Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Housing Tenure and Informational Asymmetries
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
Lund Univ, Lund, Sweden..
2018 (English)In: Journal of Real Estate Research, ISSN 0896-5803, Vol. 40, no 2, p. 155-177Article in journal (Refereed) Published
Abstract [en]

The paradigm shift of focus from rental apartments to owner-occupied units on the Swedish property market has led to a substantial number of rental apartments being converted to cooperative apartments. Such conversions are typically done at prices below market value. This provides strong financial incentives for tenants involved in such a conversion to use their informational advantage regarding the financial management of a cooperative, compared to less informed neighbors and buyers on the general market. This setting also provides a reliable way of estimating the persistence and effects of such an informational asymmetry through nearly 200,000 apartment transactions in Stockholm, Sweden, during the period of 2005 through mid-2014. We find that insiders take advantage of an informational asymmetry as newly formed cooperatives set monthly fees artificially low to increase the probability of a conversion as well as apartment values. However, market participants seem to discount this informational asymmetry as recently converted apartments sell at lower prices.

Place, publisher, year, edition, pages
AMER REAL ESTATE SOC , 2018. Vol. 40, no 2, p. 155-177
Keywords [en]
informational asymmetries, real estate, housing tenure
National Category
Civil Engineering
Identifiers
URN: urn:nbn:se:kth:diva-233613DOI: 10.5555/0896-5803.40.2.155ISI: 000441295700001Scopus ID: 2-s2.0-85054573003OAI: oai:DiVA.org:kth-233613DiVA, id: diva2:1241963
Note

QC 20180827

Available from: 2018-08-27 Created: 2018-08-27 Last updated: 2020-03-05Bibliographically approved

Open Access in DiVA

No full text in DiVA

Other links

Publisher's full textScopus

Authority records BETA

Donner, Herman

Search in DiVA

By author/editor
Donner, Herman
By organisation
Building and Real Estate Economics
In the same journal
Journal of Real Estate Research
Civil Engineering

Search outside of DiVA

GoogleGoogle Scholar

doi
urn-nbn

Altmetric score

doi
urn-nbn
Total: 28 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf