published_or_final_version / abstract / toc / Real Estate and Construction / Doctoral / Doctor of Philosophy

abstract / Housing Management / Master / Master of Housing Management

published_or_final_version / Urban Studies / Master / Master of Social Sciences

published_or_final_version / Housing Management / Master / Master of Housing Management

University of Macau / Faculty of Law

The commercial value for Bed and Breakfasts and Country Inns did not kept pace with other lodging establishments. Lodging real estate investment trusts (REITs) grew in the 1990's by acquiring hotels and motels but not the smaller Inns. This study investigated what sale terms and conditions an Inn owner would sell their property to a REIT. The study examined what conditions an innkeeper would manage the property for the REIT once the sale was closed. This study concluded that a REIT was not a feasible exit strategy for Inn owners.

The purpose of this thesis is to analyse the progress and development connected to the acquisition of domestic real estate by foreign exchange non-residents, especially the changes in legal regulations which deal with this issue, and to document this liberalisation with examples from court procedures. This thesis comprises seven chapters; the first two chapters are designated for the introduction, where the goals of this thesis are defined, and for a short historical excursion which introduces the issue from a historical context. The core of this thesis is chapters three, four and five. Chapter three describes and evaluates the development of this issue in the period between November 1989 and the adoption of the last Foreign Exchange Act. The most attention is paid to the dynamic development of the regulations in the Foreign Exchange Act and on the context of other matters which had a large impact on its provisions. The purpose was to order the single chapters and subchapters so that they constitute a logical unit on the one hand, but on the other hand each subchapter deals with its own topic and part of the issue. Logical milestones are events like the Accession of the Czech Republic to the European Union and the expiration of transitive periods. Factually the single subchapters deal with special...

This diploma thesis compares various appraisal methods while appraising chosen real estate. The goal of this thesis is to compare different outcomes of those methods and to analyze the origin of incurred differences.

Bakgrunden till studien är att den kommersiella fastighetsmarknaden är en säregen marknad, med kännetecken som heterogenitet och illikviditet. Det råder en form av informationsasymmetri mellan olika parter på fastighetsmarknaden, detta på grund av att fastighetsbolag besitter mer information om fastigheterna än andra intressenter på marknaden. Detta samtidigt som det även råder en annan form av informationsasymmetri, att en stor del av fastighetstransaktioner idag sker genom bolagsförvärv, vilket leder till att dessa inte blir publika för allmänheten. Tidigare forskning menar att det finns olika metoder att tillgå vid värdering till verkligt värde samtidigt som professionsteori förklarar hur en yrkesroll som benämns profession arbetar i sin yrkesroll. Syftet med studien är således att med grund i problematiken kring fastighetsvärderingar till verkligt värde, förklara den process som fastighetsvärderare använder sig av för att känna sig trygg i sin värdering. För att besvara syftet med studien tillämpades en kvalitativ metod i form av semistrukturerade intervjuer med auktoriserade fastighetsvärderare i Sverige. Datan bearbetades och analyserades genom transkribering, och kodning genom indelning i kategorier och teman efter ett induktivt tillvägagångssätt. I diskussionen ställdes den teoretiska bakgrunden mot den insamlade empiriska datan. I slutsatsen skrivs att det är flera olika faktorer som skapar trygghet i värderingsprocessen. De värderingsmetoder som finns tillgängliga för en fastighetsvärderare att tillämpa för att värdera kommersiella fastigheter är inte alltid tillräckliga för att eliminera de osäkerheter som möjligtvis kan råda under en värderingsprocess. För att en fastighetsvärderare ska bli trygg i sin värderingsprocess krävs bland annat även erfarenhet, kollegialitet och autonomi. / The background to this thesis lies in the commercial property market’s unique characteristics, such as heterogeneity and illiquidity. There is also information asymmetry between different actors on the market, since the real estate companies have access to more knowledge regarding their properties. At the same time, there is also another form of information asymmetry, since many of the transactions within the real estate market occur through company acquisitions and these are not therefore made public. Previous research implies that there are different methods that can be used when appraising real estate at fair value while profession theory explains how a profession works. The purpose of this study is therefore, based on the complexity surrounding real estate appraisals to fair value, to explain the process an appraiser uses to feel assuredness in the appraisal. To answer the study’s purpose, a qualitative method was adapted by conducting semi-structured interviews with authorized appraisers in Sweden. The collected data were processed and analyzed through transcription and coding via division into categories and themes. An inductive approach was used. In the discussion the theoretical background was put up against the collected empirical data. In the conclusion it is made clear that several different factors create assuredness in the appraisal process. The methods that are available to an appraiser are not always enough to eliminate the uncertainties that might occur during an appraisal process. Experience, collegiality and autonomy are amongst the factors required for an appraiser to reach assuredness in the appraisal process.

A research report submitted to the Faculty of Engineering and the Built Environment in partial fulfilment of the requirements for the degree of Master of Science (Building), University of the Witwatersrand, 2016 / South Africa implemented the REIT structure in 2013 with the intention of encouraging local and international investment. A year after implementation South African listed property was reported to have performed better than the UK, European, and Asian REITs. This report assesses the initial performance of South African REITs and their portfolio diversification benefits when paired with Shares, Bonds, T-Bills, and other Listed Property in a mixed-asset portfolio, over the period May 2013 to December 2015. The findings show that REITs are the second best performing asset, risk-adjusted. REITs are a return-enhancer when included in a mixed-asset portfolio, and tend to contribute at the higher end of the risk spectrum. This reports contributes to the few that exist on emerging markets, it is a study of the only major REIT market in Africa, and is significant as it discusses South African REITs from their implementation. / MT2017