Sveriges fastighetsmarknad är i dagsläget hetare än någonsin. Det är höga priser och finns åtskilliga aktörer med intresse att investera i fastigheter. Låneräntorna är samtidigt mycket låga. Trots det förekommer flertalet risker vid en fastighetsinvestering. Uppsatsen syftar till att undersöka hur privata onoterade fastighetsbolag bedömer risker vid investeringar i befintliga bostadsfastigheter. Den syftar även till att förklara varför fastighetsbolag bedömer riskerna som de gör. Utifrån syftet har en problemställning framtagits vilken lyder “Hur bedömer privata fastighetsbolag risker vid investeringar i befintliga bostadsfastigheter och varför bedömer bolagen riskerna som de gör?”. För att besvara problemformuleringen lyfts tidigare forskning fram i syfte att undersöka hur privata fastighetsbolag går tillväga vid en bedömning av risken. Metoden som använts är kvalitativ, tillsammans med deduktiv ansats. Intervjuer har genomförts med de fyra fastighetsbolagen Bräcke Gruppen Fastigheter AB, Ernst Rosén AB samt två fastighetsbolag som valt att vara anonyma. Intervjuerna genomfördes i syfte att få en bild av hur fastighetsbolagens bedömning av risker sker i respektive bolag. Vi ville även undersöka varför de agerar som de gör vid en investering. Insamlad teori analyseras tillsammans med genomförda intervjuer. Studien visar att fastighetsbolag utför noggranna undersökningar tillsammans med inhämtning av information om den aktuella fastigheten och dess läge. Vid bedömning av risker är fastighetsbolagen begränsat rationella och handlar enligt kvantitativ skepsis. Det skapar således goda förutsättningar för bolagen att fatta tillförlitliga beslut vid investeringen. Uppsatsen visar att privata fastighetsbolag bedömer risken genom en helhetsbedömning av ekonomiska beräkningar, tidigare erfarenheter och magkänsla. Samtliga delar är viktiga i investeringsbeslutet och behövs för att bedöma fastighetens risker. / Sweden’s real estate market is currently hotter than ever before. There are high prices and several participants with an interest in investing in real estate. At the same time, mortgage rates are very low. Despite this, there are several risks in real estate investment. The aim is to investigate how private unlisted real estate companies assess risks when investing in existing residential properties. It also aims at explaining why the real estate companies assess the risks associated with the investment that they make. Based on the purpose, a problem has been compiled which reads “How do private real estate companies assess risks when investing in existing residential properties and why do they assess the risks they make?”. In order to answer the problem, previous research is raised in order to investigate how private real estate companies engage when assessing the risks. The method used is qualitative, along with a deductive approach. Interviews have been conducted with the four real estate companies Bräcke Gruppen Fastigheter AB, Ernst Rosén AB and two real estate companies who chose to be anonymous. The interviews were conducted with a view to obtaining an idea of how the real estate companies’ assessment of risks is done in each company. We also wanted to investigate why they act as they do in an investment. The collected theory will be analysed together with completes interviews. The study shows that real estate companies fulfil careful investigations together with retrieval of information about the current property and its location. When assessing risks, real estate companies are limited rationally and act according to quantitative skepticism. This creates good conditions for companies to make reliable decisions about the investment. The statement shows that private real estate companies assess the risk through an overall judgement of financial calculations, experiences and expression. All parts are important in the investment decision and are necessary to assess the property’s risks.

The diploma thesis is focused on the issue concerning the return on investment for the development projects, its financing possibilities, scope and description of the development activities. Withint the first part of the thesis is described development process, its participants and general possibilties of the development projects financing. The second part of the thesis is dealing with specific real estate residential development project and analysis of its existing market. The main goal of the thesis is to clarify the project development process, its financing and what subjects are involved in such a process.

iv Abstract The current state of the prolonged low interest rate environment may pose a great threat to the soundness of the financial system both in the eurozone countries as well as in the neighboring regions, such as in countries of Central Europe due to high interconnectedness of markets. Some of the recently identified risks of the low interest rate environment are a notable pickup in mortgage lending and house prices, and deterioration of profitability among banks. We study these channels for the Czech Republic, Hungary and Poland, investigating the impact of the imported ECB monetary policy on local (hos countries) during 2004Q4-2019Q4. Our findings suggest that house prices are further driven by low interest rates, and the effect is lagged by two quarters as looser monetary conditions need time to impact our dependant variables. Furthermore, a decrease in the mortgage rate increases mortgage lending in these countries. Lastly, in our study of 27 banks during 2004-2015, we find that ROAA declines by approximately by 17.8 %, given a one percent increase in the 3-month EURIBOR. Keywords low interest rates, EURIBOR, financial soundness, GMM, residential property, mortgages Author's e-mail 71263908@fsv.cuni.cz Supervisor's e-mail Adam.gersl@gmail.com

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.

Sammanfattning Lagstiftarens tanke är att köparen av en privatbostadsfastighet ska undersöka fastigheten innanköpekontraktet undertecknas. Det har dock blivit vanligt under senare år att köparen besiktigar fastigheten med hjälp av en besiktningsman först efter köpet. För att detta ska fungera används en besiktningsklausul i köpekontraktet som ger köparen rätt att besiktiga fastigheten efter köpet.  Fastighetsmäklarinspektionen (FMI) rekommenderar att fastighetsmäklare använder en öppen besiktningsklausul, som ger köparen rätt att låta köpet gå åter efter besiktningen oavsett resultatet av besiktningen. Detta till skillnad från en begränsad besiktningsklausul, där köparens rätt att låta köpet återgå förutsätter att t.ex. en viss typ av fel framkommer vid besiktningen eller att kostnaden för att åtgärda fel uppgår till ett visst minimibelopp.  Om säljaren inte går med på en öppen besiktningsklausul, kan fastighetsmäklaren ställas inför situationen att ta fram en lämplig begränsad besiktningsklausul. Här stöter fastighetsmäklaren ofta på problem eftersom FMI:s rekommendation har medfört att Mäklarsamfundet endast tillhandahåller sina medlemmar en mall för en öppen besiktningsklausul. Mäklaren har vanligenbegränsad erfarenhet av mer avancerad avtalsskrivning och tar ofta fram köpekontrakt under tidspress. Om besiktningsklausulen vid en prövning visar sig vara bristfällig, kan mäklaren drabbas av disciplinär påföljd (oftast varning) och/eller skadeståndsskyldighet.  Syftet med denna uppsats är att undersöka hur fastighetsmäklare bör utforma besiktningsklausuler för att i möjligaste mån undvika att drabbas av disciplinär påföljd och/eller skadeståndsskyldighet. Rättspraxis tillsammans med FMI:s beslut under åren 2013-2023 (till och med maj) m.m. har därför studerats. Utifrån detta material redovisas de fel som mäklare har gjort vidutformning av besiktningsklausuler. Det vanligaste felet är att information som behövs i klausulen saknas. Andra fel är bl.a. att information i klausulen är otydlig eller motsägelsefull, attbegrepp som inte är etablerade används, att tidsfrister är för korta och att överenskommelser iefterhand inte dokumenteras skriftligen. Mot bakgrund av dessa fel kan man få vägledning omhur en besiktningsklausul bör utformas. Vid arbetet med uppsatsen har jag reflekterat över vilka effekter som FMI:s rekommendation om att använda öppna besiktningsklausuler och Mäklarsamfundets agerande att inte tillhandahålla en mall för en begränsad besiktningsklausul har fått. Dessa reflektioner redovisas i slutet av uppsatsen tillsammans med några förslag om hur situationen för fastighetsmäklare i samband med utformning av besiktningsklausuler kan förbättras. / Abstract The legislator's idea is that the buyer of a private residential property should examine the property before signing the purchase contract. However, it has become common in recent years for the buyer to inspect the property with the help of an inspector after the purchase. For this to work, an inspection clause is used in the purchase contract that gives the buyer the right to inspect the property after the purchase. The Swedish Estate Agents Inspectorate (FMI) recommends that real estate agents use an open inspection clause, which gives the buyer the right to let the purchase go back after the inspection regardless of the result of the inspection. This contrasts with a limited inspection clause, where the buyer's right to let the purchase return requires that, for example, a certain type of defect is revealed during the inspection or that the cost of correcting the defect amounts to a certain minimum amount.  If the seller does not agree to an open inspection clause, the real estate agent may be set up for the situation of having to design an appropriate limited inspection clause. Here, the real estate agent often encounters problems because FMI's recommendation has meant that the Swedish Association of Real Estate Agents (Mäklarsamfundet) only provides its members with a template for an open inspection clause. The real estate agent usually has limited experience of more advanced contract writing and often draws up purchase contracts under time pressure. If the inspection clause proves to be defective during a review, the real estate agent may be subject to disciplinary sanctions (usually warnings) and/or liability for damages. The purpose of this thesis is to investigate how real estate agents should design inspection clauses to avoid disciplinary sanctions and/or liability for damages as far as possible. Case law together with FMI's decisions during the years 2013-2023 (until May) etc. have therefore been studied. Based on this material, this thesis describes the errors that real estate agents have made when drafting inspection clauses. The most common error is the absence of information needed in the clause. Based on the errors made, guidance can be obtained on how an inspection clause should be designed. While working on the thesis, I have reflected on the effects of FMI’s recommendation and Mäklarsamfundet’s action not to provide a template for a limited inspection clause. These reflections are presented at the end of the thesis together with some suggestions on how the situation for real estate agents in connection with the design of inspection clauses can be improved.

No description available.

Esta dissertação teve, por objetivo, identificar a configuração da imagem de apartamento, formada sob o ponto de vista das pessoas que compraram este bem. Por imagem, entende-se como sendo representações, impressões, convicções ou mesmo redes de significados de um objeto armazenado na memória de forma holística. A fim de atingir o objetivo proposto, foi empregado o MCI (Método de Configuração de Imagem), que é um instrumento de pesquisa utilizado para a identificação das imagens, tanto de organizações, quanto de marcas, produtos e serviços. A partir da aplicação do instrumento, atingiu-se o resultado, que consiste no entendimento de como é configurada a imagem de apartamento. Isto ocorreu através da pesquisa qualitativa, que proporcionou a compreensão dos atributos formadores da imagem de apartamento e de como estes atributos estão organizados na mente do consumidor, quanto a suas dimensões formadoras e a posição destes atributos nas representações dos entrevistados. Já através da pesquisa quantitativa, foi possível identificar e confirmar a estruturação dos fatores que compõem o modelo relativo à intenção de compra de apartamentos; mostrando então, as dimensões que mais impactaram na intenção de compra. Nesse sentido, identificouse que o fator simbólico, sensorial, valor percebido e funcional são os que mais impactaram nas intenções de compra dos consumidores. Identifica-se que este trabalho traz uma importante contribuição no entendimento das imagens dos consumidores e como estas imagens impactam nas intenções de compra. Nesse sentido, este tipo de estudo pode auxiliar as empresas no direcionamento estratégico e na construção de imóveis adequados as necessidades e desejos dos consumidores. / Submitted by Marcelo Teixeira (mvteixeira@ucs.br) on 2014-04-30T11:38:11Z No. of bitstreams: 1 Dissertacao Mauricio Caetano Nedeff.pdf: 1160985 bytes, checksum: 3267a7b59b56a9f27b0915619cd15491 (MD5) / Made available in DSpace on 2014-04-30T11:38:11Z (GMT). No. of bitstreams: 1 Dissertacao Mauricio Caetano Nedeff.pdf: 1160985 bytes, checksum: 3267a7b59b56a9f27b0915619cd15491 (MD5) / The objective of this work is to identify the flat image, formed from the point of view to the people who bought it. Trough this image, it is understood as representations, views, beliefs or even networks of meanings of an object kept in holistic memory. In order to achieve this purpose, we appointed the MCI (Method of Image Configuration), which is a research tool used to identify the images for organizations, as brands, products and services. From the application of the instrument, it has achieved a result, which consists in understanding how the image flat is configured. This means of qualitative research, which provided an understanding of the attributes forming the image of apartment and how these attributes are organized in the consumer mind as the dimensions and position of these attributes from the people who was interview. From the quantitative research, it is possible to identify and confirm the structure of the factors that compose the relative model on intention of buy the apartments, showing what most influenced the purchase intent. With this we could identify the symbolic factors, sensory, value and functional are the most impacted on consumers purchasing intentions. We found out that this work bring an important contribution in understanding the images of consumers and how these images impacting on purchase intentions. This study can help companies in the strategic direction and construction of buildings appropriate to the needs and desires of consumers.

Submitted by Rafael Cardim (rafaelcardim1@hotmail.com) on 2012-05-08T19:04:45Z No. of bitstreams: 1 Cardim_Dissertação_versão final.pdf: 914269 bytes, checksum: 7686e0a9a428b524ef1be77a2abe3ce8 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2012-05-08T19:28:07Z (GMT) No. of bitstreams: 1 Cardim_Dissertação_versão final.pdf: 914269 bytes, checksum: 7686e0a9a428b524ef1be77a2abe3ce8 (MD5) / Made available in DSpace on 2012-05-08T19:29:16Z (GMT). No. of bitstreams: 1 Cardim_Dissertação_versão final.pdf: 914269 bytes, checksum: 7686e0a9a428b524ef1be77a2abe3ce8 (MD5) Previous issue date: 16-04-12 / O objetivo desse artigo é estimar o efeito-preço das transferências incondicionais, condicionais e da renda para os municípios brasileiros. De acordo com Dahlby (2011) um aumento de transferência lump-sum tem, além do efeito renda, um efeito preço decorrente do uso de impostos distorcivos. Dessa forma, um governo local que recebe uma transferência lump-sum, pode diminuir o custo marginal de financiamento público (MCF) e permanecer com o mesmo nível de serviço. Assim, o efeito gasto das transferências pode ser maior do que o decorrente da renda, explicando o flypaper effect. Usando dados de impostos sobre propriedade (IPTU), primeiramente calculamos o custo marginal de financiamento público (MCF) deste imposto. Em seguida, estimamos se as transferências lump-sum efetivamente diminuem o custo marginal de financiamento público (MCF). / This study aims to estimate the price effect of unconditional transfers, conditional and income to Brazilian municipalities. According Dahlby (2011) an increase in lump-sum transfer has, besides the income effect, a price effect resulting from the use of distortionary taxation. A local government that receives a transfer can reduce the marginal cost of public funds (MCF) and stay with the same level of service. Thus, the spending effect of transfer may be greater than that reflected in the income, explaining the flypaper effect. Using data from property taxes (IPTU), first we calculate the marginal cost of public funds (MCF). Then, we estimate that the different transfers effectively reduce the marginal cost of public funds (MCF).

Esta dissertação teve, por objetivo, identificar a configuração da imagem de apartamento, formada sob o ponto de vista das pessoas que compraram este bem. Por imagem, entende-se como sendo representações, impressões, convicções ou mesmo redes de significados de um objeto armazenado na memória de forma holística. A fim de atingir o objetivo proposto, foi empregado o MCI (Método de Configuração de Imagem), que é um instrumento de pesquisa utilizado para a identificação das imagens, tanto de organizações, quanto de marcas, produtos e serviços. A partir da aplicação do instrumento, atingiu-se o resultado, que consiste no entendimento de como é configurada a imagem de apartamento. Isto ocorreu através da pesquisa qualitativa, que proporcionou a compreensão dos atributos formadores da imagem de apartamento e de como estes atributos estão organizados na mente do consumidor, quanto a suas dimensões formadoras e a posição destes atributos nas representações dos entrevistados. Já através da pesquisa quantitativa, foi possível identificar e confirmar a estruturação dos fatores que compõem o modelo relativo à intenção de compra de apartamentos; mostrando então, as dimensões que mais impactaram na intenção de compra. Nesse sentido, identificouse que o fator simbólico, sensorial, valor percebido e funcional são os que mais impactaram nas intenções de compra dos consumidores. Identifica-se que este trabalho traz uma importante contribuição no entendimento das imagens dos consumidores e como estas imagens impactam nas intenções de compra. Nesse sentido, este tipo de estudo pode auxiliar as empresas no direcionamento estratégico e na construção de imóveis adequados as necessidades e desejos dos consumidores. / The objective of this work is to identify the flat image, formed from the point of view to the people who bought it. Trough this image, it is understood as representations, views, beliefs or even networks of meanings of an object kept in holistic memory. In order to achieve this purpose, we appointed the MCI (Method of Image Configuration), which is a research tool used to identify the images for organizations, as brands, products and services. From the application of the instrument, it has achieved a result, which consists in understanding how the image flat is configured. This means of qualitative research, which provided an understanding of the attributes forming the image of apartment and how these attributes are organized in the consumer mind as the dimensions and position of these attributes from the people who was interview. From the quantitative research, it is possible to identify and confirm the structure of the factors that compose the relative model on intention of buy the apartments, showing what most influenced the purchase intent. With this we could identify the symbolic factors, sensory, value and functional are the most impacted on consumers purchasing intentions. We found out that this work bring an important contribution in understanding the images of consumers and how these images impacting on purchase intentions. This study can help companies in the strategic direction and construction of buildings appropriate to the needs and desires of consumers.

This thesis deals with the development of construction of residential property in Brno Štýřice. The work is divided into several stages of the history of the area from the beginning of construction to the present. Each historical stage describes a characteristic common features and different construction material representative of residential property including pictures and photographs. The work also Štýřice history and information about the cadastral area Štýřice. Brno Štýřice is a site which is constantly developing in recent years to form a housing complexes around the street Vídeňská, while the nearby street Heršpická formed in recent years, more retail and office construction.