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  • 1.
    Andersson, Roland
    et al.
    KTH, Superseded Departments, Real Estate and Construction Management.
    Quigley, JM
    Wilhelmsson, Mats
    KTH, Superseded Departments, Real Estate and Construction Management.
    University decentralization as regional policy: the Swedish experiment2004In: Journal of Economic Geography, ISSN 1468-2702, E-ISSN 1468-2710, Vol. 4, no 4, p. 371-388Article in journal (Refereed)
    Abstract [en]

    During the past 15 years, Swedish higher education policy has emphasized the spatial decentralization of post-secondary education. We investigate the economic effects of this decentralization policy on productivity and output per worker. We rely upon a 14-year panel of output and employment for Sweden's 285 municipalities, together with data on the location of university-based researchers and students, to estimate the effects of exogenous changes in educational policy upon regional development. We find important and significant effects of this policy upon the average productivity of workers, suggesting that the economic effects of the decentralization on regional development are economically important. We also find evidence of highly significant, but extremely localized, externalities in productivity. This is consistent with recent findings (e.g., Rosenthal and Strange, 2003) on agglomeration in 'knowledge industries.'

  • 2.
    Atterhög, Mikael
    et al.
    KTH, Superseded Departments, Real Estate and Construction Management.
    Lind, Hans
    KTH, Superseded Departments, Real Estate and Construction Management.
    How does increased competition on the housing market affect rents?: an empirical study concerning Sweden2004In: Housing Studies, ISSN 0267-3037, E-ISSN 1466-1810, Vol. 19, no 1, p. 107-123Article in journal (Refereed)
    Abstract [en]

    The aim of the study is to investigate if more competition leads to lower rents on the housing market. Data about the rent level for similar apartments in 30 cities in Sweden were available. Three hypotheses were formulated: (H1) Increased 'internal' competition, measured by the market share of the municipal housing company (that dominates the market and is price-leader according to the Swedish system of rent regulation), leads to lower rents. (H2) Increased 'external' competition measured by the price level on the market for single-family owner occupied housing, leads to lower rents. (H3) Lower capital expenditure in the municipal housing company leads to lower rents. The statistical analysis showed a strong correlation between the rent level and the level of external competition, but no relation was found for the level of internal competition and the level of capital expenditure. A possible conclusion is that policies that make it easier for households to leave the rental market are important for increasing the pressure on the firms in the rental sector and reducing rents.

  • 3.
    Björklund, Kicki
    KTH, Superseded Departments, Real Estate and Construction Management.
    Real estate performance1999Doctoral thesis, comprehensive summary (Other scientific)
    Abstract [en]

    This dissertation consists of five papers addressing variousreal estate performance issues (see full titles in italicsbelow). The dissertation is empirical in nature and the dataused in most of the empirical sections consist of figures forincome-producing property returns. Paper 1 was presented atseminar and accepted as a Licentiate Degree in Engineeringthesis. Papers 2 to 5 were all written jointly with others (thenames of the co-authors appear later in the dissertation).Paper 3 has been published in theJournal of Real Estate Research, and Papers 2, 4, and 5,are also intended for publication in academic journals.

    The objective of Paper 1, entitledCapital Recovery and Long-run Profitability, was to findempirical and scientific support for adopting measurements ofprofitability featuring stability, simplicity and reliability,that could easily be implemented into existing administrativeroutines, and which could also support effectivedecision-making. The model was empirically tested throughanalysing the profitability of individual properties andproperty portfolios. The portfolios studied were put togetherfeaturing variation in property location, usage and initialperformance expectations.

    Paper 2, entitledAn Investigation of Property Price Studies, constitutesan untraditional literature review covering articles whereprice equations in the real estate market have been estimatedusing regression techniques. This paper examines the degree towhich these studies follow good scientific practice whenreporting on the econometric issues. It also presents adescriptive overview of the prevalence of these articles in theliterature, and the significance of the various topicsaddressed by these studies. This paper was prepared in 1996 andexamines 145 articles published between 1990 and 1995 from 12highly regarded (see later) research journals on real estate,housing and urban economics.

    Paper 3,entitledProperty Cycles, Speculative Bubbles and the Gross IncomeMultiplier, addresses the issue of whether or not theoccurrence of significant price increases during the upturn ina property cycle can be attributed to a speculative bubble. Thefindings of this study indicate that a speculative bubble mayhave driven the Swedish income-producing real estate marketduring the 1980s. This conclusion is based on an analysis ofpanel data where the state of the property cycle has beenmirrored by the value of the Gross Income Multiplier (GIM).

    In Paper 4, entitledAnalysing Performance in a Constant Sample of Mixed-useProperties, property performance was analysed using annualtotal rate of return (TRR) data for a sample of 138 mixed-useincome-producing properties from 1979 to 1997. The empiricalanalysis using panel data models involve three-step analyses.In step 1, various different TRR definitions were compared andfound to provide almost identical results at the portfoliolevel. In step 2, regression analyses were used to explain thevariation in the TRR. The percentage of commercial space inparticular was found to have an important and cycle-dependentimpact. Regression has also been used for explaining theindividual deviation from the mean TRR. In step 3, maintenancecosts and investments were found to have a significanteffect.

    In Paper 5, entitledRent Determinant and Rent Drift in a Housing Market underRent Control, residential rent 1990− 1997, wasstudied from an investor’s point of view. Estimations wereconducted using rent equations to analyse whether or not rentlevels varied between locations while other rent-affectingvariables were held constant, and found evidence suggestingthat they did. Annual increases in the effective rent chargedfor privately owned residential properties were compared withthe official increases set via official negotiation formunicipality owned residential housing to see whether excessiverent increases (indicating rent drift) could be found. Evidencewas found to support the existence of rent drift, and also thatthis rent drift is partly explainable in terms of investmentand maintenance.

    Keywords: Depreciation, gross income multiplier, netoperating income, property performance, real estateprofitability, profitability, residential rent, total rate ofreturn,

  • 4. Clapham, E.
    et al.
    Gunnelin, Åke
    KTH, Superseded Departments, Real Estate and Construction Management.
    Rental expectations and the term structure of lease rates2003In: Real estate economics (Print), ISSN 1080-8620, E-ISSN 1540-6229, Vol. 31, no 4, p. 647-670Article in journal (Refereed)
    Abstract [en]

    We consider the term structure of lease rates in a general setting where both rents and interest rates are stochastic. The framework is applicable to any leasing market, but we focus on real estate. We find that the expectations hypothesis, that is, forward rates are unbiased estimators of future rents, requires similar assumptions as in interest rate theory to hold. To study bias magnitude, simulations are performed using a parameterization of the general framework. Different realistic values for risk aversion and interest rate stochastics can generate widely different shapes of the term structure, holding objective expectations constant. Thus an expected increase in rent is consistent with a downward-sloping term structure and vice versa.

  • 5.
    Dahlquist-Sjöberg, Anders
    KTH, Superseded Departments, Real Estate and Construction Management.
    Kommersiella hyresavtal: en avtalstyp i omvandling1998Doctoral thesis, monograph (Other scientific)
  • 6.
    Ekbäck, Peter
    KTH, Superseded Departments, Real Estate and Construction Management.
    FÖRFARANDEN VIDPLANERING OCH MARKÅTKOMST;EN RÄTTSEKONOMISK ANALYS2000Doctoral thesis, monograph (Other scientific)
    Abstract [sv]

    This thesis deals with the legal procedures indicated forchanges in land-related rights, i.e. land use planning andproperty acquisitions. The rules of procedure in this field oflaw are extensive and complicated.

    As a first step, the rules of procedure are structured intoa number of procedural types: administrative, cadastral andjudicial. The procedural characteristics and the substantivelegal character of the decisions are clarified andcompared.

    In a second step an institutional perspective is adopted,based on economic theory. The different types of procedure areperceived as alternative institutional solutions to the problemof transaction costs in transformations of land-related rightstructures. An economic analysis is made of the transactioncosts arising in the different types of procedure in connectionwith, respectively, permissibility assessment and propertyacquisition assessment.

    The administrative procedures present distinct comparativeadvantages in the assessment of permissibility questions, e.g.utility concessions or permits for environmentally hazardousactivity. In these questions, an extensive, heterogeneouscollective of individuals is made subject to external effects.Those effects are divided into smaller value fragments. Throughthe publicity and ready availability of the administrativeprocedures, coupled with the system of politicalaccountability, important information about the preferences ofthe collective concerned can be produced and made to form thebasis of the decision.

    The cadastral and judicial procedures present comparativeadvantages in connection with property acquisition assessments,such as compulsory purchase of land or exaction of utilityeasements. For the limited collective of individuals involved,the right of negotiating and concluding agreements willeffectively utilise the high degree of information and thestronger economic incentives for action. The negotiation phasebecomes a low-cost procedure which at the same time acts as aselective mechanism for transactions not requiring the coerciveand more expensive procedure of official assessment. Theself-containment of cadastral and judicial procedures and theirisolation from political influences benefit the quality andcontrol of the documentation on which decisions arefounded.

  • 7. Englund, P.
    et al.
    Gunnelin, Åke
    KTH, Superseded Departments, Real Estate and Construction Management.
    Hoesli, M.
    Söderberg, Bo
    KTH, Superseded Departments, Infrastructure.
    Implicit forward rents as predictors of future rents2004In: Real estate economics (Print), ISSN 1080-8620, E-ISSN 1540-6229, Vol. 32, no 2, p. 183-215Article in journal (Refereed)
    Abstract [en]

    This paper investigates the relation between the term structure of rents and future spot rents. A rich database of office rental agreements for various maturities is used to estimate the term structure of rents, and from this structure implicit forward rents are extracted. The data pertain to commercial properties in the three largest Swedish cities for the period 1998-2002. A positive relation between forward and spot rents is found in some regions, but forward rents underestimate future rent levels. Another contribution of the paper lies in the area of rental index construction. We provide evidence that rental indices should not only be quality constant (i.e., control for characteristics), but should also be maturity constant.

  • 8. Granqvist, R.
    et al.
    Lind, Hans
    KTH, Superseded Departments, Real Estate and Construction Management.
    The deadweight loss of income taxes - Have economists really measured what is relevant?2000In: Ekonomiska samfundets tidskrift, ISSN 0013-3183, E-ISSN 2323-1378, Vol. 53, no 1, p. 71-+Article in journal (Refereed)
    Abstract [de]

    The concept deadweight loss, or excess burden, is central in economists' analysis of the effects of income taxes on the allocation of resources. The normal, definition of this concept can be questioned since it does not refer to the real change in the allocation, but to the hypothetical change that would occur if the individuals were compensated. An alternative definition is suggested, according to which the relevant measure is the uncompensated elasticity, i.e. the sum of the substitution and the income effects. Since this elasticity typically is smaller than the compensated, i.e. the substitution effect, which is the normal definition of deadweight loss, it can be argued that normal measurements overestimate the deadweight loss of income taxes.

  • 9.
    Gunnelin, Åke
    KTH, Superseded Departments, Real Estate and Construction Management.
    Optimal capacity choice and overbuilding2000Article in journal (Other academic)
  • 10.
    Gunnelin, Åke
    KTH, Superseded Departments, Real Estate and Construction Management.
    Real options in real estate2000Doctoral thesis, comprehensive summary (Other scientific)
    Abstract [en]

    This is a doctoral dissertation presented to the FacultyBoard of the Royal Institute of Technology. The dissertationconsists of three self-contained essays on real option pricing.Essay I, written in Swedish, was presented at seminar andaccepted as fulfilling the requirement for a Licentiate Degreein Engineering thesis in 1995.

    Essay I: This essay studies the option to develop vacantland when the landowner simultaneously determines the optimaldensity and timing of a development. Williams (1991) andCapozza and Li (1994) have recently studied the landdevelopment decision from a realoptions perspective. Bothpapers assume that the production technology is of the commonlyused Cobb-Douglas type, but they use different assumptionsabout uncertainty over future rents and construction costs. Ananalysis of these models and their limitations is carried outand as a result valuation models based on other productiontechnologies than the Cobb-Douglas technology are derived.

    Essay II: McDonald and Siegel (1996) show that when thebenefit from an investment and the investment cost are assumedto follow correlated geometric Brownian motions, the optimalinvestment policy is given by a simple rule: Invest the firsttime the benefit-cost ratio reaches a certain level. In thisessay, which models the decision to change the use ofaproperty, the investment rule is found to be more complicated.Optimal redevelopment will take place for differentbenefit-cost ratios depending on the relative sizes of thevalue of the property in the different uses and the cost ofchanging the use. Also, for a given current benefit-cost ratiothe value of the option to change use will vary significantlydepending on the relative sizes of the state variables.

    Essay III: The relationship between the option to choose thecapacity of a real estate development and deliberateoverbuilding is studied in a simple model of investment underuncertainty. The model provides an intuitive measure ofdeliberate overbuilding: the difference between the number ofrental units the owner of an undeveloped site optimally choosesto produce and the number of units expected to be leased at thetime of the building's completion. Numerical simulations withreasonable parameter values show that in some economicenvironments, the optimal production strategy can be to producemore units than are expected to be leased at completion of thedevelopment.

  • 11.
    Gunnelin, Åke
    KTH, Superseded Departments, Real Estate and Construction Management.
    The option to change the use of a property when future property values and construction costs are uncertain2001In: Managerial and Decision Economics, ISSN 0143-6570, E-ISSN 1099-1468, Vol. 22, no 7, p. 345-354Article in journal (Refereed)
    Abstract [en]

    This paper models the decision to change the use of a property when its value in the current use and the new use, as well as construction costs, are uncertain. In the case of development of vacant land, when cash flows and construction costs are lognormally distributed, the development of the property optimally takes place when the ratio of benefit to cost of development reaches some fixed level. In the redevelopment case, the timing problem is found to be more complex, as the cost of exercising the conversion option consists of two parts, the construction costs and the surrendered value of the property in the current use, which may evolve differently over time. In this case, optimal redevelopment will take place for different benefit-cost ratios, depending on the relative sizes of the property values in the different uses and the construction costs. Also, for a given current benefit-cost ratio, the option value will vary significantly, depending on the relative size of the state variables.

  • 12.
    Gunnelin, Åke
    KTH, Superseded Departments, Real Estate and Construction Management.
    Värdering av fastigheter under osäkerhet: Tillämpning av optionsteori1995Licentiate thesis, monograph (Other academic)
  • 13.
    Gunnelin, Åke
    et al.
    KTH, Superseded Departments, Real Estate and Construction Management.
    Hendershott, P. H.
    Hoesli, M.
    Söderberg, Bo
    KTH, Superseded Departments, Infrastructure.
    Determinants of cross-sectional variation in discount rates, growth rates and exit cap rates2004In: Real estate economics (Print), ISSN 1080-8620, E-ISSN 1540-6229, Vol. 32, no 2, p. 217-237Article in journal (Refereed)
    Abstract [en]

    This study investigates the determinants of key input variables in valuers' discounted cash flow models used for estimating market values for offices. Data from 599 valuations in 2000 from Stockholm, Gothenburg and Malmo are used to explain variation in discount rates, expected growth rates in net operating income and exit cap rates. Our ability to explain the relatively wide variation in appraisal assumptions with plausible covariates generates confidence in the appraisal process. This has important implications because most value and returns indices of commercial real estate worldwide are appraisal based.

  • 14.
    Gunnelin, Åke
    et al.
    KTH, Superseded Departments, Real Estate and Construction Management.
    Söderberg, B.
    Term structures in the office rental market in Stockholm2003In: Journal of real estate finance and economics, ISSN 0895-5638, E-ISSN 1573-045X, Vol. 26, no 3-Feb, p. 241-265Article in journal (Refereed)
    Abstract [en]

    This paper contains an empirical study of the rental term structure in a property market that included a dramatic boom and bust cycle. The study is applied to office leases in commercial properties located in Stockholm CBD, Sweden. The time period under study is 1977-1991. The number of observations (lease contracts) that we were able to make full use of in the regression analyses is n = 861. For seven out of fifteen years studied, a significant term structure was observed. The estimated hedonic rent equation was also used to construct an office rental index.

  • 15.
    Hager, Richard
    KTH, Superseded Departments, Real Estate and Construction Management.
    Värderingsrätt: särskilt om ersättning och värdering vid expropriation1998Doctoral thesis, monograph (Other scientific)
    Abstract [sv]

    This thesis deals with legal valuation and related issues.There are a host of different situationsin different areas ofthe law where the court has to determine compensation. Abringing together of these different situations can be said toconstitute a subject in its own right, one which might betermed "valuation law".

    The argument of this thesis is based on a broad perspectiveof this kind, the purpose being, accordingly, to investigatethe subject of "valuation law". That subject can be said to beof an interdisciplinary character, as is indicated by one ofits components, namely the field of purely economic valuation.The fact of valuation law including an interdisciplinaryelement means that special questions arise for investigation,e.g. due to the relation of the legal side of things to theeconomic side.

    The thesis shows that the general principles of the law oftorts have impacted heavily on most fields, at least in caseswhere the specific legislation concerned has not deliberatelyprescribed deviation from these principles. It has also beenshown that the law of torts constitutes a foundation for thewider perspective of valuation law with reference to acompensation situation. The rules of the tort law offer here abasic set of the tools which are needed in order to arrive atthe final compensation.

    One special valuation situation particularly addressed isthat occurring as the result of an expropriation, and in somerespects the inquiry has been delimited and focusedaccordingly. It has been shown that the economic valuationfield is an important building brick for the legal side ofthings. The special valuation methods which have been developedin the economic field can be used, even if they must ofnecessity be supplemented or altered. The fact of the legalrules of valuation serving purposes other than those of apurely economic nature has proved to imply that the two areascan never really be equated. Special legal aspects such asgeneralconsiderations of the rule of law and considerations ofequity mean that legal valuation must always include otherconsiderations than those involved in purely economicvaluation.

  • 16.
    Holm, Mats G.
    KTH, Superseded Departments, Real Estate and Construction Management.
    Service management in housing refurbishment: satisfying the ultimate customer1998Licentiate thesis, monograph (Other scientific)
    Abstract [en]

    It is unusual to find that housing refurbishment projectshave been undertaken with a clear focus on customer orientationdirected towards the tenants, or owners of co-operative flatsor condominiums. Only recently have researchers in constructionmanagement begun to look closer at the relationship betweencontractors and customers. To assess the scope for customerorientation in the refurbishment industry, current thinking inservice management is reviewed and a pilot study is undertakenhere in an attempt to identify principles with implications forhousing refurbishment. There is a consensus among servicemanagement investigators that services are intangible; otheroften mentioned characteristics are heterogeneity,perishability, and the inseparability of production andconsumption. Except for inseparability these characteristicsare valid for refurbishment. Nevertheless, features such as thelong turn-round time, the number of participants, thecomplexity and the uncertainty, distinguish housingrefurbishment from most services. There is strong empiricalsupport for the claim that customer satisfaction increasescustomer loyalty and gives the service producer a positivereputation, ultimately increasing profitability. To test thevalidity of service theories in the context of housingrefurbishment, a pilot study has been undertaken, bearing inmind that the tenant or the owner of a co-operative flat is thecustomer's customer. The investigation concerns refurbishmentof two multifamily housing estates in Sweden, owned by housingco-operatives. The structure of relations between the involvedparties has been emphasised in the research. Statisticalanalysis of questionnaire responses indicates that the linkbetween satisfaction or dissatisfaction among residents and thereputation of the contractor is strong. Conclusions outline thepractical implications of these findings.

  • 17.
    Hungria-Garcia, Rosane
    et al.
    KTH, Superseded Departments, Real Estate and Construction Management.
    Lind, Hans
    KTH, Superseded Departments, Real Estate and Construction Management.
    Karlsson, Björn
    KTH, Superseded Departments, Real Estate and Construction Management.
    Property yields as tools for valuation and analysis2004Report (Other academic)
    Abstract [en]

    This project was started in order to get an overview of conceptual problems, measurement problems, theories of determinants of yields, the use of yields in different contexts and how the actors on the Swedish market looked upon yields. Important issues discussed in the report is the need for:

    - Conceptual clarity: A number of different yield terms exist on the market and it is very important to be clear about how the specific terms are defined.

    - Operational clarity: There are measurement problems both concerning rental incomes, operating and maintenance costs and property values. This means that reported yields can be “manipulated” by choosing suitable operationalisations and pushing estimations of uncertain factors in directions that are favourable to the actor in question.

    - Specify the purpose for which the yield should be used. The most important distinction is between using yields/income returns for valuation purposes and using yields as benchmarks or bubble indicators. In the first case various types of normalization of the net operating income can be rational. In the second case it is important that the figure reflects “actual” incomes and costs, and that the concept is standardized and in such a way that the room for manipulation is small.

    - A clear view about how yields/income returns should develop according to different theories, e.g how the relate to the real return on other investments, inflation levels, risks and expectations about the development of the net operating income. Theories can always be questioned but they give a framework that are helpful in getting a perspective on what is happening on a specific market, and evaluate e.g. if property prices develop in a way that could be a bubble on the market.

  • 18.
    Jägbeck, Adina
    KTH, Superseded Departments, Real Estate and Construction Management.
    IT support for construction planning: a system design based on integrated information1998Doctoral thesis, comprehensive summary (Other scientific)
    Abstract [en]

    The aim of the work has been to develop a conceptual designof an IT system for construction planning. For the development,an iterative method has been used, based on prototypesdeveloped in dialogue with industry professionals. The resultsare presented in four papers describing the various developmentstages of the system design: the main approach with its torre-sponding demonstrator, the description of an implementedsystem, the evaluation of the system in a field trial and last,a prototype enhanting the functionality of the implementedsystem. Finally, a synthesis is presented and discussed.

    This thesis demonstrates a possible integration of productand construction information together with the main functionsneeded to support incremental construction planning.

    A central task of construction planning has been defined asthe configuration of a construction process that Will convert adesigned building into a real building. Consequently, the mainareas a supporting system needs to deal with are: the designedproduct, the production assignments and realisa tion of theproduction tasks including connections between products, activities and resources. Based on this, a conceptual schema coveringthese areas has been defined. The main approach here is theintegration between the two central objects of planning -products and activities - thus including the no tion of`result' in activities, alongside time, resources and costs.For this, an object oriented representation of the buildingdesign was used, aligning this research into the overalldevelopment and use of product models.

    Construction planning is usually carried out top down andstep by step.Thus, the system functions proposed allow the users toplan the production process incrementally, taking into accountpreviously generated restrictions while making use ofprofessional knowledge and earlier cases. The main approach isto operationalise the notion of `construction knowledge' in theform of templates for task structures, product decompositionand production methods. Combined with individual views forallowed, planned and achieved results, the use of templatesaims at providing an efficient planning environment.

  • 19.
    Kalbro, Thomas
    KTH, Superseded Departments, Real Estate and Construction Management.
    Har expropriationslagens presumtionsregel spelat ut sin roll?2003In: Svensk Juristtidning, ISSN 0039-6591, no 5-6, p. 537-553Article in journal (Refereed)
  • 20.
    Kalbro, Thomas
    KTH, Superseded Departments, Real Estate and Construction Management.
    Legitimitetsfrågor vid tvångsförvärv av mark och rättigheter2004In: Ledningsrätt: slutbetänkande / av 2002 års ledningsrättsutredning, Stockholm: Fritzes, 2004, p. 265-281Chapter in book (Other academic)
  • 21.
    Kalbro, Thomas
    KTH, Superseded Departments, Real Estate and Construction Management.
    Markexploatering: Juridik, ekonomi, teknik och organisation2002 (ed. 2)Book (Other academic)
  • 22.
    Kalbro, Thomas
    KTH, Superseded Departments, Real Estate and Construction Management.
    Private Compulsory Purchase and the Public Interest2004In: Social Strategies: Monographs on Sociology and Social Policy / [ed] Hagen, H. & Keles, R, Bern: Peter Lang , 2004, 1, p. 65-77Chapter in book (Refereed)
  • 23.
    Kalbro, Thomas
    KTH, Superseded Departments, Real Estate and Construction Management.
    Skyll inte bara på överklagandena2003In: Lantmätaren, no 8/03Article in journal (Other (popular science, discussion, etc.))
  • 24.
    Kalbro, Thomas
    et al.
    KTH, Superseded Departments, Real Estate and Construction Management.
    Lind, Hans
    KTH, Superseded Departments, Real Estate and Construction Management.
    Plan- och byggprocessen. Tidsåtgång och kostnader.2001In: Plan- och byggprocessens längd, Stockholm: Riksdagens Revisorer, Rapport nr. 2001/02:RR8 , 2001Chapter in book (Other academic)
  • 25.
    Kalbro, Thomas
    et al.
    KTH, Superseded Departments, Real Estate and Construction Management.
    Lind, Hans
    KTH, Superseded Departments, Real Estate and Construction Management.
    Valuing Easements: Some Experimental Evidence1999In: Journal of Real Estate Research, ISSN 0896-5803, Vol. 18, no 3, p. 491-502Article in journal (Refereed)
    Abstract [en]

    Trefzger and Munneke (1998) present a theoretical model, where the surplus that an easement gives rise to will be split equally between the parties. We provide experimental evidence from Sweden indicating that the split of the surplus depends on the context and what is judged to be reasonable principles of a fair distribution. The dominant estates got a significantly higher share of the surplus because they could start the bargaining with a bid that only included compensation for cost, whereas the servient estate could not find any principle that would give them the whole surplus. After these initial asymmetric bids, the parties usually met halfway.

  • 26.
    Kalbro, Thomas
    et al.
    KTH, Superseded Departments, Real Estate and Construction Management.
    Mattsson, Hans
    Urban Land and Property Markets in Sweden1995 (ed. 1)Book (Other academic)
  • 27.
    Kalbro, Thomas
    et al.
    KTH, Superseded Departments, Real Estate and Construction Management.
    Sjödin, Eije
    Ersättning vid fastighetsreglering: Rättsekonomiska aspekter på vinstfördelning vid tvångsvis marköverföring enligt fastighetsbildningslagen1993Book (Other academic)
  • 28.
    Karhu, Vesa
    KTH, Superseded Departments, Real Estate and Construction Management.
    A generic construction process modelling method2001Doctoral thesis, comprehensive summary (Other scientific)
    Abstract [en]

    A variety of modelling methods has been used to modelconstruction processes and projects, either during normalproject planning or for process re-engineering efforts orresearch. One common method, which is widely used byconstruction industry practitioners, is scheduling. In additionto schedules, some companies have used a simple box-and-arrowmethod, which graphically resembles schedules, for analysingtheir working processes. More formal methods such as IDEF0 havebeen used in re-engineering projects and by researchers. Allthese methods are limited in scope and cannot be used to modelall the aspects of the processes that practitioners areinterested in.

    A new generic construction process modelling method, GEPM,was developed to overcome the deficiencies of the currentmethods. GEPM uses object-oriented principles, and has borrowedfeatures, such as activity, task, and temporal dependency, frommethods like IDEF0 and scheduling. GEPM is flexible in thesense that the conceptual model can be changed to achieveadditional special features. This capability is also supportedby the database implementation, which enables users to interactwith the developed process models through views that representpartial models. The views support the IDEF0, scheduling, andsimple flow methods. There are, though, rules for how toconvert between the partial models through views.

    The evaluation of GEPM showed that more modelling features,i.e. modelling power, are obtained in comparison with theearlier methods. One of the essential features of GEPM is thedistinction between activities and tasks. Activities define howan action will be carried out, generally using predeterminedinputs to achieve a predetermined output, whereas tasks areactivities with additionally specified starting and finishingtimes, duration and location. Moreover, a task has atype-attribute that refers to an activity where its overalltemplate is defined.

    Before the actual evaluation, case material from a realproject was preliminarily tested with GEPM along with theprototype application. It turned out that some additions wereneeded to the conceptual model of GEPM and to the prototypeapplication.

    GEPM can be used for process improvement, processmanagement, and for enhancing communication in a constructionprocess. One usage scenario for GEPM is to define qualitysystems and reference models, using the activity sub-model andstoring the results in the GEPM database. A project-specificmodel can be derived from the reference model using conversionrules, and it eventually turns into a project specific-schedulewith tasks.

    Keywords:process, modelling, generic, method, model,database, view

  • 29.
    Karhu, Vesa
    KTH, Superseded Departments, Real Estate and Construction Management.
    Product model based design of precast facades1997Licentiate thesis, monograph (Other scientific)
    Abstract [en]

    In Finland, approximately 80 % of the facades of buildingsare manufactured as precast units. Currently one of theobstacles to making the overall design and construction ofprecast building facades more efficient is the inefficientexchange of data about facades between architects, structuralengineers and precast element manufacturers. The product modelapproach seems to offer a new methodology for data exchange andsharing which would solve many of the current problems. Thisthesis presents the results of research in which this approachwas tested.

    The prevailing way of designing facades was chosen as areference process model. Based on an analysis of data needs inthe different stages of the process a product data model of afacade was developed. The product data model was restricted tofacades only and does not include other information about thebuilding. Central data structures in the conceptual schemadefine how a precast concrete facade consists of precastconcrete units, i.e., elements. Structural wall layers that mayhave openings form the elements.

    The conceptual schema was implemented as a prototype whichwas based on existing software, modified and further developed.The prototype was tested by an architectural design company, astructural design company and a manufacturer. The mainconclusion of testing was that the data produced in thearchitectural design is directly usable in further design. Thestructural or element design may use the architectural data assuch. Also, it is possible to create applications that takeinto account the architect's preferred design approach.

    KEYWORDS:facade, precast concrete, data exchange,object oriented, architectural design

  • 30.
    Klingborg, Kerstin
    KTH, Superseded Departments, Real Estate and Construction Management.
    Vakanser på bostadsmarknaden: i praktik och teori2001Licentiate thesis, monograph (Other scientific)
    Abstract [en]

    This licentiate thesis treats the problem of vacancies in the rental housing market. THe first part of the thesis consists of an empirical study aimed at enlighten how the vacancies are handled by Swedish Municipal Housing Companies between the years 1990 and 1994. THe data is collected through a postal survey which was sent to a choice of Swedish Municipal Housing Companies, namely those companies with a high overall vacancy rate so that it could be expected that these companies have a vacancy problem. The results of the survey is structured in a way that make them possible to relate to economic theory and conduct an analysis in terms of what kinds of adjustments have been made by the companies as a response to exogenic changes on the local housing market.

    IN a descriptive part of the results, it becomes clear that housing vacancies are concentrated to certain submarkets, which means that on these submarkets the vacancy rate can be very high. The submarkets are characteristically neighbourhoods built either during the sities, the so called million homes programme, which often means a less attractive location or appearence, or neighbourhoods built later which often means high rents. The companies handle the vacancies in a way that can be explained by the market models monopolistic competition as well as monopoly. Price adjustments are conducted as different forms of price discrimination, for instance lower rents for young people. THe companies have demolished apartments, which is a quantity adjustment. Demolitions have been used to a surprisingly great extent. Three percent of the total stock of these companies has been demolished during a period of five years.

    THe statistical analysis shows that a lowered rent has no connection with changes in demand bur it has connection with changes in supply in fomrs of an increased number of apartments in nearby substitute markets, for instance an increase of condominiums and rental apartments owned by other municipal housing companies. Several results of the statistical analyses implies that the market structure is of importance when predicting how a municipal housing company will act in situations demanding price- or quantity adjustments.

    A theoretically interesting result is that the companies have invented different forms of short-run quantity adjustments, for instance locking one bedroom in a two-bedroom apartment and lease it as a one-bedroom apartment. Among theorists there are different opinions on whether the short run supply curve for housing is fixed or not. The findings here could be an argument against a fixed short run supply curve.

    The second part of the thesis consists of a literature study. In analysing wellknown papers on vacancies it is found that although "the natural vacancy rate" is an established concept there is need for a definition. Therefore the concept is analysed and defined. Five related vacancy concepts are suggested: 1) observed vacancy rate, 2) natural vacancy rate in short run equilibrium, 3) deviation of vacancy rate in short run equilibrium, 4) natural vacancy rate in long run equilibrium and 5) deviation of natural vacancy rate in long run equilibrium.

    These concepts are useful in analysing vacancies whether the units are number of apartments or number of weeks. To measure vacancies in time is of great importance to be able to analyse vacancy persistence.

  • 31.
    Laitinen, Jarmo
    KTH, Superseded Departments, Real Estate and Construction Management.
    Model based construction process management1998Doctoral thesis, monograph (Other scientific)
    Abstract [en]

    The purpose of this research was to study how the data management of a main contractor can be improved, in order to provide better client value and more cost-efficient production. The research focused on methods for reengineering the information management using product modelling as enabling technology.

    The metbods were tested in pilot tests in which the developed cost and value engineering prototype application was used.

    This thesis demonstrates an integration of design and production planning based on the product model approach. The final outcome is that the main contractor can utilise information coming from designers as input in its own tendering and cost estimation applications.

    The key methodology used for describing the information management process throughout the building process life-cycle was IDEFO. The analysis of the cur rent process (as-is), in the form of an DEFO model, helped in identifying the main problems of current practice. The target process (to-be) definition was based on product model utilisation and takes into account the possibilities for process reengineering supported by product data technology. One specific re quirement was deemed important in view of the anticipated developments in the area of data exchange; the target system should be structured in such a way that it could easily be adapted to receive data according to the emerging IFC core model schemas.

    The overall result of the research reported in this thesis is that the product model approach can be used for a substantially reengineered information man agement process of a main contractor, especially in design and construct type contracts.

  • 32.
    Lind, Hans
    KTH, Superseded Departments, Real Estate and Construction Management.
    Direktavkastning och direktavkastningskrav för fastigheter2004Report (Other academic)
    Abstract [sv]

    Denna rapport tar upp:1. Innebörden i begreppet direktavkastning. Den grundläggande definitionen av direktavkastning är driftnetto dividerat med marknadsvärde. Det är dock viktigt att skilja mellan faktisk direktavkastning och normaliserad direktavkastning. I det senare fallet tas hänsyn till om hyrorna i kontrakten avviker från de marknadsmässiga. Flera mätproblem tas också upp, t ex gränsdragningen mellan underhåll och investeringar.2. Teorier om vad som bestämmer direktavkastningen/direktavkastningskravet. Ett synsätt äratt direktavkastningen ska motsvara total avkastning på alternativ placering +/- justering pga skillnader i risk +/- justering pga skillnader i värdeutveckling. En central fråga är om direktavkastningskravet ska ses som realt eller nominellt, och svaret på den frågan beror av om driftnettoutvecklingen antas följa inflationen eller inte. I rapporten berörs också hur direktavkastningen kan förväntas utvecklas över konjunkturcykeln och om utvecklingen, åtminstone i grova drag, är förutsedd bör direktavkastningen vara högre i högkonjunkturen,pga sämre förväntad värdeutveckling då. 3. Direktavkastningsmetod som metod för fastighetsvärdering. Här noteras att relationen driftnetto/marknadsvärde sannolikt blir stabilare om det sker en normalisering av värdena, och därmed blir den mer användbar för värdering. I teorin finns det argument för att direktavkastningen ska vara mer stabil än en bruttokapitaliseringsfaktor om olika objekt jämförs. Detta kan dock motverkas av de mätproblem som nämndes ovan. 4. Direktavkastning som bubbelindikator. Tanken här är att en alltför låg direktavkastning kan tyda på att det finns spekulation om stigande fastighetspriser. Om direktavkastningen ska användas som bubbelindikator är det den faktiska direktavkastningen som ska användas eftersom normaliseringen innehåller bedömningsmoment som kan påverkas av atmosfären under en bubbla. 5. Direktavkastningen på den svenska fastighetsmarknaden analyseras sedan utifrån resonemangen i de tidigare kapitlen. Direktavkastningen tenderar att vara lägre i större orter, i centrala lägen, och för bostäder (under senare år). Dessa siffror speglar förväntningar rörande risk och driftnettoutveckling (värdeutveckling) på olika orter. Det är dock ont om empiriska studier som styrker dessa bedömningar.

  • 33.
    Liou, Jaeik
    KTH, Superseded Departments, Real Estate and Construction Management.
    Temporal support for land information systems in object-oriented modeling1999Doctoral thesis, monograph (Other scientific)
    Abstract [en]

    With the development of distributed object technologies andthe overwhelming advent of the Web, an object-oriented datamodel for GIS/LIS is proposed, possessing significantlyincreasing importance and application, when movingfrom astatic position to a distributed and heterogeneous view. Theconceptual model of land information hinges on a complexspatio-temporal object model for defining not only collectionsof land parcel objects but also distributions of them within afour domain framework.

    However, harmonizing relationships between time and spaceare not simple, for temporal ontology is semantically differentfrom that of space. The temporal history of an object makes itpossible to trace actor behavior footprints in space. Thevestiges of temporal location and extent are important paths inunderstanding the history of space, attribute and actor.

    The basic entities considered are examinations of spatialand temporal objects, highlighted in the light of temporalprimitives and temporal relationships with space giving rise totemporal versioning of objects and databases. The developmentof spatio-temporal data model in GIS/LIS parallels the progressof temporal databases. Temporal components are implemented withthe relational model, then with object-oriented data models.Temporal object models and their functions in existingspatio-temporal data models are examined. A conceptualspatio-temporal object model for LIS is illustrated withvariants of temporal LIS.

    A fundamental challenge in creating next generation GIS/LISis in supporting interconnectivity and interoperability withindistributed and heterogeneous spatio-temporal databases,providing various temporal principles, assistingspatio-temporal analysis and forecast.

    A conceptual spatio-temporal object model (STOM) isproposed, illustrating interactions within four domains,facilitating actor domain description impacting on spatial,temporal and attributive behavior in the real world.

    Key Words: Object-Orientation,Temporal Object, Database Version, Spatio-Temporal Data Model,WebGIS, XML, STOM

  • 34.
    Löwnertz, Kurt
    KTH, Superseded Departments, Real Estate and Construction Management.
    Change and exchange: electronic document management in building design1998Licentiate thesis, monograph (Other scientific)
    Abstract [en]

    Producing documents using computer supported methods hasbecome common practice in the construction industry, but themanagement of documents is still to a large degree done withmanual methods. Some pioneering users in design, constructionand facility management respectively have applied electronicdocument management (EDM) within their organisations or forprojects. However, the introduction has hitherto beennoticeably slow.

    This thesis discusses the benefits of the new documentmanagement techniques to the construction and facilitymanagement process, with focus on building design, as well asthe obstacles when implementing these techniques. Theconstruction sector process has some particular properties,differing from other industry sectors, in that a projectorganisation is formed anew for each project and involves anumber of specialists with varying requirements for theircompanyinternal production and management of documents. Themain themes for EDM in building design are therefore how tomanage the change of information and the exchange or sharing ofinformation between the different organisations.

    The thesis contains a state-of-the-art description ofdocument management in building design, including reviews ofcommercial applications, standards and current best practice.Basic techniques on a scale from file-hierarchy-based toproduct-model-based systems are classified and analysed from abuilding design perspective.

    Five cases of document management in practice have beenstudied. The companies studied are active within differentdesign disciplines and have chosen to introduce and use EDM indifferent ways, with respect to technology as well as theinformation content that is managed. It is concluded that thedifferent requirements can not be met by uniform methods fordocument management, but that the exchange of documents andtheir meta-data has to be supported by information standardswhich need to cover a number of levels from hardware toconstruction-specific classification. As a starting-point forfurther development a conceptual schema for document meta-datasuited for building design is discussed.

    The overall result of the research provides requirements forspecifying applications, standards and implementationprocedures for electronic document management suited to theactivities of building design and the interfaces to longterminformation management concerning buildings.

    Keywords:construction, building design, electronicdocument management, requirements, meta-data, standardisation,state-of-the-art, case studies

  • 35.
    Mandell, Svante
    KTH, Superseded Departments, Real Estate and Construction Management.
    Ground Leases & Local Property Taxes2001Doctoral thesis, monograph (Other scientific)
  • 36.
    Mattsson, Hans
    KTH, Superseded Departments, Real Estate and Construction Management.
    Property rights and registration in a perspective of change2004In: Miigaik university: 225 year celebration publication, Moscow: MIIGAiK university , 2004Chapter in book (Other academic)
  • 37.
    Noack, Robert
    KTH, Superseded Departments, Real Estate and Construction Management.
    Converting CAD Drawings to Product Models2001Licentiate thesis, monograph (Other scientific)
    Abstract [en]

    The fundamental aim of this study is to examine whether itis possible to automatically convert vector-based drawings toproduct models. The reason fordoing this is that the newobject-based systems cannot make use of the information storedin CAD drawings, which limits the usability of thesesystems.

    Converting paper drawings to vector-format is used today andprovides recognition of lines and text, but does not interpretwhat the shapes represent. A language for describing thegeometrical representations that could be processed directlyinto a recognition program for building elements is missing. Itis easier to describe how to recognize a line as a series ofdots in a raster image, than it is to describe how a complexsymbol of a building element looks like.

    The approach in this research work has been to testdifferent shape recognition algorithms. The proposed method canbe divided into four processes: grouping of geometricalprimitives, classifying these groups, interpreting the contentand analyzing the relationships between the groups. Thealgorithms developed here are based on research within relateddomains, such as pattern recognition and artificialintelligence.

    The algorithms have been developed in a prototypeimplementation and were tested with three layer-structureddrawings used in practice. The results of the tests show thatthere are no crucial obstacles to recognizing a large part ofthe symbols of building elements in a CAD drawing. Therequirement is that the recognition system is able todifferentiate one from another and be tolerant of errors andvariations in the shapes.

    Keywords:Shape recognition, shape interpretation,product models

  • 38.
    Norell, Leif
    KTH, Superseded Departments, Real Estate and Construction Management.
    Compensation for encroachment on agricultural properties.2001Doctoral thesis, monograph (Other scientific)
    Abstract [sv]

    The purpose of this thesis has been to investigateprinciples and methods for determining fair compensation forencroachment on agricultural property by roads and railways.The symbiosis of law and property valuation runs like a scarletthread through the study. The compensation rules of theExpropriation Act formthe legal basis for determining theamount of compensation payable.Encroachment moneyfor damage to property is payable atan amount equalling the reduction of the market value of theproperty, other economic damage to the property owner beingcompensated for under the heading ofother compensation. The thesis has shown that both thesekinds of compensation shall be determined by alegalvaluation procedure. In the case of encroachmentmoney this means among other things that there may bejustification for using a certain margin of safety in relationto an amount estimated by conventional valuation methods. Inthe event of profit-yielding properties being affected, it isappropriate for the "other compensation" item to be computed asthe difference between the effect on the yield value and theencroachment money. In addition to analysing the current stateof the law on compensation, the two main sections of the thesisaddress thebasic principleswhereby the reduction of the yieldvalue and market value should be determined. Considering thatmany landowners are often affected simultaneously in thevaluing ituation concerned, a proposed standardisation ofdifferent value parameters constitutes an important result ofthis study.

    Keywords:expropriation, valuation, encroachment onagricultural properties, land acquisition for roads andrailways, legal principles of valuation, fair compensation,basic valuation methodology.

  • 39.
    Nylén, Anna
    KTH, Superseded Departments, Real Estate and Construction Management.
    Business relationships in road operation procurement: five case studies2000Licentiate thesis, monograph (Other scientific)
  • 40.
    Paasch, Jesper M.
    KTH, Superseded Departments, Real Estate and Construction Management.
    A Cadastral Domain Model2004In: Proceedings of the 12 International Conference on Geoinformatics / [ed] Brandt, S.A., Gävle: Gävle University Press , 2004, p. 820-823Conference paper (Other academic)
  • 41.
    Paasch, Jesper M.
    KTH, Superseded Departments, Real Estate and Construction Management.
    A Legal Cadastral Domain Model2004In: Proceedings of the Standardization of Cadastral Domain Workshop / [ed] Oosterom, Schlieder, Zevenbergen, Hess, Lemmen, Fendel, Federiksberg: FIG , 2004, p. 145-148Conference paper (Other academic)
  • 42.
    Paasch, Jesper M.
    KTH, Superseded Departments, Real Estate and Construction Management.
    Modelling the Cadastral Domain2004In: ESDI: State of the Art, European Commission Joint Research Centre, 2004Conference paper (Other academic)
    Abstract [en]

    This paper describes a Swedish approach construction a model of the cadastral domain.The National Land Survey of Sweden (Lantmäteriet) has developed an UML-based, objectorientatedinformation model describing real property information stored in the Swedish RealProperty Register. The register is part of the Swedish Land Data Bank System.The work has been initiated due to a general need for an object-orientated and applicationindependent description of real property information. The project is part of a greater taskdescribing all information handled by Lantmäteriet in an object-orientated way, not focussing onthe technical storage of the information, but the information itself. A non-technical modellingapproach is the foundation for more cost-efficient development of new software and routinesmanaging and processing cadastral information in the future.The model is the result of co-operation between governmental agencies, describing theSwedish cadastre. The cadastral domain model has been constructed in a project initiated byLantmäteriet with the purpose to establish a common description of real property informationnot limited to local, technical solutions. The work has been done in co-operation with nationaland local agencies handling cadastral information. The model acts as a basis for an increaseddata and information interchange between governmental and non-governmental agencies and isa part of the Swedish, digital infrastructure. The model is not a Swedish standard, but might be acontribution to a future Swedish standardisation process.

  • 43.
    Psilander, Kurt
    KTH, Superseded Departments, Real Estate and Construction Management.
    Niching in residential development2004In: Journal of Property Research, ISSN 0959-9916, Vol. 21, no 2, p. 161-185Article in journal (Refereed)
    Abstract [en]

    The Schumpeterian process of creative destruction creates winners and destroys losers, but when it is only destructive, it loses winners. Knowledge-based information technology brings new dimensions to this process. New technology makes possible the development of complex products that exhibit an almost infinite variety of forms. Consequently, actors confront each other in a non-transparent, mostly unknown and fundamentally uncertain market. They are forced to respond to unpredictable conditions of competition. Entrepreneurs have to design and realize their projects as business experiments and test them in the market. I use the theory of the Experimentally Organized Economy and of Competence Blocs to study the presence or absence of a particular entrepreneur: the developer in the residential building industry. Based on that theory I show that to succeed the developer has to achieve a very precise niching of his product and an almost perfect matching with a selected consumer group. I then compare the vision of this entrepreneurial competence to achieve such a matching with the observable characteristics of the outsourced entrepreneur/developer in the USA. I have noted in particular that the developer uses extensive outsourcing combined with strict control of the entire realization process from early vision to final delivery to consumers. Efficient niching often means best consumer satisfaction and absence in the local market of standardized volume builders. Since this is essentially a new way of looking at things within residential development, I use mostly deductive analysis in my presentation.

  • 44.
    Svensson, Kjell
    KTH, Superseded Departments, Real Estate and Construction Management.
    Integrating facilities management information1998Doctoral thesis, monograph (Other scientific)
    Abstract [en]

    The purpose of the study was to develop suitable information structures to sup port main processes of facilities management (FM). The approach chosen to create these structures was to develop a generic FM process model and a building product model. The research method used was a system analytical approach involving the definition of activity models and object-oriented conceptual schemas. The existing national construction classification system (the BSAB System) was an important point of departure in the research work.

    The resulting models were evaluated through prototyping. Three different prototypes were developed,: the Klara prototype (a system for plantring, operation and maintenance of building services systems), the Blandaren prototype (an object oriented database system for FM) and the Kronoberg prototype (a GIS like system for facilities management information). All the prototypes used data from real facilities. The prototype systems demonstrated that the product model @S-model) fulfils the requirements of flexibility, stability, adaptability, com prehensibility and cost-effectiveness, which are discussed in this thesis. The ge neric process model, which was mainly tested in one of the prototypes, should provide better conditions for integration by capturing main aspects of the es sence of FM and by providing an overall structure for information handling within FM.

    In parallel with the evaluation of the prototype work, a conceptual schema (the Spatial Arrangement Model) was developed. Tbis is based on experiences from the prototypes and done in collaboration with the standardisation work for building construction within the STEP (STandard for the Exchange of Product model data) activity.

    The overall result of the research provides basic prerequisites for the develop ment of commercial IT systems for FM as well as an input to international stan dardisation efforts

  • 45.
    Söderberg, Bo
    KTH, Superseded Departments, Real Estate and Construction Management.
    Essay in real estate appraisel1999Doctoral thesis, comprehensive summary (Other scientific)
    Abstract [en]

    This is an academic dissertation submitted in partialfulfilment of the requirements for the degree of Doctor ofTechnology. The dissertation consists of a short summary anddiscussion of seven enclosed essays. All seven papers aredevoted to central issues within real estate appraisal andvaluation, with emphasis on the market for income property.

    Essay Ianalyses the market prices for mixed-use incomeproperties, with mainly residential use. A hedonic priceequation is estimated based on market transactions. The timeperiod under study is 1992—1994. The geographicalsub-market analysed is the city of Stockholm. The hedonictechnique is also used for estimating an assessment equation.Certain types of properties were found to be systematicallyunder-assessed.

    Essay IIis an inquiry into the topic of choosing arelevant functional form for the hedonic equation applied toincome property. Certain characteristics of two common modelspecifications are identified. The shortcomings and advantagesare illustrated through the application of the two models toempirical data.

    Essay IIIinvestigates if the distance to CBD affectsthe property prices, i.e. if there are (negative) distancegradients. The sub-market analysed is that of mainlyresidential income properties, though the residential market issubject to a rent control system. The distance gradient onrents was insignificant. However, there is a significantnegative price gradient. With one exception (direction east),there is also a significant negative assessment gradient.

    Essay IVdeals with cycles on the market for incomeproperty. The time-period under study is 1979—1992, whichincludes the Swedish property crisis. The use of the grossincome multiplier (GIM) as an indicator of the phases of theproperty cycle is suggested. The analyses indicate that theproperty boom during the late 1980s may have been partly drivenby a speculative price bubble.

    Essay Vanalyses the determinants of the rent level andthe rent drift on the residential rental market, which issubject to rent control. Furthermore, the rate of return oninvestment, as well as maintenance input (for increasing thequality of the property) is estimated. The micro-location isfound to affect the rent level, but not the age of thebuilding. The return on quality-improving investments andmaintenance was found to be reasonable. The rent increases wereslightly larger than what was agreed upon in officialnegotiations.

    Essay VIanalyses the total rate of return (TRR) overthe time-period 1979—1997 within a portfolio of mixed-useincome property. Different definitions of TRR were estimated.The results do not vary over definitions used. The determinantsof the TRR are identified in regressions using panel datamodels. The TRR may be separated into a commercial and aresidential component, respectively. The average values forthese two components are found to be almost equal for the wholetime-period under study, however, the evolution over time isfound to follow patterns that show important differences.

    Essay VIIpresents a literature review of studies whereprice equations on the property market are estimated byregression analysis. In all, 145 papers are investigated. Theessay analyses how the methodological procedures, andparticularly those related to econometrics, are presented inthe papers.

    Keywords: property, real estate, real estate economics,appraisal, assessment, income property, hedonic technique,model specification, distance gradients, property crises,speculative bubble, gross income multiplier, GIM, rent control,total rate of return, Sweden.

  • 46.
    Tarandi, Väino
    KTH, Superseded Departments, Real Estate and Construction Management.
    Neutral intelligent CAD communication: information exchange in construction based upon a minimal schema1998Doctoral thesis, monograph (Other scientific)
    Abstract [en]

    An improved information exchange is frequently proposed asone solution to the inefficiency problems which theconstruction industry is suffering from today. Such animprovement is very dependent of the use of informationtechnology, IT. To enable an advanced use of IT, there is aneed for integrated project communications frameworks andintegrated industry wide information.

    This thesis discusses how product models can be used toimprove the information exchange from design to construction.Today there are several approaches to product modelling. Someresearchers propose very detailed models whereas others proposegeneric models with fewer concepts. In this area there is aclose connection between research and standardisation, which iscarried out by organisations such as the ISO STEP committee andthe International Alliance for Interoperability.

    To get acceptance for a standard proposal, it has to beaccepted by both users and standardisation bodies. Thus thisresearch, in addition to the technical requirements oninformation content and structure, also discusses successfactors for standardisation, implementation and usage.

    In order to define important requirements on a product modelfor information exchange between design and construction,current research, development and standardisation in the fieldof product modelling was studied.

    This thesis advocates a minimal approach in the number ofconcepts used in a product model, in combination with anexternal building element classification, following nationalindustry practice. The minimal NICC schema, developed duringthis research, was tested in a prototype and test study. Threeapplications were tested: PreFacto (planning tool), MicrosoftProject (time scheduling tool) and Calc3(cost estimation tool).From the CAD-system MCAD, NICC files with the building objectswere created and transferred into a relational database fromwhich the three applications received their specific inputfiles.

    The results of the evaluation of the NICC schema and thetest study demonstrated that a product model based on fewconcepts can manage the required information exchange.

    Keywords:construction, product models, standardisation,minimal models, requirements, conceptual schema, thesis

  • 47.
    Vaskovich, Marina
    KTH, Superseded Departments, Real Estate and Construction Management.
    Modelling of Land Privatisation Process in Belarus2004In: Proceedings of the "Standardisation in the Cadastral Domain" / [ed] Peter van OOSTEROM, C. Schlieder, J. Zevenbergen, C. Hess, C. Lemmen, E. Fendel., 2004Conference paper (Refereed)
  • 48.
    Vaskovich, Marina
    KTH, Superseded Departments, Real Estate and Construction Management.
    Simplification of Land Tenure in Belarus: Way to Good Land Administration2004In: Proceedings of The Olympic Spirit in Surveying, 2004Conference paper (Other academic)
    Abstract [en]

    Last decade many various legal and administrative measures (including adoption of the newState registration Act as well as organisational reform) were undertaken by the Governmentto improve land administration in general and thereby to support the establishment of welloperative property market in Belarus. Good land administration implies sound land tenuresystem, which in turn shall not be overcomplicated. This paper attempts to clarify the landtenure system in the Republic of Belarus through analyzing of existing property rights,particularly the ownership right, right of life heritable possession and the right of use(permanent and temporary). Each of them is described in detail and several differences aredisplayed. Moreover, the general overview of the whole land tenure system is presented. Thepaper considers the possibilities of its simplification by decreasing the number of applicableproperty rights and, therefore, conclusions for a simplified land tenure system for Belarus areoutlined.

  • 49.
    Viitanen, Kauko
    KTH, Superseded Departments, Real Estate and Construction Management.
    The Finnish Urban Land Readjustment Procedure in an International Context2000Doctoral thesis, monograph (Other scientific)
    Abstract [sv]

    The aim of urban land readjustment is to produce newbuilding land and to reorganise urban areas. The method used isdesigned to consolidate a group of adjoining land parcels fortheir unified planning and subdivision in an area with afragmented or an otherwise inappropriate property and ownershipstructure. The procedure can be considered either as a methodfor urban land development (by landowners) or as a tool forplanning implementation (by society). Different countries havereached different solutions depending on, for example, theplanning system already in existence and the attitude towardsthe responsibilities of the private and the public sectors inproducing urban land.

    The urban land readjustment procedure is very closely linkedto detailed local planning and other land use planning. Theprocedure is justified not only on the basis of cost andefficiency but also on the basis of its fair treatment oflandowners, improvements in plan quality, savings to thecommunity, and environmental benefits. In the readjustmentprocedure the land value changes can be fairly and equallydistributed among landowners. The procedure will therefore alsohelp to prevent planning speculation. As property boundariescan be disregarded when preparing the plan, the number ofpotential plan solutions will essentially be increased andfinally the quality of the plan itself improved. At the sametime the existing social structure can also be maintained. Theprocesses needed are, however, often very demanding andcomplicated and require those involved to display considerableexpertise. The decision-makers should also be familiar with theoperating mechanisms and options so that implementation of theprocedure is not jeopardised through ignorance.

    In 1997 a new Real Property Formation Act came into force inFinland which defined the Finnish urban land readjustmentprocedure. The strengths of the new procedure lie in itswell-defined structure and organisation, but it also has itsweaknesses. Although the aim of the procedure is to achievebetter detailed local plans, planners often do not know inpractice if the readjustment procedure can be carried out, dueto the extensive legal provisions. It seems, therefore, thatthe existing regulations are ineffective in meeting the needsof urban land readjustment, and further improvements areurgently required. Failure to take such measures will place injeopardy the future use of the procedure. By amending thestatutes and the proceedings the use of the urban landreadjustment procedure might become a familiar activity whendeveloping the urban structure in areas with fragmentedownership.

    Keywords: Land development, joint development, landmanagement, land use planning, plan implementation, propertyacquisition, cadastral procedure, law and economics.

  • 50.
    Wilhelmsson, Mats
    KTH, Superseded Departments, Real Estate and Construction Management.
    A method to derive housing sub-markets and reduce spatial dependency2004In: Property Management, ISSN 0263-7472, E-ISSN 1758-731X, Vol. 22, no 4, p. 276-288Article in journal (Refereed)
    Abstract [en]

    Housing markets are typically segmented into a number of different sub-markets. If the sub-markets are not included in the hedonic estimation process, parameters will be biased. Furthermore, if neighbourhood characteristics are omitted, there is a risk that spatial dependency will be present, and this will cause estimates to be biased, inefficient and inconsistent. The objective of this paper is to derive functional sub-markets using cluster analysis to improve upon the hedonic model and reduce spatial dependency. The empirical analysis shows that cluster analysis of the residuals can remedy the problem of spatial autocorrelation. However, if the housing market under investigation is geographically large, the number of clusters will increase rapidly, if the objective is to reduce spatial dependency. The predictive performance is highly increased both in the full sample and the testing sample, but the predictive performance will be reduced if the sub-markets created are too small and too numerous. Hence, there is a trade-off between reducing spatial dependency and increasing the predictive power.

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