This thesis aims to provide an approach to real estate residential modeling and forecasting covering property types’ correlation, time series attributes within a region or a city, and socio-economic attributes of preferred real estate locations. The thesis covers residential estate markets and concentrates on property types, while previous studies that have considered country wide house price indices. There is a gap identified in the literature in the need to study correlations between property types within a region or a city and whether they will provide diversification benefits for real estate investors such as risk reduction per unit of returns. The thesis concentrates on property type seasonality in addition to modeling time series attributes within a region or city instead of real estate index seasonality. This thesis the first to combine modern information systems techniques such as geographic information systems (GIS) with socio-economic factors to help understanding causal relationships that can be used to forecast real estate prices. The results show that it is more achievable to forecast real estate prices within a city than for the real estate market of the entire country. The GIS and socio-economic modeling results show that higher property prices are awarded to real estate with more green spaces, residents with higher disposable incomes, lower council tax bands, fewer tax benefits claimants, and better health services. Previous studies have examined real estate price indices at the macro level (the general, all real estate house price indices). There has not been a study that examines real estate price forecasts by property types within a city. The contribution of this thesis is its focus on time series analysis as well as causal modeling within a city with the objective of providing a better understanding of the dynamics of real estate price changes.

Thesis tite: The Real Estate Market in the Czech Republic - Analysis and Forecasts of Trends This paper deats wiih ihe residentat reat-esiaie markei in ihe Czech Repubtic. Ii anatyses ihe devetopmeni of ihe reat-esiaie markei in ihe tasi severat years, investiaies faciors which have had subsiantat infuence on ihe existni characier of ihe markei and forecasis fuiure irends of ihe markei. The frsi pari of ihe ihesis characierizes subjecis operatni on ihe Czech reat-esiaie markei. Ii atso defnes major seimenis of ihe reat-esiaie markei. In ihe fottowini pari, ii evatuaies a proiress of ihe markei - especiatty devetopmeni (increase) of prices and size of ihe markei. A tocaton ptays ihe main and cruciat rote on ihe reat-esiaie markei. Therefore, ihis paper poinis oui diferences of partcutar tocatons - boih wiihin ihe Czech Repubtic and taier atso wiihin ihe European coniexi. From ihe comparison of Czech and European markeis we can see ihai Czech markei devetops in prediciabte directon and ii exacity betonis io ihe reiion of middte Europe. The ihesis iniroduces major faciors infuencini ihe markei in ihe pasi years - faciors infuencini demand, suppty and atso ieneratty characier of ihe markei. In reiard io ihe demand - ii focuses on peopte's expeciatons, economy devetopmeni and disposabte income of...

The objective of the thesis Specifics of real estate market in the Olomouc region is to analyse the real estate market of the districts of the Olomouc region. Then compare the market specifics of these districts and compare the selected location within the Czech Republic. The first part of the thesis is focused on the theoretical description and terms related to the real estate market. Then it describes the subjects of the real estate market and the factors that influence this market. Next chapter is focused on the regional policy and its impact on the real estate market. In the next part is the analysis of real estate market in the Olomouc region itself. There is the comparison of the districts in the Olomouc region. The analysis is focused mainly on the price development of selected types of real estate in the selected location and then is compared within the Czech Republic.

The objective of the thesis Analysis of factors affecting real estate prices is to analyze selected aspects that somehow affects the price of real estate. The aim is to compare the impact of these factors on the market price of the selected type of property. The first part of the thesis defines theoretical bases and terms that relate to the real estate market. Furthermore, there are described the subjects of the real estate market and factors that influence the market and real estate prices. The most frequently used methods of real estate valuation are also described in the theoretical part. The practical part deals with the analysis of selected factors that affect the market price of the property. The analysis compares the prices of apartments in the three regional cities of the Czech Republic and then examines the differences in the average prices of these apartments and the degree of influence of selected factors causing differences in the prices.

The Grandview Woodland local area of Vancouver, British Columbia, is an area in transition. Retail, demographic, residential occupancy, and changes to built structures indicate that gentrification has escalated in the past seven years. Long standing impediments to gentrification, including industrial manufacturing, social housing, and crime, are not deterring change in this area to the extent they once did. This thesis examines how public policy has affected these changes in Grandview Woodland. Public policies embodied in laws and regulations have the capacity to either encourage or dissuade gentrification; however, other variables also influence gentrification making it difficult to determine the importance and influence of public policy in the process. This thesis uses semi-structured interviews and a document review in a case study of Grandview Woodland, to gain a better understanding of how public policies can influence gentrification in a local area where gentrification was previously impeded. The findings from this study suggest that public policies can have a substantial, but not autonomous, effect on gentrification in such an area. In Grandview Woodland, policy makers facilitate gentrification through city-wide and province-wide policies, including zoning changes, the Strata Title Act, and the Residential Tenancy Act. While these public policies have streamlined the advance of gentrification in Grandview Woodland, the catalysts for gentrification are the wider national trend of increased popularity of inner-city living, and the middle class moving eastwards in search of affordable homes in response to the massive property value increases in Vancouver’s West Side. / Graduate / 0617 / 0615 / 0999 / p.b.kasman@gmail.com

Purpose of the research: The purpose is to forecast the future trend of housing prices in Stockholm County 2011-2014 based on estimated slope coefficients of selected explanatory variables 1993-2010. Thereafter, the obtained forecast will be discussed with respect to other non-quantifiable concepts within behavioral economics. Method: Multiple regression technique with a deductive and explorative approach. Empirical data: Quantitative. Conclusion: The future trend of housing prices in Stockholm County has been forecasted to be positively sloped throughout all the years 2011-2014, but in 2011, the forecast reveals that the increase of house prices will taper off. Nevertheless, behavioral economics reveals some insights about the trend on the housing market and that the house prices might include a portion of abnormal returns. / Syfte: Syftet är att förutse den framtida utvecklingen av bostadspriserna i Stockholms län 2011-2014 baserade på beräknade lutningskoefficienter av valda förklaringsvariabler 1993-2010. Därefter kommer den erhållna prognosen att diskuteras i förhållande till andra icke-kvantifierbara begrepp inom beteendeekonomi. Metod: Multipel regressionsteknik med en deduktiv och explorativ strategi. Empirisk data: Kvantitativ. Slutsats: Den framtida utvecklingen av bostadspriserna i Stockholms län har beräknats ha en positiv lutning inom samtliga år 2011-2014, men under 2011 visar också prognosen att ökningen av huspriserna kommer att avta successivt. Icke desto mindre avslöjar beteendeekonomi vissa insikter om utvecklingen på bostadsmarknaden och att huspriserna kan innehålla en andel abnorm avkastning.

published_or_final_version / Housing Management / Master / Master of Housing Management

This thesis deals with possibilities of living in two biggest cities in the Czech republic, which are Prague and Brno. In the first part is stated definition of investment, structure of local self-government, regional policy and regional development. This serves as the background for better understanding of linkage between different regions, definition of territorial units, and means how regions are developed. In the next part of this thesis are mentioned basic indicators for the whole Czech republic, including trend in prices of properties, which is important for assessment of living possibilities. This is the background for evaluation of chosen locations against Czech Republic. In the next chapter is analysis focused on chosen locations, based on data of whole Czech Republic as well as data focused only on these two locations and its surroundings. The conclusion is that Prague has special position in Czech Republic. There are broad working opportunities, high incomes, but also high living expense. Brno is not as high as Prague in evaluated indicators, but in comparison of whole Czech Republic is still on the top. It is necessary to take into account higher living expenses in both Prague and Brno but on the other hand compared to other regions, offered possibilities and services are on high level.

Background: The last decades there has been a significant increase in tenant-owned real estate prices in Sweden, which has increased the risk exposure to price fluctuations in the society. Most studies have examined how the determining factors have affected the price development. Few studies have on the contrary examined how regulatory measures and quantitative easing have affected real estate prices and whether there is a conflict of objectives between market operations. Purpose: The purpose of this essay is to analyze which macroeconomic factors affect the average price per square meter for Sweden’s real estate market between 2000-2020. We will analyze whether the central bank of Sweden’s new monetary policy quantitative easing has affected the price per square meter for Sweden’s real estate market. We also investigating whether there is a conflict of objectives between quantitative easing and implemented regulatory measures on real estate prices. Completion: An econometric panel data study has been constructed to be able to analyze the impact of explanatory variables over time. The choice if explanatory variables has been made o the basis of theoretical conjunction based on several theories and previous research. The model has been adjusted for risks that may arise from a combination between panel data and time series analysis.  Conclusions: The result indicate that debt to equity ratio, disposable income, loan to value ratio, amortization, construction, quantitative easing and the policy rate have affected the average price per square meter for Sweden’s real estate market between 2000-2020. The regulatory measures have a negative effect on real estate prices, apart from the variable capital requirement which is non-significant in the model. Quantitative easing based the result presents a positive effect on real estate prices. Therefore, we argue that there occurs a conflict of objectives between the mentioned effects, expansionary monetary policy and regulatory measures. Keywords: Real estate prices, Expansionary monetary policy, Regulatory measures, Quantitative easing, Debt to equity ratio. / Bakgrund: De senaste decennierna har det skett en betydande ökning av bostadspriserna i Sverige, vilket ökat riskexponeringen för prisfluktuationer i samhället. Flertalet studier har undersökt hur bestämmandefaktorer har påverkat prisutvecklingen. Få studier har däremot undersökt hur regulatoriska åtgärder och kvantitativa lättnader påverkat bostadspriset samt om det föreligger en målkonflikt mellan marknadsoperationerna. Syfte: Syftet med denna uppsats är att analysera vilka makroekonomiska faktorer som påverkat det genomsnittliga kvadratmeterpriset för bostadsrätter på Sveriges bostadsmarknad mellan åren 2000–2020. Vi har analyserat om Riksbankens nya penningpolitiska styrmedel kvantitativa lättnader har påverkat kvadratmeterpriset för bostadsrätter. Vi har även undersökt om det föreligger en målkonflikt mellan kvantitativa lättnader och implementerade regulatoriska åtgärder på bostadspriset.   Metod: En ekonometrisk panel data studie har konstruerats för att kunna analysera flertalet förklaringsvariablers påverkan på beroendevariabeln över tid. Valet av förklaringsvariabler har gjorts utifrån teoretiskt samband baserat på flertalet teorier och tidigare forskning. Modellen har justerats för risker som kan uppstå vid kombination av paneldata och tidsserieanalys.  Slutsats: Resultatet indikerar att skuldsättning, disponibel inkomst, bolånetak, amortering, nybyggnation, kvantitativa lättnader och reporäntan påverkat det genomsnittliga kvadratmeterpriset på bostadsrätter i Sverige mellan åren 2000–2020. De regulatoriska åtgärderna har en negativ effekt på bostadspriset, bortsett från variabeln kapitalkrav som är i modellen icke-signifikant. Kvantitativa lättnader utifrån resultatet påvisar en positiv effekt på bostadspriser. Vi kan därför konstatera att det råder en målkonflikt mellan ovan nämnda effekter, expansiv penningpolitik och regulatoriska åtgärder.

Nekilnojamo turto (NT) rinka yra visos ekonomikos svarbi sudedamoji dalis. Tai specifinė rinka dėl investicinio prekės pobūdžio ir unikalumo. Šiame darbe apžvelgiama, kas yra turtas, kokia yra rinka, paklausa ir pasiūla, dalyviai bei ciklai, NT rinką įtakojantys veiksniai. Interpretuojama situacija susidariusi NT rinkoje Lietuvoje. Ekonominės sąlygos lemia, kad NT rinka visame pasaulyje pasiekė bumą ir turi pergyventi nuosmukį. Bumas/burbulas – situacija, kai kainos rinkoje formuojamos pirmiausia dėl psichologinių veiksnių ir atitrūksta nuo jas aiškinančių fundamentalių faktorių. Burbulas sprogsta tada, kai investuotojai nebesitiki, kad kainos kils. Tada paklausa sumažėja ir NT rinka krenta žemyn. Nuosmukio pradžia ir viso ciklo trukmė sunkiai prognozuojama. Vidutiniškai NT rinka sugriūna 18 mėnesių iki bankų krizės. Infliacija, palūkanų norma, BVP, investicijų srautai, nuomos kainos, nedarbo lygis, migracija, progresas šalyje, lūkesčiai, poreikiai, informacijos srautas, globalizacija – tai veiksniai, kurie turi įtakos NT rinkos ciklui. Darbe apžvelgiamos nekilnojamojo turto kainos Lietuvoje per pastaruosius dešimt metų, jų pokyčiai lyginant su praėjusiu laikotarpiu ir su 1998 m. Taip pat yra nagrinėjamos trys veiksnių, turinčių įtakos nekilnojamojo turto kainai, rūšys. Tai demografiniai, makroekonominiai, statybos sektoriaus rodikliai bei nekilnojamojo turto kreditavimas. Lyginami jų pokyčiai per nagrinėjamąjį laikotarpį su nekilnojamojo turto kainomis, taip pat pokyčių... [toliau žr. visą tekstą] / Real estate market is important for country’s economics. Real estate’s specific market because it has an investment format and it is unique. In this paper it is reviewed real estate, its market, supply and demand, participants and cycles, indicators. Economics conditions course, that in all the world real estate market has to reach boom and face the recession. Bubble - it is a situation when prices lose a touch with fundamental bias because of the philological factors. Bubble collapse when investors think that prices will not increase anymore and demand reduce. It is difficult to forecast the start of the collapse and the length of the cycle. In the average after the collapse of real estate market in 18 months there is crisis of banks. There are many factors which are important for real estate cycle like inflation, interest and mortgage rate, GDP, investment flows, rent and unemployment rate, migration, progress in the country, expectations, media, and globalization. Real estate prices within past ten years in Lithuania and their changes compared with last period and the year 1998 are overviewed in this work. Also three kinds of factors that have influence on the real estate prices are analyzed. They are exponents of demography, macro economics and construction sector and real estate crediting. Changes in ten years period are compared with the changes of real estate prices and the reasons also. The real estate price’s crisis ant it’s causes are examined. The forecast for... [to full text]