Final thesis is concerned on explanation of mortgage market concept in the Czech Republic, in the United States of America and Japan. First part is focused on characterization of mortgage market in general. The second part sets reasons for selection of states and describes theirs brief demographic, geographic, historic and cultural characteristics. Second part is divided into a three smaller sections, which represents analyze of mortgage market in each country. Although the attention is paid on the mortgage market crisis which was born in The United States, we can not forget the interconnection of a world finance sector and be aware of a speed of expansion and potential risk for other world economies.

The diploma thesis aims to use determination method to make the most accurate cost estimates on apartments, determine average price ranges for m2 in housing areas with ongoing developer projects in Prague with minimum of 50 apartments. Based on the received figures, a price map of Prague will be drawn up that will allow for classification according to the selected criteria (e.g. -- parts of town, apartment categories etc.) Using this price map, particular price zones will be defined for individual apartment categories within the newly prepared Ekospol plc. project.

This master’s thesis deals with issues of faults and defects of building structures in residential real estate in terms of thermal technique. This thesis deals with their possible impact on the value of a residential real estate. In the theoretical part of this thesis, properties and quantities, which are used for an assessment of the building structures according to legislature, are described. Assessments of the steady state temperature are described closely. The thesis mentions usual sources and causes of faults and defects, which frequently occur. The possibilities of the non-destructive assessment of structures are also described. The reparability of faults or defects is related to the influence on the price of real estate. The practical part of the thesis deals with the value of a dwelling in an apartment house, which is affected by a fault manifesting surface condensation. An analyzed technical cause of this fault is described. Possible ways of remedying are shown, including the quantification of costs. The apartment is appraised in a faultless condition and afterwards the probable impact of this fault on the price of apartment is determined.

This study aims to investigate the causal linkage between developers’ pricing strategies and time on market (TOM) in the primary market for residential properties, i.e. a market where the seller is a developer or construction company, since this market differs significantly from the secondary or succession market.Regression models are estimated using a dataset from 11 500 newly built apartment units in the Stockholm, Sweden, sold between June 2010 and March 2018. To describe the investigated data and test the hypothesis if overpricing affects TOM a regression analysis was conducted. The Ordinary Least Squares (OLS) technique was applied explaining the size of TOM as a function of changes in a set of characteristics and conditions (independent variables) in one single equation. To measure an objective Degree of Overpricing (DOP), expected price was obtained by using market data and a hedonic price model controlling property attributes and market conditions. DOP is measured as the normalized difference between selling price and expected price.By using a constructed price model when studying the relationship between the price and multiple independent variables, the empirical results show that an increase in variables such as competitive supply, distance from city centre, monthly fee and selling time lead to a decrease in price while higher floor level lead to an increase in price. Looking into the degree of overpricing and its effect on TOM, a Time on Market model was applied. Generally, the empirical results demonstrate that higher DOP results in longer TOM. An increase in competitive supply and monthly fee result in shorter TOM. When it comes to size, smaller apartments seems to sell faster than larger apartments. Different modulations detect varying significances among the independent variables investigated. Overall, the models display a positive correlation between DOP and TOM.The originality and value of this study lies in the analysis of data collected from several development projects. This study is one of the first study that empirically examine the price-TOM relationship in the Stockholm primary housing market. / Denna studie syftar till att undersöka det kausala sambandet mellan bostadsutvecklarnas prissättningsstrategier och försäljningstiden (TOM) på primärmarknaden för bostäder, dvs. marknaden där säljaren är en utvecklare eller ett byggföretag, eftersom denna marknad skiljer sig avsevärt från den sekundära marknaden eller successionsmarknaden.Regressionsmodeller har beräknats med hjälp av ett dataset om 11 500 nyproducerade lägenheter i Stockholm, som såldes mellan juni 2010 och mars 2018. För att beskriva de undersökta uppgifterna och testa våra hypoteserna, regressionsanalys tillämpades – en statistisk teknik som förklarar storleken av en variabel, kallad beroende variabel, som en funktion av förändringar i en uppsättning andra variabler, som kallas oberoende variabler, genom kvantifiering av en enda ekvation. Metoden Ordinary Least Square (OLS) har använts för att förklara försäljningstidens storlek storleken som funktion av förändringar i en uppsättning egenskaper och villkor (oberoende variabler) i en enda ekvation. För att beräkna graden av överprissättning (DOP), förväntat pris har erhållits med hjälp av marknadsdata och en hedonisk prismodell som kontrollerar fastighetsattribut och marknadsförhållanden. DOP har beräknats som normaliserad skillnad mellan försäljningspris och förväntat pris.Genom att använda en konstruerad prismodell när man studerar förhållandet mellan pris och multipelständiga variabler visar de empiriska resultaten att en ökning av variabler som konkurrenskraftig tillförsel, avstånd från centrum, månadsavgift och annonstid leder till en prisminskning medan högre våning nivå leder till en ökning av priset. När det gäller storlek verkar mindre lägenheter sälja snabbare än större lägenheter. Om man tittar på graden av överprissättning och dess effekt på TOM, tillämpas en TOM-modell. De empiriska resultaten visar att högre DOP resulterar i längre TOM. En ökning av befintliga utbudet och månadsavgiften resulterar i kortare TOM. Överlag, trots vissa motstridiga resultat, visar grundmodellen en positiv korrelation mellan DOP och TOM.Originaliteten och värdet av denna studie ligger i analysen av data som samlats in från flera olika utvecklingsprojekt i Stockholmsområde. Denna studie är en av de första studier som empiriskt undersöker förhållande mellan prissättning och TOM på Stockholms primära bostadsmarknad.

La thèse comporte trois parties, dont l’objet d’étude est l’immobilier soit en s’intéressant directement au marché immobilier résidentiel parisien, soit indirectement en analysant les REITs dont l’actif sous-jacent est l’immobilier. La première partie porte sur l’examen des facteurs macroéconomiques et financiers qui ont influencé, au cours de la période 1996-2010, les prix résidentiels à Paris en appliquant un modèle VAR (vector autoregressive). Dans la deuxième partie, nous analysons, au cours de la période 2007-2012, l’interaction entre les rendements des REITS et les facteurs macroéconomiques/financiers dans dix pays développés (les Etats-Unis, le Canada, l’Australie, l’Europe, la Zone Euro, le Japon, Hong-Kong, la France, le Royaume-Uni et l’Allemagne) en appliquant un modèle VAR. Les REITs investissent sur l’immobilier, mais ils sont cotés sur un marché boursier. Par conséquent, ils héritent des caractéristiques à la fois de l’immobilier et des actions. Ce caractère hybride des REITs nous conduit à nous interroger sur leur risque et le rôle qu’ils peuvent jouer dans la gestion de portefeuille. C’est pourquoi dans la troisième partie nous examinons, au cours de la période 2001-2012, l’effet des deux composantes du risque (bêta et le risque idiosyncratique) et certains facteurs spécifiques aux REITs (taille, rapport Actif Net Comptable / valeur de marché et la mesure d’illiquidité) sur les rendements des REITs européens (la France, l’Allemagne, le Royaume-Uni, les Pays-Bas et l’Italie) en appliquant le modèle à trois facteurs de Fama et French et la méthodologie de Fama et MacBeth. / The thesis consists of three parts, whose purpose is the real estate market either being interested directly in the residential real estate market in Paris, or indirectly by analyzing REITs, whose underlying asset is the real estate. In the first part entitled “Which Macroeconomics and Financial Factors Affect Real Estate Prices in Paris”, we employ a vector autoregressive (VAR) model in order to examine, during the period 1996-2010, the relation between residential prices in Paris and several macroeconomic/financial factors. In the second part entitled “How Legislation, REIT System and Taxes Influence REITs Returns Sensitivity to Macroeconomic and Financial Factors? An International Perspective”, we analyze, by applying a VAR model, during the period 2007-2012, dynamic interactions among REITs returns and macroeconomic factors for ten developed countries (the United States, Canada, Australia, Europe, Eurozone, Japan, Hong Kong, France, Britain and Germany). REITs invest in real estate and they are publicly traded. Thus they inherit the characteristics of both real estate and stocks. This hybrid nature of REITs reveals the importance of their risk and the role they can play in portfolio management. Therefore, in the third part entitled “Cross-Sectional Expected European REITs Returns : does Volatility Matters ?”, we investigate, during the period 2001-2012, the effect of the two components of risk (beta and idiosyncratic risk) and some specific factors of REITs (size, Net Asset Value to Market Value and illiquidity measure) on European REITs returns (France, Germany, the UK, the Netherlands and Italy) by applying the Fama and French model and cross-sectional regressions.

<p>Historiskt sett har bostadsfastigheter begränsats till den areal som krävs för att fastigheten väsentligen ska få karaktär av en bostadstomt. En ökad efterfrågan på ett attraktivt landsbygdsboende resulterade i ändringar av fastighetsbildningslagen, vilket gjorde det möjligt att bilda stora bostadsfastigheter med kombinerat ändamål, helt i linje med den gällande glesbygdspolitiken. Fortfarande fanns det dock restriktioner mot att tillföra skogsmark till bostadsfastigheter för att skydda det produktiva skogsbruket. Lantmäteriet tog därför fram arbetsrekommendationer för att underlätta möjligheten att tillföra skogsskiften, bland annat för uttag av husbehovsved. Denna studie hade syftet att undersöka hur lagändringen med efterföljande arbetsrekommendationer påverkat bildandet av stora bostadsfastigheter på landsbygden.</p><p>Varför människor flyttar är en viktig fråga för både forskare inom området och politiker, eftersom regionalpolitik bör anpassas till var människor vill bo och varför de väljer att flytta dit. Tidigare studier har framförallt fokuserat på ekonomiska flyttmotiv, men boendemiljöns och naturens inverkan har belysts alltmer under de senare åren. Den betydelse fastighetens fysiska utformning har för flyttbeslutet är dock mindre utrett. Vi har därför undersökt om och hur dessa fastigheter påverkat bosättningen på landsbygden inom de utvalda kommunerna. Studien bestod dels av en postenkät till de fastighetsägare som innehar dessa stora bostadsfastigheter med ingående skogsskiften, dels semistrukturerade intervjuer med lantmätare som genomfört dessa förrättningar.</p><p>Sammantaget såg vi att stora bostadsfastigheter med skog och mark var en anledning till den kontraurbanisering som skett eftersom flera av de flyttskäl som angetts varit svåra att uppnå med en annan typ av fastighet. Även om lantmätarnas bedömning skiljde sig när det gällde detaljer så uppfylldes det huvudsakliga syftet att bilda lämpliga och attraktiva bostadsfastigheter utan att det produktiva skogsbruket skadats. Slutsatsen att de fastigheter som bildats upplevs som attraktiva drog vi genom att de som flyttat till dessa fastigheter utnyttjade de möjligheter som fanns med detta boende.</p> / <p>Historically, residential property is limited to the area needed for the property to substantially have the character of a residential plot. An increased demand for an attractive rural housing resulted in changes to property law, which made it possible to form large residential properties with combined purposes, all in line with the existing rural policy. Still, however, there were restrictions to bring forest land to residential plots for the protection of the productive forestry. The Swedish mapping, cadastral and land registration authority (Lantmäteriet) have therefore created working recommendations to facilitate the opportunity to incorporate forest plots, including the collection of firewood for household use. This study had the aim to investigate how the amended legislation, with subsequent work recommendations influenced the formation of large residential properties in rural areas.</p><p>Why people move is an important issue for both researchers in the field and politicians, as the regional policy should be adapted to where people want to live and why they choose to move there. Previous studies have mainly focused on economic motives, but the living environment and nature’s impact has been increasingly highlighted in recent years. The importance of the property’s physical design for the decision to move, however, is less investigated. We have therefore examined whether and how those properties affected settlement in rural areas within the selected municipalities. The study consisted partly of a postal questionnaire to the property owners who hold these large residential properties with forest parcels included and semi-structured interviews with surveyors who carried out these missions.</p><p>Overall, we saw that large residential properties with forest and land was a reason for the counter-urbanization that has taken place because many of the migratory reasons given have been difficult to achieve with a different type of property. Although surveyors’ assessment differed in terms of details the main purpose to create appropriate and attractive residential properties without the productive forest damaged was fulfilled. We made the conclusion that the property formed, perceived as attractive by those who moved to these properties because they took advantage of the opportunities available with this accommodation.</p>

Historiskt sett har bostadsfastigheter begränsats till den areal som krävs för att fastigheten väsentligen ska få karaktär av en bostadstomt. En ökad efterfrågan på ett attraktivt landsbygdsboende resulterade i ändringar av fastighetsbildningslagen, vilket gjorde det möjligt att bilda stora bostadsfastigheter med kombinerat ändamål, helt i linje med den gällande glesbygdspolitiken. Fortfarande fanns det dock restriktioner mot att tillföra skogsmark till bostadsfastigheter för att skydda det produktiva skogsbruket. Lantmäteriet tog därför fram arbetsrekommendationer för att underlätta möjligheten att tillföra skogsskiften, bland annat för uttag av husbehovsved. Denna studie hade syftet att undersöka hur lagändringen med efterföljande arbetsrekommendationer påverkat bildandet av stora bostadsfastigheter på landsbygden. Varför människor flyttar är en viktig fråga för både forskare inom området och politiker, eftersom regionalpolitik bör anpassas till var människor vill bo och varför de väljer att flytta dit. Tidigare studier har framförallt fokuserat på ekonomiska flyttmotiv, men boendemiljöns och naturens inverkan har belysts alltmer under de senare åren. Den betydelse fastighetens fysiska utformning har för flyttbeslutet är dock mindre utrett. Vi har därför undersökt om och hur dessa fastigheter påverkat bosättningen på landsbygden inom de utvalda kommunerna. Studien bestod dels av en postenkät till de fastighetsägare som innehar dessa stora bostadsfastigheter med ingående skogsskiften, dels semistrukturerade intervjuer med lantmätare som genomfört dessa förrättningar. Sammantaget såg vi att stora bostadsfastigheter med skog och mark var en anledning till den kontraurbanisering som skett eftersom flera av de flyttskäl som angetts varit svåra att uppnå med en annan typ av fastighet. Även om lantmätarnas bedömning skiljde sig när det gällde detaljer så uppfylldes det huvudsakliga syftet att bilda lämpliga och attraktiva bostadsfastigheter utan att det produktiva skogsbruket skadats. Slutsatsen att de fastigheter som bildats upplevs som attraktiva drog vi genom att de som flyttat till dessa fastigheter utnyttjade de möjligheter som fanns med detta boende. / Historically, residential property is limited to the area needed for the property to substantially have the character of a residential plot. An increased demand for an attractive rural housing resulted in changes to property law, which made it possible to form large residential properties with combined purposes, all in line with the existing rural policy. Still, however, there were restrictions to bring forest land to residential plots for the protection of the productive forestry. The Swedish mapping, cadastral and land registration authority (Lantmäteriet) have therefore created working recommendations to facilitate the opportunity to incorporate forest plots, including the collection of firewood for household use. This study had the aim to investigate how the amended legislation, with subsequent work recommendations influenced the formation of large residential properties in rural areas. Why people move is an important issue for both researchers in the field and politicians, as the regional policy should be adapted to where people want to live and why they choose to move there. Previous studies have mainly focused on economic motives, but the living environment and nature’s impact has been increasingly highlighted in recent years. The importance of the property’s physical design for the decision to move, however, is less investigated. We have therefore examined whether and how those properties affected settlement in rural areas within the selected municipalities. The study consisted partly of a postal questionnaire to the property owners who hold these large residential properties with forest parcels included and semi-structured interviews with surveyors who carried out these missions. Overall, we saw that large residential properties with forest and land was a reason for the counter-urbanization that has taken place because many of the migratory reasons given have been difficult to achieve with a different type of property. Although surveyors’ assessment differed in terms of details the main purpose to create appropriate and attractive residential properties without the productive forest damaged was fulfilled. We made the conclusion that the property formed, perceived as attractive by those who moved to these properties because they took advantage of the opportunities available with this accommodation.

published_or_final_version / Housing Management / Master / Master of Housing Management

Twice a year, NAI Svefa publishes a report containing statistics on Sweden's real estate market.The report shows that commercial real estate on average has a clearly higher rate of returncompared to residential real estate. Risk and return have a close relationship where investorswho take a higher risk also expect a higher return. This indicates that commercial properties aremore risky to hold compared to residential properties. This paper examines the risks that cancause the difference in the yield requirement between the two property types. Six risks havebeen selected, three of which count as micro risks and three count as macro risks. The microrisks consist of financial risk, liquidity risk and business risk. The macro risks consist of cyclicalrisk, interest rate risk and political risk.The study is qualitative and includes personal interviews with eight respondents from wellestablishedSwedish real estate companies. Data collection has been done through interviewswhere respondents' responses have been compiled and then compared to each other. Theinterviews show that Swedish real estate companies agree with the reasoning between risk andreturn and that risk assessment is an important part of real estate investments.The study's results show that commercial real estate companies value financial, liquidity andbusiness risk higher than real estate companies focused on residential real estate. Interest raterisk and business risk are similarly assessed in both property types. However, the political riskis valued higher by real estate companies focused on residential real estate. The study showsthat all risks are linked, which makes it difficult to identify an individual risk that individuallycontrols the rate of return. However, after the study's implementation, the cyclical risk appearsto be the risk that has the greatest impact on the difference in the yield requirement between thetwo property types.

The main purpose of this study is to develop a predictive model capable to forecast residential real estate prices in the city of Prague using Artificial Intelligence methods. The first part of this study discusses fundamentals of Artificial Neural Networks and Fuzzy Inference Systems in the context of real estate valuation. The second part demonstrates a development and testing of such models using a dataset of real estate market transactions. In the third part, results are compared to Multiple Regression and an explanatory power of each model is evaluated. Conclusions of this research are: (1) Artificial Neural Networks and Fuzzy Inference Systems give more accurate estimates of market values of residential real estates than Multiple Regression; (2) Artificial Neural Networks and Fuzzy Inference Systems represent an efficient way of modeling and analyzing residential real estate prices in Prague.