is still slow. Existing research describes different benefits and motivators that should encourage investments in environmentally certified properties among real estate companies. Benefits that are established are for example lower energy- and maintenance costs, lower vacancy rate, an improved company image and increasing market value. We believe there is a gap of information considering how the real estate companies experience that these benefits are generated from a green building, as well as how motivators have impacted on the companies’ investment decisions. The purpose of this thesis is therefore to explain how different motivators affect real estate companies to invest in environmentally certified properties. To answer the purpose of our thesis, we have created four different hypotheses based on existing research which includes an improved result, increased economic profitability, improved company image and the opportunity of incentive programs and economic contributions. The hypotheses of our study have been tested with a quantitative method, through a survey. Collected data from our study has been analysed through a multiple regression analysis, where the four motivators have been analysed against the real estate companies share of investment decisions in environmentally certified properties. The conclusion of this thesis is that none of the hypotheses reached statistical significance and therefore the collected data cannot prove any relations between the motivators and companies’ investment decisions. Although, through our study, we have been able to identify both differences and similarities between theoretical claims and the result from our study. Even though statistical relations cannot be confirmed, the survey has collected descriptive data which contributes to a general view of how Swedish real estate companies today evaluate environmentally certified properties and how they are motivated to invest in these properties.

The construction and real estate industry accounts for a large share of the global energy consumption. Thus, an onerous responsibility is resting on the shoulders of the property owners and developers to alleviate the emissions derived from the real estate sector. With the escalating necessity for undertaking measures aimed at averting additional negative impact on the climate, a rising level of engagement from governmental as well as private stakeholders emerges. As a consequence of the negative development in the sector, and with tenants willing to pay rentalpremiums to be seated in premises in buildings certified as green, the issuance of green certifications have surged. The purpose of this study is to examine whether the distance from the city center has an impact on the green sales premiums for commercial office properties on the Swedish property market, to be able to compose more accurate calculations of green investments. This is investigated ona national level, as well as for cities exceeding 200,000 inhabitants. The study is a quantitative study which uses hedonic regression models to answer the research questions. The data used is collected through a transaction database provided by Cushman & Wakefield Sweden, with additional data from Sweden Green Building Council and Statistics Sweden, among others. The results conclude an incremental green premium of 14.80% at the 1 km mark from the city center for the country level data set, and 31.92% for the larger cities, at the 10%, respective 1% level of significance. However, some coefficients are inconsistent and the author highlights potential deficiencies within the course of action. / Bygg- och fastighetssektorn står idag för en stor del av den globala energiförbrukningen. Därmed vilar ett tungt ansvar på fastighetsutvecklare, förvaltare och andra aktörer i branschen för att minska utsläppen från fastighetssektorn. Med det ökande behovet av att vidta åtgärder för att undvika ytterligare negativ påverkan på klimatet, har även engagemanget från både offentliga och privata aktörer tilltagit. Som en konsekvens av den negativa utvecklingen inom sektorn och att hyresgäster är villiga att betala en premie för att husera i byggnader som är miljöcertifierade, har utfärdandet av gröna certifikat ökat markant. Syftet med denna studie är att undersöka om avståndet från centrum har en inverkan på den gröna försäljningspremien för kommersiella kontorsfastigheter på den svenska fastighetsmarknaden, för att kunna göra mer exakta investeringskalkyler gällande investeringar i miljöcertifierade fastigheter. Detta undersöks på dels nationell nivå, och dels för städer med över 200 000 invånare. Studien är en kvantitativ studie som använder hedoniska regressionsmodeller för att besvara forskningsfrågorna. Dataseten komponeras med hjälp av en transaktionsdatabas som tillhandahålls av Cushman & Wakefield Sweden, tillsammans med ytterligare data från bl.a. Sweden Green Building Council och Statistiska centralbyrån. Resultatet indikerar en ökande grön premie om 14,80% vid 1 km från stadens centrum för datasetet på nationell nivå, och 31,92% för de större städerna, vid 10% respektive 1% signifikansnivå. Vissa koefficienter är dock inkonsekventa och författaren lyfter fram potentiella brister i handlingsförloppet.

Purpose - The purpose of this study was to examine three main components of the business model,revenue model, value proposition and customer relationships. These three main components wouldbe investigated for a newly formed actor on the Swedish real estate market named access operator. Method - A literature study was conducted to compile the previous research that has been done inthe subject. The results obtained in the literature study were later compiled into a theoretical frameof reference that formed the basis for the design of the interview guide. The study has beenconducted in the form of a simple case study on a Swedish software company that has identified agap in the Swedish real estate market. The study's data collection has been conducted usingqualitative semi-structured interviews with respondents from Swedish real estate companies andtechnology companies. All collected data has been analysed using a thematic analysis. Therespondents can also be viewed as potential customers for the anticipated new service that will belaunched on the Swedish real estate market. Results - The study's findings indicate that the value proposition of the new service consists of twodistinct key elements: "ease of integration and use" and "availability." Overall, the valueproposition for this type of access service is the ease with which the actors can use it. The resultsalso revealed that subscription is the best type of revenue model for the new service. Finally, thefindings revealed that respondents had a favourable attitude toward bringing a new player into theSwedish real estate market. Theoretical contribution - According to the study's findings, respondents who belonged to group A "property owners" or group B "technology suppliers" faced similar challenges. Their answerswere unaffected by their disparate backgrounds. As a result, the respondents similarly perceivedthe value proposition of the new service. Previous studies suggest that different backgrounds canaffect how the service's value is perceived. Furthermore, the results indicated that subscription asa revenue model is best suited for the new access service, which was consistent with the findingsof previous studies. Finally, the study's findings indicated that there are no long-term relationshipsestablished between existing actors today because most of it is done through contracts and rapidchanges between organizations occur. Previous studies suggest instead that long-term relationshipsare the type of relationship most organizations strive for. However, the outcome indicated afavourable view of establishing a new player in the industry. Existing actors believe that the newaccess operator will contribute to positive change. Practical contribution- The practical contributions are primarily directed at the company wherethe study was conducted. However, this study can benefit other real estate companies as well ascompanies in other markets looking to establish a new service. According to the study's findings,potential customers value the ease of use that the new service will provide. This is also evident intheir selection of the revenue model they deemed most appropriate for the new service. They canthus gain a better understanding of their costs and future budgeting by using subscription as arevenue model. The findings also show that organizations should have open communication aboutthe value proposition to ensure that all actors are on the same page. Clear communication alsocontributes to increased trust and commitment among the actors, as well as increased marketwillingness to use the new service. This is in line with previous studies which claim that trustbetween several actors increases commitment.

Real estate market prices have proven to be influenced by many driving factors. As suggested by Tiebout's (1956) model, the level of public services was believed to influence people's decision to move geographically, which was called "voting with their feet". The panel data used in this paper were the market price of one- or two- dwelling buildings and the per capita cost of public investment factors in 290 municipalities in Sweden for the period 2011 to 2020. The principal component analysis method was firstly performed to dimensionalize the data and create new index variables. A panel vector autoregressive model based on the GMM estimator was developed, and cluster robust standard errors were used to address autocorrelation and heteroskedasticity. The empirical results showed that in addition to demographic variables, the principal components of government investment variables in traffic infrastructure, youth education and comprehensive health care, had a positive stimulating effect on real estate prices. The results of Granger causality tests showed a positive effect of the increment in house prices on investment in public activities. The IRF plots and variance decomposition of the first-order difference in real estate prices over the next ten periods showed that despite the presence of positive stimulus for public investment, house prices were more independent in the future, which indicated the dominant factor in the movements was itself. / Priserna på fastighetsmarknaden har visat sig påverkas av många faktorer. Enligt Tiebouts (1956) modell trodde man att nivån på de offentliga tjänsterna påverkade människors beslut att flytta geografiskt, vilket kallades "rösta med fötterna". De paneldata som används i denna artikel är marknadspriset på en- eller tvåbostadshus och kostnaden per capita för offentliga investeringsfaktorer i 290 kommuner i Sverige för perioden 2011-2020. Först utfördes PCA-metoden för att dimensionera data och skapa nya indexvariabler. En auktoregressiv panelvektormodell baserad på GMM-estimatorn utvecklades, och klusterrobusta standardfel användes för att hantera autokorrelation och heteroskedasticitet. De empiriska resultaten visade att förutom demografiska variabler hade huvudkomponenterna i de statliga investeringsvariablerna i trafikinfrastruktur, ungdomsutbildning och omfattande hälsovård en positiv stimulerande effekt på fastighetspriserna. Resultaten av Granger-kausalitetstesterna visade att ökningen av huspriserna har en positiv effekt på investeringar i offentlig verksamhet. IRF-plottarna och variansdekompositionen av första ordningens skillnad i fastighetspriserna under de följande tio perioderna visade att trots positiva stimulansåtgärder för offentliga investeringar var huspriserna mer oberoende i framtiden, vilket tydde på att den dominerande faktorn i rörelserna var sig själv.