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Bostadsmarknaden har under lång tid sett en kraftig prisuppgång, inte minst i Stockholm.Priset på bostäder är något som påverkar nästan alla i samhället och diskuteras flitigt. Attförstå vad som påverkar priset på en bostad är inte helt lätt, men är mycket viktigt för att somkonsument kunna göra informerade beslut när det kommer till att köpa eller sälja en bostad.Det finns en mängd olika omständigheter, såsom makro-, mikro- och objektsspecifika faktorersom kan ha en effekt på priset av en bostad. Den här studien fokuserar på att öka kunskapen om hur objektspecifika faktorer påverkarslutpriset på en bostadsrätt genom att tillämpa och utvärdera den hedoniskavärderingsmetoden. En bostadsrätt kan ses som en kombination av olika delegenskaper somtillsammans utgör bostadsrättens helhet. För att kunna studera objektsspecifika faktorerseffekt på slutpriset av bostadsrätter används den hedoniska metoden, vilket bygger påregressionsanalyser för att implicit härleda de olika attributens påverkan på slutpriset. Efter attha statistiskt validerat och jämfört modellerna med tidigare studier blev resultat avutvärderingen att den hedoniska värderingsmetoden är ett tillförlitligt verktyg för att prissättaobjektspecifika attribut på bostadsrätter. Undersökningen har gjorts på bostadsrätter såldainom Stockholms innerstad under året 2020 där totalt 4 797 objekt studerades.Studien har kommit fram till att en bostadsrätts boyta var den egenskap som hade störstpåverkan på slutpriset under 2020. Vidare påvisades att bostadsrättens läge har en stor effektpå dess pris, där stadsdelarna Östermalm och Norrmalm / Gamla Stan genererade ett högrepris än övriga stadsdelar. Även byggnadsåret för bostadsrätten visade sig ha en signifikanteffekt på priset. Enligt resultatet värdesätter köpare äldre lägenhetshus högre än nyare.Framför allt visade det sig att konsumenter var villiga att betala ett högre pris för bostadsrätterbyggda innan 1920. Våningsplan, balkong och antal rum uppvisade också en positiv påverkanpå slutpriset, även om påverkan inte var lika stor som för boyta, läge och byggnadsår.Avgiften för en bostadsrätt visade sig ha en klart negativ effekt på slutpriset. Bostadsrättermed en hög avgift genererade ett lägre slutpris än bostadsrätter med en låg avgift, allt annatlika. Med andra ord uppvisades en tydlig preferens för bostadsrätter med låga avgifter. / For a long the housing market has time seen a sharp rise in prices, not least in Stockholm. Theprice of housing is something that affects almost everyone in society and is widely discussed.Understanding what affects the price of a home is not entirely easy but very important for aconsumer to be able to make informed decisions when it comes to buying or selling a home.Of course, there are a variety of circumstances, such as macro-, micro-, and object-specificfactors that influence the price of a home. This study focuses on increasing the knowledge of how the object-specific factors affect thefinal price of a home. This paper was conducted on condominiums sold in Stockholm's innercity during the year 2020, where a total of 4,797 observations were studied. A condominiumcan be viewed a combination of different attributes that make up the condominium as awhole. In order to be able to study the effect of object-specific factors on the final price ofcondominiums, a hedonic method has been used. The hedonic method is based on regressionanalyzes to implicitly derive the influence of the various attributes on the final price. What the study has concluded is that the most important characteristic of a condominium toexplain the final price is its living space. Furthermore, it was shown that the location of thecondominium has a large effect on its price, the districts Östermalm and Norrmalm / GamlaStan generated a higher price than other districts included in the study. The construction yearof the apartment building also proved to have a significant effect on the price. According tothe results, buyers value older apartment buildings higher than newer ones. Above all, itturned out that consumers were willing to pay a higher price for apartments built before 1919.Floor plan, balcony, and the number of rooms also showed a positive impact on the finalprice. The monthly fee for a condominium turned out to have a clear negative effect on the finalprice. Condominiums with a high fee generated a lower final price than for those with a lowfee all other things being equal. A clear preference for condominiums with low fees becameapparent.

This dissertation consists of three essays on Hedonic price method which is widely used in non-market good evaluation. The first chapter outlines three topics involved and briefly discusses the motivations and methods, as well we some conclusions in each of the following chapters. Chapter 2 uses a conventional first stage hedonic price method to estimate the effect of an aquatic invasive species (Eurasian watermilfoil) on lakefront property values at selected Vermont lakes. Results indicate that as the primary component of total aquatic macrophyte growth in a lake Eurasian watermilfoil significantly and substantially affects lakefront property values. As Eurasian watermilfoil infests a lake, adding to the total macrophyte growth, property values can diminish by <1% to 16% for incremental increases in the infestation level. Hence, policies that successfully prevent infestations have significant economic benefits to owners of lakefront properties and local communities. Chapter 3 focused on a previously unexplored potential impact of 9/11—the impact it may have had on housing prices near mosques. Using a unique dataset that combines the locations of functioning mosques with housing transactions near the time of 9/11, combined with a generalized difference-in-differences framework, we find that housing prices decreased by approximately 7% ($10,559 for the average home) in areas near mosques along the east coast of the U.S. on average in the two years following the attacks. However, on the west coast we find no evidence that 9/11 caused a systematic decrease in housing prices near mosques. Chapter 4 begins from a conventional model of hedonic equilibrium where a nonmarket amenity is conveyed as an attribute of a differentiated traded good. Different metropolitan areas may have different equilibrium price functions due to geographic variation in consumer preferences, income, and production costs. We demonstrate that under relatively mild restrictions on the geographic extent of taste-based sorting, indicator variables for metro areas define "imperfect instruments" that can be used to identify bounds on demand curves. Bounds on demand curves correspond to ranges of partial equilibrium welfare measures for non-marginal changes in environmental quality. We find these ranges to be informative in a preliminary application to evaluating the benefits of reducing cultural eutrophication of lakes in Maine, New Hampshire, and Vermont. The last chapter concludes and discusses the insights for future research. / Ph. D.

Since the Tax Reform Act of 1986, Low-Income Housing Tax Credit (LIHTC) has been a major source of affordable housing provision for low to middle-income families. Meanwhile, growing concern about potential decrease of property value in neighborhoods has been the main obstacle for most of the affordable housing projects. As a result, LIHTC projects are facing backlash from neighborhoods near the potential affordable housing projects – NIMBYism (Not In My Back Yard). However, during decades, it has been always controversial whether LIHTC is actually affecting neighborhood property value in negative way. This study tests the hypothesis that the LIHTC projects affect negatively on neighborhood single-family home property value in Austin, Texas. Single-family homes within 2000-feet radius from the selected LIHTC projects were analyzed based on the Travis County Appraisal District annual appraisal values between 1993 and 2008. / text

Light Rail Transit (LRT) has been getting more attention in U.S. cities due to its socio-economic benefits, such as reducing pollution and congestion, as well as promoting regional economic development. However, huge capital costs remain an obstacle to the construction of a new light rail system. For this reason, cities in the planning phases of LRT want to use value capture tools to finance transit construction and operation. In theory, any improvement in a transportation structure that increases accessibility and reduces transportation cost can be capitalized into property values in an area. In turn, governments levy taxes on a portion of the additional value of adjacent properties. This study, however, aims to empirically examine whether value capture is possible in the recession when property and land values continue to decrease. The study uses the case of the DART Green Line, which started to run in 2009 just after a financial crisis in the U.S. The 5745 residential parcels are analyzed with using a hedonic price model in order to detect the Green Line’s influence on residential values before and after the recession. To enhance the proficiency of the regression, this study includes several structure and neighborhood characteristics. The statistical results found the Green Line’s benefits on residential values both in the pre-Green Line period (before the recession) and the post-Green Line period (during the recession). It is noteworthy there are still positive influences of transit accessibility on residential values even in the unstable housing market, although the magnitude of the variable has diminished compared to the pre-Green Line period. / text

Light rail transit (LRT) systems are tools to help reduce traffic congestion and air pollution, promote high-density development and more affordable housing, and curtail urban sprawl in metropolitan cities throughout the United States. The impact of transit system services on property values has been studied from various perspectives using many statistical approaches. There are two general categories of effects that proximity to a light rail system can have on the value of residential properties: accessibility benefits (experienced in close proximity to the LRT stations) might increase property values, while nuisance qualities (experienced in both proximity to the LRT line and stations) could have a negative effect on residential property values. Due to the opposing nature of these coexisting effects, results from many empirical studies have been contradictory or inconclusive. This report reviews the spectrum of results found by the growing body of literature focusing on the capitalization effects of rail stations on property values. The economic effect of one particular LRT system, the 7.5 mile long METRORail line located in Houston, Texas, on the value of properties within close proximity to rail stations has not been thoroughly examined, as it only opened for service in 2004. This study utilizes property data acquired from the Harris County Appraisal District (HCAD), Geographic Information System (GIS) techniques, and Hedonic Price Models to analyze the impact of the LRT system in the city of Houston, Texas, on the value of residential properties that lie within close proximity to the line’s rail stations. / text

The aim of this thesis is to examine the influence of selected characteristics of sold flats (2007-2012) in Prague on the selling price. The analysis is made on group of similar flats of size 3+1 and 3+kk. Data consist of 1185 observations. I am using the hedonic price method to investigate the influence of selected variables. The results indicate that with rise in availability by 1% the price of flat decrease by 0, 13%, with rise of its size the price rise by 0,92%. The price of flats rise by 13% when the cooperative ownership change to personal ownership The change of construction materials from panel to bricks rise the price of flat by 23%, the reconstruction of bathroom rise the price by 5,7%. Other finding is that overall reconstruction rises the price by 11%. Garage increase the price by 24%. Finally the hypothesis that flat in the ground floor is negatively viewed and the price of flat decrease by 2, 5%.

The impact of geographical choices is crucial for both individuals and businesses to assess. Generally, companies are favored by being in accessible areas, which pushes up the demand and price for space. This phenomenon is referred to as a bid-rent theory. Infrastructure like roads and public transport contributes to accessibility. Earlier studies have shown that property prices are affected by all public means of transport but seems to be mostly affected by the accessibility to metro stations. With a quantitative research method, the aim of this master thesis is to explore how commercial property transaction prices are affected by the proximity to public transport specified on metro stations in Stockholm. Our study is performed on 123 officebuildings, and all observations are within the timeline of 2015 to 2021, in both the inner and outer city. The aim is also to explore the difference between those areas. In this study, a hedonic price model is used, where price/sqm is the dependent variable: y = m + β1x1 + … + βnxn + ε 10 independent variables are used, all arguably related to determine a price for a commercial office property. The variables Metro and I/O are in focus and considered our main variables to examine, Metro represents the distance to metro stations and I/O is a dummy for inner and outer city. In total, 7 models are presented in the results, with different combinations of independent variables. All models contribute to discussion, however, the model that we consider gives the most relevant results has a degree of explanation R2 of 46,7%. This model gives us significant results on both independent variables in focus, and the model itself. A large factor that interrupted better results was the limitations on observations. The interpretation of the model for offices in the inner city showed that the dependent variable changed 0,667 units when the independent variable I/O changed 1 unit. Moreover, when the distance to metro stations increased with 1 unit the dependent variable decreased with 0,0454 units per km. Furthermore, within the inner city the distance to metro stations tends to have less significance, to clarify the reason why, is yet to be discovered. / Valet av geografisk placering är något som både privatpersoner och företag påverkas av. Generellt sett är det ekonomiskt fördelaktigt för företag att placera sig i lättillgängliga områden, vilket i sin tur bidrar till en högre efterfrågan och högre hyror i vissa områden. Infrastruktur såsom vägar och kollektivtrafik bidrar till ökad tillgänglighet. Tidigare studier visar att närhet till kollektivtrafik, oavsett trafik-slag, har en effekt på priset. Dock verkar priset påverkas främst av tillgängligheten till tunnelbana. Med en kvantitativ forskningsmetod är syftet med denna masteruppsats att undersöka hur kommersiella fastighetspriser påverkas av närhet till kollektivtrafik, med en inriktning på tunnelbanestationer i Stockholms län. Vår studie grundar sig på 123 kontorsfastigheter och samtliga transaktioner är utförda mellan år 2015–2021, i både innerstad och ytterstad. Syftet är därför också att undersöka vilken skillnad det finns mellan dessa områden. I studien används en hedonisk prismodell, där vår beroende variabel är pris/kvm: y = m + β1x1 + … + βnxn + ε 10 oberoende variabler, som i någon mån kan förklara priset, har använts i analysen. Bland dessa har vi haft störst fokus på variablerna för avstånd till tunnelbanestation Metro samt dummy-variabeln för innerstad/ytterstad I/O. Totalt sett redovisas 7 modeller med olika kombinationer av oberoende variabler. Samtliga modeller bidrar till diskussion, men den modell vi anser ger oss mest relevant information har en förklaringsgrad R2 på 46,7% och visar signifikans på modellen i sin helhet samt våra oberoende variabler i fokus. Tolkningen av modellen för kontorsfastigheter i innerstaden visade att den beroende variabeln steg 0,667 enheter när den oberoende variabeln I/O ändrades med 1 enhet. Samt visade det sig att när avståndet ökade till tunnelbanestationer med 1 enhet så minskade den beroende variabeln med 0,0454 enheter per kilometer. Dessutom, tenderar avståndet till unnelbanestationer i innerstad, att ha mindre påverkan på priset. Orsaken till detta, framgår inte i denna studie.

成本法為估價三大方法之一，其中折舊率之掌握至今仍無定論，Malpezzi et al.（1987）、Smith（2004）指出，由於土地無實體損壞及功能性退化，故利用特徵價格法分析折舊時，分析主體包含土地，將造成折舊的低估，而國內先前研究亦指出，分析主體包含土地，可能是使其分析結果不合常理的原因。本研究採特徵價格法，以台南市透天建物為對象，實證結果與Malpezzi等之論點一致，即不包含土地之價格函數，確有較高的折舊率，且呈現凸向原點之折舊型態。不動產價格模型亦顯示，建物壽命前期價格逐年下跌，但至後期將反轉向上，反應出土地之再開發價值。 此外，依不動產估價技術規則之規定，求取建物價格時似乎未考慮外部性退化之價值減損，或將其視為與剩餘經濟耐用年數相關。然而Colwell and Trefzger（1994）指出負面外部性將同時影響土地與建物，本文實證結果發現，外部性退化除對土地價格造成影響外，事實上對建物價格亦產生價格減損效果。此外，外部性特徵對於建物價格之影響視兩者距離相鄰程度而定，故不應將外部性退化視為與屋齡相關，而於考量後推估建物剩餘經濟耐用年數。 / In this paper, we verify that estimated depreciation rate is higher when the land price has been extracted from single-family house prices in Tainan, and the depreciation pattern of building is convex to the origin. We also find that property prices will decrease in the early years and then turn to increase; this phenomenon may testify the benefit in land redevelopment. Moreover, this study shows that external obsolescence would reduce not only the land price but also the building price when the surrounding is unattractive, and the decreasing figures caused by external obsolescence shouldn’t base on house age, but distance between house and unattractive objects.

隨著社會經濟結構的轉型，目前台灣已邁向服務業為主的社會型態。為應該服務業及商業所需的辦公空間，因此辦公大樓陸續的興建。隨著近年來不動產的投資興盛，辦公大樓成為了外資或者保值的投資選擇。而判斷辦公大樓價值的標準即為該大樓所能創造的收益為何。辦公大樓的收益為租金，因此了解影響租金組成的因素，能夠提供我們在進行投資決策時一個參考的依據。但過去已有許多租金影響因素之研究，是以本研究擬從不同的觀點切入來探討租金的成因。 近十年來，國內許多豪宅或者知名的辦公大樓引進入物業管理的方式，取代了過去由管理委員會主導的管理模式。物業管理的興起，乃是人們對於住宅安全以及管理品質引申需求。對於物業管理的研究，國內目前仍著重在管理績效的衡量以及利用電腦提升物業管理效率的部分，鮮有探討辦公大樓租金與物業管理之間的關連。是以，本研究以台北市六行政區的辦公大樓為標的，利用特徵價格模型(Hedonic Price Model)和BOX-COX轉換，從物業管理的觀點來探討辦公大樓租金的影響因素。 / In Taiwan, business has become the main economic activity. The more prosperous business is, the more office spaces are requested. To understand the composition of office rent, hedonic price model is used as an analysis tool frequently. The varieties, such as age, distance of MRT, or standard floor, are usually used as the hedonic varieties. When property management is getting popular in the decade, there are few research use property management as varieties. To understand if the difference of property management style would affect the office rent, this essay used Box-Cox translation and Semi-Log regression to analyze the relationship between property management and office rent.