Aim: The purpose of this study is to find new variables that can help explain the variation in the prices of apartments in the county of Stockholm. Method: By using recreated variables from an existing model created by Claussen, Jonsson and Lagerwall (2011) on behalf of Sweden’s central bank, and adding new variables obtained by the realtor Erik Olsson and the housing ad website Hemnet, the goal is to find a model that explains as much of the price variation as possible. The accuracy of the model is tested by an out-of- sample forecast. The study is based on monthly data for the years 2008 up until February 2013 and is written in cooperation with Valueguard. Findings: By combining the two data sets the adjusted coefficient of determination was 0,703, which means that 70,3% of the variation in the prices can be explained by the model.

Anvisning av kommunalt ägd mark ska sedan göras i enlighet med kommunen i frågas markanvisningsriktlinjer. Riktlinjer för markanvisning är ett, sedan 2015, laga krav hos kommuner som anvisar mark. Trots detta är kommunal markanvisning fortfarande en marknad som präglas av en avsaknad av transparens och överskådlighet. Arbetet granskar och jämför ett antal av Stockholms yttre kranskommuner gällande deras markanvisningspolicys och riktlinjer. De kommuner som valts ut är Botkyrka, Haninge, Norrtälje, Nynäshamn, Upplands-Bro, Upplands Väsby och Sigtuna för deras förmodade stora roll i Stockholms framtida utveckling. Trots att rådande lagstiftning i frågan om riktlinjer för kommunala markanvisningar trädde i kraft 2015 saknar fortfarande kommuner riktlinjer markanvisning. Problematik råder även inom kommuner som antagit riktlinjer men inte följer dessa, något som motverkar Lag (2014:899) om riktlinjer för kommunala markanvisningar, vars bakomliggande syfte var att göra kommunal markanvisning mer transparent. Kommunal markanvisning har en avsaknad av påföljder till följd av agerande i strid mot lagstiftning. Boverket som tillsynsmyndighet uppvisar statistik som visar att över 10% av svenska kommuner som anvisar mark saknar riktlinjer. Det saknas granskningar som är offentliga rörande huruvida riktlinjerna efterföljs inom de kommuner som antagit riktlinjer. Ingen tydlig skillnad observeras i markpris i samband med tillämpning av olika markanvisningsmetoder. Material erhållet från kommunerna i undersökningen visar dock att det starkt kan ifrågasättas om alla kommunerna tillämpar oberoende värderingar vid prissättning av mark. Vidare finns kommuner som valt att klassa sina värderingar som arbetsmaterial, något som inte lämnas ut till offentligheten, trots att värderingar bör anses som beslutsgrundande. Parallellt med undersökning om markanvisningsriktlinjer undersöks även frågeställning kring prissättning och distans från Stockholms innerstad, samt om priset kan förklaras med William Alonsos platsteori. Undersökning visar ett tydligt samband mellan distansen från Stockholms Central och priset på marken vid anvisning. Det uppvisade samband mellan totala distansen till centrum och pris visar på ett starkare linjärt samband vid jämförelse med sambandet mellan restid från samma kommun och markpris. / Allocation of land owned by municipalities should be carried out in line with the municipality in questions guidelines for land allocation. Guidelines for allocation is, since 2015, required by Swedish law for those municipalities that allocate real estate. Despite that, municipality land allocation is a branch characterized by a lack of transparency and clarity. This report examines and compares some of the outer crane municipalities of Stockholm regarding their land allocation policy and guidelines. The municipalities chosen were Botkyrka, Haninge, Norrtälje, Nynäshamn, Upplands-Bro, Upplands Väsby and Sigtuna, because of their assumed big part in the further development of Stockholm. Even though the current law of guidelines for land allocation took effect in 2015 there is still municipalities that lack guidelines and policies. There are further problems in some of the municipalities that adopted guidelines that they don’t follow them, which counteract Law (2014:899) about guidelines for land allocations within a municipality, the underlying purpose of which was to make land allocation within municipalities more transparent. Land allocation in the municipality has a lack of penalties as a result of acting in violation of legislation. Boverket as a regulator have statistics that shows that 10% of swedish municipalities that allocates land does in fact not have guidelines, but there is a lack of examination if municipalities that have guidelines follow them. No clear difference in price of land can be noticed when comparing different methods of allocating land. The material we obtained from the municipalities in this investigation makes us question if all the municipalities is applying independent valuation of land. There are also municipalities that classes their valuations as working material, something that isn't public information, even though valuations should be considered decision founding. Parallel to the investigation of land allocation guidelines investigations about pricing and distance from the center of Stockholm is being examined as well as if the pricing can be explained by William Alonso’s location theory. The investigation shows that there is some kind of connection between the prices of the land when allocated and the distance from Stockholm City. There is a stronger correlation between distance and pricing than time of traveling and pricing.

This study extends a previously developed model of real estate capitalization rates. The preceding model suggests that real estate cap rates are a function of debt and equity spreads over the real risk free rate. In an effort to further the previous research, the effects that commercial real estate mortgage markets have on cap rates is considered. Mortgage originations and debt service coverage ratios are used to proxy the effects of the commercial mortgage market. The empirical results reconfirm the significance of debt and equity spreads. Furthermore, mortgage markets are shown to have a significant effect on capitalization rates. These results help to explain contributing factors to the real estate bubble of 2007.