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  • 1.
    Adolfsson, Elias
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Jansson, Jesper
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    The Impact of Risk Premium Factors on Cap Rates in Sweden’s Office Market2023Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This study examines the impact of risk premium factors on cap rates within Sweden's largest office markets. The research questions address the significance of various micro- and macroeconomic variables on cap rates, as well as the extent of this impact and how it varies across different locations. The study employed a quantitative approach, specifically regression analyses, to examine three different localizations from the years 2003 to 2022. The dataset used included information from JLL and large institutions. The study found that the top three optimized models could explain 80-90% of the fluctuations in office cap rates in the CBD of Stockholm, Gothenburg, and Malmö. To sum up, the 10-year treasury bill and the spread between Baa and Aaa corporate bond yields are the main variables that have the largest impact on cap rates across all locations. The 10-year treasury bill serves as a proxy for the risk-free rate. Nonetheless, the risk-free rate had a relatively lower impact in Malmö compared to Stockholm and Gothenburg's CBD.

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  • 2.
    Ahlenius, Martin
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    The impact of motivation and person-job fit on employee turnover among Swedish real estate brokers: A mixed method approach2022Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    Residential real estate is a vital part of the economy, and homes are important for individuals for both financial and emotional reasons. Residential homes change owners for numerous reasons, and there is a need for these transactions to be secure and efficient from both the economic and individual perspective. The general idea of residential real estate brokerage is to facilitate these transactions securely and efficiently. Real estate brokerage has therefore captured both media as well as scholarly interest. Some scholars even argue that brokerage is a relevant research and literature field of its own. Like other occupations within sales, the brokerage industry suffers from problems connected to recruiting and retaining employees, as put forth by several spokespersons within the industry and scholars alike. Prior studies argue that there is a need for further studies that describe the occupational life cycle of brokers and employee turnover antecedents, such as intrinsic motivation. Hence, the overarching purpose of this thesis is to describe and analyze occupational turnover and its antecedents among Swedish real estate brokers. This thesis sprung out of a firsthand occupational experience of Swedish brokerage, curiosity, and an abductive stance toward knowledge creation. It is primarily explorative, and the embedded articles consist of different types of methodologic approaches and therefore also different ways of gathering data such as interviews, surveys, and registered data. All data solely involves Swedish real estate brokers. Results of the four articles show that the occupational life cycle of brokers is significantly longer than expected and that Swedish brokers display high levels of work-related intrinsic motivation, occasionally rooted in affective commitment towards customers and gained trust from sellers. Furthermore, being driven by gained trust and customer relations has a positive effect on person-job fit which in turn reduces turnover intentions. A majority of the results within the four articles are not in line with prior studies, which is interesting and prompts speculation. The service landscape of brokerage, and particularly Swedish brokerage due to the broker’s intermediary role and personal responsibility for the entire transaction, arguably drives intrinsic motivation and reduces turnover. This is enhanced by the high educational threshold for becoming a broker in Sweden. This thesis contributes to the literature field of brokerage by providing insights about what motivates brokers and the theoretical field of person-job fit by suggesting ways of improving the operationalization and the validity of person-job fit.

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  • 3. Ahlenius, Martin
    et al.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Gerdemark, Tommy
    Kågström, Jonas
    Åge, Lars-Johan
    The occupational life cycle of real estate brokers: a cohort study2022In: Journal of European Real Estate Research, ISSN 1753-9269, E-ISSN 1753-9277, Vol. 15, no 3, p. 351-367Article in journal (Refereed)
    Abstract [en]

    Purpose The purpose of this article is to describe and analyze the occupational life cycle of Swedish real estate brokers. Design/methodology/approach Voluntary turnover among real estate brokers could lead to occupational turnover and/or employee turnover and has been described as problematic by both practitioners and researchers alike. Most previous studies focusing on this issue have explored connections between real estate brokers' personality, economic and market conditions and turnover. Employee turnover involves shifting jobs within the profession (real estate brokerage), whereas occupational turnover concerns movement to a job not related to the real estate brokerage profession. Both perspectives on turnover are however lacking data about the average time spent as a broker. This study fills this gap by exploring real estate brokers' life cycle through data analysis using a cohort study consisting of a sample of 5,304 real estate brokers registered and/or deregistered over a ten-year period from 2010 to 2019. Findings The analysis show that the decline is almost linear, resulting in 50% of the newly registered real estate brokers remain in the occupation eight years after registration. These findings are not in line with previous assumptions as the real estate brokers' life cycle is substantially longer. The results also reveal that there are differences in life cycles due to gender and year of registration. Originality/value The analysis of longitudinal, aggregated data on the life cycle of real estate brokers is highly relevant as it serves as a point of reference for future longitudinal studies analyzing the motives for leaving the occupation.

  • 4.
    Ahlenius, Martin
    et al.
    Department of Business and Economics Studies, University of Gävle, Gävle, Sweden.
    Berggren, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Kågström, Jonas
    Department of Business and Economics Studies, University of Gävle, Gävle, Sweden.
    Exploring Motivational Factors Among High Performing Real Estate Brokers: The Swedish Case2021In: Journal of Real Estate Practice and Education, ISSN 1521-4842, Vol. 23, no 1, p. 20-37Article in journal (Refereed)
    Abstract [en]

    The purpose of this exploratory case study is to analyze the role of relational motivation for high-performing real estate brokers in Sweden. The concept of relational motivation, or relatedness, is explored through both affective and calculative commitment. The data in this study come from in-depth interviews with real estate brokers. The results show that the brokers are committed to their clients, in an affective and a calculative way. All of the participants expressed signs of being emotionally involved in their customer relations, often in terms of genuine interest in, and caring for, their clients. The existence of relatedness toward customers in a brokerage context contributes to the discussion on what motivates high-performing real estate brokers. By viewing relatedness as a trigger to engage in more customer relationships, the intrinsic motivation can be seen as a strong antecedent to individual performance. 

  • 5.
    Aleksic, Slobodan
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Papari Sabet, Kasra
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Covid-19 pandemins effekt på fragmenteringen inom byggprojekt: En studie med fokus på ekonomiska konsekvenser2022Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Due to the outbreak of the Covid-19 pandemic, there have been drastic changes in the constructionindustry when it comes to the way we work when the government issued recommendations to workremotely. The construction industry is already characterized by being fragmented and where the distancebetween design and production is already questioned. A study was thereby required to be able to identifythe communication and integration of the various actors in construction projects before and after thepandemic and identify whether this distance has contributed to any economic consequences due to thepandemic. The study aimed to investigate how the delivery of the final product was affected by thefragmentation between production and design due to the pandemic. This was examined from aconstruction economical perspective where the focus was on the systematic financial management ofthe projects.

    In order to achieve the purpose of the study, a qualitative method was first performed in the form ofsemi-structured interviews with several key people in the industry who experienced the distance beforeand after the pandemic between the design and production. Subsequently, a quantitative method wasperformed in the form of data collections of various forecasts from previously completed projects. Thisquantitative method acted as a complement to the qualitative method in order to prove the validity ofthis study.

    Through the interviews, there is a clear indication of fragmentation at project level for different parts ofthe project organization. Furthermore, the interview study showed that shortcomings which are basedon problems regarding communication have financial consequences. Through interviews and collecteddata, this problem has shown that there are strong indications that the covid-19 pandemic has affectedthe project economy as well as the structural work at project level. Proposals to address the problem arepresented by working in a denser project organization with a greater presence on construction projectsand by forming a clarity between client and contractor. This creates opportunities to present design costsin connection with a higher number of site visits by the design group, which is justified by the fact thata higher project presence reduces production costs and thus hopefully also the total final cost.

    After weighing the theory, literature study, interviews and the data collection, it can be concluded thatthe working methods that have changed during the pandemic have been met with solutions which willcontribute to an increased involvement of the design team to reduce the fragmentation. This solution hasalso proved to have financial consequences on the design costs. By justifying the purpose of a denserdesign organization, a lower total final cost forecast can thus justify an increased design cost.Furthermore, the result of the study shows that great hopes for future efficiencies in the constructionindustry with tools and working methods where several actors in the design organization work more infield offices close to the production. To enable these routines, changes are required to be made in theagreements as well as an increased willing to work in this way from the project organizationsperspective. The problem lies in the budgeting that doesn’t allow this type of presence for the planningof these kinds of routines. By meeting the challenges of fragmentation between client and contractors,an opportunity for success and transparency can thus be created for construction projects in the future. 

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  • 6.
    Allenbrant, Axel
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Nasser, Leif
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Balansgången mellan energikrav och kulturarv: En kvalitativ studie om hur energiåtgärder påverkar förvaltning och värdering av kulturhistoriska fastigheter2023Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This study focuses on the trade-off between energy efficiency requirements and thepreservation of cultural heritage in the context of cultural historical buildings. The aim is toexplore how the management and valuation of these buildings may be affected by futureenergy requirements, with a particular focus on the potential consequences this may have forproperty owners, managers and other stakeholders. The study uses a combination of literaturestudy and a qualitative study based on semi-structured interviews with property owners andproperty appraisers. The central findings show that it is challenging to make heritagebuildings energy efficient to the required levels, and that the valuation of such buildingsrequires a special skill in balancing subjective preferences with objective criteria, given thedifferent preferences of the market.

    Energy efficiency of heritage buildings can increase their commercial value by loweringoperating costs and making properties more attractive to environmentally consciousinvestors. However, such measures can be difficult to implement without compromising thecultural value of the building. The valuation of heritage properties therefore requires bothtechnical and cultural expertise. The study identifies a knowledge gap in the market regardingthis relatively new problem. It concludes by emphasizing the importance of navigatingthrough these complex issues to preserve our cultural heritage while addressing today'schallenges, such as the need for energy efficiency and sustainability.

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  • 7.
    Andersson, Erik
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Leorato, Leonardo
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Show Your Hand: A Quantitative Study of ESG Disclosure in Connection with Financial Performance of Swedish Real Estate Firms2022Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Several studies have been conducted with the purpose to investigate the connections between real estate financial performance and ESG performance, mostly on asset level. The literature on ESG disclosure and real estate financial performance is not as explored. On portfolio level there have been different studies investigating if the number of green buildings affects the financial performance of real estate companies, yielding different results which shows that more attention is required in the research area. This paper has investigated disclosure of certified properties in Swedish real estate companies as well as EPRA sBPR participation and effects on the total return index of individual stocks. Panel data models are constructed using daily trading data from fifteen Swedish real estate companies.

    The results of the analysis indicate that there are positive signs associated with disclosure of green properties and in being part of organizations with clear sustainable ambitions, however the fact that there is not an overwhelming consistency in the results of all models can be seen as a signal that there is still uncertainty in the market around the usefulness of implementing information on certified buildings. For participation in EPRA sBPR a positive effect is found, being significant with cluster robust standard errors. For receiving a sBPR award the effect is slight but positive which is in line with previous findings. It still seems that there is disagreement in the business world on the paths to choose to efficiently incorporate ESG into business decisions. The results of this paper indicating that returns of real estate stocks are only in some cases significantly conditioned by green factors can also reflect this general level of uncertainty in the market.

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  • 8.
    Andreasson, David
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Elm, Fredrik
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    The Impact of Foreign Direct Investments on the Swedish Housing Market2023Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Foreign direct investments (FDI) are a crucial part of the world economy as the world has become increasingly globalized. Foreign investment can have a positive impact on the host country in many ways, such as economic growth, new technologies, and job opportunities. In the housing market, FDI can provide new housing and new options, but it can also lead to rapidly increasing housing prices.

    This paper sought to examine the impact of FDI on the Swedish housing market by doing a multiple regression analysis examining the relationship between FDI into the Swedish real estate sector and Swedish housing prices. The interest rate, inflation rate, and GDP per capita was used as control variables. Data was acquired from Statistics Sweden, the OECD and the Swedish central bank between 2008 and 2022. The augmented Dicky-Fuller test was used to test the data for stationarity at level and first difference. Inflation was not stationary at the first difference but at the second difference, meaning that the first difference (the change in inflation) was used instead of inflation itself. The variables were then tested for cointegration before the regression output was analyzed.

    The results show that FDI is significant and has a positive impact on Swedish house prices. The interest rate and the change in inflation were also significant, while GDP per capita was not significant. We recommend that policymakers monitor the flow of FDI and be cautious of speculative inflows that aim for an immediate return on investment, since FDI has numerous beneficial effects on various aspects of the economy.

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  • 9.
    Andrén, Björn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Nyttan av digitalisering och datakvalité inom kommersiella fastighetstransaktioner2022Independent thesis Basic level (university diploma), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Sweden's commercial real estate market accounts for more than a third of the Swedish GDP. As the sector transitions into the digital era, real estate companies develop their "technical stack" of digital products and services. These services digitize everything from pre- construction, operations, to how they interact with their tenants. In turn, a vast amount of data about the property, its functionality, and its tenants is created and stored. The thesis aims to examine and clarify the utility of digital products and services in a real estate transaction process.

    As market value is equivalent to the purchase price, our study reviews how digitization affects the transaction process, price determinants, and how digital infrastructure connects to these determinants. Our results are based on interviews with experienced real estate brokers and carefully selected proptech companies active in the Swedish real estate market. The study concludes there is heavy data consumption and distribution when selling real estate. However, the main driver behind price is rooted in financials, which can be generalized as a value capture mechanism based on lease agreements. This mechanism excludes value creation and value capture of digital infrastructure. Lack of knowledge seems to be the main reason for the current neglect of digital infrastructure when valuing and selling real estate. For the industry to capitalize on the utility of digitization, it needs to conduct activities within: digitizing current and new processes, data consumption, and implementing data- driven improvements.

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  • 10.
    Annadotter, Kerstin
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Knutagård, Marcus
    Socialhögskolan, Lunds universitet.
    Det bostadssociala programmet i Helsingborg: Hur samarbetar Helsingborgs Stad, AB Helsingborgshem och stadens privata fastighetsägare för att lösa bostadsbehovet för människor som står utanför den odinarie bostadsmarknaden?2019Report (Other academic)
    Abstract [sv]

    Rapporten redovisar resultat från en fördjupad studie av det bostadssociala programmet i Helsingborg åren 2017 och 2018. Studien anlägger ett brett angreppssätt då det bostadssociala programmet är komplext. Det hanteras inom ett samarbete mellan fyra av förvaltningarna i Helsingborg stad.Tre av dem: Socialförvaltningen, Arbetsmarknadsförvaltningen och Vård- och Omsorgsförvaltningen arbetar med och ger stöd åt många människor och där några av dessa behöver hjälp med att få en bostad. Den fjärde, Fastighetsförvaltningen, arbetar dels med att samla in och registrera tillgängliga bostäder bland stadens fastighetsägare, dels med att matcha det remitterade behovet från de tre andra förvaltningarna mot dessa bostäder. Det är ett komplext arbete och det tar tid att förstå, åtminstone övergripande, hur arbetet i och mellan de fyra förvaltningarna går till.

    Målet är att alla fastighetsägare med hyresfastigheter i Helsingborg ska vara anslutna till det bostadssociala programmet. Programmet syftar till att människor som står utanför den ordinarie bostadsmarknaden ska kunna få en bostlad med ett eget kontrakt.

    De övergripande frågorna i studien är: Hur arbetar man inom det bostadssociala programmet dels i den egna förvaltningen, dels tillsammans med de övriga förvaltningarna samt AB Helsingborgshem? Hur organiserar man sig? Vilka bostadsresurser har man? Vad är det som gör att människor som inte har stora skulder eller missbruk hamnar utanför den ordinarie bostadsmarknaden?

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  • 11.
    Appelqvist, Andrea
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Johansson, Sally
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Transaktionsmarknaden för hyreshusenheter: Påverkar överlåtelseformen transparensen på den svenska fastighetsmarknaden?2022Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    During the years 2019 – 2021, the total transaction volume for rental properties units, including portfolios with at least one property taxed as a rental property unit, amounted to a value of 562 324 782 SEK. 71% of the transactions were carried out as corporate transactions and 29% as legal purchases. Packaging properties in companies prior to sale is a common procedure in the Swedish real estate market. The increased share of transactions through companies is largely due to an amendment in the Income Tax Act (1999: 1229) which enabled tax-free sales of business-related shares. A disadvantage of corporate transactions is that the information published is limited. The lack of transparency results in problems in the preparatory work for property taxation and in comparable sales methods in general. The purpose of the study is to analyze which factors influence the choice of transaction type and to investigate how the transparency of packaged real estate transactions can be increased. 

    The degree project has been carried out with a quantitative as well as qualitative data collection and then analyzed to find connections and deviations. The results of the study can confirm that company transactions are the dominant procedure when the purchase price is high, when a purchase includes several properties and when the selling actor is a listed company, a property developer, an investment company, or a private real estate company. Furthermore, the results show that company transactions take place throughout the country, not only in Sweden’s metropolitan regions.  

    To deal with the lack of transparency, Lantmäteriet and the Swedish Tax Agency should investigate the possibilities of including company transactions in their current system for property taxation. This to be able to carry out the preparatory work even if the legal purchases continue to decrease. To gain access to information that is not published, a proposal is that Lantmäteriet procures more external valuers prior to property taxation or alternatively coordinate a collaboration between the valuers. For authorities, the lack of access to market information is problematic, while it is a competitive advantage for advisers. It is thus difficult to find solutions that is attractive to all actors. In the end, a political will and clear initiatives from the authorities are required to change the situation on the real estate market.

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  • 12.
    Aronsson, Greta
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Johannessen, Elsa
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    The Impact of the Recession on Swedish Real Estate Companies: A Study of Financial Strategy and Risk Management of Companies with Different Credit Ratings2023Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The world's economies are in a turbulent phase where rising inflation has hit the global and Swedish economy hard. The Central Bank of Sweden has raised the policy rate expansively in recent months, with the intention of curbing inflation. Swedish real estate companies have experienced significant debt growth in recent years, making them very sensitive to interest rate increases. The increasing financing costs are challenging for real estate companies and it is of great importance that the companies continue to maintain earnings, that interest rates do not rise too much and that they continue to have sufficient access to financing. The credit rating of real estate companies is a crucial component of their financing, as it measures the long-term risk of default and can affect the company's cost of borrowing.

    The purpose of the paper is to investigate what different financing options Swedish real estate companies have during a recession and how the financial strategy and risk management differs depending on the company's credit rating. Furthermore, the study will investigate how the capital structure changes depending on the measures taken. The study is based on a qualitative study conducted with semi-structured interviews to gain a comprehensive understanding of the research area. The interviews were primarily conducted with real estate companies, both rated and unrated, and all rated companies in the study have an investment grade rating. This was followed by interviews with the major Swedish banks involved in lending to real estate companies and the credit rating agencies that carry out official ratings for real estate companies.

    The results show that the financing options differ depending on the credit rating of the real estate company. The biggest difference is identified between companies with a credit rating in the A segment and companies with a credit rating in the triple B segment. Financing costs have increased for all companies but significantly more for companies in the triple B segment. As a result, the capital market is to a greater extent inaccessible to the triple B companies and therefore these companies choose to focus on bank financing. The study has also shown that it is of great importance for real estate companies to make a long-term decision on their financing strategy and the extent to which their credit rating is important for their financing. The study found that there are two groups of attitudes towards the credit rating. Either companies use all means to defend their credit rating, or they put their efforts into strengthening the balance sheet and maintaining bank covenants. The market conditions have also affected the capital structures of real estate companies. High inflation and rising interest rates result in higher yield requirements, which leads to falling property values and rising LTV ratios for real estate companies. Real estate companies work actively to reduce their LTV ratios by selling properties, increasing share capital, reducing the pace of investment and suspending dividends. An excessively high LTV ratio can lead to a credit rating downgrade and, depending on how the company perceives this, the actions of real estate companies may differ.

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  • 13.
    Backenroth, Sanna
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Magnusson, Nicol
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Sustainable Practices within the Real Estate sector: An analysis investigating the impact of sustainability practices within Real Estate companies in Sweden2023Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The awareness of ESG (environmental, governance, social) has risen significantly during the last decade. The construction and real estate industry represents 21 % of the negative climate emissions in Sweden, highlighting the crucial role of property owners in achieving a climate-neutral society. Social sustainability and governance has also been emphasized as key factors for companies, driven by the transparency that arises with the EU-taxonomy. This master thesis investigates the relationship between ESG and property values, examining the impact of environmental certifications on property premiums and identifying the incentives driving sustainable measures in the Swedish real estate market.

    To investigate the key questions of the study we performed a literature review, data collection, 23 semi-structured interviews with real estate companies, industry associations, real estate advisors and banks. The data analysis includes property values as the dependent variable and investigating the relationship between six variables connected to ESG including environmental certifications, energy consumption, walk score, criminal rate, executive compensation and women on the board.

    The results of this study reveal the complexity and challenges in establishing a clear correlation between commercial property values and ESG factors. Although energy performance is believed to have a significant impact on property values due to lower property operating costs, which becomes further evident with higher energy prices, the direct link between ESG factors and property values remains elusive. Environmental certifications can offer various benefits, including improved financing opportunities, reduced energy expenses, and higher rental rates. However, the uniqueness of each property complicates direct comparisons and the consistent determination of whether environmental certifications consistently command a premium. Sustainable measures in the real estate market are primarily driven by risk reduction including proactive enhancements to meet regulatory demands, leading to lower yield requirements.

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  • 14.
    Basu, Eve-Michelle
    et al.
    Stockholm School of Economics.
    Lindstrand, Angelika
    Stockholm School of Economics.
    Fichtel, Joakim
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Entrepreneurial ecosystems as supra-local phenomena: how the international network activity of entrepreneurial firms restructures interorganizational networksManuscript (preprint) (Other academic)
  • 15.
    Basu, Eve-Michelle
    et al.
    Stockholm School of Economics.
    Lindstrand, Angelika
    Stockholm School of Economics.
    Fichtel, Joakim
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Local, international, or glocal? The network activity of entrepreneurial firms in multi-layered networksManuscript (preprint) (Other academic)
  • 16.
    Bechara, David
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    En studie om dolda bud – vilka effekter har det på förmedlingsprocessen?2021Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    One of the most vital parts in real estate business is the bidding process, for both the broker, seller and the buyer. Although, the bidding process is not regulated by the law and the bids are not binding. The seller is deciding over the bidding process and the potential buyers are in charge of their offerings. How the realtor is handling the bidding process is regulated by law and by praxis, for example the obligation to include the interest of both parties (seller and potential buyer). Based on these premises, the bidding process can in some cases become problematic, which have been highlighted in association of sealed bids. A sealed bid involves a condition that it will last only if it is not communicated to other speculators. This phenomenon become more common on the real estate market, although it lacks information and knowledge within this topic. Therefore, the purpose of this bachelor thesis is to study sealed bids and identify what effects it has on the brokerage process, based on a qualitative study method with an inductive approach. The study is mainly based on interviews with different people with different experiences within the sector of real estate in Stockholm. In addition, it also investigates what sealed bids means and how it is related to rules, laws and praxis. 

    There is a huge issue with sealed bids and it involves a risk for all parties involved. The bidding process is lacking in transparency and it is likely that it generates disappointment and frustration. It occurs in association when the market is blooming, which generates quick deals where not everyone get the chance to participate in the process of bidding. The market does not set the price, which leads to selling prices that differs from the market value. From a financial point of view, one of the parties usually losing out in the deal, with either the buyer paying too much, or the seller receiving less than what they could have received in an open bidding process. Overall, the other speculators get upset due to that they have not been getting the opportunity to participate in the bidding and it is often the realtor who receives the criticism. Lack of knowledge and injustice are the reasons of the dissatisfaction and the problem that arises on the real estate market. Brokers and other experts within the sector see this as a more common issue and it gives the real estate market a bad reputation, especially for the brokers. The ambition of the sector is that the real estate deals should be more direct and informative for all parties involved with an open and transparent bidding process. 

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  • 17.
    Bellange Aviles, Leonardo
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Magkänsla och konsten att fatta beslut: En undersökning av finansiella beslut2022Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Financial decisions made on gut feeling are one of the fundamental financial approaches. Decisions made on the wrong premises can lead to financial losses. By making the right decision based on the right premises, the results can be desirable. There are many theories and models to explain decision making. Although there are many theories, these are mainly divided into two types, normative theory and descriptive theory. The normative supports rational decision-making, the latter how people make decisions. Both of these theories reflect reality, even descriptive theory seeks a certain level of rationality in actual decision-making.

    The study was carried out using a qualitative method, where the data was based on interviews with seven decision-makers who make some form of financial decision. The analysis of this survey showed that gut feeling is something the surveyed respondents used in decisions, sometimes arbitrary and sometimes with a strong underlying basis of rational thinking.

    The essay can show that gut feeling according to the concept of the theory is variable depending on the area of knowledge. Instead, it can be emphasized that it is used in a variety of situations.The conclusion showed that there are too many definitions, distinctions and basic conditions that had to be sorted out first before the question could be answered in its entirety, as the question could not be answered in a reasonably concise manner for ten weeks. The study showed that gut feeling and financial decision making are nevertheless used according to the theory and in this study.

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  • 18.
    Bertilsson, Per
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    PropTech: Ett modeord, men vad betyder det?2023Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The concept of PropTech emerged in conjunction with the rise of digitization and technological innovation within the real estate sector. Over the past decades, significant progress has been made in information and communication technology, as well as in areas such as data analysis, cloud technology, and artificial intelligence. These technological advancements have opened up new possibilities for improving efficiency and functionality within property management.

    The term PropTech is used both in research literature and in the real estate industry at various trade shows and by start-ups identifying themselves as "PropTech companies." It is employed in a variety of ways and contexts, leading to the question of whether anyone truly understands what is meant when PropTech is mentioned.

    The purpose of this study is to clarify the concept. To achieve this, I draw upon both research literature and interviews with industry experts. Approaching the question from multiple angles enhances the robustness and credibility of the findings.

    Currently, there is no consensus on how the term should be used or in which contexts it is appropriate.

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  • 19.
    Bin, Caixing
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Are REITs in Singapore and Hong Kong Being Inflation Hedging?: An empirical analysis of the relationship between REIT returns and inflation2022Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This paper examinesinflation in Singapore and Hong Kong between 2002 to 2021. The purpose is to investigate whether REITs can hedge against inflation. The inflation will be divided into expected inflation (EI) and unexpected inflation (UI). Furthermore, the empirical analysis will test the relationship between REIT price return (PI), dividend yield return (DY), and total return (TR) returns and inflation separately and attempt to find out what could be the possible sources of hedging against inflation. The Fama and Schwert (1977) model was applied to analyze the relationship between REIT returns and inflation. The ARIMA model (Baciu, 2015) was applied to measure the expected inflation. Regression results show that the Singapore REIT price returns and total returns positively correlated with unexpected inflation, while the dividend yield returns are negatively correlated with unexpected inflation. However, the Hong Kong REIT price and total returns negatively correlate with expected inflation. This research will provide knowledge about the inflation-hedging characteristics of Singapore and Hong Kong REITs and implications for portfolio management and inflation risk management.

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  • 20.
    Blomé, Gunnar
    et al.
    Chef för Samhällsplanering i Malmö kommun.
    Annadotter, Kerstin
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Urban utvecklingsarbete i Landskrona: Balanserad gentrifiering i samverkan, i riktning mot integration2020 (ed. 1)Book (Other academic)
    Abstract [sv]

    Åren 2012 till 2018 har vi, tekn. dr i bygg- och fastighetsekonomi Gunnar Blomé, Malmö Universitet och tekn. dr i fastighetsekonomi Kerstin Annadotter, Kungliga Tekniska Högskolan, på uppdrag av Boverket följt Landskrona stad och arbetet i Landskrona Stadsutveckling AB (LSAB). Målet för bolaget var att genom urbant utvecklingsarbete vända filtreringen och segregationen som har pågått i många år, innebärande stort socialt utanförskap och fysiskt nedgångna miljöer i de två stadsdelarna Centrum-Öster i Landskrona. Situationen var alarmerande med hög kriminalitet, otrygghet, slitna och i många fall utdömda bostäder. Vårt uppdrag var att följeforska Landskrona Stadsutveckling AB och ingick som en del av Boverkets nationella bevakning av kunskapsläget i det urbana utvecklingsarbetet i 15 stadsdelar i nio kommuner med en liknande social problembild.

    Landskrona kommun och de största privata fastighetsägarna bildade tillsammans Landskrona Stadsutveckling AB (LSAB) i slutet av augusti år 2012. Bolaget bestod till en början av sex fastighetsägare och ägarsammansättningen har därefter förändrats och ökat till nio fastighetsägare i bolaget år 2018. Fem mål formulerades redan i dokumentet Landskronas vägval Centrum/ Öster och det övergripande målet var: “att med riktade insatser förbättra såväl den fysiska som den socioekonomiska statusen i framförallt Landskronas centrala och östra delar”. I LSAB:s första årsredovisning från år 2013 beskrevs fem prioriterade målsättningar och strategier för det urbana utvecklingsarbetet: (1) Påverka inflyttningen till staden i syfte att skapa en mer hållbar social utveckling. Utforma gemensam uthyrningspolicy, samt tillsätta en grupp för samråd för uthyrningsärenden. (2) Åtgärder mot oseriöst fastighetsägande. Kartläggning av fastigheter med eftersatt underhåll, samordning av myndighetsutövning. (3) Balans i olika upplåtelseformer. Öka andelen bostadsrätter. (4) Tillföra nya verksamheter. Upprustning som skapar fler attraktiva miljöer för verksamheter. (5) Motverka segregation. Dialog med de boende samt samverkan med fastighetsägarna.

    Resultaten visar att Landskrona och utvecklingen i Centrum- Öster i stort är på rätt väg, men mycket arbete återstår. Försörjningsstödet har minskat kraftigt, vilket till del kan förklaras av den kommungemensamma uthyrningspolicyn och det gynnsamma konjunkturläget. Andra orsaker har varit att Individ- och Familjeförvaltningen ändrat sina rutiner för ansökan om försörjningsstöd och positiva effekter av den lokala arbetsmarknadssatsningen, så kallade ”Landskronamodellen”. Utvecklingen har generellt varit bättre i Centrum-Öster än i Landskrona i sin helhet. Åtgärder mot oseriösa fastighetsföretag, exempelvis det uppmärksammade ”juridiska fallet” med tvångsförvaltning år 2014 har medverkat till att vissa fastighetsägare börjat underhålla sina fastigheter. Delar av fastighetsbeståndet har också utvecklats, vilket inneburit miljöförbättringar, ökad trygghet och minskad brottslighet. Upplåtelseformerna har ännu inte märkbart förändrats och hyresbostäder dominerar fortfarande. Arbetet med att tillföra nya verksamheter har resulterat i ett utvecklat lokalt näringsliv med ny handel och nya verksamheter som haft positiv påverkan på stadens tillväxt och attraktivitet. Andelen förvärvsarbetande har ökat och andelen arbetslösa har sjunkit, men behörigheten till gymnasium och högskola har också minskat, vilket inte är i linje med kommunens ambition och målsättning. SCB:s boendesegregationsindex visar på en minskad segregation i hela Landskrona vilket är en indikation på att LSAB genom samarbetet i uthyrningsgruppen med privata fastighetsägare och AB Landskronahem har stora möjligheter att fördela bostads- sociala lägenheter jämnare i hela kommunen. Aktuell forskning från Malmö Universitet visar likväl att den socioekonomiska hushållssammansättningen i Centrum-Öster, liksom i andra stadsdelar i Landskrona, inte nämnvärt förändrats under våra följeforskningssår. Resultaten visar också en ganska jämn fördelning av låginkomsttagare mellan allmännyttan och det privata hyresbostadsbeståndet, när dessa två bestånd jämförs. Andelen låginkomsttagare har dock under senare år ökat något i det kommunala bostadsföretaget AB Landskronahems bostadsbestånd. Det är sannolikt en effekt av de senaste årens försäljningar. Dessa motiveras framförallt av kapitalbehov i syfte att möjliggöra planerad framtida stadsutveckling i Karlslund. 

    57 av samtliga fastighetsägare med flerbostadshus i Landskrona intervjuades (bilaga 1). Cirka 25 procent av de mindre fastighetsägarna står utanför samarbetet, men flertalet har en önskan om att bli mer delaktiga. Samtidigt var det tydligt att många fastighetsägare i vår undersökning saknade underhållsplan och ekonomisk kapacitet att fastighetsutveckla samt hade svårt att engagera sig i frågor utanför fastigheten på grund av begränsad kunskap eller brist på resurser. Få av fastighetsägarna gjorde någon form av strukturerad kunduppföljning och de flesta förmedlade sina bostäder lokalt via egna kontakter och ibland med hjälp av hem- sidor. Fenomenet oönskad förmedling bekräftades. En tredjedel av fastighetsägarna kontaktades varje vecka av etableringslotsar och andra kommuners socialtjänster för att lösa bostadssituationen för hushåll med socialbidrag eller för gruppen flyktingar.

    Våra slutsatser ger stöd för att en balanserad gentrifiering kan vara en nödvändig åtgärd för att utveckla de filtrerade och segregerade stadsdelarna Centrum-Öster och för att Landskrona ska kunna utvecklas ekonomiskt samt bli mer integrerat. Samtidigt är det viktigt att framhålla Statens ansvar att reglera immigrationen hållbart över tid för att möjliggöra integration och genom insatser på utbildning och arbetsmarknad i Landskrona, såväl som i andra kommuner, motverka segregation och social utsatthet. När Landskrona har utvecklats och den sociala situationen normaliserats, det vill säga att de fem målen har uppnåtts, vilka behöver definieras tydligare, kan kommunen igen ta ett större nationellt och regionalt bostadssocialt ansvar.

    Slutsatserna i vår rapport visar att Landskrona och LSAB är på rätt väg. Genom LSAB uppnås en nära samverkan mellan kommun och privata fastighetsägare, som även arbetar nära verksamhetsägare, myndigheter och invånare. Detta har möjliggjort att en stor del av staden är med i det gemensamma arbetet att förändra Centrum-Öster. Omfattande gestaltningsprojekt och trygghetscertifiering har genomförts i syfte att skapa en mer attraktiv och trygg innerstad. Många fastigheter, parkmiljöer, gator och gångstråk har gjort centrala delar i staden både tillgängligare och tryggare. Det kommer krävas fortsatt fokuserat arbete för att engagera fler fastighetsägare med litet fastighetsbestånd, mobilisering av boende och ideell sektor i samarbete med fastighetsägare och LSAB samt särskilda satsningar på strategiska fastighetsutvecklingsprojekt. Det blir även viktigt att fortsätta utveckla skolan och rikta insatser mot gruppen barn och unga. Landskrona har påbörjat en strukturell omvandling som behöver fortsätta under många år framöver.

    Kunskaper om uthyrningspolicys och förmedlingsstrategier Ett av LSAB:s första initiativ i stadsutvecklingsarbetet i mars 2013 var att utforma en uthyrningspolicy för staden. För att öka kunskapen på detta område påbörjade vi som forskare arbetet med en bok som innehöll en genomgång av uthyrningspolicys i tio strategiskt utvalda bostadsföretag med olika ägarstrukturer. Fastighetsbolagens arbete med uthyrningspolicys visade sig skilja i omfattning och innehåll (Annadotter, K. och Blomé, G. (2014); bilaga 2). De så kallade grundkraven består av krav angående ålder, inkomstnivå, inkomsttyp, hyresskulder, betalningsanmärkningar, boendereferenser, hemförsäkring, hur många personer som högst får bo i en lägenhet samt folkbokföring. Reglerna för vilka typer av inkomster som företagen godkände skilde sig väsentligt. Frågan som bör ställas är om företagen verkligen tillämpar det som står i dokumenten i praktiken och av vilka orsaker man inte godkänner vissa typer av inkomster samt bidrag?

    Vår sammanställning visar att det kan finnas skäl att granska frågan om ekonomisk diskriminering på bostadsmarknaden då området idag inte omfattas av diskrimineringslagstiftningen (Diskrimineringslag (2008:567). Eventuellt kan nu en ny lag – Barnkonventionen, Lagen (2018:1197) – som gäller från den 1 januari år 2020, prövas när det gäller ekonomisk diskriminering. Lydelsen i artikel 2, punkt 1, i lagen har flera ord som handlar om ekonomi, exempelvis ”sociala ursprung”, ”egendom” samt ”börd eller ställning i övrigt”.

    I Stockholm har de privata fastighetsägarna uthyrningspolicys som kräver att hyresgästen har 3–4 gånger hyran i inkomst medan de allmännyttiga fastighetsägarna har kravet att hyresgästens inkomst ska ha Kronofogdens normalbelopp samt kostnaden för bostadshyran (se bilaga 5).

    Att ha så olika krav på hyresgästernas inkomst för att få en hyreslägenhet leder till segregation och den strukturella hemlösheten kan öka. Det är nu hög tid att kommuner och kanske även regioner antar samma uthyrningspolicy. Landskrona har nu en policy som kräver att individen ska ha en inkomst som motsvarar tre gånger hyran eftersom kommunen i många år har haft inflyttning av personer som inte haft egen försörjning. Men varför just tre gånger hyran?

    Strategier för förmedling och renovering i kommuner och bostadsföretag visar på betydelsen av att en kommun i segregerade stadsdelar stödjer samarbete och kunskapsinhämtning mellan privata fastighetsägare, kommunens olika verksamheter, ideella organisationer, myndigheter, invånare och kommunala bolag. Exempelvis har Landskronas modell handlat om att tillsammans organisera uthyrningen och ta ansvar för bostadssociala behov samt att sprida dessa kontrakt över hela staden och att samverkan möjliggörs i stadsutvecklingen (bilaga 3). Det kan finnas skäl att exkludera försörjningsstöd som inkomst i en uthyrningspolicy i en kommun eller ett bostadsområde under en tid. Det kan till och med vara en nödvändig åtgärd för en kommun, exempelvis för att hantera en negativ social utveckling och stor inflyttning av försörjningsstödstagare till ett område som har många lediga lägenheter, vilket successivt kan leda till andra grupper flyttar ut. Kommunen kan då som i Landskronas exempel hamna i en långvarig nedåtgående ekonomisk spiral vilket är samhällsekonomiskt kostsamt och tar mycket lång tid att komma till rätta med.

    Kunskaper om upprustnings- och renoveringsstrategier

    Att som i Landskronas fall kraftsamla i samverkan med flera aktörer i en gemensam strategi i en kommun, i ett bostadsområde eller i ett bostadskvarter ger helt andra resultat än när organisationer väljer att agera ensam eller inte agerar alls. Det är alltid grundläggande i utvecklingsprojekt att utgå från platsen, att boende involveras genom dialog och att kvarboende finns som alternativ vid renoveringar. Men det är samtidigt viktigt att skapa variation i standard och koncept för att möjliggöra boendekarriär eller att nya grupper vill flytta in. Det kan ibland finnas särskilda skäl att ta ett större grepp i den strukturella miljön eller i fastig- heter för att stärka attraktiviteten och möjliggöra utveckling, exempelvis för att locka bostadsrättsutvecklare till ett område där sådana saknas eller i syfte att möjliggöra förtätning och att ett avskilt område öppnas upp och kopplas till övriga staden. Omfattande investeringar kräver kapital och innebär risk för fastighetsutvecklaren –  för att investeringen ska bli lönsam krävs högre hyror. Vilken fastighetsutvecklare skulle ensam våga investera i Centrum-Öster? Många fastigheter var så nedgångna att Hyresgästföreningen slog larm och Socialförvaltningen fick flytta hyresgäster till andra fastigheter. LSAB har genom sin samverkansmodell och aktiva arbete reducerat riskfaktorn och synliggjort potentialer i marknaden som tidigare inte fanns, vilket bidrar till nya satsningar i Centrum-Öster och i hela Landskrona.

    Avslutningsvis vill vi framhålla att det krävs utökat regionalt samarbete för att undvika att kommuner spelar ”Svartepetter” och ägnar sig åt så kallad ”social dumpning”, vilket betyder att en kommun försöker att ”exportera” bostadssociala hushåll till en annan kommun. Det behövs en statlig reglering som medför en hållbarare immigration över tid, jämnare fördelning av bostadssociala hushåll i kommunernas bostadsområden samt erforderlig ekonomisk kompensation för ”samtliga kostnader” som en kommun eller region har för en flykting . Det behövs också nationellt kunskapsstöd för att kunna effektivisera och följa upp de lokala samhällsinsatser som görs på integrationsområdet.

     

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    Urbant utvecklingsarbete i Landskrona Balanserad gentrifiering i samverkan, i riktning mot integration
  • 21.
    Boberg, Arvid
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Metsalo, Jakob
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Leasehold Status and Freehold Transactions Effect on Apartment Prices: A Quantitative Study on Cooperative Apartments in Stockholm Municipality2023Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    By using transaction data of sold cooperative apartments in the municipality of Stockholm,Sweden, during the year 2021, we find that leasehold status has a statistically significant impacton apartment prices in the inner city of -3.6% and in the outer city of -6.8% when controllingfor conventional apartment characteristics and location in a hedonic model. We also find theremaining time of the ground leasehold contract to have a statistically significant impact of0.42% per additional year that remains until renegotiation. We also find that the impact ofground leasehold differs depending on location. Further, we find that freehold transactionswould impact the prices of apartments differently in the inner city compared to the outer city.Consequently, the necessary increases in the monthly fees to enable a freehold transaction aregreater in the inner city compared to the outer city in average in a scenario analysis. We add toprevious research by using more recent data and a wider geographical area. Last, we simulatethe impact on apartment prices if a housing cooperative bought the land. We find considerablevariation among housing cooperatives on leased land, for when a purchase would be profitable.

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  • 22.
    Borg, Anna
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Eriksson, Tilda
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Ränteskillnadsersättning, en konsuments vän eller fiende?: En utredande studie om konsumentskyddet i villkoren för förtidsbetalda bolån2023Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    En grundsten i det svenska samhället är det konsumentskydd som tar tillvara på konsumentensintressen i förhållandet till näringsidkare. Europakommissionens bolånedirektiv motiverar ett starktkonsumentskydd i syfte att främja utvecklingen av en väl fungerande kreditmarknad i såväl Sverigesom i övriga medlemsstater. Sverige är således tvungna att följa direktivet. Konsumenter har enligtdirektivet rätt att lösa bundna bolån i förtid. Ränteskillnadsersättning kan utgå när en konsument lösersitt bundna bolån i förtid. Syftet är att ersätta kreditgivaren för den förlust som kan uppkomma tillföljd av det uppsagda avtalet. Historiskt har regleringen av ränteskillnadsersättning påverkatbolånebeteenden och gett konsumenter incitament att strategiskt lösa lån eller att inte välja bundnabolån över huvud taget. Enligt EU-direktivet ska ersättningen bland annat vara skälig, objektiv ochendast täcka de direkta kostnader som återbetalningen av lånet innebär för kreditgivaren. Detkonstateras att svensk lagstiftning inte är väl förenlig med EU-direktivet och inte heller uppfyller detkonsumentskydd som direktivet motiverar i villkoren för ersättningen. Avtalsrättsliga principermotiverar att en ersättning utgår vid en förtidsbetalning, däremot motiveras interänteskillnadsersättningen som utgår idag. En väl fungerande kreditmarknad motiverar ettkonsumentskydd utifrån risken för finansiell instabilitet som en över- respektive underkompensationkan resultera i.

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  • 23.
    Bothin, Filippa
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Fourén, Filippa
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Konsekvenser av hushållens höga skuldsättning: Bostadslån ur banktjänstemäns perspektiv2023Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Housing prices have risen significantly in recent years and as a result, households have had to take on large debts. Swedish households are therefore constantly taking out larger loans, and more mortgage borrowers show a higher debt-to-income ratio and loan-to-value ratio than before. Rising inflation and increased interest rates result in reduced financial margins for borrowers and social consequences. Households have also become more sensitive to risks, such as changes in interest rates.

    The purpose of this study is to investigate how high the level of debt in society is today and what consequences can be foreseen in the short and long term. Private housing loans in Sweden are studied with focus on problems related to high indebtedness. This is done through the perspective of bank employees on households' debt-to-income ratio, using semi-structured interviews. The study includes nine interviews with eight Swedish banks and one banking association. The results of this study are relevant for Swedish decision-makers, banks, and households, as they provide insight into what increases risk exposure for those taking out home loans.

    The results show that Sweden is at record high levels in terms of indebtedness, and this implies several consequences. A high debt-to-income ratio leads to high interest rate sensitivity and vulnerability, which can tighten the finances of households in case of changes in monetary policy. This, in turn, leads to a reduced space for consumption, worsened repayment ability, reduced economic growth, financial instability, more bankruptcies, and higher unemployment.

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  • 24.
    Brito, Alexander
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Behovet av en avskalad mäklartjänst: Behöver traditionella mäklare anpassa sin mäklartjänst?2021Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Background: During the 2000s the world has undergone an intensive digitalization. However,the real estate industry has developed slowly relative to the financial industry. In the early2000s, several digital brokerage firms appeared with the goal to further digitalize the Swedishreal estate industry. These firms may have been too early because the industry did not seemmature enough. The industry did not seem ready for a more digital housing transaction. Theanalogue broker has thus grown and more people in Sweden choose to hire one when sellingtheir home.

    Aim: The purpose of the study is to investigate whether there’s a need for traditional realestate companies to start offering a stripped-down brokerage service like the digital brokers’service, in order to meet any competition from the digital brokers.

    Method: The study is based on a mixture of a qualitative and a quantitative study based on adeductive approach. That is, the collected empirical results, the primary data, where based onthe secondary data that has been collected in the introductory sections. The primary dataconsists of responses from interviews conducted by telephone which were then analyzed andset against the secondary data confirm or contradict it. This is thus a comparative method.

    Result and conclusion: The results indicate that it is currently not necessary for traditionalreal estate companies to find quick solutions to meet the competition from digital brokers.This is because digital brokerage firms are not definitive competitors, but only substitutes forthe traditional brokerage service. However, the results show that the just mentioned results arenot something for traditional brokerage to lean on. It is thus only a matter of time before thebrokerage industry becomes more digital and will require all firms to adapt.

    Contribution of the thesis: The study provides a deeper understanding of the situation of thedigital broker and its competitiveness. The study has helped to provide an insight into how thebrokerage service will need to be developed and what will be needed for it to be a successfulbrokerage service a digital track.

    Future research: A proposal for future research in the subject is to investigate what will berequired of the more digital brokerage service in order to succeed in providing the security thatis so important to consumers. Another proposal is to investigate this at an international level,as this study has been limited to the Swedish brokerage industry.

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  • 25.
    Broberg Piller, William
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Nyoni, Violeth Edgar
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Sustainability in Property Asset Management: An overview of perceptions, important aspects and implementation of sustainability in Swedish commercial real estate companies2022Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Due to the challenges posed by climate change, the notion of sustainability is gaining traction in the real estate industry. This study highlights property asset managers' conceptual understanding of sustainability, and explores whether the level of implementation of sustainability is actually achieving sustainability objectives through the management of commercial real estate. A qualitative approach was used in order to gain an understanding of property asset managers’ perceptions of sustainability, the most important aspect of sustainability and the implementation of sustainability in real estate portfolios.

    Data was collected through surveys and semi-structured interviews. The surveys had a response rate of 44%, accentuating the robustness of the study. The data was analysed using categorical analysis, rankings in order of importance and comparison between sizes of organisations. The survey was complemented with 4 interviews to further understand how and why property asset managers implement sustainability in their portfolios and the data collected from the interviews were analysed using thematic analysis to determine the reason for implementing sustainability.

    The findings reveal that property asset managers found sustainability to be a critical issue for the real estate industry, and most respondents agreed on sustainability not being a fad. The property asset managers’ perception on sustainability seemed to differ between company sizes and findings identified reduction of energy consumption followed by production of renewable energy as the two most important sustainability aspects. The reasons for property asset managers to implement sustainability were varied, with increasing costs, brand image, competitive external and internal normative pressure being identified as strong reasons. Our recommendation to property asset managers is to encourage sharing knowledge and investing in pushing the status quo on sustainability in the industry since the frontrunners are proving it to be economically beneficial, not to mention the benefits for greater society. The study indicates that the industry wants to change, but craves more initiative takers to lead by example to catalyse the change enough for mimetic pressure from the industry to drive the sustainable development further.

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  • 26.
    Brozovsky, Johannes
    et al.
    Architecture, Materials and Structures, SINTEF Community, 7034 Trondheim, Norway.
    Labonnote, Nathalie
    Architecture, Materials and Structures, SINTEF Community, 7034 Trondheim, Norway.
    Vigren, Olli
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Digital technologies in architecture, engineering, and construction2024In: Automation in Construction, ISSN 0926-5805, E-ISSN 1872-7891, Vol. 158, article id 105212Article, review/survey (Refereed)
    Abstract [en]

    Digitalization in the architecture, engineering, and construction (AEC) sector is slow due to significant challenges in technology adoption. The study aims to promote technology adoption by advancing the understanding of digital technologies in the AEC sector. This article presents the findings from a quantitative scoping review, encompassing 3950 technology-related abstracts retrieved from the Scopus database, providing a preliminary assessment of literature size, geographic innovation hotspots, research gaps, and key concepts in the AEC field. The results show that Building Information Modelling (1852 studies) dominates the literature, while topics like 3D Printing (311) and Internet of Things (227) are gaining traction. China (687 publications) and the United States (566) produce most research articles. Despite the increasing interest in emerging technologies, their implementation often necessitates acquiring specific skill sets. Academia needs to put a stronger focus on these technologies in education and tighter collaboration with the industry is needed.

  • 27.
    Bruun, Carolina
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Liaghat, Parsa
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Fastighetsmäklares kunskapsnivå vid förmedling av oäkta föreningar: En studie om fastighetsmäklares kunskaper om de  konsekvenser oäkta bostadsrättsföreningar medför ur ett  skatterättsligt perspektiv2023Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    With today's regulations, real estate agents do not have the obligation to informabout the tax legal consequences that come with acquisition, residence and sale inan inauthentic association. The purpose of this study is to investigate whetherbrokers have knowledge of the consequences of inauthentic associations from a taxlaw perspective and how the information is handled in practice. In addition, the studyaims to investigate whether real estate agents' advice and duty of disclosure shouldinclude tax legal advice in connection with the mediation of a condominium in aninauthentic association. Through structured interviews and semi-structuredinterviews, the study has investigated real estate agents' knowledge of inauthenticassociations and what information they give to speculators when brokering in aninauthentic association. These investigations showed a lack of knowledge in anumber of tax law matters as well as a very varied level of information given inpractice, something that we believe can lead to major financial consequences forboth buyers and sellers. Thus, we make the assessment that real estate agents donot have sufficient knowledge regarding the tax regulations in inauthenticassociations and that it should consequently be an obligation for real estate agentswho have undertaken an assignment in a inauthentic association that they must beable to answer questions of a tax nature in a correct manner, this because it can beconsidered important information for the buyer and the seller. We propose anamendment to the law which states that real estate agents who undertakeassignments in inauthentic associations must have the knowledge required to beable to inform potential buyers about the tax legal consequences that arise.

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  • 28.
    Bäcklund, Katarina
    et al.
    KTH, School of Industrial Engineering and Management (ITM), Energy Technology, Applied Thermodynamics and Refrigeration.
    Vigren, Olli
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Carlsson, Johan
    Akademiska Hus AB, Sven Hultins Plats 5, 412 58, Göteborg, Sweden.
    Implementing digital innovations: Overcoming organizational challenges2024In: Developments in the Built Environment, E-ISSN 2666-1659, Vol. 18, article id 100436Article in journal (Refereed)
    Abstract [en]

    While real estate owners play a significant role in advancing digitalization and sustainability within the sector, there's limited understanding of their innovation processes. This article aims to increase understanding on the innovation processes and dynamic capabilities in real estate owner organizations. The article examines a longitudinal case study within a prominent Swedish real estate owner known for significant investments in smart building technologies. Despite these investments, practical benefits face hurdles, reflecting broader challenges in real estate sector digitalization projects. These obstacles include top-down innovation focus, limited cross-functional and user-centric innovation, innovation process discontinuities, ambiguous innovator roles, hierarchical communication, resource constraints, and uncertainties in technology implementation. The study emphasizes the inclusion of diverse perspectives in innovation processes and suggests further research on organizational and user-centric aspects. It contributes to real estate and facility management literature by proposing potential solutions to innovation processes, offering valuable insights for industry practitioners and researchers alike.

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  • 29.
    Börjesson, Sofie
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Schroeder, Maximilian
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Supplier Based Innovation: Collaborative methods to promote innovative products in the construction industry2022Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Initial observation shows that there is a knowledge gap between the demand of the end customers and the supply of material and products provided by suppliers. The culprit manifests in the nature of the construction industry, seen as conservative and not prone to innovation combined with lackluster incentives between the contractor and supplier through framework agreements. Collaboration is not developed, presented through the fact that each actor relies on each other to gain information on sought after products and material. The research aims to present how supplier-based innovation can promote the development of new products and materials that are of value to the end customer. This is done by conducting a case study within a general contractor and interviewing suppliers, purchasers, and end customers to understand how collaboration could be a first step to create an ecosystem in which new products and materials are developed. The results show that collaborative product development would be suitable in certain instances, such as with a general contractor with an own developing unit in collaboration with a preferred supplier or framework supplier.

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  • 30.
    Cardenas Sanchez, Reynaldo
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Hållbara investeringar på gårdsmiljön i Stockholms stad: Allmännyttans investeringar ur ett socioekonomiskt och ekologiskt perspektiv2020Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Stockholm stads kommunstyrelse har under de senaste 5 - 10 åren gradvis infört nya riktlinjer för förvaltningen av bostäder och hur dess dotterbolag ska arbeta för att uppnå en hållbar utveckling. Denna studie har av den anledningen syftat till att klargöra några av frågorna om hur de offentliga bostadsbolagen i Stockholms stad arbetar för att uppnå en hållbar utveckling och uppnå stadens uppsatta mål, samtidigt som de förbättrar gårdsmiljöer och byggnadernas omedelbara omgivning.

    Studien har bestått av flera intervjuer med representanter för Stockholms kommunala bostadsföretag. Information har samlats in från företagens webbplatser, tidigare rapporter och från offentliga institutioner som publicerar ekonomiska och finansiella rapporter.

    Studien drar slutsatsen att de offentliga bostadsföretagen som ingår i studien har genomfört stora förändringar i sina arbetsmetoder det senaste årtiondet. Med större fokus på ekologiska och sociala ståndpunkter, där ändringarna tillämpas hela vägen från planeringsstadiet till implementeringen av nya förvaltningsstrategier. Genom att involvera hyresgäster i investeringsprocessen har några av företaget lyckats maximera fördelarna med avslutade projekt och nå högre nivåer av nöjdhet hos kunderna.

    Vissa bolag har fått ökade investeringsanslag som i förlängningen kan innebära ökade investeringsmöjligheter på gårdsmiljön. Men utvecklingen av framtida projekt kan istället försvåras av interna åtstramningar som försvårar anställning av kompetent personal och riskerar att försämra kommunikationslänkarna i organisationen, särskilt mellan företagens planeringssektioner och förvaltningsavdelningar

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  • 31.
    Cedervall, Ofelia
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Wränghede, Tove
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Shared Service in Commercial Real Estates in Stockholm2023Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The office market in Stockholm is constantly evolving, and property owners must actively work to meet tenants' demand for office spaces. The increased demand for alternative office solutions has led to the development of coworking facilities and fully furnished offices. Digitalization and the ability to work remotely have raised higher expectations for offices. Consequently, shared services have become a significant part of the current development in commercial offices, aiming to provide attractive workspaces that employees want to be in.

    The purpose of this master thesis is to map the shared services offered by property owners in their properties, how shared services are included in lease agreements, what property owners consider to be included in the concept of shared services, and how companies manage their customer relationships. The objective is to gain a deeper understanding of the evolution and applications of shared services in the commercial real estate market in Stockholm. The concept is rooted in value creation of properties, customer relationships, business models, and strategies. To achieve the goals and objectives of the master thesis, a qualitative study was conducted. Additionally, a literature review and  an empirical study was carried out through semi-structured interviews with the nine largest property owners in Stockholm. The results showed that property owners have different perspectives on the concept of shared services and that shared services can be categorized into three different levels with the lowest level being changing rooms, shared reception and bicycle rooms. The next level includes car parking, conference facilities, bookable meeting rooms, a gym and the last level is peculiar services such as dog daycare, laundry handling and car charging points. Furthermore, the results indicate that some property owners have chosen to implement more shared services in their portfolios than others. Property owners have also chosen different methods to account for the fee for shared services in lease agreements, with the majority of the companies charging it as x SEK/sqm . The authors also note that property owners have expanded their range of office solutions to adapt to the current market such as coworking and fully furnished offices.

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  • 32.
    Couch, Maximilian Arthur
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    The Impact of ESG on Performance and Risk Indicators amongst Publicly Traded Real Estate Companies2022Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In recent years there has been an increasing trend of investors to search for and invest in more sustainable assets. Given this fact, the question arises whether these investors are paid back a premium for their investment, or whether they trade in a lower return but intentionally do something “sustainable”. And on top of that, are more sustainable assets less volatile and more resistant to fluctuations of the market, or is there an inverse correlation?Whilst research within equities, in general, has led to a wide range of research output on risk and performance in regard to the companies’ Environmental-Social-Governance (ESG) rating, research within the Real Estate industry is still rather scarce. By utilizing a variety of risk and performance indicators, this work has looked at a wide range of in Europe publicly traded Real Estate companies, over a period of 5 years. By relying on data from different ESG data providers, the author of this work has come to rather mixed results both in regard to performance as well as risk, depending on the dataset used. These mixed results can be partially explained by the difference in the assessment of ESG data and the grading methods of the dataset providers. Lastly, a large lack of data on ESG reporting of the analyzed firms has been observed during the course of this work. This fact has unfortunately condensed the scope of this study. However, it is expected that through public regulations, obliging companies to publish data on ESG, this issue will be resolved, leading to more extensive studies on this field in the future.

  • 33.
    Dagsanth, Isak
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Lilljegren Rostedt, Charles
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Investeringsalternativ inom förnybar energi: En jämförande studie av sol- och vindparker i Sverige2023Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    There is currently inadequate knowledge regarding the economics of the energy sources and without sufficient understanding of the profitability associated with solar and wind power, it can be difficult for investors to calculate a potential return. This can result in a reluctance to invest capital in renewable energy and thereby inhibit the development of the energy transition. Therefore, the aim of this study has been to compare solar and wind farms to determine which investment alternative is the most economically profitable. By analyzing the procedures that establishers have to adhere to, the study also aims to illuminate and map out the process of establishing a large-scale energy park.

    The study is based on a mixed-method survey consisting of a quantitative and a qualitative method. The quantitative study consists of data obtained from the Energy Agency along with gathered statistics from previous reports. The qualitative study consists of semi-structured interviews with industry companies and organizations. The focus of the study has been to present two scenarios to produce LCOE values and net present values for solar and wind farms where parameters such as CAPEX, OPEX, establishment time, discount rate, price of electricity, degradation rate and production capacity have played a significant role in the calculation basis.

    The results produced in the first scenario indicate that the net present value and LCOE value of the solar park are better compared to the wind farm when the discount rate reflects the risk associated with the energy sources. However, the results in the second scenario shows that wind power is the energy source that is more economically profitable when the discount rate for both energy sources is set at the same interest rate. Based on the result, the discount rate has a significant impact on the present value and the LCOE value. The importance of selecting a correct discount rate is therefore crucial to be able to compare the energy sources against each other. Additionally, the establishment time has proven to be a determining factor that greatly influences the net present value calculations.

    In conclusion, the study can establish that wind power is the more advantageous energy source based on its performance and profitability when both energy sources are considered with similar risk. However, when an investor faces an investment decision, consideration should be given to the risks associated with the investment, which is why the solar park should be considered the most economically profitable investment option.

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  • 34.
    Danielsson, Emil
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Nork, Sofia
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Exploring the Swedish Credit Market Ecosystem: A study of loan intermediaries’ contribution to a more efficient consumer credit market2023Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    A long period of low interest rates, economic growth and a booming housing market hasresulted in an increase in the debt level of Swedish households. New digital ways of providingfinancial services are changing the traditional banking world and are often praised for beingefficient and inclusive. Financial intermediaries, a party between a buyer and a seller that actsas a mediator to efficiently facilitate transactions, play an important role in the economy andsociety. Approximately 40-55 percent of unsecured consumer loans were taken through a loanintermediary in Sweden during 2020. As a result of the situation of the Swedish credit market,there is a need to understand how the actors in the market are connected and how they createvalue together. Loan intermediaries are an important and interesting actor to analyze furthersince such a large share of unsecured consumer loans are taken through their service, andbecause this kind of service is growing to be an increasing part of the credit ecosystem.According to business ecosystem theory, all actors are viewed within a closed system. In theideal scenario, participants would cooperate to foster stability and systematic benefits andimbalances in the ecosystem have harmful impact on all members. This master thesis aims atdeveloping an ecosystem of the Swedish credit market and to describe loan intermediaries'contribution to a more efficient consumer credit market.First, this study resulted in the development of a methodology to identify, describe, andvisualize ecosystems. A five-step process was identified and implemented to create anunderstandable image of the credit market ecosystem. The method resulted in an ecosystemmap, visualizing 26 generic actors and their interconnections. Second, to gain a deeperunderstanding of how loan intermediaries contribute to an efficient system, semi-structuredinterviews were held with representatives from loan intermediary companies and the SwedishEnforcement Authority. According to this study, loan intermediaries contribute to a moreefficient consumer credit market by providing access to credit, by making information moretransparent and readily available for consumers, and by driving innovation.

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  • 35.
    Desai, Akarsh
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Karlsson, Simon
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    The Value of School Quality Under Free Choice: An Empirical Study of School Quality on Residential Prices in Västerås, Sweden2022Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Education is one of the most important public goods that society can provide, and researchers have since long agreed that schools' performances are capitalized into residential property prices. However, all previous research is based on residential markets where school districts prevail. This study aims to investigate how the capitalization of residential properties are affected when pupils have free choice and how proximity to schools affect this relationship. The study covers the years 2011 to 2018 and is based in Västerås municipality, Sweden. Through a hedonic pricing model with a semi-logarithmic form, that includes both fixed effects through postal codes and yearly fixed effects, we can show that school quality is capitalized into residential property prices. The quality of schools is estimated through four types of school characteristics; pass rates in national tests, pupil-to-teacher ratio, pupil ethnicity and parental educational background which are combined into a single variable using Principal Component Analysis (PCA). Using geo-coordinates, school characteristics are assigned to properties in two different scenarios. In the first, only school characteristics of the closest school are assigned to properties. In the second, properties are assigned the average characteristics of all schools within a radius of 875 meters from the home i.e., walking distance for pupils in third grade. Our results show that quality of education is capitalized in property prices even if pupils are not limited by school districts. We find that if school quality is improved by one unit, the price of local apartments and houses increases by 2.13-3.06% and 2.07-2.19%, respectively. The results also indicate that capitalization is affected by how many schools are within walking distance. Residentials in close proximity of several schools have more options and thus experiences a stronger capitalization effect than properties close to only one school.

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  • 36.
    Djurestål, Li
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Leander, David
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Defining Underlying Factors Affecting Fault Reports within Residential Real Estate2023Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Several studies have been reviewed to get an understanding of where the real estate industry, and more specifically within facility management, stand in regards to digitalization. Implementing digitalization of the Real Estate industry has been researched as a possibility for some time now. Furthermore, the industry needs to make better use of the data in hand created by these digitalized solutions. This thesis uses a quantitative approach through a data analysis, studying underlying factors that affect fault reports, with data on this matter from three Swedish real estate housing companies. Studying this in regards to fault reports in general, non-digitalized fault reports, and digitalized fault reports. The result of the data analysis implies that there are several variables that are statistically proven to affect the amount of fault reports made. This result is then discussed arguing for reasons of this outcome, as well as the literature study related to this subject. 

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  • 37.
    Djursén, Ludwig
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Björk, Theo
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Blockchain Adoption is an Evolution – not a Revolution:: Advantages and Challenges of Blockchain in Real Estate Transaction in Sweden2022Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The real estate sector has a large impact on the economy and a significant impact on financialmarket stability. Several unique features characterize the real estate market assets; these arestable cash flow, a stable demand, and low volatility, contributing to the underlying value.However, the industry is considered illiquid due to a lack of transparency, informationasymmetry, and difficulty in quickly executing a trade. Tokenization, smart contracts, anddigital identities are some of the applications of blockchain, which are regarded to be onerevolutionary technology that has the potential to change the real estate market. However, it isnot clear how these technologies would impact real estate transaction processes in the future.Previous research has looked at the blockchain as a financial tool and how it connects to realestate as a legal instrument and a transaction market application to improve transparency andliquidity. However, the previous research has not considered the main risks and challenges witha blockchain adoption in the Swedish residential real estate market. Therefore, this thesis looksat how blockchain technology can be used in the residential real estate sector. The dissertationhas been answered through a structured qualitative study with an inductive approach. Theempirics has been gathered through a literature study, semi-structured interviews, and adocument analysis.The results illustrate that blockchain can be useful in residential real estate transactionprocedures through tokenization, storing ledger, and digital identities. Through our analysis,we could conclude that to adopt blockchain, the industry must take small steps in the directionthat the digital evolution wishes to go. It is not possible to drastically implement blockchain inthe residential real estate market, rather a successive transaction with the help of innovationsand new regulations from the authorities.The ability to store and validate data has been a primary rationale for using the technology asthe industry adjusts to conventional analog business processes that are becoming increasinglydigital. Despite that many view blockchain as a technology that quickly disrupts real estatetransaction processes, we conclude that blockchain innovation instead progressesincrementally due to many challenges and risks associated with the technology and theindustry’s conservative nature. The research contributes to a better understanding of blockchaintechnology and its possibilities and challenges in the real estate industry.

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  • 38.
    Edelsvärd, Alexander
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Elg, Ludvig
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Finansiering av kommunala bostadsbolag: Hur finansierar kommunala bostadsbolag sin verksamhet och hur har bolagen påverkats av det senaste årets räntehöjningar?2023Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In this essay, a qualitative method is used to examine which financing methods municipalreal estate companies use and how the interest rate increase in Sweden the past year hasaffected the municipal real estate companies' operations and actions. To answer thequestion, interviews with seven various municipal real estate companies were conducted andone with the municipal lender Kommuninvest. The information from these interviews has thenbeen compiled and analyzed to present a result and a conclusion.The results of the qualitative study show that, unlike private real estate companies, municipalreal estate companies don't have to rely on borrowing capital on their own, but exclusivelyborrow with the help of the municipality they belong to through either a municipal internalbank or a municipal guarantee commitment. Consequently, municipal real estate companiesusually receive more favorable loan terms and cheaper interest rates than private real estatecompanies because municipalities are considered to be more stable borrowers thanindividual companies and in most cases they have a very good credit rating.The conclusion of the study is that municipal real estate companies choose financingmethods primarily based on the size of the real estate company and the municipality in whichit is located, the cheapest financing method at the moment and what preferences the peoplewho work with deposits and financing in the housing companies have regarding the variousfinancing methods. A common denominator, however, is that virtually all municipal realestate companies, apart from a few, borrow from Kommuninvest, which has out-competedthe commercial banks in recent years and become by far the most common source offinancing for municipal real estate companies.The study also showed that municipal real estate companies haven’t been significantlyaffected by the past year's interest rate increases because most of them have had long-termfixed interest rates, a smaller proportion of variable interest rates in the loan portfolio andother protections against interest rate risks such as interest rate caps. Therefore, other costincreases caused by the sharply increased inflation have been more significant. However,the interest rate increases will have a greater impact on several real estate companies in theupcoming years because many companies have loans that expire during that period and willhave to renew these loans at a higher interest rate.

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  • 39.
    Ekelund, Sara
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    von Euler, Eleonor
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Sustainable Corporate Bonds in the Swedish Real Estate Sector: A study on sustainable corporate bonds in the Swedish real estate sector with focus on risk premium and driving factors2022Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The market for sustainable corporate bonds is booming and has been for the pastyears. Swedish real estate companies were first with issuing green corporate bonds andresponsible for the largest amount of issued corporate bonds. However, in the socialand sustainability corporate bond market, the sector is lagging. Why would companiesissue sustainable bonds instead of regular, as it involves more issuing costs and morerequirements? Are green bonds a less risky asset and why have not thesocial/sustainability corporate bond market boomed yet?A proven method is applied by a matching approach using Mahalanobis distance withfocus on green corporate bonds issued by Swedish real estate companies at NasdaqNordic’s sustainable debt list. We compare green and traditional bonds by mean andmedian using paired t-test and Wilcoxon test. Our results conclude that the premiumon green bonds amounts to an average of 13.0 basis points with a median value of 13.6basis points, both at the 1% significance level.Interviews are held with issuers, investors, banks, and rating institutes for a deeperunderstanding behind incentives and the sustainable bonds market. Most respondentsmean that a sustainable label is connected to a premium. Besides an economicincentive, most of the respondents mean that issuing sustainable bonds is a valuablesignaling element to show the market a company’s sustainable commitment.Respondents further say that social and sustainability bonds are lagging due to thelack of key performance indicators (KPIs), regulations, and that such engagementrequires too small investment volumes. With further regulations, the risk ofenvironmental, social, and governance (ESG) washing is minimized, and respondentsbelieve that greenwashing is particularly becoming rarer as the market is maturing.Finally, the respondents all believe in further growth in both green, social andsustainability bonds, but to varying degrees.Our results conclude that there are many incentives in adding the sustainability factorin the capital structure to reduce financial costs as well as improving (or maintaining)brand image. We hope our results can give further incentives to issue sustainable debtas well as bring a deeper understanding to the challenges slowing down thedevelopment of social and sustainability bonds. 

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  • 40.
    Engholm, Elias
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Knis, Philip
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Prioriteringar vid förvärv av gröna fastigheter till portföljen för ett nystartat fastighetsbolag: En fallstudie i Sverige2022Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This study examines the research area of green real estate and sustainability, which today is something that is topical for almost every real estate company. New requirements and rules together with a greater awareness amongst actors and stakeholders means that real estate companies today work more with different forms of green investments. Not to say the least by investing in green properties, which is something that has increased significantly in recent years.

    The purpose of this study is to investigate what a newly started real estate company prioritizes when acquiring green properties, in other words an environmentally certified property. What factors do an actor such as a real estate company value and how do the actor prioritize these amongst each other? To answer the purpose of this study, three different research questions will be addressed in the study. One of the research questions will be answered by a literature review where the aim is to look at which factors are highlighted as important in the literature when it comes to the acquisition of green properties. Another research question will consist of calculations where the main aim is to confirm what the literature says about premiums for green properties. The last research question will examine what factors a newly started real estate company prioritizes when acquiring green properties for its portfolio, and how these are valued against each other. This question will be answered by a case study consisting of a newly started real estate company and will be a significant proportion of the study.

    The results of the study indicate that there is a premium for green properties similar to what the international literature indicates. Furthermore, the study results indicate that the main priority for a newly started company when acquiring green properties are the various economic incentives followed by the opportunity to create a competitive advantage on the market. This study contributes to the current literature on green properties by being the first study in Sweden that aims at how a newly started company values different factors when investing in green real estate and how similar companies can benefit from choosing green properties as its niche.

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  • 41.
    Engström, Erik
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Flippers/spekulationsköpare på nyproduktionsmarknaden: BoKloks pristaksklausul och andra åtgärder byggherrar har infört för att minska spekulationsköp2023Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    A flipper is a housing speculator who buy and sell housing in order to profit instead of settle in them. The flipper buys a residence with the knowledge of that the object has the wrong pricing and wants to profit from it. Their investments are called speculative purchase and has increased in recent years when it has been a rise in the housing market. They interviewed construction companies however, can excel a decrease in speculative purchases and that they have started to disappear with the decline we have now in the housing market. Speculative purchases exist on both the new production market and the used housing market. A flipper affect housing- and real estate markets pricing. This is a qualitative study with a inductive method approach and consists of a empirical approach in the form of interviews. The empirical approach consists of interviews with a couple of construction companies, former professor in property economics Hans Lind and professor in property law Annina Persson. The result shows that the biggest consequence speculative purchase have on the construction companies is the business risk that such a customer entails. Speculative buyers with plenty of capital poses no business risk for the construction companies but still is a problem for the housing cooperative who wants to get in actors in the association who cares for it. Lind believes that the construction companies doesn’t need to introduce any measures to prevent speculative buyers if the market stabilized. BoKloks price ceiling clause does according to Lind not fulfill any function because the market will level out and then the speculative purchases will reduce. The legal aspects against flipper investments is that the broker may have acted in a way which is contrary to good real estate agent etiquette, the buyer is not affected by any greater sanctions. According to Persson is BoKloks price ceiling clause legally binding and is not possible to get around. That which make the clause still get effect although it doesn’t really have it is that the board denies the new buyer from becoming a member in the housing cooperative.

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  • 42.
    Engström, Rickard
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Den oberoende mellanmannen: En studie av fastighetsmäklarprofessionen och begreppet ”god fastighetsmäklarsed” i teori och praktik2022Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    The Swedish real estate agent has a role as an independent intermediary with a dutyof care towards both buyers and sellers, which differs from how the brokerageprofession is organized in most other parts of the world. Sweden is unique and theeffects of the Swedish model is therefore worth studying. In Sweden, the profession isregulated by law and practitioners' compliance with regulations is supervised by theSwedish Estate Agents Inspectorate (FMI). A sanction from the FMI may be areminder, warning or revocation of registration, which basically is a professional ban.An important concept is "sound estate agent practice". What is considered to be soundestate agent practice is determined by the decisions from the FMI and the courts. Twoprofessional associations – Mäklarsamfundet and Fastighetsmäklarförbundet – areinvolved in the development of practices that govern how the Swedish real estateagent should act as the independent intermediary between sellers and buyers in thehousing market.

    This dissertation consists of a binder and four articles. The overall purpose is todescribe and analyze the real estate agent's professional role in a Swedish context andespecially their role as independent intermediaries. Based on three researchquestions, both qualitative and quantitative methods are used to collect and analyzeprimary and secondary data.

    A summary of the results show that active Swedish real estate agents generally balancethe challenges that can be accommodated within the role of independentintermediary, but that demarcation regarding sound estate agent practice createsundesirable interpretation problems. Relating to practice in everyday life is moredifficult for certain categories of brokers: younger and older brokers as well as brokersin big cities. It is also these who are to a greater extent receives sanctions for violationsin the professional practice by the supervisory authority (FMI). The dissertation alsoaddresses the concept of professional development and a comparison with Australia(Victoria) and existing theory indicates that the Swedish real estate agent'sprofessional practice should be seen as a semi-profession. The dissertation alsoprovides suggestions for the development of further research as well as for thedevelopment of practice.

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  • 43.
    Eppelin, Maia
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    The Privatization of Swedish Community Service Properties 2010-2022: Overview and Analysis2024Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This study explores the dynamics of privatization in the Swedish community service properties market over the past decade. Motivated by the scarcity of comprehensive research in this domain, an overview is presented based on data from mapping and quantifying transaction volumes. The study also provides an analysis of three variables that are thought to influence the privatization trend: economics, demographics and political shifts. Drawing from an extensive dataset, the methodology involves a multi-stage process, including data retrieval from Datscha, creation of specialized datasets by contacting local government organizations, supplementary data collection from Kolada, and regression analyses. 

    The following characteristics of community service property sales were identified in the dataset:1) the vast majority of sales were performed by private actors and not local government; 2) many Swedish municipalities and regions only sell if local government services are or will be privatized; 3) municipalities (and not regions) tend to sell community service properties together with other property and the most sold property types are related to the ageing population; 4) most sales are to big private companies that specialize in community service properties. Thus, contrary to the perception of hasty decision-making, all four characteristics suggest a nuanced understanding of established strategies within local governments. Results from the regression analyses reveal thatamong the three commonly suggested variables - economics, demographics and political shifts -political governance and demographic factors seem significant in influencing transaction patterns. 

    The thesis concludes by outlining avenues for future exploration, emphasizing the need for more extensive datasets, qualitative studies on strategic approaches, and investigations into post-transaction property management dynamics. This study contributes to the emerging discourse on community service property privatization in Sweden, offering insights that bridge the gap between theory and practical implications for policymakers and stakeholders.

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  • 44.
    Eriksen, Gustav
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Återbruk vid lokalanpassningar: Hur kan en kommersiell fastighetsägare lyckas med återbruk i lokalanpassningar?2022Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The building sector is accountable for 35 per cent of all generated waste in Sweden and a considerable part of Sweden’s domestic pollution of greenhouse gases. The building and real estate sector is therefore compelled to contribute to a more sustainable development. The industry can, among other things, work for sustainable cities and communities in addition to a more sustainable consumption and production, which are the 11th and 12th global targets for sustainable development. The transformation from a linear to a circular economy, where reuse is a contributing factor, is one way to achieve these goals. It has therefore been relevant to investigate how a real estate owner can succeed with reuse in adaptions of commercial properties.

    The dissertation has been limited to identify an organisational structure with a suggestion to a property management and project organisation to handle reuse in property adaptions in addition to a business model. In the organisational structure, partnering between all involved parties in a project has been emphasized. The transition from a linear to a circular approach, where most employees are involved from an early stage, is made relevant. New outsourced collaborators in the form of inventory and reuse consultants and suppliers of the services storage and logistic are required. In-house, property owners can engage sustainability coordinators with a strategic and operational responsibility for the change to more reuse. Internal environmental coordinators can be employed with responsibility for data collection and disseminating knowledge. Furthermore, it should be ensured that the project manager has the main responsibility for the task that reuse constitutes. Reuse should, however, be carried out with considerable support from other the capabilities in the project which is achieved through partnering.

    The business model highlights the value and key activities that commercial property owners achieve and implement in their operations through reuse in tenant adaptions. The change enables real estate owners to offer circular and sustainable facilities to their clients. Simultaneously, property owners must create and implement processes to validate reuse in their operations. Among other things, real estate companies are recommended to carry out reuse inventories, modular building, participating on the second-hand market and contribute to a more circular behaviour with clients, partners and in-house in the company. The transition to reuse and incorporation of the new routines can be achieved through the following steps:1) Educate the client and the company in-house2) Take stock of the property portfolio, formulate specific goals and determine a plan3) Make investments for long-term profit4) Collaborators and digital tools5) Establish processes within the company6) Refreezing the change

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  • 45.
    Eriksson, Kent
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Kytömäki, Olli
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Lindstrand, Angelika
    Social network analysis in research on digitalization in sustainable built environment: A review of research accomplishments and future research challengesManuscript (preprint) (Other academic)
    Abstract [en]

    This paper presents a research agenda for Social Network Analysis (SNA) in Digitalization in Sustainable Built Environment research (DSBE). The paper contains a description of SNA and reviews the use of SNA in DSBE research. Also, the paper identifies future research challenges that SNA can help resolve. 

    A literature review of DSBE finds that of 506 articles in 36 journals, only 1 article includes SNA. This is surprising, given the growing interest in SNA in digitally related fields. We review the 506 DSBE articles and analyze how SNA can contribute to the field. To understand how SNA can be used in DSBE research, we also analyze how SNA has been applied in Digitalization in Built Environment research that is not focused on sustainability. 

    Findings are that SNA can be a useful and powerful tool because it can help in analysis of how multiple actors interact, which is a common theme in built environment research. An example is that architects, contractors, and developers are separate actor groups that can improve sustainable solutions through networked cooperation. Another area in which SNA can advance research is in the study of how actor networks of companies or people relate to networks of data or physical buildings or sensors. An example is that actors may change their behavior based on sensor data, and SNA can study sensor data networks and actor behavior networks as interconnected layers. 

    Methodological advances are key to advancing research, and SNA can make it possible for the built environment area to advance sustainability and digitalization research, because SNA has a rich array of empirical and conceptual tools for the study of networks. 

  • 46.
    Eriksson, Kent
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management. KTH, School of Architecture and the Built Environment (ABE), Centres, Center for Construction Efficiency.
    Vigren, Olli
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Lindstrand, Angelika
    Stockholm School of Economics, Department of Marketing and Strategy, Stockholm, Sweden.
    Social network analysis in research on digitalization in sustainable built environment: A review of research ccomplishments and future research challenges2023In: Engineering Project Organization Journal, ISSN 2157-3735, Vol. 11, no 1Article in journal (Refereed)
    Abstract [en]

    This paper presents a research agenda for Social Network Analysis (SNA) in Digitalization in Sustainable Built Environment research (DSBE). The paper contains a description of SNA, and reviews the use of SNA in DSBE research. Also, the paper identifies future research challenges that SNA can help resolve. A literature review of DSBE finds that of 506 articles in 36 journals, only 1 article includes SNA. This is surprising, given the growing interest in SNA in digitally related fields. We review the 506 DSBE articles and analyze how SNA can contribute to the field. To understand how SNA can be used in DSBE research, we also analyze how SNA has been applied in Digitalization in Built Environment research that is not focused on sustainability. Findings are that SNA can be a useful and powerful tool, because it can help in analysis of how multiple actors interact, which is a common theme in built environment research. An example is that architects, contractors, and developers are separate actor groups that can improve sustainable solutions through networked cooperation. Another area in which SNA can advance research is in the study of how actor networks of companies or people relate to networks of data or physical buildings or sensors. An example is that actors may change their behavior based on sensor data, and SNA can study sensor data networks and actor behavior networks as interconnected layers. Methodological advances are key to advancing research to meet sustainability challenges. Specifically, SNA can make it possible for the built environment area to advance sustainability and digitalization research, because SNA has a rich array of empirical and conceptual tools for the study of networks.

  • 47.
    Ernhagen, Hannes
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Skärvinge, Lukas
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Assessing the Risks of Investments in On-Site Photovoltaic Systems: A Study on the Swedish Property Market2023Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    One of the biggest challenges facing our world and our societies is climate change. The transition towards a society where our energy does not come from fossil fuels, but rather renewable energy, has proven to be one of the most powerful methods to reduce climate change. The real estate sector, an industry with a significant climate impact, faces an important task in the transition to renewable energy. Volatile electricity prices and declining cost per installed kilowatt have led investors to turn their attention to photovoltaic systems, both as a way to contribute to sustainability and also because of their increased attractiveness as an asset class.

    The aim of this thesis was to investigate the key factors that affect the risk assessment of investments in on-site photovoltaic systems, the impact these risks have on returns, and how on-site photovoltaic systems affect the value of the property and the risk of the underlying asset. A total of five respondents have been interviewed and a case study has been conducted to test how the return is affected when risk-related assumptions are adjusted. This thesis conclude that there are several central risk factors that affect the profitability of investments in on-site photovoltaics in the Swedish real estate market and constitutes a barrier for accelerating investments in on-site photovoltaic systems. This thesis has identified a number of key risks: political risks, restoration risks, risks associated with future electricity prices, and risks related to spatial differences. The political risks related to changes in energy taxes, views on energy declarations, building permits, and supply chain risks. The study underlines the importance of the fact that small changes in input, such as investment cost and electricity prices lead to large impacts on returns. The case study also clearly demonstrates that inputs such as operating costs, Feed-In-Tariffs, and energy tax have a significant role in the financial results. Higher values of these variables lead to reduced returns, while lower values have the opposite effect.

    Finally, the study demonstrates the indirect benefits resulting from an investment in onsite photovoltaics. The key benefits relate to lower operating costs, protection against volatile electricity prices, increased rental income, and lower vacancy rates. The increased demand for properties with on-site photovoltaics has a direct impact on the yield and thus the property value.

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  • 48.
    Fichtel, Joakim
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Interorganizational Networks, Financing and Commercialization of Life Science Innovations2024Licentiate thesis, comprehensive summary (Other academic)
    Abstract [en]

    The biotechnology industry is known for being highly networked and knowledge-intensive, as well as highly internationalized. Young firms within this sector are reliant on long term support from financiers, research collaborators and supply of highly skilled human capital. Further, contributing to the unique circumstances for entrepreneurship in this industry, it is not uncommon for firms to have no product or service, nor revenues, many years or even decades after its founding. Creating and maintaining relationships with their external environment therefore becomes essential for survival.

    This thesis aims to study how interorganizational networks form over time and to contribute to the understanding of how activities of entrepreneurial actors draw on and shape the networks in which they are embedded. To achieve this, 319 Swedish firms in the Swedish biotechnology industry were studied longitudinally over a period of ten years. Data was collected on their activities and relationships with actors in the entrepreneurial ecosystem surrounding biotechnology firms. A relational database of 7,745 interactions between 2,868 unique actors was constructed and analyzed using social network analysis, and additional statistical analysis was performed using panel data linear regression modeling.

    The findings suggest that there are significant differences in how structural characteristics of the different layers within interorganizational networks enable and constrain entrepreneurial firms in their relationships with external stakeholders. The entrepreneurial ecosystems are presented as supra-local phenomena, integrated in and through networks transcending traditional geographical confines of ecosystems. The result of this thesis underscores the importance of understanding the multi-layered and international dimensions of interorganizational networks, particularly in a knowledge-intensive and globally interconnected industry like biotechnology. An important outcome of this research is that it underscores the importance of financing for bringing biotechnology innovations to market.

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  • 49.
    Forsberg, Isabelle
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Kaggere Ashoka, Manjula
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Barriers and Drivers to Green Retrofitting of Buildings: An empirical study and analysis with a focus on the Swedish Real Estate Market2023Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Environmental awareness is increasing more and more in society in line with the introduction of multiple ambitious climate goals aimed at reducing the negative impact and creating positive influence for the natural environment and human health. As buildings are responsible for around 40% of the total energy consumption in the EU, increasing sustainability in the real estate sector is important in order to be able to achieve the established goals. Since the existing buildings will make up the greater part of the future building stock there are great opportunities to reduce the environmental impact by upgrading these to be more sustainable. Despite this, the pace at which green retrofitting is carried out is slow. 

    The master's thesis explores the barriers that are preventing the greening of the existing building stock in general as well as in Sweden in particular. To achieve this, a literature study reviewing and collecting the body of knowledge available worldwide was conducted. It was followed by a qualitative study with semi-structured interviews undertaken with industry professionals representing property companies that own and/or develop commercial properties in Sweden. The paper also identifies main benefits and drivers for green retrofitting.

    From the literature study the five main barriers were identified based on the number of mentions in the selection. These were: high initial cost, government policies, codes and regulations, lack of funding, lack of awareness and lack of financial incentives. In a Swedish context, respondents had diverse views of the main barriers such as current state of existing buildings, longer payoff period and that building new have been a better business case over green retrofitting. Lack of an organized marketplace for buying and selling reused materials appeared to be a major challenge in the industry. However, all property owners mentioned environmental benefits as being the primary drivers to green retrofitting. The study overall found similarities and dissimilarities between the global perspective and the Swedish real estate market. Further to this study and the results, it would be an interesting study to conduct similar research from different actors' perspectives such as tenants or investors.

  • 50.
    Forsmark, Svante
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Kastensson Gussing, Fredrik
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Den svenska kronans effekt på utländska fastighetsinvesteringar i Sverige: En kvalitativ studie om valutarisk2023Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Cross-border real estate investments have become increasingly common since the secondhalf of the 20th century. Today, cross-border actors account for a relatively large share of the annual transaction volume in Sweden. At the same time, the Swedish krona has been weak for a long time and has fluctuated considerably, not least in recent years. Currency risk is a common risk among multinational companies as they often have income and expenses in several different currencies. Asset values and current income can increase locally, but if the exchange rate is unfavorable, companies can instead make a loss on their business, measured in the currency they report in.

    The purpose of this study has been to analyze the relationship between the Swedish krona and the decision-making process of foreign real estate investors when considering investments in Sweden. The study aimed to investigate how currency risk is perceived and managed in transaction processes involving buyers, sellers, advisors, and financiers. In addition, attempts were made to qualitatively examine the most widespread currency hedging tools and strategies used by foreign investors to mitigate movements in the Swedish krona. The study also aimed to evaluate the effectiveness of existing currency hedging instruments in the real estate investment context.

    The study revealed that the main concern among cross-border investors is market liquidity. However, the Swedish real estate market has shown considerable liquidity in recent years, which has attracted considerable interest from foreign investors. However, the volatility and unpredictability of the Swedish krona remain relevant issues in today's global landscape. Based on the results of the study, views on the effects of a volatile Swedish krona varied, and quantifying these effects proved challenging. However, the study showed that the Swedish krona has some impact on foreign investors' interest in Sweden, albeit to a limited extent. Although exchange rates do not rank among the most critical factors affecting investment decisions, the study shows that it is important not to underestimate the importance of considering the dynamics of the exchange rate, as it can significantly affect the return on an investment. Especially for investors following low-risk strategies, the volatility of the Swedish krona can pose a significant challenge. The study identified a few cases where foreign real estate investors opted out of Sweden due to the volatility of the Swedish krona.

    To mitigate currency risk, various instruments and strategies are available. The study found that local currency financing emerged as the most widely used strategy among foreign investors, as it naturally hedges against exchange rate fluctuations. Other common strategies include currency swaps and the use of forward contracts. However, the study found that these strategies are not optimally designed for real estate investments, as they can be costly and often have short maturities. Nevertheless, the results showed that these instruments are not as poorly suited to the real estate market as previously thought, as it became clear early in the study that most investors had not reflected on their limitations.

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