In the first paper the effect of accessibility upon rent is investigated for office properties located in Downtown Stockholm. Starting from the firm’s cost minimization problem, a translog hedonic model is derived. The results suggest the model has good predictive power in explaining the variation in the log of the rent. A negative rent gradient is obtained with a base approximately 90 meters from the postulated focal point. It appears as if Space Syntax adds important information to the understanding of the intraurban office rent pattern. The second paper investigates assumed capitalisation rates in 3026 discounted cash flow valuations of office properties in Stockholm, Gothenburg and Malmö during the time period 1998-2004. The study investigates determinants of property-level variation in cap rates and how going in and exit cap rates relate to each other. Exit cap rates exhibit substantial variation across properties. Part of this cross-sectional variation can be attributed to the location of the property, part of it is due to other characteristics of the property. Exit cap rates are differentiated between properties of the same type on the same market segment, which shows that valuers apply property level fine-tuning when setting exit cap rates. Properties with low market rent and high long-run vacancy assumption typically have high exit cap rates. Properties in peripheral parts of a city typically have higher exit cap rates than properties in central parts. The implicitly assumed going-in cap rate (defined as assumed net operating income year one divided by estimated market value) follows a similar pattern as the exit cap rate but exhibits more temporary, property-specific variation. Going-in cap rates are strongly influenced by temporary deviations of vacancy rates and rents from assumed “normal” levels of vacancy and rent. The difference between going-in and exit cap rates is influenced by assumed short-run growth in net operating income in the way stipulated by theory: high assumed short-run growth is associated with going-in cap rates being lower than exit cap rates. / QC 20101115

在社會資源有限分配下，住宅整建已逐漸成為市容景觀改造方法之一，成為都市更新重要的一環，鑑於以往文獻可知，建物整建會增加該不動產的市場價值。僅有Yau et al.（2006）及Yau et al.（2008）藉由視覺的虛擬變數代表受影響範圍，研究建物整建後對鄰近不動產價格的影響，卻無法證實整建之價格外溢效果確實影響範圍。 本研究採用具空間變數的空間迴歸模型，預期能解決一般迴歸模型中空間自相關與估計偏誤的估計問題，並以台北市都市更新整建維護實施辦法通過的補助案例及營造股份有限公司所提供的整建案例，與房地產交易價格簡訊資料為對象進行實證。實證結果發現，台北市住宅整建後確實會產生價格的外溢效果，影響鄰近不動產，且不以視野可及之處為限，距離整建案例半徑200~500公尺內的交易樣本皆會受到影響，顯見加強策略性的地區整建，將能為都市再生帶來更顯著的影響。 / Housing refurbishment has become more important in congested living environment like Taipei. There are some studies focus on refurbishment will enhance the market value of the property. However, there have been a few empirical studies investigating the value enhanced by the refurbishment of neighborhood buildings. As a result, this study aims to empirically estimate the spillover effect of housing refurbishment in Taipei. We find that spatial hedonic model is more accuracy than traditional one, and that the refurbishment brought a significant increase in price of the buildings which located within 200~500 meter radius from the refurbished buildings. Obviously, to enhance house refurbishment is helpful to urban renewal.

現行不動產大量估價主要以特徵價格模型為基礎進行價格之預估，而常以鄰里、轄區或次市場虛擬變數或是與特定公共設施之距離作為控制區位價值之變數。惟僅以次市場變數之係數或是距離特定公共設施距離之係數衡量樣本之區位價值，則因係數之僵化性弱化或低估區位對不動產價格之影響，導致大量估價模型之精度難以突破。 本研究以區位價值波面之概念建立條件式殘差擬合變數，從空間角度評估各樣本之區位價值並以量化數值呈現各樣本區位價值之高低，在細膩處理區位價值下模型之預估能力相對提升。實證結果顯示，整體模型之絕對誤差平均值為10.1%，而10%、20%誤差命中率達62.9%、87.9%，相對優於過去研究之模型預估能力；另外，經過區域侷限性測驗發現，條件式殘差擬合變數修正模型不受次市場之侷限，對於是否劃分模型次市場已不影響模型之預估能力，且經由實證發現，當實價登錄樣本愈趨豐富時，模型之預估能力將更加提升，值得作為後續建立大量估價模型之參考。 / Hedonic model is the most commonly-used tool for real estate mass appraisal, and neighborhoods, districts or sub-market dummies or the distance from the specific public facilities are the common variables used to control the value of location in the model. However, controlling the location value by these ways leads to the coefficient rigidities, making it possible to underestimate the value of the location. This research sets up the conditional-selected residual fitting variable by the concept of location value response surface, and estimates the location value from the spatial perspective. The result shows that the MAPE of the model is 10.1%, and the hit-rate of 10% and 20% come to 62.9% and 87.9%, having significant improvement compared with the past studies. Besides, by the confinement test of sub-market, it has been proved that the CRF modified model successfully gets rid of confinement from the sub-market, and whether dividing sub-markets or not no longer affects the prediction capability of the model. Another test giving us new images that, when the train data gets richer as time goes, the prediction capability of the model gets higher as well.

Various studies in the EU have examined the effect of Energy Performance Certificates (EPCs) on the real estate market, examining market values, rental values, and yields. However, there is dissent on the effect of EPC. The study tests for the impact of EPC alone and in relation to socioeconomic attributes on transaction prices of residential properties in Stockholm, Sweden. The thesis analyzes real transaction data of the 26 municipalities of the Stockholm region. Firstly, the research aims to determine if the energy efficiency capitalizes on residential property prices and if and to what extent the capitalization varies within the municipalities of Stockholm. Lastly, the study examines how income and education influence the prices of energy-efficient properties. The applied approaches follow the hedonic pricing method, namely, the OLS (Ordinary Least Squares) and spatial models. After analyzing more than 40,000 observations, the regression results indicate that high energy efficiency is reflected in the price premium of apartments and dwellings. For example, energy-efficient apartments with an EPC grade of A, B, or C achieve a price premium of around 0.99% compared to apartments with lower EPC grades between D-G. The results indicate a more considerable price premium of approximately 3.33% for energy-efficient dwellings. Another result of the study is that the capitalization of energy efficiency varies strongly between the municipalities of Stockholm. For apartments, the data implies substantial differences ranging from -15% in Danderyd to +14.2% in Upplands-Bro. The “local” premium for energy-efficiency dwellings ranges from 3% in Stockholm municipality to 9.5% in Norrtälje. Even though the results were significant, they need to be interpreted with caution as the sample size of some municipalities was relatively small. The last aspect of the study incorporates the issue of socioeconomic variables, income, and education level. The initial hypothesis was that high income and education would be correlated with higher energy performance certificate (EPC) grades. However, the results suggest a negative correlation between income or education level with EPC grade. These results imply that market participants with higher income and education are less likely to seek a higher EPC grade. The reason could be that these high-income households have a lower sensitivity to rising energy prices and fewer issues to afford the old but prestigious housing stock. / Olika studier inom EU har undersökt effekten av energiprestanda certifikat (EPC) på fastighetsmarknaden, marknadsvärden, hyresvärden och avkastning. Det finns dock oenighet om effekten av EPC. Denna studie testar effekten av EPC enbart och i relation till socioekonomiska attribut på transaktionspriser för bostadsfastigheter i Stockholm, Sverige. Avhandlingen analyserar verkliga transaktionsdata för 26 kommunerna i Stockholmsregionen. För det första syftar forskningen till att avgöra om energieffektiviteten i bostadsfastigheter påverkar priser och om och i vilken utsträckning kapitaliseringen varierar inom Stockholms kommuner. Slutligen undersöker studien hur inkomst och utbildning påverkar priserna på energieffektiva fastigheter. De tillämpade metoderna följer den hedoniska prissättningsmodellen, nämligen OLS (Ordinary Least Squares) och rumsliga modeller. Efter att ha analyserat mer än 40 000 observationer tyder regressions resultaten på att hög energieffektivitet återspeglas i prispåslaget för lägenheter och bostäder. Till exempel uppnår energieffektiva lägenheter med EPC-graden A, B eller C en prispåslag på cirka 0,99 % jämfört med lägenheter med lägre EPC-klasser mellan D-G. Resultaten indikerar en mer betydande prispåslag på cirka 3,33 % för energieffektiva bostäder. Ett annat resultat av studien är att kapitaliseringen av energieffektivisering varierar kraftigt mellan Stockholms kommuner. För lägenheter innebär uppgifterna stora skillnader från -15 % i Danderyd till +14,2 % i Upplands-Bro. Den ”lokala” premien för energieffektiva bostäder sträcker sig från 3 % i Stockholms kommun till 9,5 % i Norrtälje. Även om resultaten var signifikanta måste de tolkas med försiktighet eftersom urvalsstorleken i vissa kommuner var relativt liten. Den sista aspekten av studien tar upp frågan om socioekonomiska variabler, inkomst och utbildningsnivå. Den initiala hypotesen var att hög inkomst och utbildning skulle vara korrelerad med högre energiprestanda certifikat (EPC) betyg. Resultaten tyder dock på ett negativt samband mellan inkomst eller utbildningsnivå med EPC-betyg. Dessa resultat tyder på att även om EPC är positivt kapitaliserat i bostadspriserna är marknadsaktörer med högre inkomst och utbildning mindre benägna att söka ett högre betyg i EPC. Detta på grund av mindre känslighet för ökningar i energipriser och överkomliga priser för det gamla bostadsbeståndet.

In the last few years, Sweden has felt rising energy prices leading to more harsh living for single houses. In the years 2021–2022, both Europe and Sweden witnessed record-high electricity prices and experts predicted an increase in the coming years. As a result of this, homeowners began to improve their energy efficiency in their homes. Therefore, this study will aim to answer the question “How does the final price of detached houses differentiate between Gothenburg and Luleå due to their energy efficiency?”. The hypothesis for the work is that a positive relationship between sales price and energy efficiency occurs. That Gothenburg will have a larger effect than Luleå. To answer the question a quantitative method is applied using the hedonic pricing model with two multiple regressions, one for each cross-section. The time series is from 2020–2023. The variables used are sale price as a dependent variable and a series of eight independent variables. The regression results show a positive relationship between energy efficiency measures and final price in both cross sections. Furthermore, the results are significant for Luleå and insignificant for Gothenburg. Regarding Luleå energy efficient ventilation and heating has a statistical significance on sale price. Meanwhile, house size and plots of land are significant for Gothenburg. These results are both in line with previous research but also contradict them. The thesis is unique because the analysis is made between two different energy pricing areas in Sweden. / Under de senaste åren har Sverige påverkats av stigande energipriser. Detta har resulterat i en mer pressad situation för småhusägare runt om i landet. Under åren 2021–2022 upplevde Sverige och Europa rekordhöga energipriser och experter förutspår en fortsatt ökning under de kommande åren. Med detta i åtanke har småhusägare börjat energieffektivisera sina hem. Således kommer denna uppsats besvara problemformuleringen “Hur skiljer sig slutpriset på småhus mellan Göteborg och Luleå av energieffektivisering?". Hypotesen för arbetet är att finna ett positivt samband mellan slutpris och energieffektivisering. Där till att inverkan i Göteborg är större än i Luleå. För att besvara frågeställningen appliceras en kvantitativ metod tillsammans med den hedoniska prismodellen. Modellen använder två multipla regressioner, en för vardera tvärsnitt. Tidsserien är mellan år 2020–2023. Den beroende variabeln är slutpris och förklaras med hjälp av åtta oberoende variabler. Regressionsresultaten visar ett positivt samband mellan energieffektiviserande åtgärder och slutpris i båda kommunerna. Dock är koefficienterna signifikanta i Luleå och icke signifikanta i Göteborg. För Luleå är energieffektiv ventilation och energieffektiva uppvärmningssystem statistiskt fastställda. Medan för Göteborg påvisar boarea och tomtstorlek signifikans. Resultaten ligger både i linje med tidigare forskning men motsäger även dem. Uppsatsen är unik då analysen genomförs mellan två olika energiområden i Sverige.

La thèse s’intéresse aux enjeux de maîtrise de la croissance urbaine au travers du modèle de Ville Compacte et de sa caractéristique spatiale clé : la densité. Ce travail de doctorat s’inscrit dans une démarche théorique, méthodologique et empirique. Premièrement, la thèse replace la densité dans les modèles de microéconomie urbaine relatifs aux choix de localisation des agents. Nous identifions ainsi les différents déterminants de la localisation résidentielle (centre d’emploi, aménités, service résidentiel) et analysons l’organisation spatiale – dense ou dispersée – qui en découle. De plus, la thèse ne considère pas uniquement une densité mais des densités urbaines telles des densités de contenu (population, emploi) et de contenant (bâti). Elle met ainsi en évidence divers enjeux méthodologiques associés au traitement et à l’analyse des densités urbaines et propose une mesure plus juste de l’intensité de l’occupation de l’espace, le ratio de densité net. Pour illustrer ces résultats, deux études empiriques portant sur le Grand Dijon sont réalisées. La première consiste en une typologie des quartiers dijonnais qui met en relation les déterminants théoriques de choix de localisation et les types et niveaux de densités urbaines. La seconde étude empirique s’intéresse aux conditions d’acceptabilité des densités urbaines par les individus. Elle consiste en une évaluation hédonique appliquée au prix du logement qui appréhende la valorisation de la densité perçue (bâti) et de la densité en tant que vecteur d’interactions sociales. La thèse apporte des éclairages sur les conditions de réalisation et d’acceptation des politiques d’aménagement actuelles visant la Ville Compacte. / The thesis is focused on urban growth control challenge through the Compact City model and its key spatial characteristic: the density. This work deals both with a theoretical, methodological and empirical approach. First, we place ourselves in the theoretical framework of Urban Economic addressing agents’ location choices. We mobilize these theories to identify the key determinants of residential location (employment center, spatial amenities, housing’s service) and analyze the spatial organization that follows (dense or spread). This literature leads us to consider different types of density: structural density, population density and social density. This thesis highlights various methodological challenges associated with the treatment and analysis of urban densities and proposes a more accurate measure of the intensity of space occupancy, the net density ratio. To illustrate this results, we realize two empirical studies on the agglomeration of Grand Dijon. The first is a typology on Dijon urban area neighborhoods that links density levels to theoretical determinants of residential location. The second empirical study implements the method of hedonic prices applied to housing. Relying on the methods and tools of spatial econometrics, we estimate the valuation of the density on the Grand Dijon and identify the conditions for its acceptance by individuals. This thesis sheds light on the conditions of realization and acceptance of current planning policies aiming at achieving Compact City.