Thesis (M. Hous. M.)--University of Hong Kong, 2008. / Includes bibliographical references (leaf 132-137)

Thesis (M.B.A.)--University of Hong Kong, 1998.

The theme of this thesis is the mortgage crisis in the United States which has started almost two years before after the burst of a price bubble in the American residential real estate market. The aim of the thesis is to analyze causes and implications of this crisis. The theoretical part of the thesis follows characteristics of the asset price bubbles. In this part is also a description of three theories: Austrian business cycle theory, Hyman Minsky's financial instability hypothesis and the theory of Robert Shiller, which interpret causes of bubbles in a variety of ways. The analytical part deals with causes and impacts of the crisis. As the key factors of the crisis are examined mortgage credit expansion, monetary policy of central bank, securitization as an innovation in financial markets and the role of the psychological factors. The last chapter of the thesis analyses impacts of the crisis on the homeowners, real estate market, the whole economy and global financial markets.

The goal of this Master's Thesis is to evaluate the use of online marketing tools used by the Prague-based Real Estate company Happy House Rentals Ltd. and to propose improvements for their online marketing strategy. The first part of the paper describes available online marketing tools. The second part introduces the Real Estate market and describes, using published data, the situation of the Real Estate industry in the Czech Republic and Prague metropole in particular. This is followed by a primary analysis of the web presence of Prague's Real Estate Agencies fitting the competitive profile of Happy House Rentals Ltd. The third part is a case study on the online marketing presence of Happy House Rentals Ltd. Using the tools and data introduced in the first two parts of this Master's Thesis, the author suggests improvements for the online marketing strategy of Happy House Rentals Ltd.

The aim of thesis is to propose a sales system of new preparing residential project "Vítkovka" and assess its feasibility. The theoretical part defines the use of methodological apparatus, describe general characteristics of development activities, its history and ongoing processes on residential development. The analytic part focuses on description of the project and its surroundings, elementary business plan, competitive analysis, SWOT analysis and designing a sales system of development project. The conclusion summarizes the findings and makes recommendations whether to implement the project and which system of sales unit to use.

By examining the driving forces behind the recent housing market development in Hong Kong, this thesis offers an explanation for the effects of the ―Capital Investment Entrant Scheme‖ and the movements in the exchange rate between HKD and RMB on the housing prices of the overall market and two sub-markets. Induced by record-low mortgage rates and decreasing amount of new dwelling units completion, housing prices in Hong Kong surged to a record high level recently. To test the equilibrium price of housing, cointegration tests will be used to identify whether there is overvaluation in recent property market. At the end of 2010, result shows that there is no overvaluation of the overall market and two sub-markets. Besides, by using the vector error-correction model, result suggests that the ―Capital Investment Entrant Scheme‖ and appreciation of RMB against HKD have positive impact on the overall market and smaller units only. The last section will discuss current policies to curb speculation and to check housing price inflation. The discussion will focus on effectiveness of the special stamp duty and whether housing prices index futures would be a good alternative to the special stamp duty to curb speculation.

Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников и приложения. В первой главе рассмотрены теоритические основы, зарубежный и отечественный опыт управления развитием объекта нежилой недвижимости. В второй главе исследованы методические основы и алгоритм управления развитием объекта нежилой недвижимости. В третей главе разработан практический алгоритм управления развитием объекта нежилой недвижимости на примере административно-бытового комплекса в г. Среднеуральск. В заключении сформированы основные выводы. Магистерская диссертация содержит 120 страниц печатного текста, в диссертации представлены 43 рисунка, 43 таблицы и 1 приложение, список использованных источников включает 61 наименование. / Structure of master's thesis includes introduction, three chapters, conclusion, list of used sources and applications. In the first Chapter the theoretical foundations of foreign and domestic experience of management of development of object of real estate. In the second Chapter investigated the methodological framework and control algorithm development of the object real estate. In the third Chapter, developed a practical control algorithm development of object of real estate on the example of the administrative-household complex in the city of Sredneuralsk. In the conclusion the basic conclusions. Master thesis contains 120 pages of printed text, in the thesis presented 43 figures, 43 tables and 1 Appendix, list of sources used includes 61 name.

This paper aims to investigate whether changes in economic sentiment and major policy shifts have had any significant impact on Scandinavian real housing prices relative their fundamental value post year 2000. Fundamental housing price indices for each constituent of the region are estimated from macroeconomic fundamentals in a VAR framework. We then estimate impulse response functions from another VAR to test the effects of survey-based economic sentiment on the fundamental price spread in each housing market. In addition, we investigate how major housing related policies implemented during our sample period have affected the fundamental price spreads in an ARDL framework. The study concludes a substantially undervalued Danish housing market post 2008 and a marginally yet persistently overvalued Norwegian market, whereas Swedish and Finnish housing prices have developed fairly in line with levels motivated by macroeconomic fundamentals. Changes in economic sentiment show limited effect on closing the fundamental price spread in Denmark, but no significant impact on any other housing market considered. The elected policies representing major housing market shifts have had significant negative impact on the real housing price development in Denmark and Norway but not in Finland and Sweden. The policy shift in Finland has significantly yet marginally closed the fundamental price spread during the period investigated. Interestingly, implemented LTV- and DTI caps in Sweden have neither affected real aggregate housing prices nor the fundamental price spread.

A major concern for investors in residential real estate throughout the United States is the decline in value of residential real estate. The high demand for residential real estate bas increased prices significantly. Many analysts believe that the recent price increases have been fueled by speculation and there is currently potential for a decline in prices. This thesis studies various methods by which investors might potentially hedge the decline in residential real estate values that many analysts predict will occur. Three possible methods that could provide investors with a cost-effective way to hedge a decline in residential real estate values are studied in this thesis. These methods are taking a short position in a portfolio of stocks from the PHLX Housing Index, buying Morgan Stanley I 00% Bear Capital Protected Notes, and selling a Hedgelet portfolio, which consists of binary options offered by Hedgestreet. Throughout the analysis of the hedging strategies, the objective was to determine which hedging strategy would provide the best possible hedge at the lowest possible cost to the investor. I concluded that none of the three hedging strategies would provide a cost-effective hedge for the investor.

Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Internationally, a number of studies on property cycles have been undertaken. In contrast very little academic research has been undertaken in South Africa. The importance of the subject is once again become evident given the recent global turbulence in both property and credit markets. The central hypothesis of this study is that there exists a residential property cycle in South Africa and that it can be identified and that furthermore there are indicators that can identify the various stages that the property market finds itself in and that these indicators can be used to forecast the property cycle. A number of potential drivers of the property cycle were identified and analysed. These drivers collectively propel the property cycle through its various cycle stages. Not one of the drivers in isolation has the ability to move the cycle; it is rather the correct combination of drivers at the right time that have the necessary impact to make the changes in property price levels. The study has identified the historical residential property cycle in South Africa and identified the primary drivers of the property cycle. It was found that Interest Rates, GOP, Population, Household Debt to Disposable Income ratio, Quantity of Building Plans Approved and Building Cost Escalation are all material drivers in defining the property cycle. A statistical analysis in the form of multiple regression was applied to the above variables and a statistical model was developed to forecast the property cycle. It was found that the model has significant explanatory powers when the goodness of fit was tested. / AFRIKAANSE OPSOMMING: Die sentraal onderstelling van hierdie studie is dat daar 'n residensiele eiendom kringloop in Suid-afrika bestaan en dat dit geidentifiseer kan wees en dat bowendien daar aanwysers wat die verskeie stadiums van die eiendom mark kan identifiseer vind en dat hierdie aanwysers gebruik kan word vir voorspelling van die eiendom kringloop. 'n Aantal potensiele drywers van die eiendom kringloop was geidentifiseer en gean ali seer. Hierdie drywers gesamentlik dryf die eiendom kringloop deur sy verskeie kringloop stadiums voort. Nie een van die drywers in isolasie het die vermoe om die kringloop te beweeg nie; dit is liewer die korrekte kombinasie van drywers op tyd wat die nodige impak het om die veranderinge in eiendom prys vlakke te maak. Die studie het die historiese residensiele eiendom kringloop in Suid-afrika geidentifiseer en die primere drywers van die eiendom kringloop. Dit was gevind dat Rentekoerse, GOP, Populasie, Huishouding Skuld tot Weggooibare Inkomste Verhouding, Hoeveelheid van Gebou Pia nne Goedgekeur en Gebou Kos Eskilasie is almal materiaal drywers in definieer van die eiendom kringloop. 'n Statisties analisering was aangewend aan die bo onkonstante en 'n statistiese skema was ontwikkel om voorspelling van die eiendom kringloop te bepaal. Dit was gevind dat die skema beduidende verduidelike kragte het wanneer die goedheid van pas getoets was.