In a unique opportunity to examine rare appraisal data from the commercial real estate sector, the accuracy of three machine learning algorithms is compared in the task of appraising commercial real estate. The algorithms; random forests, support vector regression and artificial neural networks, are tested in research about residential real estate, but the area of commercial real estate has remained relatively unexplored due to corporate secrecy. The mean absolute percentage error of the trained models range from 44% to 24% and is held as a baseline. The best performing baseline model, Random forests, was then made more sophisticated in order to evaluate how much performance could increase. It was found that the introduction of Gradient boosting reduced the aforementioned error from 24% to 20%. In comparison, the average human expert appraiser performs at an average error of 12%. The conclusion is that more work is needed in order to compete with human expert appraisers - and that this is a feasible task considering some of the inherent issues within the used data could be resolved with much manual labor. / Med hjälp av en unik datamängd från den kommersiella fastighetssektorn utvärderas prestandan hos tre maskininlärningsalgoritmer i uppgiften att värdera kommersiella fastigheter. Dessa algoritmer; slumpmässig skog, stödvektormaskin samt artificiella neurala nätverk, förekommer ofta inom forskning vid värdering av privata boenden, men på grund av datasekretess inom företagsvärlden är det kommersiella fastighetsområdet idag relativt outforskat. Den genomsnittliga procentuella felmarginalen för de tränade modellerna ligger inom intervallet 44% till 24% och detta hålls som en baslinje för prestandan. Den bäst presterande modellen, slumpmässig skog, görs sedan mer sofistikerad i syfte att utforska hur mycket prestandan kan öka. Det konstateras att en implementering av så kallat Gradient boosting sänker den tidigare nämnda felmarginalen från 24% till 20%. Jämförelsevis presterar den genomsnittliga mänskliga värderaren vid en felmarginal omkring 12%. Slutsatsen är att mer arbete krävs för att konkurrera med mänskliga värderare - och att detta bedöms vara genomförbart med tanke på att vissa underliggande problem i den använda datamängden kan lösas med en stor mängd manuellt arbete.

Fastighetsmäklare målas ofta upp som ett yrke där man med lite ansträngning kan tjäna miljonbelopp. För att ha möjlighet att bli registrerad mäklare måste man dels ha läst 120 högskolepoäng gjort 10 veckors handledd praktik, dels möta krav som Fastighetsmäklarinspektionen (FMI) ställer och kontrollerar. Syftet med denna studie är att undersöka hur stor fastighetsmäklares inkomst är samt vad det ärsom påverkar lönen. Vidare görs även en undersökning kring hur mäklarna själva ser på sinlön och hur den står sig i relation till andra yrken. Studien består av en kvalitativ undersökning där sex fastighetsmäklare ingående har redovisat sin lön och arbetade timmar under det första kvartalet år 2022. Vidare har fyra av dessa mäklare intervjuats för att få en mer djupgående förståelse kring hur inkomsten är utformad samt mäklarnas individuella tankar om deras enskilda lön. Studien visar på att skickliga mäklare kan tjäna väldigt mycket pengar, men för att lyckas med detta är etablering och kompetens i branschen ett måste. Ständig uppkoppling samt arbete på obekväma arbetstider visade sig också vara faktorer som påverkade inkomsten positivt.  De mäklare som ställt upp i studien är alla etablerade mäklare som arbetat sig in i branschen vilket resulterat i relativt höga löner för samtliga. Slutligen visade studiens resultat att inkomsten hos de intervjuade fastighetsmäklarna anses normal i relation till de arbete som läggs ner. Ställs inkomsten i relation till utbildningslängden på 3 år samt i jämförelse mot andra välavlönade yrke har de däremot en hög inkomst. / Real estate agent is often portrayed as a profession where you can earn millions with little effort.In order to have the opportunity to become a registered broker, you must have read 120 education credits, done 10 weeks of supervised practice and meet the requirements set and controlled by the Real Estate Agency Inspection (FMI). The purpose of this study is to investigate how big real estate agents income is and what affects the salary. Furthermore, a survey is also carried out about how the brokers themselves view theirsalary and how it compares to other professions. The study consists of a qualitative survey in which six real estate agents have reported in detail their salary and hours worked during the first quarter of 2022. Furthermore, four of these agents have been interviewed to gain a more in-depth understanding of how the income is structured as well as the agent's individual thoughts about their individual salary. The study shows that skilled brokers can earn a lot of money, but to succeed in this, establishment and competence in the industry is a must. Constant availability and working inconvenient hours also proved to be factors that positively affected the income.  The brokers who participated in the study are all established brokers who worked their way into the industry, which resulted in relatively high salaries for all of them. Finally, the results of the study showed that the income of the interviewed real estate agents is considered normal in relation to the work they put in. If the income is put in relation to the length of education of 3 years and in comparison to other well-paid professions, they do have a high income.

Syftet med uppsatsen är att försöka identifiera möjliga etiska dilemman kopplat till fastighetsmäklarens yrkesutövning och marknadsföring samt klargöra hur fastighetsmäklaren bör förhålla sig till dessa rent etiskt, men också rent lagmässigt. Detta med en förhoppning att bidra till en klarhet kring marknadsföringens etiska aspekt som en del av yrkesutövningen. Undersökningen grundar sig i frågeställningarna kring vilka etiska dilemman som kan identifieras kopplat till marknadsföringen i fastighetsmäklarens yrkesutövning samt hur fastighetsmäklaren bör förhålla sig till dessa etiska dilemman i förhållande till etik och svensk rätt.  Undersökningen genomförs med så kallad mixed method där avstamp tas i den rättsdogmatiska metoden för att sedan vidareutvecklas med hjälp av en kvalitativ metod där praxis utgör det huvudsakliga materialet.  Resultatet visade att det finns en uppsjö av etiska dilemman kopplat till yrkesutövningen även om denna uppsats inte på något sätt är uttömmande i frågan. Det framkom också att etiska dilemman främst framstår i de situationer då fastighetsmäklaren hamnar i en dragkamp mellan sina egna intressen och säljarens eller köparens.   Slutsatsen är att det främst är i scenarion där mäklaren böjer sig för egoismen som etiken också sviktar. Därför är det av stor vikt att mäklarens opartiskhet tillåts ta stor plats i yrkesutövningen samt att varje enskild mäklare håller sig uppdaterad kring den praxis som hela tiden utvecklas gällande God fastighetsmäklarsed samt förhåller sig till denna. / The purpose of the essay is to try to identify possible ethical dilemmas linked to the real estate agent's professional practice and marketing as well as to clarify how the real estate agent should relate to these, both ethically and legally. The objective is to contribute to a clarification around the ethical aspect of marketing as part of the real estate agent’s professional practice. The investigation is based on the questions surrounding which ethical dilemmas can be identified linked to marketing in the real estate agent's professional practice and how the real estate agent should relate to these ethical dilemmas in relation to ethics and Swedish law.  The investigation is carried out using a so-called mixed method where the basis is taken in the legal dogmatic method and then further developed with the help of a qualitative method where precedents constitute the main material.  The result showed that there are a multitude of ethical dilemmas connected to professional practice, even if this essay is in no way exhaustive in the matter. It also emerged that ethical dilemmas mainly appear in situations where the real estate agent ends up in a tug-of-war between his own interests and those of the seller or buyer.  The conclusion is that it is mainly in the scenario where the real estate agent bows to egoism that ethics also fail. Therefore, it is of great importance that the real estate agent's impartiality is allowed to take a large place in professional practice and that each individual real estate agent stays up-to-date on the precedents that are constantly developing regarding good real estate etiquette, as well as acts accordingly.

Main subject of this diploma thesis is real estate sector, his basic principles, structure and factors of influence. Diploma thesis is analysing actual post - crisis trends in real estate sector, origins and causes of these trends. Special attention is concentrated into the specific development and surroundings of real estate sector in Czech republic. The analysis of the sector transformation intensity is used for searching of future potential of real estate sector, future trends and appropriate measures for healthy growth of real estate sector and long - term sustainability of real estate sector projects. The next one of the main baselines of the thesis is research of behavioral changes of real estate market demand because of cyclicality of real estate market. The research shows context between real estate cycle and business cycle and analyses typical behavioral reaction of demand in various phases of real estate sector cycle.

The question in the study is to what extent the Swedish Real estate sector index acts as a follower of larger and broader stock indexes, and to what extent the index follows the asset values owned by the real estate companies in the asset market? The study is interesting for those trying to understand the development of share values in the Swedish real estate market as well as for those interesting in the “efficient market hypothesis”. The study makes an econometric analysis of the relationship between OMXS30, OMXS Real Estate PI, and the asset value of properties owned by Swedish real estate companies. Indexes are compared with Vector Autoregression (VAR) lag models, tested for dependence of GDP, the repo rent, and inflation. A Granger causality test is also performed. Despite discussed problems with reliability of some tests, the study finds that OMXS30 Granger cause OMX Real Estate PI. The study also finds that, during the period studied, OMXS30 and OMX Real Estate PI develop differently in the initial period but later form a similar path of performance. The asset values of the companies in the real estate market are more strongly correlated with OMXS30 than with their own sector index, OMXS Real Estate PI. No significant effects are found from GDP, the repo rent or inflation on OMXS30 or OMXS Real Estate PI. This may be seen as surprising but follows results from earlier studies.

Baigiamajame magistro darbe nagrinėjamos investavimo į nekilnojamąjį turtą problemos ir optimizavimo galimybės, naudojant kompiuterines programas. Pateiktas investavimo proceso etapų skirstymas ir išanalizuotos kiekvieno etapo optimizavimo galimybės, naudojant įvairias informacines technologijas. Atliktas nekilnojamojo turto rinkos kitimo per pastaruosius ketverius metus tyrimas pagrindžia optimizavimo priemonių taikymo būtinumą investicinėje veikloje. Nagrinėjamos užsienyje taikomos investavimą į nekilnojamąjį turtą optimizuojančios priemonės bei analizuojamos šių priemonių taikymo galimybės Lietuvoje. Taikant lyginamosios analizės principą, nustatoma geriausia investavimo proceso optimizavimo priemonė. Atliekama SSGG analizė pasirinktos optimizavimo priemonės ilgailaikiam taikymui Lietuoje. Išnagrinėjus teorinius ir praktinius investavimo į nekilnojamąjį turtą optimizavimo aspektus, pateikiamos baigiamojo darbo išvados ir siūlymai. / Master degree thesis analyses Real Estate investment issues and optimisation possibilities through use of information technology. The whole investment process is divided into stages and each of them is explored for optimisation possibilities using several information technologies. The dinamic of Real Estate market in the past four years corroborates the need of optimisation in investment practice. Several means of investment optimisation used in foreign practice and possibilities applying them to Lithuanian market are explored. The comparative analysis reveals the best investment process optimising computer program for Lithuanian Real Estate market. The SWOT analysis shows strengths and weaknesses of chosen program while trying to apply it to long term usage in Lithuania. After theory and practice analysis of Real Estate investment optimization aspects final conclusions and suggestions are made.

When faced with an investment opportunity in commercial real estate, the investor requires knowledge of the discount rate since it can be used to convert expected future cash flows from the property in today's terms and in doing so, place a value on the property. The so-called required rate of return would be the appropriate conversion rate since it compensates the investor for risk and, if attainable, will induce the investor to invest. An inaccurate assessment of the discount rate could, depending on the direction of the error, lead to a potential over or under estimation of the property value. A number of single or multiple variable frameworks for required return have been derived by other researchers for the US, UK and EU property markets. Each of the variables encountered in these frameworks acts as a proxy for some aspect of systematic risk associated with the investment. However, locally, such models are either not extensively published or well described and are limited to single explanatory variables. Some professionals prefer to avoid frameworks and simply divert to qualitative, gut-feel and experienced based considerations in order to derive at required return rate. This dissertation addressed the possible local need for an explanatory framework of required return on commercial property. The scope of work entailed: (i) a review of the literature to establish the theoretical determinants of return and (ii) an empirical study to test a short-list of parameters for Retail, Offices and Industrial sites in Cape Town, Pretoria, Bloemfontein and Durban, respectively. Three categories of explanatory variables were identified: (i) Capital market variables and alternative investment opportunities in the form of stocks on the JSE, (ii) economic activity indicators and (iii) property market fundamental parameters. The empirical study entailed a three-phase methodology, which included the following steps: (i) data sampling and processing, (ii) screening variables through the simple regression and correlation coefficients and (iii) multiple regression complemented by statistical significance testing. Between 69% and 98.2 % (alpha=O.1) of the variation in returns could be explained in terms of the variation by the explanatory variables that passed the rigorous screening process. The relative good results are likely to be related to the higher explanatory power of the multi-factor approach. The remaining unexplained portion of return can potentially be decreased by using larger samples and pursuing some of the other recommendations for additional research. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2006.

Real estate is an attractive asset class in the mixed-asset portfolio due to favorable risk return characteristics and low correlations with other asset classes like stock and bonds. Unlike financial assets, real estate is a physical asset where large lot sizes/indivisibility, heterogeneity, low liquidity and high transaction costs make applying financial models like modern portfolio theory (MPT) challenging. Optimal allocations to real estate found in literature are generally lower than actual allocations by investors and portfolio managers indicating there are aspects of the application of MPT to real estate that are not fully understood. Since management of real estate is costly and requires expert skills, the question on whether to outsource property management functions is of paramount interest for the real estate industry. The aim of the thesis is to contribute to the literature on strategic decisions for real estate investors on allocation and management, Apart from reviewing literature relevant for strategic decisions at different levels and using a top-down approach to illustrate how selected allocation and management decisions are connected, four separate empirical studies are made to investigate the nature of selected strategic decisions for real estate investors. / <p>QC 20170515</p>

This diploma thesis deals with the land registry. The purpose of my thesis is to compare old and new legislation relates to Cadastre of Real Estate. The reason for my research is that the new legislation came up with signicifant changes. At the beggining of my thesis you can find introduction. Introduction presents aims of my thesis and also structure. The thesis is composed of seven chapters. Chapter one concentrates on history of land registry. This chapter is subdivided into five parts. In each part is described one of important historical periods related to real estate record. Chapter two examines relevant Czech legislation of cadastral law. It briefly describes effective laws and ordinances. Chapter three deals with fundamental information about Cadastre of Real Estate. This chapter consists of three parts. Part one focuses on basic terms and their definition. Part two describes objects, which are kept recorded. Part three containts information about content of land registry. Chapter four is an analysis of registration into the Cadastre of Real Estate according to past legislation. This chapter provides an outline of relevant Czech case law. Part one describes Entry. Part two is about Record. Part three characterises Note. Chapter five analyzes registration into the Cadastre of Real Estate according to...

published_or_final_version / Housing Management / Master / Master of Housing Management