published_or_final_version / Real Estate and Construction / Master / Master of Science in Real Estate and Construction Development

published_or_final_version / Urban Planning / Master / Master of Science in Urban Planning

published_or_final_version / Real Estate and Construction / Master / Master of Science in Construction Project Management

published_or_final_version / Business Administration / Master / Master of Business Administration

This paper studies the differences in the real estate markets of Los Angeles County and New York County in order to understand what variables contribute most to their growth by using national and local data from the period between 1987 and 2012. I conduct two separate multiple regressions to show that local variables tend to have a bigger impact on real estate growth than national variables. I also find that there is a significant difference between most of the variables depending on location. Overall, it is found that over fifty percent of the observed variables contribute to real estate growth in LA County. However, two thirds of the observed variables lead to real estate market decline in NY County. These findings show that NY County does not see as much growth as LA County.

It is estimated in the last five years Chinese investors have poured over $93 billion into the United States residential real estate market targeting high-end housing sectors. I analyze the implications of the investment and how it has affected the Bay Area housing prices. In order to find out why large outflows are targeting the United States I compare China’s economy with Japan’s economy in the late 1980’s when Japanese investors invested over $300 billion into high profile real estate properties. I find many similarities, suggesting China has a bubble economy such as Japan before the lost decade. To combat their bubble, China has implemented new restrictions on capital outflows in order to stabilize their volatile markets. In terms of the Bay Area real estate market I gathered evidence a recession is imminent due to the demand falling for high-end housing. The housing market mirrors economic health and indicates whether an economy is in a boom or bust.

Development of the Real Property Law Regulation in Czech Lands in 19th and 20th centuries The purpose of my master degree thesis is to analyse the development of legal regulation in the field of real property law in the Czech lands between years 1800 and 2000. There is several reasons for my research which are specified in the thesis's Preface: the fact I am very interested in everything what is connected with the legal aspects of real property questions, my original profession (having secondary school education in construction domain - and construction is a real property according to the valid Czech legal form) and influence of the denial of certain general principles of property law in the Czechoslovakia in the past to my family. The thesis is composed of ten chapters, each of them describing the legal regulation of the real property law in different historical period of time. Chapter One is introductory and defines basic characteristics of real property law in the past, beginnings of its concept as a fundamental human right and specificities of the soil including mentioning the exclusive Czech legal institute buildings being a real property. Chapter Two shows the essential institutes of legal relations to the real properties from the beginnings of Czech statehood (feudalism and absolutism times)...

The African Real Estate Society (AfRES) 2008 conference, through a panel discussion concluded that access to finance is a major challenge and an obstacle in developing real estate markets in Sub Saharan Africa. The purpose of this research was to establish the key factors that a lender takes into consideration when financing real estate transactions in Sub Saharan Africa, as well as the relative importance of each key factor. In addition to this, the study reviews and examines the risk considerations and challenges involved in doing business in Sub Saharan Africa, from a South African lender point of view. As the research is exploratory in nature, the initial approach to gather significant information was through literature studies and preliminary discussions with relevant representatives of the lender. Thereafter, a self administrated questionnaire was sent to respondents in order to bring out further factors or dynamics to consider. The main finding of the research was that the primary factors that influence a lender’s decision to finance a real estate transaction are: projected cash flow of a specific transaction, pricing, lender’s Return on Equity (ROE), client risk grading, property location, type of property, nature of business of borrower, security provided and client relationship. Respondents included track record of borrower and term of the loan facility as additional factors of influence. Regarding risk concerns, important issues of consideration included cultural differences, unfamiliarity of business environment and legal frameworks, access to data and delivery risk. The economic environment is highly segmented, and is thus challenging to treat SSA markets as one bread basket. The study reveals that although SSA is riskier than RSA in terms of doing business, each risk highlighted has a mitigating factor, which could be adopted to secure debt funding for transactions. The adaptation of these risk mitigates may facilitate access to funding for real estate clients in Sub Saharan Africa. Key words: Real estate, Africa, lending, risks and challenges

Dans la mesure où les environnements économiques et financiers sont régis par de nombreux aléas, la prise de décision en matière d'investissement immobilier s'avère de plus en plus complexe.Le premier chapitre commence par présenter les méthodes traditionnelles d'évaluation des choix d'investissement dans le secteur immobilier. La notion d'option réelle est ensuite introduite au travers du lien entre les options réelles et les options financières. Le deuxième chapitre s'intéresse à différents cas de recours aux options réelles dans le secteur immobilier en faisant systématiquement référence à la littérature qui leur est consacrée. Le troisième chapitre présente des analyses de mesure de la performance et de dynamique des rendements et de volatilité sur les marchés européens et américains. / As the economic and financial environments are governed by many uncertainties, decision-making on real estate investments is becoming increasingly complex.The first chapter begins by presenting the traditional methods to value real estate investments. The concept of real options is then introduced through the link between real options and financial options. The second chapter focuses on different use cases of real options in the real estate industry by referring to the literature devoted to them. The third chapter presents a performance measurement analysis and a study of the dynamics of returns and volatility in European and American markets.

Este trabalho apresenta uma avaliação do algoritmo EBS, uma política de escalonamento proposta para sistemas de tempo real flexíveis com qualidade de serviço baseado em limites superiores para tempos médios de resposta. Experimentos têm demonstrado propriedades vantajosas da política EBS em servidores Web com diferenciação de serviço. O objetivo do presente estudo é compreender o comportamento da EBS em relação à diferentes parâmetros que descrevem a carga de trabalho. Esse conhecimento é útil para obtenção de um melhor aproveitamento computacional. São apresentados experimentos e resultados que analisam a influência de cada um dos fatores considerados na qualidade do serviço oferecido. A partir desses resultados são tecidas conclusões acerca de abordagens para o dimensionamento de carga e de capacidade do servidor / This Master degree project has presented an evaluation of the EBS algorithm, a scheduling policy proposed for soft real-time systems with quality of service based on upper limits for average response times. Experiments have shown advantageous properties of the EBS policy on Web servers with service differentiation. The aim of this study is to understand the behavior of the EBS in relation to different parameters that describe the workload. This knowledge is useful for obtaining a better use of computing. Experiments and results are presented analyzing the influence of each factor considering the quality of service offered. From these results, conclusions are woven about approaches to the design load and server capacity