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.

In the wake of the recent turbulent economic landscape caused by the Covid-19 pandemic with high inflation and subsequent interest rate hikes the real estate sector has been in the eye of many. What are the effects of interest rate changes on real estate transaction values? Are all real estate sectors and regions equal? Previous research on the topic suggests that there is sensitivity, but a lot of research is done one REITs or publicly traded companies, using direct property transactions in the market as the focus of the studies that have been conducted is rare. Furthermore, the comparison between different regions and property types is also left largely unexplored. The theoretical frameworks that have been used to give an understanding of the multifaceted effects interest rate has on real estate vital mechanics includes DCF, 4Q, Yield curve and Leverage. A transaction database spanning the years 2003-2023 consisting of 7.182 transactions was used for the study. Regression models were used to answer the questions of the study and the findings suggest that there is a sensitivity to changes in interest in the Swedish real estate market as well as a difference between different regions and property types. / I spåren av det nyligen turbulenta ekonomiska landskapet orsakat av Covid-19 pandemin, med hög inflation och efterföljande räntehöjningar, har fastighetssektorn varit i många människors fokus. Vilka är effekterna av ränteförändringar på värden i den direkta marknaden för fastighetstransaktioner? Och delar olika regioner och segment samma känslighetsnivå? Tidigare forskning på området tyder på att det finns en känslighet, men att använda direkta transaktioner på marknaden som fokus för genomförda studier är sällsynt. Vidare är jämförelsen mellan olika regioner och fastighetstyper också till stor del outforskat. De teoretiska ramverk som har använts för att förstå de mångfacetterade effekterna av ränteförändringar på fastigheters vitala mekanismer inkluderar DCF, 4Q, avkastningskurvan och hävstångseffekten. En transaktionsdatabas mellan åren 2003-2023 och 7 182 transaktioner användes för studien. Regressionsmodeller användes för att besvara studiens frågor och resultaten tyder på att det finns en känslighet för ränteförändringar på den svenska fastighetsmarknaden samt skillnader mellan olika regioner och fastighetstyper.

The primary objective of the thesis is to investigate whether there exists a price premium for LEED-certified buildings in Sweden's commercial property market. Furthermore, the thesis investigates the inflation-hedging potential of commercial real estate in Sweden, aiming to determine if LEED-certified buildings are a more effective hedge against inflation. The thesis aims to contribute to the existing body of knowledge on ESG and sustainability practices, offering valuable insights to investors, occupiers, and other stakeholders to make more informed decisions. To determine these relationships, the thesis employed a quantitative approach and constructed four hedonic regression models in R-Studio. One model examines the price premiums of LEED-certified buildings, while the other model focuses on the price growth of these buildings in relation to inflation. Transactional data was obtained from Cushman & Wakefield Sweden, consisting of 412 observations ranging from the second quarter of 2013 to the first quarter of 2024. Data has been collected from various sources, including MSCI Property Intel, the U.S. Green Building Council, and the SCB Statistical Database. According to the results, there is a significant price premium of 40.1% for LEED-certified buildings in Sweden's commercial property market. In addition, buildings with a Platinum-level command a price premium of 103%, while those with a Silver-level carry a price premium of 80%. Buildings with a Gold-level did not demonstrate any statistical significance. Additionally, the findings indicate that LEED-certified buildings outperform non-certified ones in terms of price growth during inflationary periods, at 5.8% per 1% increase in CPIF. The latter is more in line with the CPIF, indicating that LEED-certified buildings may serve as a more efficient inflation hedge in Sweden's commercial property market. The results suggest that the null hypothesis for both models can be rejected and the alternative hypothesis can be accepted. / Det primära syftet med avhandlingen är att undersöka om det finns en prispremie för LEED-certifierade byggnader på den svenska kommersiella fastighetsmarknaden. Dessutom undersöker avhandlingen inflationssäkringspotentialen hos kommersiella fastigheter i Sverige, med målet att avgöra om LEED-certifierade byggnader är ett effektivare skydd mot inflation. Avhandlingen syftar till att bidra till den befintliga kunskapen om ESG och hållbarhet praxis, vilket ger värdefulla insikter till investerare, ockupanter och andra intressenter för att fatta mer informerade beslut. För att fastställa dessa relationer använde avhandlingen ett kvantitativt tillvägagångssätt och konstruerade fyra hedoniska regressionsmodeller i R-Studio. En modell undersöker prispremier för LEED-certifierade byggnader, medan den andra modellen fokuserar på prisökningen av dessa byggnader i förhållande till inflationen. Transaktionsdata erhölls från Cushman & Wakefield Sverige, bestående av 412 observationer som sträckte sig från det andra kvartalet 2013 till det första kvartalet 2024. Data har samlats från olika källor, bland annat MSCI Property Intel, U.S. Green Building Council och SCB statistikdatabas. Enligt resultaten finns det en signifikant pris premie på 40,1% för LEED-certifierade byggnader på den svenska kommersiella fastighetsmarknaden. Vidare erhåller byggnader med en Platinum-nivå en prispremie på 103%, medan de med en Silver-nivå erhåller en prispremie på 80%. Byggnader med Guld-nivå visade ingen statistisk betydelse. Dessutom visar resultaten att LEED-certifierade byggnader överträffar konventionella byggnader avseende prisökning under inflation, med 5,8% per 1% ökning i KPIF. Det senare är mer i linje med KPIF, vilket tyder på att LEED-certifierade byggnader kan fungera som en effektivare inflationssäkring på den svenska kommersiella fastighetsmarknaden. Resultaten tyder på att nollhypotesen för båda modellerna kan förkastas och den alternativa hypotesen kan accepteras.

This study investigates relationship marketing by estate agencies in the residential property market of South Africa. In determining the residential estate agency's knowledge of relation­ ship marketing, an extensive literature study was undertaken on the marketing environment and broader market, marketing concept, market segmentation and target marketing, the marketing mix and expansion thereof, as well as customer service and internal marketing. An empirical study was conducted to determine the residential estate agency's present knowledge and practices of the basic components of relationship marketing. In the study a structured questionnaire was mailed to all residential estate agencies which are members of the Estate Agency Affairs Board. The most significant findings are that: the majority of respondents do not have mission statements and do not know what a mission statement is; they set marketing objectives which are communicated to the agents; when appointing new agents they consider the agent's service orientation and ability to work with clients, but qualifications and previous experience are not viewed as important; they train estate agents themselves and emphasise after-sales contact and building of long-term relationships, but do not stress customer behaviour influences; a large percentage do not conduct competitor analyses and view marketing research as unimportant, but are of the opinion that they have superior market knowledge and offer the best service quality; they regard the principles of the marketing concept as important; they engage in a large number of after-sales services, although few realise that contact after occupation is important; they regard the buyer's financial means as important and engage in activities to ensure customer service, but do not have formalised feedback systems to test customer satisfaction; they engage in internal marketing activities, strive to create a positive corporate culture and try to retain good agents. In conclusion it can be said that there is evidence that the principles of relationship marketing are followed by residential estate agencies in South Africa. There are, however, concerns about the long-term commitment of estate agencies towards their clients because of the lack of feedback systems and the lack of in-depth knowledge of the market. / Business Management / D. Comm (Business Management)

This study investigates relationship marketing by estate agencies in the residential property market of South Africa. In determining the residential estate agency's knowledge of relation­ ship marketing, an extensive literature study was undertaken on the marketing environment and broader market, marketing concept, market segmentation and target marketing, the marketing mix and expansion thereof, as well as customer service and internal marketing. An empirical study was conducted to determine the residential estate agency's present knowledge and practices of the basic components of relationship marketing. In the study a structured questionnaire was mailed to all residential estate agencies which are members of the Estate Agency Affairs Board. The most significant findings are that: the majority of respondents do not have mission statements and do not know what a mission statement is; they set marketing objectives which are communicated to the agents; when appointing new agents they consider the agent's service orientation and ability to work with clients, but qualifications and previous experience are not viewed as important; they train estate agents themselves and emphasise after-sales contact and building of long-term relationships, but do not stress customer behaviour influences; a large percentage do not conduct competitor analyses and view marketing research as unimportant, but are of the opinion that they have superior market knowledge and offer the best service quality; they regard the principles of the marketing concept as important; they engage in a large number of after-sales services, although few realise that contact after occupation is important; they regard the buyer's financial means as important and engage in activities to ensure customer service, but do not have formalised feedback systems to test customer satisfaction; they engage in internal marketing activities, strive to create a positive corporate culture and try to retain good agents. In conclusion it can be said that there is evidence that the principles of relationship marketing are followed by residential estate agencies in South Africa. There are, however, concerns about the long-term commitment of estate agencies towards their clients because of the lack of feedback systems and the lack of in-depth knowledge of the market. / Business Management / D. Comm (Business Management)

This thesis deals with residential real estate market in the Austria and its development. The theoretical part defines the basic concepts of valuation, such as flat, family house, usual price, valuation legislation, expert opinion and summary methods of residential property valuation in Austria. The other part is targeted of the property market. The practical part deals with valuation of real estates in selected ways. In thesis attachment is processed an exemplar of the evalution report for a flat according to the standards and the methodologies used to by the evaluation in the Austria.

The submitted thesis focuses on establishing the extent of influence of material composition of selected segment of real estates (units) on their market price and price of the existing properties in the locality, including reasoning and experimental validation of market value (or market price) assessment methodology of the given property. It is indisputable that there are many subjective opinions and views of each individual assessor (of expert opinion) entering into the process of property assessment. Therefore it is necessary to “standardise” or rather unify, if possible, at least some input data in a way most likely preventing disproportions that are still a part of expert practise nowadays. The influence of material composition on the value (price) of the property, as for the relation to unit size, its locality and also its age and technical condition, is within this thesis verified first of all in computational phase of the assessment of the specific unit, when it in principle shows possible inaccuracy in assessing the final price of property, which should be avoided by a proper expert assessment. Practical impact and use of the influence of material composition is applied within the comparative method as one of several assessment methods that can be employed in establishing (assessment) of market value of the property.