The thesis maps the decision-making practice of courts in real estate cases and related areas. Judicial decisions are organized in logical parts and there was an effort to provide an overall and comprehensive overview of the opinions held by courts on the individual legal questions arising in real estate cases and thus define the most frequent causes of the disputes and their subject-matters. Explicated in the light of the decisions rendered by the Supreme Court of the Czech Republic and the Supreme Administrative Court of the Czech Republic, or even the findings of the Constitutional Court of the Czech Republic, are judiciary’s attitudes to the basic principles of real estate agency and real estate activity in general, as well as to relating legal questions, with special regard to the contracts usually entered into in real estate practice, primarily agency contracts and mediated contracts. So far, case-law of this kind has not been comprehensively studied, despite the fact that there still are uncertainties regarding both the real estate legislation and the approach to resolution of real estate cases, as well as ensuing typical contractual obligational relations between parties on the real estate market. This is also the reason why this particular topic was chosen for the thesis. Based on the coverage and a thorough analysis of the judicial decisions at issue a conclusion is made that decision-making practice has already stabilized in some real estate areas and these decisions are used as basis in future cases. Nevertheless, there still are some legal questions which have not yet been tackled by courts or conflicting judicial decisions, which may even be rendered in the most essential and fundamental issues of real estate activity. This is partly due to the fact that the real estate market is still a relatively young business field and partly due to missing or inadequate legislation which is to provide for real estate activity, including real estate agency.

In this diploma thesis is processed summary of bases and a method of local investigatioun for evaluation individual types of property intended for housing. The thesis is focused on the realty inspection by individual type sof evaluating and its bases necesery for implementation. In terms of this thesis was made a local inquiry of a family house and a flat. The outcome of the thesis is to determine a procedure for the realty inspection and ensuring bases, which are completing the information about the property.

The aim of this thesis is to highlight the difference between negotiated purchase price, standard price determined by direct comparison and lastly administrative price determined according to the applicable valuation regulations; specifically for the selected housing units located in the regional city of Zlin. The introduction of the thesis explains the basic and legal terms related to the topic, also adduces the difference between price and value, presents valuation methods and characterize real estate market. The second part of the thesis contains a description of the valuation of selected housing units, that were actually traded; and compares the negotiated purchase prices and the values, determined by direct comparison and administrative price.

Thesis is submitted in partial fulfilment for the degree of Master of Science in property development and Management to the Faculty of Engineering and the Built Environment, School of Construction Economics and Management at the University of the Witwatersrand, Johannesburg, 2017 / Purpose- The main objective of this study was to determine a particular knowledge and skill of the senior management of the South African entertainment and media industry towards corporate real estate management. [Abbreviated Abstract. Open document to view full version] / MT 2018

Thesis is submitted in partial fulfilment for the degree of Master of Science in Building (Property Development and Management) to the Faculty of Engineering and the Built Environment, School of Construction Economics and Management at the University of the Witwatersrand, Johannesburg, 2017 / The research study seeks to determine the most resilient residential real estate market segment throughout the economic cycle waves, for the innercity of Johannesburg, South Africa. The study is prompted by various global reports that subtly suggests a uniform effect to real estate market segments throughout economic cycle waves. Such reports have adopted various indices as proxy to economic cycle waves (e.g. interest rates, current account deficit, gross domestic product, etc.) and house price as proxy to real estate market segments in an attempt to justify the relationship between the proxies. For purposes of this research report, business cycles are employed as proxy to economic cycle waves whilst house prices are also representative of real estate market segments. In a country that ranks third globally on high inequality, with a gini coefficient of 0.63, it is considered improbable – at the very least - that the performance of real estate market segments would react uniformly to the effects of economic cycle waves. The residential sector is opted as a test case, mainly due to growing number of population and the desperate need for housing to accommodate such high population growth levels. The housing challenge needs to be thoroughly understood so that informed and/or adequate planning can be formulated. The research study follows a Pragmatism Philosophy, which allows for mixed method approach in addressing research questions, in order to meet the research aim and objectives. An Explanatory Sequential research design is used as a form of mixed method approach. The process involves collecting both Qualitative and Quantitative data, integrating the two forms of data, and using distinct designs that involves philosophical assumptions and theoretical frameworks. In this case, Quantitative methods are used to explain Qualitative methods. Priority is given to Quantitative data and the two methods are integrated during the interpretation phase of the research study. Empirical analysis using tools such as Quantile Regressions (e.g.OLS regressions) for a period between 2005 (Q1) and 2015 (Q4) are analysed and discussed. Standard errors and covariances were computed using tools such as the Huber-Sandwich methods, to which an Augmented Dickey-Fuller test was conducted to test for the null hypothesis of a unit root in a time series sample. The Breusch-Godfrey Serial Correlation LM test is also used to confirm the absence of serial correlation at four lags. The ARCH LM test is used to show that residuals are homoskedastic, i.e. that there is no evidence of time-varying variance. A negative and significant coefficient appears only the high price sector, suggesting that the business cycle has a negative impact on house prices in the high residential real estate market segment, displaying negative average growth over the period. House prices in the low and medium residential real estate market segments do not respond to movements in the business cycle, on the average. Property size also displayed a negative impact on house prices in the high residential real estate market segment. The autoregressive parameters for house prices in the low and middle residential real estate market segments are statistically significant at 5% and 10%, respectively. Negative and significant coefficient is recorded for the middle residential real estate market segment as well, at the second quantile. In conclusion, the low residential real estate market segment appeared to have been the most resilient residential real estate market segment amongst other residential real estate market segments. The middle residential real estate market segment appears to have been a partially resilient, whilst the high residential real estate market segment appears to have been the least resilient. Given these findings, it is submitted that residential real estate market segments need to be considered or assessed individually, in order to formulate adequate strategies for integrated and sustainable human settlements. / MT2018

Kommersiella fastigheter är en kapitalintensiv tillgång, i behov av externt kapital, med flertalet intressenter. Syftet med uppsatsen är att studera effekten av regelverket Basel III genom att se hur fastighetsbolagens finansiering av kommersiella fastigheter har förändrats mellan år 2014 och år 2019. Tidigare har kommersiella fastigheter till största del finansierats med banklån men även andra former av finansiering blir allt vanligare, till exempel genom obligationer, certifikat, crowdfunding och direktfinansiering. Traditionella banklån är beroende av hur bankernas utlåning sker, vilket genom Basel regelverket har blivit mer reglerat de senaste åren. Baselkommittén för banktillsyn främjar den globala finansiella stabiliteten genom att samordna bankregleringar och tillsyn inom den finansiella sektorn. Basel III innebär skärpta kapitalkrav för bankerna och begränsningar för hur exponerade banken får vara mot en bransch eller motpart vid kreditgivning. Undersökningen baserades på elva fastighetsbolag noterade på Stockholmsbörsen i ”large cap”-kategorin. Resultatet visade på en förändring av finansieringskällor för fastighetsbolagen mellan år 2014 och år 2019 där banklån i snitt minskade med 27 procentenheter medan obligationer i snitt ökade med 23 procentenheter. Användningen av certifikat som finansieringskälla ökade marginellt mellan 2014 och 2019. Fastighetsbolagen hade även under denna tidsperiod sänkt sina finansieringskostnader och uppnått en längre kapitalbindningstid samt har idag lägre belåningsgrader. Sammantaget leder detta till att fastighetsbolagens finansiella ställning har blivit bättre. / Commercial real estate is a capital-intensive asset, in need of external capital. The purpose of the thesis is to study the effect of the Basel III by looking at how the real estate companies' financing of commercial real estate has changed between 2014 and 2019. Previously, commercial real estate has largely been financed with bank loans, but other forms of financing are becoming more common, for example bonds, certificates, crowdfunding and direct financing. Traditional bank loans are depending on different aspects such as risk weighted assets, which through the Basel regulations has become more regulated in recent years. The Basel Committee on Banking Supervision promotes global financial stability by coordinating banking regulations and supervision in the financial sector. Basel III entails stricter capital requirements for the banks and limits on how exposed the bank may be to an industry or counterparty when granting credit. The study was based on eleven real estate companies listed on the Stockholm Stock Exchange in the “large cap” category. The result showed a change in funding sources for the real estate companies between 2014 and 2019 where bank loans on average decreased by 27 percentage points while bonds on average increased by 23 percentage points. The use of certificates as a source of financing increased marginally between 2014 and 2019. During this period, the real estate companies had also lowered their financing costs and achieved a longer capital commitment period and today have lower loan-to-value ratios. To summarize, this means that the real estate companies' financial position has improved. TRITA-ABE-MBT-20479

Stockholm upplever en ökad urbanisering, en fastighetsbransch som är i ständig tillväxt, denlängsta bostadskön i historien och en vakansgrad på kontorsfastigheter som är rekordlåg. Denintensiva marknadskonkurrensen tvingar fastighetsorganisationer att anta strategier för attsäkerställa överlevnad, tillväxt och utveckling i en snabbväxande miljö. I detta avseende blirorganisatoriska metoder och tekniker ett särskilt viktigt forskningsämne. Fastighetsföretagensframgångar bör fånga samtligas uppmärksamhet då dessa är av stor vikt för ett områdesekonomiska och sociala liv.Denna studie placeras i detta teoretiska ramverk och syftar till att identifiera framgångsfaktorernaför fastighetsägande bolag i Stockholmsregionen, ur ett allmänt samt förvaltningsperspektiv.Studien siktar även på att undersöka eventuella skillnader i kritiska framgångsfaktorer beroendepå vilken typ av fastigheter företagen är specialiserade inom. Vidare lyfter studien fram eventuellaskillnader i kritiska framgångsfaktorer beroende på geografiska lägen samt om det finns enpåverkan i beslut för fastighetsägande bolag att expandera på nya orter. För att uppnå studienssyfte har författarna intervjuat sex fastighetsbolag relaterade till förvaltningssektorn i Stockholmsamt Hans Lind, f.d. professor i fastighetsekonomi på KTH. Intervjuer administrerades via telefonsamt möten med respondenter. Den studerade modellen ger en översikt som kan, på ett översiktligtsätt, användas av företag för egen analys av framgångsfaktorer.Forskningen presenteras i fyra huvuddelar. Den första delen går igenom fastighetsindustrinsegenskaper i Stockholm, specificerar forskningsproblemet samt fastställer den konceptuellaanalysen av fastighetsbranschens interna faktorer. Den andra delen består av en litteraturstudie omkritiska framgångsfaktorer i allmänhet samt i en förvaltningsmiljö. Den tredje delen fastställermetoden och tolkningen av resultaten som följer de genomförda intervjuerna. Slutligen avslutasrapporten med en allmän slutsats samt rekommendation. Slutsatsen visar att en gemensam kritiskframgångsfaktor för samtliga fastighetsägande bolag är att erbjuda en lokal närvaro inom sinabestånd. En större skillnad i kritiska framgångsfaktorer har inte visats sig finnas mellan studeradefastighetssektorer. Vidare anser samtliga bolag att det finns en skillnad i kritiska framgångsfaktorerberoende på geografiskt läge, dock påverkar det inte beslutet huruvida man ska man expandera tillnämnda läge eller inte. / The real estate industry in Stockholm is in growth, urbanization is continuous, the housing queueis longer than ever before and the vacancy rate for office spaces is at a record low. The intensivemarket competition forces real estate organizations to adopt strategies to ensure survival, growthand development in a fast-growing environment. In this regard, organizational methods andtechniques has become a prioritized field of study. The real estate companies' success should catcheveryone's attention as these are of great importance for the economic and social life of an area.This study is placed in this theoretical framework and aims to identify the critical success factorsfor property owning companies in Stockholm, both from a holistic and property managementperspective. The study also aims at investigating any differences in critical success factorsdepending on what type of real estate the company is specialized in. Furthermore, the studyhighlights if there are any differences in critical success factors depending on geographicallocations and whether it has an influence on property companies’ decisions on whether to expandin new locations. The methodology of the study includes interviews with six real estate companiesrelated to the property management sector in Stockholm, as well as Hans Lind, ex professor in realestate economics at KTH. The interviews were administered by phone calls and personal andrecorded meetings with respondents. The model studied provides an overview that can easily beused by companies for internal analysis of critical success factors.The research is presented in four main parts. The first part encompasses the characteristics of thereal estate industry in Stockholm, specifies the research problem and determines the conceptualanalysis of the real estate industry's internal factors. The second part consists of a literature studyon critical success factors in general and in a facility management environment. The third partestablishes the method and interpretation of the results that follow the conducted interviews.Finally, the report ends with a general conclusion and recommendation. Our conclusion indicatethe existence of a common critical success factor for all property-owned companies participatingin the study: to offer local presence within owned holding. There is no significant variation amongcritical success factors depending on the companies included in study. Furthermore, all companiesconsider that there is a difference in critical success factors depending on geographical location,but it does not affect the decision whether to expand to said position or not.

The purpose of this study was to study how the global events of the last decade have changed and impacted organizations strategies such as, financial structure and placement strategies to prepare for uncertainties within the real estate market. The study was based on the theory of Corporate Strategy, Financial Structure, and Private Placement Strategies. An epistemology methodology was followed. The findings show that businesses want to own the property where they conduct their business since it seems like a less unstable option compared to leasing properties or facilities. Furthermore, banks see investments into real estate as a secure investment therefore the need for changes in capital structures are not necessary. Even if valuation of properties goes up and down according with different economical events, businesses that operate in the real estate market still see their real estate investments as valuable and not as volatile as the market predicts. To conclude, businesses and organizations are today more prepared for future uncertainties and unexpected financial events than prior to 2008. Organizations can use these findings to map, strategize, and prepare for future uncertainties within the real estate market by controlling risks.

Includes home owners association by-laws. / Digitized by Kansas Correctional Industries

This paper studies the price fluctuation from 2010 to 2016 of two major assets in China: real estate and stock. Equity price is found to Granger cause stock price while the reverse relationship is significant but less strong. The paper then studies whether the nature of the correlation depends on the type of city under consideration. This is achieved by grouping 25 cities into four city tiers based on their level of economic developments and conducting a linear causality test on each city tier. Housing price in first tier cities is found to be much more significantly correlated with stock price. Larger and more developed cities tend to have a stronger correlation with stock than smaller and less developed ones. In addition, the paper also studies the impact of the Chinese government’s recent home purchase restriction on the relationship between the two asset classes. However, the results are contradictory and are not consistent with expectation. The lack of significant results could be contributed to the inherent limitation of our data, as well as the complicated and sometimes confusing policy announcement mechanisms in China.