This study set out to investigate the relationship between returns in the residential property markets and two key economic variables of output and interest rates. The main focus was on the short-term rates path and how it is influenced by the Taylor rule fundamentals and in turn, its effect on the returns in the property markets within the developing countries of South Africa, Bulgaria, Lithuania and Czech Republic. A secondary focus was on building a model that can be further developed into a full forecasting model of returns in the residential property markets. Output was found to be a strong driver of returns in the residential property markets across all four countries. Real changes in the economic activity feed into the residential property markets and drives returns. Output can be incorporated into a forecasting framework for returns in the residential property markets within these countries The short-term rate paths within the countries studied were found to be consistent with the Taylor rule but with heavy short run deviations from the rule. Short-term rates deviated from the rule in the short run, but showed a tendency to revert to the rule in subsequent periods. Returns and prices in the property markets were driven by the short-term rates only in two of the emerging markets. For these countries, this link between rate and returns mean there was also a link between monetary policy and returns in the property sector. Similar to the Taylor rule process, property returns in the two emerging markets were found to have short run deviations which could not be explained by interest rates and output. For the purposes of building a fully fledged forecasting model, this model must be expanded to include other explanatory factors. Adding the risk premium as an explanatory variable could be the starting point.

The purpose of this study is to provide a glimpse into the New Product Development (NPD) Process as it is being utilised within the context of the residential property development industry in South Africa. The main objective in undertaking this study was to gain an insight into a process that has so far not received much attention from the a,cademic world despite the fact that it is a process that has recently become an important creator of wealth for many South Africans. The case study research design was chosen, because it provides an ideal vehicle for conducting preliminary studies into a specific subject that has not received much attention before. The nature of the case study approach allows for much more in-depth and broader investigation than would be possible in a quantitative study. The specific case under review (SajDev (Pty) Ltd) was chosen, because of the company's involvement in the entire spectrum of the residential property development industry in South Africa. In addition, the company showed an openness and willingness to share its experiences and processes that is not usually found in this particular industry. Most importantly, the company offered the author the opportunity to work for them in order to gain the necessary first hand experience and knowledge that would be needed to do the study. The company also arranged for the author to gain access to all of their professional team members and to all of their internal documents in order to assist with the research. From a technical point of view, the study involved the following basic steps. First, a generic model of NPD was identified and unpacked. Next, the specific process used by SajDev was identified and analysed, after which specific recommendations were made on how the process could be improved. / Thesis (MBA)-University of KwaZulu-Natal, 2004.

Residential property developers face an ever-increasing problem of disposing of their newly built residential premises. The problem exists because of an oversupply of residential property and a decrease in property sales over the past few years. The VAT consequences of such a change in use of a property could have catastrophic implications for the property developer in terms of cashflow. In the 2010 budget speech, the Minister of Finance of South Africa acknowledged that harsh VAT legislation exists. The aim of this study is to determine a way of amending South African VAT legislation to accommodate property developers during the period when residential properties are temporarily let out. It was concluded that South Africa’s current VAT legislation with regard to change in use of residential properties is far worse than that of New Zealand and Australia, but that the proposed amendments will offer some degree of relief. The situation, even after implementing the amendments to legislation, will still not give sufficient relief and another solution is put forward for consideration. / Residensiële eiendomsontwikkelaars staar toenemende probleme met die verkoop van hulle nuutgeboude residensiële eiendomme in die gesig. Die probleem het ontstaan weens die toenemende beskikbaarheid van residensiële eiendomme in die mark, sowel as die afname in die eiendomsmark die afgelope paar jaar. Die BTW-gevolge van sodanige verandering in gebruik van ʼn eiendom mag katastrofiese gevolge vir die eiendomsontwikkelaar inhou wat betref kontantvloei. In die 2010-begrotingsrede het die Minister van Finansies van Suid-Afrika erken dat problematiese BTW wetgewing bestaan. Die doel van hierdie studie in om te bepaal in watter mate die Suid-Afrikaanse BTW-wetgewing verander kan word ten einde eiendomsontwikkelaars te akkommodeer gedurende die periode waarin hulle eiendomme tydelik uitverhuur word. Daar is gevolglik vasgestel dat Suid-Afrika se BTW-wetgewing met betrekking tot die verandering in gebruik deur eiendomsontwikkelaars erger is as die wetgewing in Nieu-Seeland en Australië, maar dat die voorgestelde wetswysigings ietwat van ʼn verligting sal bied. Die situasie, selfs ná die implementering van die wetswysigings, sal steeds nie voldoende verligting bied nie en ʼn ander oplossing word voorgestel. / Dissertation (MCom)--University of Pretoria, 2012. / Taxation / Unrestricted

A vast amount of literature on hedonic price modelling has been formulated on overseas property markets. Very little currently exists in South Africa and this poses a risk for sellers and estate agents of a residential property when listing it on the open market, as this could result in an extended list period, reducing the original asking price. This paper seeks to examine Gauteng’s West Rand residential property market and formulate a multi-variate regression model to best predict property prices, determined by a property’s structural characteristic. The research tracks residential sales from 1996 to 2009, a thirteen-year sample period from which a composite property index, to account for inflation and real house price growth, has been formalised. Correlation and regression analysis was used to interpret the data at the relevant significance level. In order to account for locational attributes present in property values, the data set was divided into locational quadrants and run as dummy variables. A further regression was run on a screened data set to create an ordinary least squares equation that could be used to show the relationship between property values and structural characteristics. The results indicated a good fit with an R2 of 69.5%. This regression was then applied practically to predict property prices for houses that have transacted in the West Rand property market, and plotted along a value/price graph using the 45-degree true value frontier line. The relevant results were then interpreted, and recommendations given.

Der anhaltende Bauboom verändert das Aussehen deutscher Städte. Dabei werden insbesondere die Häuser im sog. Bauhausstil kritisiert, die in Baulücken gesetzt werden und traditionelle Bauensemble auseinanderreißen. Ziel des Beitrags ist es, die Zustimmung zum sog. Bauhausstil zu überprüfen, der deutsche Wohnsiedlungen überrennt. Wie viel Zuspruch erhalten diese Häuser wirklich? Wird dieser Stil tatsächlich geschätzt? Wie werden Häuser im Bauhausstil alleine und im Kontext anderer Immobilien bewertet? Die Ergebnisse lassen sich wie folgt zusammenfassen: Der Bauhausstil wird im Vergleich mit anderen Baustilen nur von einer Minderheit präferiert. Menschen in Deutschland präferieren üppiger verzierte und ornamentierte Gebäude. Die weiße Farbe ist absolut kein Muss. Flachdächer werden überwiegend abgelehnt. Bauhäuser, denen nachträglich schräge Dächer aufgesetzt wurden, werden präferiert. Werden Häuser im Bauhausstil in Baulücken gesetzt, so dass eine früher homogene Bausituation gestört wird, wird dies überwiegend abgelehnt. Häuser in homogenen Bausituationen haben einen höheren Wert als Häuser in Gebäudegruppen, die durch ein abweichendes Haus gestört wurden. Homogenität von Gebäudegruppen ist eine wertsteigernde Eigenschaft. Punkten können Häuser im Bauhausstil gegenüber traditionellen Immobilien vor allem durch ihre Neuwertigkeit: c.p. wird Neu gegenüber Alt bevorzugt. Wenn Häuser im Bauhausstil in einigen Jahren nicht mehr neu sein werden, dann wird die Zerstörung der Homogenität einer Bausituation übrigbleiben. Die Stadtplanung sollte stärker regulierend eingreifen. / The sustained and continuing construction boom alters the appearance of German cities. One project follows the other. There is no or limited willingness for serious urban planning. People criticise the disappearance of traditional structures. Especially new houses in the so called Bauhaus style are accused of being aesthetically unattractive. They would disturb and hinder a positive urban development. Aim of the article is to evaluate the consent or disapproval with the Bauhaus style. How serious is the criticism, and how deep is the aversion when residential property in the Bauhaus style fills a gap in a homogenous row of houses built in other styles? The results are as follows: The Bauhaus style is supported by a minority only. The vast majority prefers other styles, especially the classical style. People do not favour the white colour – other colours are equally liked. The same is true with the flat roof or the asymmetric windows – all typical elements of the Bauhaus style. Other types of roofs and windows are preferred. The disturbance of a homogenous row of houses by a house in the Bauhaus style is being negatively rated. Homogeneity of a neighbourhood is a very highly ranked criterion when valuing residential properties. It follows that urban planning should be more restrictive in regulating the appearance of new buildings in established urban areas.

This thesis has the intention to investigate the risk situation for small investors in the domestic residential property market in Sweden, and discuss some alternatives for reducing that risk. Focus will be on risk reduction by diversification. Residential property is considered to be a rather safe investment for the long term investor. The return is determined by the change of value for the property (capital growth), and the direct return through net rental income. When investments in residential property are compared with other types of investments, they have high returns compared to their stan-dard deviation. Diversification gains are described in the frame of the Capital Assets Pricing Model (CAPM). The CAPM shows that portfolios based on residential property can reduce their risk and maintain the same level of returns through diversification. To get the best effect out of this diversification this should be done with assets that are least correlated with residential property. This thesis has tested with other residential property, other real estate and equities/bonds. Of which equities/bonds gave the best results. An optimal portfolio based on historical data from 1984 – 2003 suggests a portfolio with 40 -60 % residential property, 30 – 60 % bonds and 0 – 10 % equities. This is with a risk free rate between 3 – 11 %. The debt ratio for this portfolio is determined by the investor’s risk-aversity and utility function. The positive effects from diversification have to be compared to the increased scale effect from investing in more residential property when chosing new investment items. Investors can get a good diversification performance even with a few stakes. The main point in this thesis is that investors with residential property can get positive effects from diversification and the effects from diversification increase the more different the investments are.

<p>This thesis has the intention to investigate the risk situation for small investors in the domestic residential property market in Sweden, and discuss some alternatives for reducing that risk. Focus will be on risk reduction by diversification.</p><p>Residential property is considered to be a rather safe investment for the long term investor. The return is determined by the change of value for the property (capital growth), and the direct return through net rental income. When investments in residential property are compared with other types of investments, they have high returns compared to their stan-dard deviation. Diversification gains are described in the frame of the Capital Assets Pricing Model (CAPM).</p><p>The CAPM shows that portfolios based on residential property can reduce their risk and maintain the same level of returns through diversification. To get the best effect out of this diversification this should be done with assets that are least correlated with residential property. This thesis has tested with other residential property, other real estate and equities/bonds. Of which equities/bonds gave the best results. An optimal portfolio based on historical data from 1984 – 2003 suggests a portfolio with 40 -60 % residential property, 30 – 60 % bonds and 0 – 10 % equities. This is with a risk free rate between 3 – 11 %. The debt ratio for this portfolio is determined by the investor’s risk-aversity and utility function.</p><p>The positive effects from diversification have to be compared to the increased scale effect from investing in more residential property when chosing new investment items. Investors can get a good diversification performance even with a few stakes. The main point in this thesis is that investors with residential property can get positive effects from diversification and the effects from diversification increase the more different the investments are.</p>

No abstract available. / Dissertation (LLM)--University of Pretoria, 2012. / gm2014 / Centre for Human Rights / unrestricted

The master thesis consists of introduction, three chapters, conclusion, list of references and applications. The introduction explains the choice of the research topic, substantiates its relevance, formulates the goal and objectives of the work, determines the subject and object of research, its theoretical foundations and scientific novelty. The first chapter discusses the general provisions of the residential real estate market - its structure, legislative regulation of housing construction, the parameters for determining its quality and comfort. In the second chapter, foreign approaches to the density and height of urban housing are studied, the typologies of housing that have taken shape in Russia are analyzed, and an optimal model of low-rise, high-density residential development is developed. The third chapter describes the site selected for the implementation of the proposed model, a feasibility study of the residential complex construction project is carried out, and its financial and economic efficiency is calculated. / Магистерская диссертация состоит из введения, трех глав, заключения, списка литературы и приложений. Во введении объясняется выбор темы исследования, обосновывается ее актуальность, формулируются цель и задачи работы, определяется предмет и объект исследования, его теоретические основы и научная новизна. В первой главе рассматриваются общие положения рынка жилой недвижимости – его структура, законодательное регулирование строительства жилья, параметры определения его качества и комфортности. Во второй главе изучаются зарубежные подходы к плотности и высотности городского жилья, анализируется сложившиеся в России типологии жилья, вырабатывается оптимальная модель малоэтажной высокоплотной жилой застройки. В третьей главе описывается выбранный для реализации предложенной модели участок, производится технико-экономическое обоснование проекта строительства жилого комплекса, рассчитывается его финансово-экономическая эффективность.

Thesis (M. Dev.) -- University of Limpopo, 2013 / The aim of the study was to carry out an analysis of the factors influencing tenants’ choice of residential property location in Mankweng Township. The study used both quantitative and qualitative research approaches. The structured questionnaire, interview and documented literature were used to collect data. The data were analysed using the SPSS statistical package and the Excel spread sheet. To this end, specific working objectives were formulated as follows: to identify the types of residential property in the study area, to determine the factors which influence the choice of residential property location in the study area and lastly, to compare the relationships that exist among the residents in Mankweng Township. The results of the research showed that among all the factors marital status, age, household’s size, race, education and income were not among the factors influencing the choice of residential location in Mankweng Township. However, gender, employment status, distance from city centre, hospital, place of worship, security or police station, water and electricity significantly influenced the choice of residential location choice in Mankweng Township. The study therefore recommends government to be more responsive and active in the provision of urban infrastructure and services in every neighbourhood. This will help address the major reason why tenants search for accommodation from one location to another. In addition, real estate investors should consider the availability of infrastructure before choosing a location for community development. Thus, when urban facilities and services are evenly distributed, this may enhance proper development in the community