The purpose of this thesis is to analyze the emerging global trend of micro apartments to find out if it provides a potential solution for the severe shortage of small, affordable apartments in Stockholm.  As the concept is already a researched area in foreign real estate markets, the lack of research on the demand for micro apartments in Stockholm despite the highest rate of single households and rising housing prices was identified as a research gap.  The aim of the research is to identify the most significant opportunities, risks and obstacles of the micro housing concept applied for the Stockholm market as well as estimating a range of potential demand for varying economic scenarios.  The approach of the research was to conduct empirical studies in the form of interviews with experts in the field and conduct a survey measuring consumer preferences. Furthermore, secondary data was collected in the form of statistical data and extensive literature on the existing research on micro housing in foreign markets, characteristics of the Stockholm housing market and economic outlooks for the region. These findings allowed us to make forecasts for the housing market in Stockholm and estimate the future demand for micro units. The calculations were limited to the ownership market in Stockholm municipality and focusing on a specific target group.  The results were a demand in the most likely economic scenario of 300-400 units in the short term (specified as 2018-2021) and range of 150-250 units in the medium term (specified as 2022-2028).  The originality and the value of the paper lies in collection of opportunities, risks and obstacles of the micro housing concept specifically for Stockholm from the perspectives of multiple actors on the housing market, in addition to providing practical recommendations for developers, the municipality and researchers based on the extensive analysis and also providing a model to estimate the future demand for this housing solution. / Syftet med uppsatsen är att analysera den växande globala trenden av mikrolägenheter och att ta reda på om dessa kan lösa bristen på små och prisvärda lägenheter i Stockholm.  Konceptet har studerats ingående på internationella bostadsmarknader, dock är undersökning angående efterfrågan för mikrolägenheter i Stockholm bristfällig, detta till trots att regionen tillhandahåller den högsta andelen singelhushåll i världen, samt har en hög tillväxt för bostadspriser, vilket medför en lucka i bostadsforskningen.  Syftet med studien är att identifiera de mest betydande möjligheterna, riskerna och hindren för konceptet mikrobostäder på Stockholms bostadsmarknad, såväl som att beräkna samt bedöma efterfrågan för mikrolägenheter för olika ekonomiska scenarier.  Studiens tillvägagångssätt bestod av utförande av empiriska studier, såväl intervjuer med experter på området samt en granskning av konsumenters preferenser för mikrolägenheter. Utöver dessa inhämtades sekundärdata såsom statistisk data samt omfattande litteratur och tidigare internationell forskning i ämnet. Med det inhämtade materialet kunde vi utföra beräkningar samt estimeringar av den framtida efterfrågan för mikrolägenheter i Stockholm. Beräkningarna var begränsade till Stockholms kommun, samt till den huvudsakliga målgruppen för mikrolägenheter. Resultatet visade att efterfrågan för mikrolägenheter i det mest sannolika ekonomiska scenariot var mellan 300 och 400 enheter för tidsperioden 2018-2021 och mellan 150 till 250 enheter för tidsperioden 2022-2028.  Studiens värde och originalitet ligger i de samlade och specifika möjligheterna, riskerna och hindren för konceptet på Stockholms bostadsmarknad, samt i de rekommendationer vi ger till bostadsutvecklare, kommun samt forskare baserat på den omfattande analysen av ämnet, såväl som modellen vilken beräknar efterfrågan för mikrolägenheter.

Subsidies to professional sports teams remain a controversial issue, and in most European countries these subsidies have decreased over the past decades. However, in Sweden they are a common occurrence, municipalities are giving generous amounts of money to their local team. To justify these subsidies, proponents of sports team claim their great economic impact on the local area. Nevertheless, in the sport economic literature, most of the researchers cannot find any positive impact and some of them even find negative impact from a hosting a professional sports team. This study will give an explanation and extension to the earlier articles about sport economics written in Sweden by Emelie Värja (2014) and Lars Behrenz (2009). In this essay we will present two models. The idea behind our first model is to investigate if professional sport events should be considered as a substitute to other leisure activities. This model indicates that there is a substitution effect between ice hockey games and cinema admissions in Sweden. The outcome from our other model which studies the condominium market strongly contradicts the generous sport subsidies given by Swedish municipalities. The results indicate that the presence of a professional ice hockey team lowers the condominiums prices.

This study investigated factors affecting housing finance supply in Nigeria. Housing finance is a major factor determining the quality and tenure of housing consumption, the overall financial portfolio of the public and the stability and effectiveness of the financial system. In both developed and emerging economies, sovereign governments have intervened in the markets by setting up institutions characterised by a significant degree of regulation and segmentation from the rest of the financial markets and very often with governments providing subsidised housing finance. Attempts were made to develop an empirical model to reveal the underlying factors affecting housing finance in Nigeria. Time series data from sampled Universal Money Deposit Banks (UMDBs) balance sheets between 2003 and 2007 were used to assess the ability of the financial institutions to engage in long-term lending. Additional instruments in form of questionnaire, for the sectoral allocation of loans and advances by these financial institutions were employed to gather information from Corporate Banking / Loans and Advances Managers coupled with unstructured interviews. Supplementary questionnaires were directed to the users of housing finance at the household level as control for validity to the research findings. Applying a multiple regression approach, the model identified that housing finance supply in Nigeria is significantly driven by clusters of factors related to share capital and the reserves of the financial institutions. It is closely observed that housing finance models in the developed economies, which are largely financed by deposit liabilities, cannot be wholly adopted in the emerging economies. The implication for practice therefore is that financial institutions in the emerging economies must adequately increase their capital base for effective housing finance supply and introduce mortgage products with long-term tenure to actively mobilise resources for mortgage lending.

The following report details research and analysis in order to assess the background market and market-based feasibility of the development of efficiency apartment units in the central Austin Area. It explores the potential and opportunities of reducing the size of apartments and promoting efficiency apartment unit development as a strategy to improve housing affordability for the Generation Y (Gen Y) population while taking advantage of urban redevelopment investments near Austin’s main TODs. The body of this study will discuss: (1) Generation Y and its impact on Austin’s housing market; (2) concepts and facts related to housing affordability; (3) strategies used by the city of Austin to promote infill development and existing transit oriented development sites; and (4) an overview of key housing development strategies and the real estate development process, including market analysis and absorption forecast under current housing market conditions. The study evaluates the implications of a significant demand for less expensive and smaller alternative housing products for a growing population group near downtown Austin. This report may contributes to the policy discussion about different approaches to housing affordability and offers an assessment guide for new housing development opportunities for a diverse range of city residents. / text

Studien syftar till att undersöka hur socioekonomisk segregation behandlas och kommuniceras inom olika instanser. Studien undersöker om kommuner och nationella organ arbetar utifrån samma mål och strategier rörande socioekonomisk segregation. Studien har en lokal avgränsning till det nyexploaterade området Gävle strand i Gävle. Segregationen mellan olika socioekonomiska samhällsgrupper har ökat under de senaste årtiondena. Höga bostadspriser och uppsatta hyreskrav gör det svårt för samhällsklasser med lägre inkomst att etablera sig på bostadsmarknaden. Detta leder till att socioekonomiskt starka grupper har större möjlighet att följa utvecklingen på bostadsmarknaden. Studien har genomfört en kvalitativ innehållsanalys samt en kvalitativt jämförande analys, där en jämförelse har gjorts mellan den kommunala stadsplaneringen och nationellt uppsatta mål och strategier som berör ämnet socioekonomisk segregation. Ämnet tystnad i text har också behandlats. Studiens resultat visar att det finns tydliga likheter och skillnader i hur ämnet socioekonomisk segregation behandlas i de olika dokumenten. För att säkra mångfalden i bostadsområden anses i majoriteten av dokumenten att blandade upplåtelseformer är viktigt. Samtidigt beskrivs det i dokumenten om problematiken med att nyproduktion är för dyrt och leder till homogenitet. En stor skillnad i denna studies resultat är hur i de nationella dokumenten lyfts fram vikten av att ställa mer krav i den kommunala planeringen. Samtidigt som det i de kommunala dokumenten redogörs att kommunen inte vill begränsa byggherrarnas byggkoncept. Det finns även skillnader internt hur kommunala och lokala plandokument behandlar socioekonomisk segregation. Studien har skapat en ökad förståelse för hur arbetet kring socioekonomisk segregation behandlas och genomförs genom att påvisa vilka skillnader och likheter som finns mellan olika styr- och plandokument. Studiens resultat kan användas för att bättre förstå dessa likheter och skillnader i syfte att kunna säkerställa att arbetet på kommunal och nationell nivå i större utsträckning behandlar socioekonomisk segregation likvärdigt i framtiden. / This study aims to investigate how socio-economic segregation is treated and communicated within different instances. The study examines whether municipalities and national agencies work on the same goals and strategies regarding socio-economic segregation. The study has a local delimitation to the newly developed area of Gävle Strand in Gävle. Segregation between different socioeconomic social groups has increased in recent decades. High housing prices and rental requirements make it difficult for social classes with lower incomes to establish themselves in the housing market. This leads to socio-economically strong groups having a greater opportunity to follow developments in the housing market. The studies have conducted a qualitative content analysis as well as a qualitative comparative analysis, where a comparison has been made between the municipal urban planning and national targets and strategies related to socio-economic segregation. Silence has also been addressed in the text. The results of the study show that there are similarities and differences in how the subject socio-economic segregation is addressed in the documents. In order to ensure the diversity of residential areas, most of the documents considered mixed forms of tenure to be important. At the same time, the documents describe the problems of new production being too expensive and leading to homogeneity. A big difference in this study's results is how the national documents emphasize the importance of placing more demands on municipal planning, while the municipal documents explain that they do not want to limit the building concepts of the building developers. There are also differences internally between municipal and local plan documents that deal with socio-economic segregation. The study has created an increased understanding of how the work on socio-economic segregation is treated and implemented, by demonstrating what differences and similarities exist between different control and planning documents. The study's results can be used to better understand these similarities and differences in order to ensure that work at the different levels to a greater extent deals with socio-economic segregation in the same way in the future.

This thesis contains three main parts. In the first part, we adapt a model developed for the US economy to the unique Chinese economic and institutional context. The uniqueness is mainly from two perspectives: the dual-channel housing financing system in China and the existence of the shadow banking sector (which differs from the shadow banking in developed economies) in China’s housing market. It would be difficult to obtain a clear picture of the Chinese housing market and macroeconomy without a thorough understanding of these two characteristics. This is due to the crucial role played by shadow banking and other informal finance institutions within the context of China in both the development and purchase of housing, in supporting productive economic activities in general, and that the housing market is in turn intricately connected to the health of the Chinese economy, being a key ‘barometer’. The second part of the research is the quantification of the determinants of the scale of shadow banking in China. The quantification is crucial since policy makers need to be aware of how sensitive shadow banking is to various factors. We develop a theoretical framework to explain the evolution of the scale of shadow banking in China. As part of this research, we investigate whether the real interest rate of household saving deposits, the required reserve ratio and bank loans to business and household are the main factors in explaining the evolution of China’s shadow banking. In the third part of research, we employ a credit risk and macroeconomic stress test to investigate the vulnerability of the commercial banks in China. Our originality here is the integration of both the role of shadow banking and housing market related loans in the commercial banks’ stress test scenarios at the macro level. Since a systematic analysis regarding the effect of changes in the macroeconomy and housing market on the credit risk of commercial banks in China is scarce, we use bank stress tests to analyse the credit risk in terms of the non-performing loans ratio of commercial banks in China; this is in response to changes in the macroeconomic factors and housing market. We address the role of the variation of the scale of shadow banking in China in terms of its contribution to the credit risk because of its uncertainty and close link with the commercial banks. Stress tests often focus on a single bank or financial institution yet we apply the same principles to examine the financial system as a whole in China, which would allow us to quantify the systemic risk in the entire Chinese financial system; and which variables, especially shadow banking contribute to the risks and by how much. This thesis contributes to the understanding of how China’s dual-channel housing finance system and shadow banking affect the evolution of house prices; and also, the main driving factors of the scale of China’s shadow banking and whether the housing market related loans and shadow banking pose risks to commercial banks. Possible research questions raised by the main findings of this thesis will enrich the debate on China’s housing market, shadow banking and regular banks, especially at a time when China is reforming its economic structure.

A presente dissertação tem o objetivo de investigar o impacto da proximidade e da qualidade das escolas no preço das residências do município de São Paulo. Mais especificamente, o estudo avalia como o mercado imobiliário de residências capitaliza a presença e a qualidade das escolas públicas e privadas de Ensino Fundamental de primeira a quarta série. São Paulo combina um sistema de ensino público que tem a regra de matrícula baseada na proximidade da residência à escola com um sistema privado bem desenvolvido, disponibilizando cerca de 800 escolas apenas neste nível de ensino. Utilizando uma extensa base de dados de lançamentos residenciais no período de janeiro de 2002 a março de 2008, foram encontradas evidências de que, em média, o mercado imobiliário da cidade de São Paulo não capitaliza a proximidade nem a qualidade das escolas, tanto públicas quanto privadas. Fatores como a proximidade aos principais centros de empregos da cidade e características da vizinhança, como proximidade a favelas, parecem prevalecer no processo de decisão sobre a localização da residência. Todos esses resultados foram obtidos através da estimação de modelos hedônicos cuja especificação foi definida com base nos modelos de economia urbana e nos princípios de economia espacial. / The aim of this dissertation is to measure how the housing market in the city of São Paulo capitalizes the proximity and the quality of public and private primary schools. São Paulo combines a public system with registration based on the residences proximity to school with a well developed private system, which provides approximately 800 schools as an alternative primary education for children. Using an extensive database of new residential developments during the period of January 2002 to March 2008, the results show evidences that the housing market in São Paulo does not capitalize the proximity neither the quality of primary public and private schools. The results were obtained through the estimation of hedonic models whose specification was defined based on the models of urban economics and the principles of spatial economics

<p><em>Background </em></p><p>Apartment ownership is a popular and well established type of housing in many countries, such as Norway, Denmark and UK. During spring 2009 the Swedish Parliament passed a new legislation which made it possible for apartment ownerships also in Sweden. But apartment ownership has had a slow start, which partly can be explained by the recent recession.</p><p><em>Purpose & method</em></p><p>The purpose of this paper is to study the market of apartment ownership in Öckerö, Stockholm and Karlstad. The study is a qualitative examination where relevant companies from the submarkets have been interviewed.</p><p><em>Result</em></p><p>The result of this study shows that the interest for apartment ownership is over all high in all three submarkets. It is yet clear the knowledge about apartment ownership is generally poor among the public, and when the banks still misses proper routines for mortgages, it creates uncertainty, and slows down the market. Furthermore, the existing legislation restricts the establishment because few objects are entitled to be reorganized. The conclusion of this study is thus that the market for apartment ownership would gain on an expansion of the legislation and a more efficient marketing.</p> / <p><em>Bakgrund </em></p><p>Lägenheter med äganderätt är sedan länge en populär och väletablerad boendeform i många länder, som exempelvis i Norge, Danmark och England. Våren år 2009 antog Riksdagen en ny lag som tillåter ägarlägenheter även i Sverige. Boendeformen har dock fått en trög start som delvis kan förklaras av den rådande lågkonjunkturen.</p><p><em>Syfte & metod</em></p><p>Syftet med studien är att studera marknaden för ägarlägenheter i Öckerö, Stockholm och Karlstad. Studien är en kvalitativ undersökning där relevanta företag från respektive delmarknad har intervjuats.</p><p><em>Resultat </em></p><p>Studiens resultat visar att intresset för ägarlägenheter är övervägande stort på samtliga delmarknader. Det är dock tydligt att det finns en okunskap om ägarlägenheter hos allmänheten och då bankerna i dagsläget saknar rutiner för utlåning skapar det en tröghet på marknaden. Även den nuvarande lagstiftningen som inte tillåter att befintliga bostäder ombildas till ägarlägenheter hämmar etableringen eftersom färre objekt blir aktuella. Slutsatsen av studien är således att marknaden för ägarlägenheter skulle vinna på en utvidgning av lagstiftningen samt en effektivare marknadsföring. <strong></strong></p>

Die Arbeit setzt sich mit der Internationalisierung des Wohnungsmarktes in Deutschland auseinander. Hierbei wird der Frage nachgegangen, wie sich nach dem Komplettverkauf kommunalen Wohneigentums Kommunikation und Zusammenarbeit auf dem Wohnungsmarkt und im Rahmen von Stadtentwicklungsprozessen ändern. Anhand von Fallstudien in Kiel, Osnabrück und Wilhelmshaven werden kommunale und wohnungswirtschaftliche Handlungsstrategien und Interaktionsorientierungen lokaler Akteure miteinander in Beziehung gesetzt. Auch wenn mit Hilfe eines Urban Governance-Ansatzes gewonnene Erkenntnis große Unterschiede bei kommunalen Gestaltungsansprüchen zeigen, ist ein prinzipieller Steuerungsverlust nach der Veräußerung nachweisbar. Vor allem finanzwirtschaftlich orientierte Investoren und ihr geringes investives Interesse führen zu einer nachhaltig geringer werdenden Gestaltungskraft auf Quartiersebene. / Certainly since the late-1990s deregulation as well as local authority debt reduction eventually has begun to take effect on local authority housing. In this context, the owners of public housing sold large quantities of their housing stock as well as whole housing companies. The sale of publicly owned housing property to international investors creates new opportunities for the housing economy due to different approaches to management and marketing. At the same time, sales to ‘new investors’ also bear risks for housing markets, urban renewal and urban planning. In this context, local authorities not only face a growing range of actors with increasingly diversified economic interests. But also, in addition, they are expected to initiate processes of integrated urban development in order to respond to structural change and its consequences. Research into newly emerging and changing relationships between actors in local housing markets is only in its beginnings in the field of regional studies. This work pu rsues as its key question: Following the complete sale of local authority housing stock, how do approaches, communication as well as strategies for collaboration of key actors in the housing markets develop under conditions of structural change? The focus of the comparative empirical case studies rests on the fields of urban development and the housing market. A comparative case study design with a heuristic-descriptive urban governance approach in Kiel, Osnabrück and Wilhelmshaven was chosen. Corresponding to the knowledge from the detailed evaluation, results and conclusions are to be drawn for the praxis and for further research.

This professional report is a study of urban housing market forces, housing opportunities of the critical workforce population, Austin’s housing market and an analysis of the apartment market in Austin between 2000 and 2010. The report analyzes the supply and demand of property, its influence on the costs of development and how cities intervene into the market to create housing opportunities for the critical workforce. The income levels of the critical workforce in Austin are related to the current market conditions of the apartment market. / text