Den 1 maj 2009 infördes lagreglerna som tillåter bildande av ägarlägenheter, en för Sverige ny upplåtelseform. Till skillnad mot bostadsrätten innebär ett köp av en ägarlägenhet ett direkt ägande av en fastighet, närmare bestämt en ägarlägenhetsfastighet. Liksom bostadsrätten äger del i bostadsrättsföreningen, äger ägarlägenheten del i en samfällighetsförening, men som till skillnad från bostadsrättsföreningen normalt sett inte upptar några lån i samband med förvärvet av fastigheten. Avsaknaden av lån i samfällighetsföreningen innebär att årsavgiften för ägarlägenheten blir betydligt lägre än motsvarande avgift för bostadsrätten. Detta utgör en väsentlig skillnad för konsumenten. Mot bakgrund av att ägarlägenheter är en relativt ny upplåtelseform, och att tidigare studier visar att det råder stor okunskap om vad ett ägande av den nya boendeformen innebär, finns det en kunskapslucka att fylla. Vidare innebär det rådande ränteläget i kombination med en historiskt hög skuldsättning hos de svenska hushållen att dess känslighet mot stigande räntor vuxit sig allt större. Således syftar studien till att utreda skillnaderna i bostadskostnader för upplåtelseformerna bostadsrätt och ägarlägenhet ur ett konsumentperspektiv, samt att undersöka hur olika räntenivåer påverkar bostadskostnaderna för respektive upplåtelseform. Grundläggande information om de olika upplåtelseformerna sammanställdes och relevanta teorier kopplade till ämnet redogjordes för. Vidare insamlades data till den kostnadskalkyl som sedermera upprättades. Slutligen utfördes känslighetsanalyser på bostadskostnaderna genom att justera räntenivåerna i kalkylen. Resultaten av studien visar att ägarlägenheten är den dyrare upplåtelseformen att köpa. Däremot bör tydliggöras att orsaken till att ägarlägenheten är den dyrare av de två, är på grund av amorteringen av bostadslån och det privatlån som tas för att täcka mellanskillnaden i kontantinsatsen mellan upplåtelseformerna. Känslighetsanalysen visar, både vid en måttlig och kraftig ökning av räntenivå, att bostadsrätten är känsligast för ränteökningar då den uppvisar högre procentuell ökning i bostadskostnader än ägarlägenheten. / On the 1st of May, 2009, a new type of housing form was legally introduced in Sweden, a leasing form which allows for a direct ownership of the apartment. In the same way that the more usual form of housing, condominiums, owns a share in a tenant-owner association, the so called owner- occupied apartments owns a share in a joint property association. One important difference though, is that the joint property association does not take up any loans when purchasing the residential property. For the consumer this significantly affects the costs of living since the joint property association does not haveto charge the consumer for cost of capital, in contrast to the tenant-owner association. Considering the fact that owner- occupied apartment is a relatively new form of housing in Sweden,and that previous studies indicates that the consumer is ill informed regarding owner- occupiedapartments, there is a knowledge gap that needs to be filled. Furthermore, the current interest rate levels in combination with a historically high debt among swedish households, implies that the sensitivity towards raised interest rates has become increasingly large. Thus, the aim of this study is to examine the differences in cost of housing between condominiums and owner- occupied apartments, and also to analyze how different levels of interest rates affect the cost of housing. Fundamental information about the two different forms of housing was compiled inthe form of a table. Finally, the interest rates were put through a sensitivity analysis, in order to examine the sensitivity of cost of housing to raised interest rates. The study results shows that owner- occupied apartments is the more expensive alternative to acquire.It should be clarified, however, that the reason for the owner- occupied apartment being the more expensive alternative is because of the amortization. The yearly cost of amortization is much higherfor the owner- occupied apartment because of its higher price, but considering the fact that amortization could be seen as a form of saving, one could argue it makes the comparison unfair. The sensitivity analysis shows that condominiums is more sensitive to a raise in interest rates, both at a moderate and a vigorous raise.

Good conceptual cost estimates is one of the most important factors affecting the project success. Investment decisions taken and budget preparations are performed from the results of the conceptual estimates. Also, the most difficult cost estimation is the early estimates where there is very limited information. This thesis provides a model for the cost estimation of the housing projects at the conceptual stage, considering not only the total area of the construction, but also considering fractional areas, as kitchen area, bathroom area, living room area and etc. Moreover, model outputs a range of costs considering quality of the construction instead of a point estimate which allows investors to see the possible costs of the project by their choice of luxury.

This thesis deals with housing costs and commuting of professional soldiers of the Army of the Czech Republic. It analyzes not only the cost of housing and commuting , but also the subjective perception of the burden on individual households of soldiers. The sample was analyzed for the entire Army of the Czech Republic , which were represented by soldiers from various units and garrison towns across the Czech Republic . For the final analysis were used data gathered by a questionnaire and also was used secondary data analysis . The result was , among other things , to determine what strategies are used by soldiers to provide their housing and commuting . Other findings are described in the empirical part and at the end of the thesis. Powered by TCPDF (www.tcpdf.org)

Esta pesquisa aborda como problema principal, a falta de participação do usuário de Habitação de Interesse Social (HIS) na definição da sua moradia. O modelo atual do processo de provisão da habitação é baseado, principalmente, no sistema de produção em massa, resultando em unidades habitacionais padronizadas que não atendem às necessidades de seus usuários. Dentro deste cenário, a Customização em Massa (CM), tem sido investigada e apontada como uma estratégia promissora para solucionar este problema. A CM é definida como uma síntese de dois sistemas, aparentemente concorrentes: o da produção em massa com a customização individual de bens ou serviços. A participação do cliente na configuração do seu produto é uma condição essencial no conceito da CM, para o atendimento de suas necessidades e desejos. Para viabilizar essa participação, é necessária a utilização de ferramentas que permitam aos clientes configurarem seus produtos, a partir de opções disponibilizadas pelo fabricante. Especificamente no setor da construção civil, estas ferramentas ainda precisam ser desenvolvidas e experimentadas. Neste contexto, o objetivo principal da pesquisa é desenvolver um instrumento funcional que apoie os usuários, nas decisões da customização da sua habitação, em processos participativos de projetos de HIS. A pesquisa utiliza a abordagem da Design Science Research, a qual orienta para que, após a compreensão da questão central, seja proposto um artefato aplicável em soluções práticas. Os resultados obtidos com a aplicação do artefato desenvolvido demonstraram que o mesmo pode ser utilizado, não apenas na CM, mas também em outros processos de projetos participativos. A principal contribuição desta pesquisa está na originalidade das características paramétricas do modelo físico proposto. / This research approaches, as a main problem, the lack of user participation in Social Housing regarding the definition of its dwelling. The current model of housing provision process is based, mainly, on the mass production system, resulting in standardized housing units that do not satisfy the needs of users. Within this background, the Mass Customization (MC), has been investigated and identified as a promising strategy to solve this problem. The MC is defined as a synthesis of two systems, seemingly competitive: the mass production with the individual customization of goods or services. The customer participation in his product configuration is an essential condition in the concept of MC to fulfill his needs and desires. In order to enable this participation, the use of tools is required to enable customers to configure their products, from options, provided by the manufacturer. Specifically, in the civil construction sector these tools still need to be developed and experienced. In this context, the main objective of this research is the development of a functional device that can support users in their decisions of housing customization in participatory processes of Social Housing projects. The research uses the Design Science Research approach, which after understanding the central issue, recommends the development of an artifact and its application in practical solutions. The results obtained by applying the developed artifact demonstrated that the latter can be used, not only in MC, but also in other participatory design processes. The main contribution of this research is the originality of the parametric features of the proposed physical model.

Esta pesquisa aborda como problema principal, a falta de participação do usuário de Habitação de Interesse Social (HIS) na definição da sua moradia. O modelo atual do processo de provisão da habitação é baseado, principalmente, no sistema de produção em massa, resultando em unidades habitacionais padronizadas que não atendem às necessidades de seus usuários. Dentro deste cenário, a Customização em Massa (CM), tem sido investigada e apontada como uma estratégia promissora para solucionar este problema. A CM é definida como uma síntese de dois sistemas, aparentemente concorrentes: o da produção em massa com a customização individual de bens ou serviços. A participação do cliente na configuração do seu produto é uma condição essencial no conceito da CM, para o atendimento de suas necessidades e desejos. Para viabilizar essa participação, é necessária a utilização de ferramentas que permitam aos clientes configurarem seus produtos, a partir de opções disponibilizadas pelo fabricante. Especificamente no setor da construção civil, estas ferramentas ainda precisam ser desenvolvidas e experimentadas. Neste contexto, o objetivo principal da pesquisa é desenvolver um instrumento funcional que apoie os usuários, nas decisões da customização da sua habitação, em processos participativos de projetos de HIS. A pesquisa utiliza a abordagem da Design Science Research, a qual orienta para que, após a compreensão da questão central, seja proposto um artefato aplicável em soluções práticas. Os resultados obtidos com a aplicação do artefato desenvolvido demonstraram que o mesmo pode ser utilizado, não apenas na CM, mas também em outros processos de projetos participativos. A principal contribuição desta pesquisa está na originalidade das características paramétricas do modelo físico proposto. / This research approaches, as a main problem, the lack of user participation in Social Housing regarding the definition of its dwelling. The current model of housing provision process is based, mainly, on the mass production system, resulting in standardized housing units that do not satisfy the needs of users. Within this background, the Mass Customization (MC), has been investigated and identified as a promising strategy to solve this problem. The MC is defined as a synthesis of two systems, seemingly competitive: the mass production with the individual customization of goods or services. The customer participation in his product configuration is an essential condition in the concept of MC to fulfill his needs and desires. In order to enable this participation, the use of tools is required to enable customers to configure their products, from options, provided by the manufacturer. Specifically, in the civil construction sector these tools still need to be developed and experienced. In this context, the main objective of this research is the development of a functional device that can support users in their decisions of housing customization in participatory processes of Social Housing projects. The research uses the Design Science Research approach, which after understanding the central issue, recommends the development of an artifact and its application in practical solutions. The results obtained by applying the developed artifact demonstrated that the latter can be used, not only in MC, but also in other participatory design processes. The main contribution of this research is the originality of the parametric features of the proposed physical model.

傳統財務理論中均假設市場為效率市場，然而不動產市場並非效率市場，投資者對於市場資訊之反應並非完全理性。若投資者忽視自身擁有之資訊，選擇追隨其他人的投資決策，將使投資人間存在相互牽制之行為，因而產生行為財務學中之「從眾行為」，其決策結果將無法完全反應市場資訊，並造成投資人集體買進、賣出之行為，使市場價格與交易量存在不正常之波動。由於台灣不動產市場長期以來存在有價格漲幅波動超越合理範圍之現象，因此本研究探討台灣不動產市場是否存有從眾行為，使得投資人具有非理性的投資傾向。 有鑑於過去關於從眾行為之研究仍以股票市場中報酬率或交易量驗證為主，對於台灣運用交易量進行不動產市場之從眾行為驗證則付之闕如，而從眾行為對於不動產市場之影響，首先將反映於交易量之波動，因此本研究運用自我迴歸分配落遲模型對於台灣不動產市場是否存在從眾行為進行驗證，並比較不動產報酬率波動不同之交易市場，其從眾行為存在情形之異同。 模型結果顯示台灣三大都會區（臺北市、臺中市與高雄市）與臺北市分區（分為市中心、郊區與郊外）中，僅臺北市整體與臺北市分區之住宅市場明顯存在從眾行為現象。結果顯示當該住宅市場存在從眾行為時，當期交易量將受到當期持有成本與前期市場報酬率之影響。此外，交易量除受從眾行為之影響外，尚受到經濟成長率、營建類股股價指數、物價指數租金年增率、營造工程物價指數等之正向影響，而購屋貸款利率與通貨膨脹則和交易量呈反向變動現象。 本研究以探討從眾行為、交易量與總體經濟因素之關連性，進一步釐清影響住宅市場交易量波動之因素，使購屋者於決策時參考前期市場交易情形能更加理性，避免盲目跟隨下的從眾行為產生。 / Base on the Efficient Market Hypothesis, the traditional financial theory assumes the market is efficient. However, the real estate market is not. For this reason, investors could not react to market information entirely. If investors ignore their own information, they may choose to follow other peoples’ investment decisions. Therefore, this situation will lead to herding behavior of behavioral finance that may cause price volatility and unusual transactions. On account of the real estate market exists unreasonable price fluctuations for a long time in Taiwan, this thesis examines whether the herding behavior exists in Taiwan real estate market or not. Although many researchers study the herding behavior in the stock market by using the transactions and the returns on investment, few attempts have been made to discuss the herding behavior in Taiwan housing market by using the housing transactions. Hence, this study examines the herding behavior in Taiwan housing market by establishing the Auto-regressive Distributed Lag (ARDL) model with housing transaction data. Results found the herding behavior of real estate market do exist in the whole Taipei city and the three region of Taipei city (downtown, suburb and outskirt). And it shows the transactions in the housing market with herding behavior may be affected by user cost of housing and pre-market returns. Furthermore, the study finds some macroeconomic factors affecting the housing transactions positivity, such as economic growth rate, construction stocks index, consumer price index of house renting and consumer price index of construction engineering. On the contrary, loan interest rate of housing and consumer price index has negative influence. To conclude, this study aims to examine the influential factors on the volatility of housing transactions though clarifying the relationship between the herding behavior, the transactions in housing market and the macroeconomic factors. It may help investors follow other peoples’ investment decisions more reasonable, and avoid blind herding behavior in real estate markets.

Submitted by Rodson Heringer (rodsonheringer@gmail.com) on 2014-08-19T13:35:04Z No. of bitstreams: 1 Rodson Heringer_vfinal.pdf: 585514 bytes, checksum: 47c7b742f2da43456fabe8d31c914054 (MD5) / Rejected by JOANA MARTORINI (joana.martorini@fgv.br), reason: As paginas continuam numeradas. A numeração das paginas deverão ser contadas a partir do índice. on 2014-08-19T13:40:45Z (GMT) / Submitted by Rodson Heringer (rodsonheringer@gmail.com) on 2014-08-19T14:14:49Z No. of bitstreams: 1 Rodson Heringer_vfinal.pdf: 586286 bytes, checksum: d42505429c5f0cbf765dd2d32c6cb066 (MD5) / Approved for entry into archive by JOANA MARTORINI (joana.martorini@fgv.br) on 2014-08-19T14:15:57Z (GMT) No. of bitstreams: 1 Rodson Heringer_vfinal.pdf: 586286 bytes, checksum: d42505429c5f0cbf765dd2d32c6cb066 (MD5) / Made available in DSpace on 2014-08-19T16:15:00Z (GMT). No. of bitstreams: 1 Rodson Heringer_vfinal.pdf: 586286 bytes, checksum: d42505429c5f0cbf765dd2d32c6cb066 (MD5) Previous issue date: 2014-08-04 / Este trabalho analisa a variação da taxa de aluguel e do custo de moradia nas cidades de São Paulo e Rio de Janeiro para o período de Janeiro de 2008 a Janeiro de 2014 utilizando uma abordagem quantitativa com base na expectativa de longo prazo da taxa de juros reais, na expectativa de inflação e na valorização do preço dos imóveis em uma janela de 1 ano. Os resultados indicam que a expectativa de longo prazo da taxa de juros reais tem um impacto relevante na variação da taxa de aluguel durante o período abordado, bem como a expectativa de inflação, mas em magnitude menor, enquanto a valorização passada de 1 ano não tem poder explicativo sobre a taxa de aluguel. / We examine the variation of the rent-to-price ratio in the cities of Sao Paulo and Rio de Janeiro from January 2008 to January 2014 using a quantitative approach based on the expected long-term real interest rate, the expected inflation rate and the price appreciation of real estate during the last twelve months. The results indicate that the expected long-term real interest rate has a significant impact on the variation of the rent-to-price ratio during the period covered, as well as the expected inflation, but to a lesser degree, while the past price appreciation has no explanatory power.