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  • 101.
    Chen, Chen
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Residential Passive House Development In China: Technica lAnd Economic Feasibility Analysis2011Independent thesis Advanced level (degree of Master (Two Years)), 20 poäng / 30 hpOppgave
    Abstract [en]

    As the energy price goes up, more and more concern has been focused on the sustainable development of residential houses. One of the best solution will be the low energy housing-passive house. The concept of passive house has been popular in Germany and whole Europe in the last 10 years, however, there is no official residential passive house standard project in China now. In this thesis, the feasibility of developing passive house in China will be analysed. Combined with the mature experience from the passive house project in Europe, a Chinese way of building the passive house will be provided. According to the previous studies, a lot of knowledge of passive house projects in Sweden have been referred to help doing the analysis about the passive house development in China. Due to the fact that there is no passive house had done before in China, the some assumptions have been made to help with the economy analysis. It is assumed that one passive house residential project will be built in Shenyang city, Liaoning Province. After the analysing and calculating, it can be concluded that it is possible and profitable to develop the passive house standard residential projects in China. It has a bright future.

    Fulltekst (pdf)
    fulltext
  • 102.
    Claesson, Johan
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Megaache, Emil
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Bolånetaket: Dess effekter på prisutvecklingen på bostadsrätter2011Independent thesis Basic level (degree of Bachelor), 10 poäng / 15 hpOppgave
    Abstract [sv]

    För att minska risken för de konsumenter som belånade stora delar av sin bostads värde införde Finansinspektionen i oktober 2010 ett bolånetak som begränsar möjligheten att belåna bostaden till 85 % av dess marknadsvärde. Vi har i denna uppsats valt att inrikta oss på de priseffekter detta bolånetak har haft på bostadsrättsmarknaden i Stockholm. För att avgöra vilka effekter denna reglering haft har vi försökt klarlägga vilka potentiella köpare som främst påverkas av regleringen och hur de reagerar som följd av den. Vi har valt att genomföra ett antal intervjuer med sakkunniga på området, fastighetsmäklare, banktjänstemän och andra med stor insikt i bostadsmarknaden . Vi har med stöd av dessa intervjuer fört resonemang kring effekterna bolånetaket haft och slutligen försökt besvara de frågeställningar vi haft. De personer som har svårt att få ihop tillräckligt med eget kapital för att finansiera ett bostadsköp har sannolikt ingen tidigare bostad att sälja. Det vi har kommit fram till är att det i Stockholm redan innan bolånetakets införande var svårt för förstagångsköpare att klara av ett köp ensam. Det är väldigt vanligt att de som köper sin första bostad får hjälp av framförallt sina föräldrar som har gott om eget kapital, ofta i form att ett stort låneutrymme i den egna bostaden. Vidare har det höjts röster om att mängden blancolån skulle öka men det finns i dagsläget inget som tyder på att detta skett. Sammanfattningsvis kom vi fram till att de som utestängs från bostadsrättsmarknaden är de marginalkunder som innan regleringen hade svårt att hävda sig i budgivningar och således inte är drivande i prisbildningen. Detta gör att det endast blir marginella priseffekter på bostadsrättsmarknaden i Stockholm.

    Fulltekst (pdf)
    fulltext
  • 103.
    DAGRAMODJOPOULOS, TIFFANY
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    A CASE STUDY OF THE PROCEDURE OF DEVELOPMENT OF A LARGE REAL ESTATE PROJECT IN SÃO PAULO, B RAZIL2011Independent thesis Advanced level (degree of Master (Two Years)), 20 poäng / 30 hpOppgave
    Abstract [sv]

    This thesis report presents the process which has been followed to develop a large real estate project in São Paulo, Brazil where the buildings remaining on the site are landmarks. The report includes an extensive case study the Matarazzo Project about which I performed the analysis of the procedure of development during my internship at SCPM – a French Project Management company. The ultimate goal of the thesis is to provide investors with brief recommendations to develop similar project in Brazil with respect of the cultural values. A French Investor intends to develop the Matarazzo Project – a large and complex real estate project in São Paulo, Brazil – on a site defined as a national and municipal landmark by public authorities, respectively CONDEPHAAT and CONPRESP, due to the remaining buildings erected from 1904 which are witnesses of the well-organized institutions of Italian immigrants. The protection of the existing buildings involved a particular procedure to apply for permits. Indeed, it implies the presentation of the project to several organs such as IPHAN, CONDEPHAAT , CONPRESP, SEHAB, SMT, DEPAVE, etc. with a list of required documents – TAC , Projeto de Restauro, Relatorió de Impacto de Vicinhenza, plans, layout, renderings, etc. Thus, to apply for building permits such a situation implies a selected numbers of particular consultants as a Legal Authorization Specialist, Retrofit Specialist, DEPAVE Specialist, Cultural Centre Specialist , lawyers, added to the stakeholders normally present during the development of a real estate project – architects, engineers, land surveyor, quantity surveyor , insurance companies, etc. The case study involved, at this stage, more than 23 entities (2 from the Direction, 3 from the Supervision, and 18 from the Executive Stakeholders) The combination of actors was such because I realized my internship at an early stage of the project – maybe the earliest. Indeed, when I started, the Master Plan had not been defined yet and the Work Cost Estimate had not been performed, even though the Project Manager already had an idea about the overall schedule and was hiring the appropriate stakeholders. By now, the Master Plan has been fixed and shares both green and brown field areas. The existing buildings will host a Retail Centre (18.000m²) surrounded by glazed roof, a Palace Hotel (10.000m²), the Chapel remains a religious place, the Paediatric will be replaced by a Village Hall (500m²). Underground constructions will be located all above the site with a Cultural Centre (18.500m²) and a Parking Lot (55.000m²). Plus, depending on the Right-to- Built, a Tower (21.000m²) will be erected near the Ponta. Consequently, in terms of time, the Project Manager forecasts the whole project to last no less than five years – including legal documents approvals and works execution. In terms of budget, a Work Cost Estimate – more or less accurate depending on the level of completion of the plans of each specific area – has been done so that the Client can start to set up the Business Plan and develop the strategy to finance the project – finding financers, operators, tenants, etc. Having work more than five months on the Matarazzo Project enables to make an analysis of what the situation had been and what it should be. It is crystal clear that mentalities and ways of proceeding between France and Brazil are different. Nothing is said but that is the role of the consultants to establish what strategy to choose, or to state things such as what is allowed to build, how to build, etc. Nothing is written either, indeed there is no code of construction, barely a Código de Obras e Edificações which define for which permit to apply depending on the work to perform. So, the spirit is ‘ do as best as you can and let’s see if will be accepted by legal authorities’. And conflict is avoided – problems are not pointed directly, they last and they became bigger putting the whole project on hold. The solution to all this has been to hire a Project Manager Assistant to work directly from there, increasing communication between France and Brazil, making researches about similar projects, and trying to keep everyone on the right track cause – due to the size of the project – minor points are often forgotten and became major points. For the future, the Project Manager starts to forecast the whole organization of the project, in particular for the detailed conception and execution phases. Regarding the work breakdown structure, to simplify communication proceeding having one representative for the architectural team and one general contractor is the favourite option despite the disadvantages it implies (information retention, increased fees for management of sub-contractor, etc.). The analysis of the procedure of development of a large real estate project in São Paulo, Brazil has resulted in future recommendations on what attention should be focused on. In short, the recommendations include the following: Being aware of local culture and local way of proceeding (steps of development, local institutions, subsequent required documents); Having a good intern organization (being aware of what is due and by who); For more details on the future recommendations, cf. chapter 6.

    Fulltekst (pdf)
    fulltext
  • 104. DeLisle, J.
    et al.
    Grissom, T.
    Högberg, Lovisa
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Sustainable real estate: An empirical study of the behavioural response of developers and investors to the LEED rating system2013Inngår i: Journal of Property Investment & Finance, ISSN 1463-578X, E-ISSN 1470-2002, Vol. 31, nr 1, s. 10-40Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    Purpose: The purpose of this paper is to explore the notion of sustainability and research reporting price premiums for LEED-certified buildings. Design/methodology/approach: This paper explores the notion of sustainability and research reporting price premiums for LEED-certified buildings. The durability of certification levels is explored by converting projects developed under the initial NC2-series system to a new vintage rating adopted in 2009. This conversion is made by applying Lagrangian multipliers to model stochastic impacts. Findings: The study reveals that 18 percent of 591 projects developed under the NC2-Series were "misclassified" in terms of certification levels when converted to new NCv2009 standards. To the extent the market has pursued LEED certification levels, the unanticipated changes may have led to the adoption short-term solutions that are inappropriate due to the long-term nature of real estate assets. Research limitations/implications: Given the complexity of the LEED rating system, it is unknown how the market will react to the lack of durability and approach pricing over the long-term. Practical implications: The results indicate market participants should adopt a proactive approach to LEED certification. Originality/value: The study identifies significant dynamics in the LEED certification system for new construction and behavioural responses that have not been reported in the literature.

  • 105.
    Diaz Jernberg, Jenny
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Ytterfors, Sanna
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Olika branschers förhållningssätt till Gröna Hyresavtal2011Independent thesis Basic level (degree of Bachelor), 10 poäng / 15 hpOppgave
    Abstract [sv]

    Efterfrågan på miljömässigt hållbara fastigheter har ökat i takt med att samhällets miljömedvetenhet har växt. År 2010 satte Vasakronan begreppet "gröna hyresavtal" på kartan när de lanserade denna avtalstyp. Begreppet har sitt ursprung utanför Sveriges gränser där Australien är det land som kommit längst i utvecklingen. Det är även här som kontraktsformen fått störst popularitet. Avtalstypen brukar innefatta mål för: minimering av energianvändning, en miljövänlig avfallshantering, användning av "grön el" och val av material som minimerar miljöpåverkan vid ombyggnad. Målen sätts gemensamt av hyresgästen och värden, samt förutsätter ett fortgående samarbete parterna emellan.

    Sedan länge har gröna villkor skrivits in i hyresavtal men intresset har varit lågt. Idag arbetar Fastighetsägarna Sverige AB med att ta fram en standardmall för gröna hyresavtal med syfte att skapa en entydig definition av begreppet och ett lättanvändligt verktyg. Målet är att fler hyresgäster ska välja att teckna denna avtalstyp och att fler fastighetsägare vill erbjuda det, trots att det ännu inte visat sig lönsamt.

    Syftet med detta kandidatarbete är att ta reda på vilka typer av företag som är mer benägna att teckna gröna hyresavtal. Med utgångspunkt i ett antal hypoteser av Eichholtz, med kollegor, från 2009 undersöker arbetet branscherna: Miljöorganisationer, Teknikkonsultföretag, Statligt ägda företag, och Gruv- och Oljeindustriföretag. Vår hypotes är att företag som arbetar med miljörelaterad konsultverksamhet samt statligt ägda företag bör föregå med gott exempel och agera grönt, som förebilder för andra företag. Miljöorganisationer bör driva sin verksamhet i gröna lokaler eftersom detta passar bäst ihop med deras värdegrund. De företag som arbetar med miljöstörande verksamhet, såsom gruv- och oljeindustrin, väljer i större utsträckning att sitta i gröna lokaler för att försöka väga upp för de negativa miljörelaterade effekterna av deras verksamhet. Som referens presenteras även Fastighetskonsultföretag och Övriga företag i arbetet. Resultatet som presenteras i rapporten styrker hypoteserna om teknikkonsultföretag och statligt ägda företag, dock ej hypoteserna om miljöorganisationer och gruv- och oljeindustriföretag.

    Kandidatarbetet visar att intresset för gröna hyresavtal är varierande, dock väldigt starkt i vissa branscher. Det visar att det finns en marknad för denna kontraktsform men att fastighetsägare måste engagera sig och börja erbjuda sina hyresgäster denna typ av avtal om spridningen ska öka. Detta skulle underlättas av en standardisering av begreppet. Många företag arbetar hårt med miljöfrågor och driver miljöarbete i sina kontorslokaler vilket framkommit i resultatet. Dock är det få som medvetet väljer att sitta i miljömässigt hållbara fastigheter, det är inte den aspekt som prioriteras högst vid lokalisering av företagens kontorslokaler.

    Fulltekst (pdf)
    fulltext
  • 106.
    Donner, Herman
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Determinants of a Foreclosure DiscountManuskript (preprint) (Annet vitenskapelig)
    Abstract [en]

    Using a dataset with individual appraisals of foreclosed apartments sold through auction in Stockholm, Sweden, the issue of selection bias and a potential overestimation of a foreclosure related discount on price is addressed. A mean discount of 7.9% with a corresponding median value of 9.5% is shown. A hedonic model is also applied. It is found that about half of the impact on price caused by a forced sale is attributable to the search process on the real estate market. These results contrasts from earlier research having explained a negative impact on price to seller motivational factors. These results provide insight towards the dynamics of a negative impact on price caused by a forced sale, and has the potential to allow stakeholders to model a potential discount in greater detail for individual foreclosed properties, and contribute to management of credit risk. 

    Fulltekst (pdf)
    fulltext
  • 107.
    Donner, Herman
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Essays on Foreclosures and Housing Debt2018Doktoravhandling, med artikler (Annet vitenskapelig)
    Abstract [en]

    This thesis consists of four self-contained essays in the field of real estate economics, and specifically, the market for single-family homes. The first three essays examine sales of foreclosed properties, while essay four is on the conversion process of rental apartments to owner-occupied units in the co-operative form. These topics have a common denominator in the analysis of real estate markets and a link to debt financing. The effect of a foreclosure on price is examined through several methods. In the first essay, a spatial hedonic model is applied on transaction data. In the second essay, the impact on holding-period returns and the rate-of-turnover is estimated through propensity-score matching. Hedonic regressions and appraisal data is used in the third essay, which analyzes the determinants of the price impact caused by a forced sale. The impact of local market conditions is tested and a discount on price is related to the search process among market participants.

    The second topic of conversions is addressed in essay four, which focuses on an informational asymmetry between tenants involved in the conversion process and other market participants. An incentive to mismanage housing co-operatives financially is examined through hedonic models applied to apartment transaction data. 

    Fulltekst (pdf)
    fulltext
  • 108.
    Donner, Herman
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Foreclosures, Returns and Buyer IntentionsManuskript (preprint) (Annet vitenskapelig)
  • 109.
    Donner, Herman
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Foreclosures, Returns, and Buyer Intentions2017Inngår i: Journal of Real Estate Research, ISSN 0896-5803, Vol. 39, nr 2, s. 189-213Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    Using data from Stockholm, Sweden, I examine whether foreclosed properties are sold at a discount. This institutional setting differs from the United States and studies of real estate owned properties. The findings show that properties experience an eight times higher turnover subsequent to a foreclosure Compared with the general market, indicating that professional buyers are taking advantage of a discount. That a substantial fraction of buyers are found to have bought more than one foreclosed property provides further support towards such a pattern. Holding period returns prior and subsequent to a foreclosure also supports a price discount.

  • 110.
    Donner, Herman
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Two Essays on Sales of Distressed Real Estate2015Licentiatavhandling, med artikler (Annet vitenskapelig)
    Abstract [en]

    As households across large parts of the world are increasingly leveraged, an understanding of the risks and consequences associated with household credit default is of great importance. This thesis consists of two essays with a focus on foreclosed residential properties. More specifically, the market of such sales and the impact on sale price caused by such a sale mechanism as compared to sales on the general market. Research on foreclosed properties is primarily based upon U.S. data; this thesis therefore adds research in an institutional setting having received little previous attention.

    The first essay is co-authored with Han-Suck Song and Mats Wilhelmsson. A spatial hedonic model is applied on transaction data of apartments and single-family houses sold in Stockholm, Sweden, during the period of 2006 to 2013. Discounts on price of 20.1% and 24.6% are estimated for foreclosed apartments and single-family houses, respectively. Apartments that have been sold due to a lost membership in the housing association to which the apartment belongs are sold at a 29.1% discount. The larger discount is a likely consequence of such sales being restricted in the number of attempted auctions.

    The second essay applies propensity score matching ontransaction data and repeat-sales data of single-family houses sold in Stockholm, Sweden, during the period of 2005 to mid-2014. A 5.2 times higher rate of turnover subsequent of a foreclosure as compared to similar properties sold on the general market indicates that professional buyers are taking advantage of a discount on price. Further support towards that foreclosed properties are sold at a discount is found by estimation of holding period returns. Foreclosed properties are found to experience a 10.7% to 7.6% lower annualized return prior to a foreclosure, during a mean holding period of 4.3 years. Subsequent of a foreclosure, buyers earn a 37.7% to 48.6% higher annualized return, during a mean holding period of 1.2 years, as compared to return sachieved by those having bought similar properties on the general market. As 15.4% of foreclosed properties have been bought by a buyer having bought more than one such property, a lack of competition provides a possible explanation for lower sale prices.

    Fulltekst (pdf)
    Thesis
  • 111.
    Donner, Herman
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Värdering av råmark, byggrätter, och projektfastigheter: Arbetssätt, problem och slutsatser2018Rapport (Annet vitenskapelig)
    Abstract [sv]

    I denna rapport kartläggs arbetsgång och problem med att värdera råmark, byggrätter och projektfastigheter i Sverige. Rapporten skrivs på uppdrag av RICS för att i ett svenskt sammanhang kartlägga arbetsgången och källor till problem för värdering av råmark, byggrätter och projektfastigheter. Organisationen Samhällsbyggarna har, genom dess värderarsektion, deltagit i framtagandet av rapporten och ställer sig bakom rapportens slutsatser och rekommendationer.       

    De två primära metoderna för värdering är ortsprismetod och projektkalkyl, vilka tillämpas av alla respondenter.

    Representanter för fastighetsbolag, konsulter, kommuner och banker har intervjuats. Redovisningen i värdeutlåtanden upplevs av branschens företrädare som problematisk. Det gäller särskilt synen på plan- och projektrisk samt redovisning av osäkerhetsfaktorer och antaganden i värdeutlåtanden. Större transparens efterfrågas, framförallt i värdeutlåtanden. I arbete med att göra värderingar anses det svårt att få information om omständigheterna för jämförelseobjekt.

    Utifrån resultaten av undersökningen föreslås att följande punkter ska beaktas i varje värdeutlåtande:

    • Tydlig beskrivning av objektet och förutsättningarna för värderingen. I detta ingår syftet med värderingen, vilka antaganden som görs (och av vem) samt det stadie av planering marken befinner sig i.
    • Begreppet byggrätt bör endast avse mark med lagakraftvunnen detaljplan.
    • Vilken typ av värde som avses ska tydligt framgå. Framförallt om det avser ett marknadsvärde under särskilda förutsättningar.
    • Det bör också framgå om värdet avser byggklar mark eller om ytterligare kostnader tillkommer.
    • När ortsprismetod tillämpas bör jämförelseobjekten redovisas tydligt så att omständigheterna kring varje transaktion framgår. I detta ingår vilken typ av transaktion som avses (köp eller markanvisning), tilläggsköpeskillingar, exploateringsbidrag samt förutsättningar för grundläggning och miljörisker.
    • I en projektkalkyl bör de värdepåverkande intäkts- och kostnadsposterna separeras, redovisas och härledas. Känslighetsanalyser bör göras för varje post som bygger på antaganden och har en större påverkan på värdet.
    • Det bör tydligt framgå vilken information som saknats eller antagits i värderingen och av vem informationen erhållits av.

    Punkterna ovan redovisas i större detalj i rapportens slutsatser och rekommendationer. Dessa ska fungera som en punktlista att gå igenom vid värdering av råmark, byggrätter och projektfastigheter. Alternativt som stöd för den som granskar ett värdeutlåtande.

    Fulltekst (pdf)
    VärderingMark_FullVersion
    Fulltekst (pdf)
    VärderingMark_KortVersion
  • 112.
    Donner, Herman
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Englund, Peter
    Department of Finance, Stockholm School of Economics.
    Persson, Mats
    Institute for International Economic Studies, Stockholm University.
    Distributional Effects of Deregulating the Stockholm Rental Housing Market: Report to the Swedish Fiscal Policy Council2017Rapport (Annet vitenskapelig)
  • 113.
    Donner, Herman
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Kopsch, Fredrik
    Lund University.
    Housing Tenure and Informational AsymmetriesInngår i: Journal of Real Estate Research, ISSN 0896-5803Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

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

  • 114.
    Donner, Herman
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Kopsch, Fredrik
    Lund Univ, Lund, Sweden..
    Housing Tenure and Informational Asymmetries2018Inngår i: Journal of Real Estate Research, ISSN 0896-5803, Vol. 40, nr 2, s. 155-178Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

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

  • 115.
    Donner, Herman
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi. KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Centra, Centrum för bank och finans, Cefin.
    Kopsch, Fredrik
    Departement of Technology and Society / Division of Real Estate Science. Lund University.
    Housing Tenure and Informational Asymmetries2016Rapport (Annet vitenskapelig)
    Abstract [en]

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

    Fulltekst (pdf)
    Report
  • 116.
    Donner, Herman
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Persson, Annina H.
    När är det sannolikt att avsevärt högre köpeskilling kan uppnås vid en exekutiv försäljning av fast egendom?2015Inngår i: Juridisk Tidskrift, ISSN 1100-7761, Vol. 1, s. 15-15Artikkel i tidsskrift (Annet vitenskapelig)
  • 117.
    Donner, Herman
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Song, Han-Suck
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Wilhelmsson, Mats
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Forced sales and their impact on real estate pricesManuskript (preprint) (Annet vitenskapelig)
  • 118.
    Donner, Herman
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi. KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Centra, Centrum för bank och finans, Cefin.
    Song, Han-Suck
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande. KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Centra, Centrum för bank och finans, Cefin.
    Wilhelmsson, Mats
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi. KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Centra, Centrum för bank och finans, Cefin.
    Forced sales and their impact on real estate prices2016Inngår i: Journal of Housing Economics, ISSN 1051-1377, E-ISSN 1096-0791, Vol. 34, s. 60-68Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    Based on data of sold apartments and single-family houses in Stockholm, Sweden, during the period of 2006 through 2013, we find that forced sales of apartments and single-family houses cause a substantial price discount. The results of a hedonic spatial Durbin model show a negative impact on transaction price of 20.1% for foreclosed apartments and 24.6% for foreclosed single-family houses. Furthermore, the price discount increases when the number of attempted auctions is limited, which is the case for forced apartment sales owing to a lost membership in a housing association (forfeited). In those cases, the discount is as high as 29.1%.

  • 119.
    Edström, Annika
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Gustafsson, Madelene
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Elderly Living in Sweden: Present solutions and future trends2011Independent thesis Advanced level (degree of Master (Two Years)), 20 poäng / 30 hpOppgave
    Abstract [en]

    The amount of people retiring in Sweden is increasing and will continue to do so in the future. Politicians have recognized a challenge in this demographic development and it is important that they act in time and in a way that satisfies the need. The disposable income for people above the age of 65 has increased the past years and continues to increase according to the Swedish Statistics forecast, this indicates that the retired people will have more money to spend on housing in the future.

    There are different types of living for elderly in Sweden; staying at home, senior living, secure living and nursing homes and an interesting question is if these will be adoptable in the future. New solutions, which address the demands for higher standards, will ease the social and security aspects for the residents as well as improve the work environment for the employees in the home care service business. These different solutions are not yet implemented in a large scale, but development show that they are influencing the future direction of building senior residencies.

    Retired couples who get ill at different times might not get to live together or near each other when they require different levels of assistance to manage daily life. Moving away from a familiar area, family and friends can be stressful. By placing different types of elderly living close to each other is a solution that might help decrease that stress. There are some solutions like this already on the market today and it is a solution worth investigating more.

    We believe that the availability of new and refurbished buildings needs to be more focused on easing the living for elderly people and may be achieved by implementing a certification system. Implementation and use of this certification system may create goodwill for investors and therefore force construction companies to build according to it. However a certification has to be requested by residents, municipalities and tenants, to be considered by the investors.

    Fulltekst (pdf)
    fulltext
  • 120.
    Ekane, Nelson
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Samhällsplanering och miljö, Urbana och regionala studier. KTH, Stockholm.
    Näsman, Per
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    ‘Carrots’, ‘Sticks’, and ‘Sermons’: Household perspectives on sanitation and hygiene behaviours in Rwanda and UgandaManuskript (preprint) (Annet vitenskapelig)
    Abstract [en]

    The appropriateness and effectiveness of different policy instruments in fostering improved sanitation and hygiene practices in different contexts is debated. ‘Sermons’ inform on recommended behaviours, ‘carrots’ initiate behaviours, and ‘sticks’ restrict, deter, and punish undesirable behaviours. Through the lens of ‘carrots’ ‘sticks’, and ‘sermons’, this article analyses two approaches to sanitation promotion as they have been implemented in Rwanda and Uganda. The Community Health Clubs (CHCs) approach is the policy choice in Rwanda whereas Community-Led Total Sanitation (CLTS) is predominantly promoted in Uganda. Building on a survey of 1173 households in both countries, this article contributes to the ongoing debate with insights on how target populations perceive the options promoted by the different approaches in influencing behaviour change outcomes, or not.  

    This study reveals significant differences regarding observed latrines, handwashing facilities, soap and water at the handwashing facility, and reported handwashing with soap and water between most of the study sites with CHC and CLTS intervention and those with no CHC and CLTS intervention. The observed differences are indications of the effectiveness of the interventions in changing behaviours. Similar differences are observed between best performing CLTS (ODF declared) and poor performing CLTS (ODF not yet declared), which underlines the importance of proper implementation. The study suggests support for using a combination of ‘carrots’, ‘sticks’, and ‘sermons’ which are all perceived as effective but for different reasons. Incentives for good sanitation practices and proper hygiene behaviour are perceived by respondents as a source of commitment and competition. Health messages are generally preferred for raising community awareness. However, the application of educational appeals - which are perceived as the most legitimate instruments and predominantly used in CHC and CLTS interventions – is insufficient for achieving universal compliance in the short-term. Other instruments can trigger short-term desired changes but may not be legitimate. This is the case with fines and naming and shaming which are perceived as effective but may compromise social relations and values. Findings also reveal that there is a common understanding among respondents that the responsibility for providing resources for construction and maintenance of sanitation facilities is a shared one. However, respondents’ ability to fulfil this responsibility is partly hampered by poverty and water availability related constraints.

  • 121.
    Ekbäck, Peter
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Fastighetsvetenskap.
    Kalbro, Thomas
    KTH.
    Lind, Hans
    Lundgren, Berndt
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Fastighetsutveckling: Fastighetsekonomiska och fastighetsjuridiska frågor i samhällsbyggnadsprocessen.2015Inngår i: Samhällsbyggnadsprocessen: Kurskompendium 2015 / [ed] Peter Ekbäck, KTH Royal Institute of Technology, 2015Kapittel i bok, del av antologi (Annet vitenskapelig)
  • 122.
    Ekhagen, Gustav
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Vahtola, Simon
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Finanskrisens påverkan på fastighetsbolagens finansiering: Alternativa finansieringslösningar2012Independent thesis Basic level (degree of Bachelor), 10 poäng / 15 hpOppgave
    Abstract [sv]

    Denna uppsats behandlar hur fastighetsbolagens finansiering har utvecklats efter finanskrisen, hur finanskrisen specifikt har påverkat fastighetsbolagens finansieringsverksamhet samt i vilken utsträckning fastighetsbolagen har börjat använda alternativa finansieringssätt i sin verksamhet. Detta ämne är intressant då finanskrisen har haft en stor inverkan på det ekonomiska klimatet världen över vilket också inkluderar de svenska fastighetsbolagen och de svenska bankerna.

    Uppsatsen kombinerar en kvantitativ undersökning av alla svenska börsnoterade fastighetsbolagskapitalstrukturer med en kvalitativ undersökning bestående av ett antal intervjuer medrepresentanter från flera fasighetsbolag och banker.

    Den kvantitativa undersökningen visar att det skett stora förändringar i fastighetsbolagensfinansiering. Användningen av alternativa finansieringssätt, såsom preferensaktier, obligationer,MTN- och Certifikatsprogram har blivit vanligare i fastighetsbolagen. En stor anledning till detta är att bankerna i många fall har velat begränsa sin utlåning till fastighetsbolagen samtidigt som kreditmarginalerna har ökat på grund av bland annat högre kapitaltäckningskrav för bankerna.

    Utvecklingen av fastighetsbolagens finansiering kommer fortsätta framöver och alternativa finansieringssätt kommer i större utsträckning användas som komplement till banklån och stamaktiekapital.

    Fulltekst (pdf)
    fulltext
  • 123.
    Ekman, Johan
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Grundström, Erik
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Värdepapperisering av fastigheters hyresflöden2011Independent thesis Basic level (degree of Bachelor), 10 poäng / 15 hpOppgave
    Abstract [sv]

    En stor del av fastighetskrediterna på den svenska fastighetsmarknaden kommer under de närmsta åren att refinansieras. Detta i kombination med striktare kapital- och likviditetskrav samt riskkontroll, innebär att fastighetsinvesterare kommer att söka sig till kapitalmarknaden för alternativa finansieringskällor. Detta öppnar upp för värdepapperisering av fastigheters hyresflöden som ett intressant finansieringsalternativ. Värdepapperisering är ett förfarande som innebär att relativt homogena tillgångar eller fordringar med förutsägbara betalningsflöden överlåtes till ett Special Purpose Vehicle (SPV) vars enda uppgift är att äga tillgångarna eller fordringarna. Förvärvet finansieras genom att SPV:n emitterar obligationer eller andra lätt omsättningsbara värdepapper som placeras hos investerare. I princip alla typer av fordringar kan värdepapperiseras som exempelvis kreditkortsskulder och billån, men värdepapperisering av fastighetslån är det vanligaste. I Sverige har det till dags dato endast genomförts två värdepapperiseringar med fastigheters hyresflöden som underliggande tillgång. Den mest utmärkande av dessa får anses vara Fysikcentrum i Stockholm, vilket innefattade en emission av obligationer till ett värde om totalt 1,7 miljarder kronor. I och med den ökade efterfrågan på såväl investerings- samt finansieringsalternativ i kombination med stramare regelverk, som Basel III, bör intresset för denna typ av värdepapperisering öka. Exemplet Fysikcentrum tyder på att värdepapperiseringar av fastigheters hyresflöden lämpar sig väl vid nybyggnadsprojekt där ett stabilt hyresflöde kan säkerställas genom en långsiktig och säker aktör, såsom en statlig eller kommunal hyresgäst. Värdepapperisering av detta slag är förenliga med en rad potentiella fördelar, såsom effektivare prissättning av risker samt lägre finansieringskostnader i förhållande till traditionella finansieringsalternativ. Då det rör sig om ett komplext finansiellt instrument bör det dock poängteras att kunskapskravet bör vara väl uppfyllt. Slutligen får värdepapperisering, i tider med skillnader i prissättning av fastigheter mellan kapital- och fastighetsmarknad, anses vara en fördelaktig metod för att avyttra fastigheter. Detta kan motiveras med anledning av den arbitragemöjlighet som uppstår p.g.a. skillnaden i prissättning hos de olika marknaderna.

    Fulltekst (pdf)
    fulltext
  • 124.
    Eliasson, Jonas
    et al.
    Linkoping Univ, Div Commun & Transport Syst, S-58183 Linkoping, Sweden..
    Kopsch, Fredrik
    Lund Univ, Div Real Estate Sci, S-22200 Lund, Sweden.;Swedish Natl Rd & Transport Res Inst, S-10215 Stockholm, Sweden..
    Mandell, Svante
    Natl Inst Econ Res, S-12090 Stockholm, Sweden..
    Wilhelmsson, Mats
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Transport Mode and the Value of Accessibility-A Potential Input for Sustainable Investment Analysis2020Inngår i: Sustainability, E-ISSN 2071-1050, Vol. 12, nr 5, artikkel-id 2143Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    Accessibility plays an essential role in determining real estate prices and land use. An understanding of how accessibility and changes in accessibility influence real estate prices is key to making decisions regarding investments in infrastructure projects. From an accessibility point of view, it is not clear that there should be differences in valuation depending on the mode of public transport, road, or rail. There are, however, other differences that may affect real estate prices differently. For example, railway stations more often than bus stations, tend to be associated with a higher level of service. In addition, an investment in a railway station may signal a long-term decision from the policymaker. A third possible explanation concerns differences in perceived safety, comfort, and security. This paper aims to study if and how capitalization of accessibility differs between modes of transportation. The findings indicate that rail has a higher impact, both for single-family and multifamily houses. The implication of these findings may be of importance for future infrastructure investments and their corresponding cost-benefit analyses. Incorrect valuations of the benefits of infrastructure investments may result in sub-optimal investments.

  • 125.
    Eliufoo, Harriet K.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Knowledge creation and transfer in construction organisations in Tanzania2005Doktoravhandling, monografi (Annet vitenskapelig)
    Abstract [en]

    The project-based nature of construction organisations creates a learning opportunity from most of the activities carried by these organisations. Knowledge is being created in the course of carrying core and non-core activities in the organisation. For organisations to make the most of this knowledge, a mechanism for tapping has to exist. Such tapping can occur through the organisation’s various activities and organisations stand to benefit if these activities are done strategically not only to tap, but also to create and transfer knowledge and ultimately enhance performance.

    The study has henceforth analysed the knowledge transfer process of construction organisations in the Tanzania construction industry and explored how these organisations facilitate creation and transfer of knowledge. A survey in a pilot study in the year 2001 was conducted to refine and focus the study’s questions and propositions and a case study strategy of inquiry has been adopted for the main study. Four construction organisations in the Tanzania construction industry are studied.

    The analyses from findings support the propositions set forth in the study and among others establish: the specificity of the knowledge transfer process in construction organisations, the situational nature of the knowledge being transferred, the ephemeral nature of goals and the “selling of jobs” in construction sites influencing incentives for knowledge management initiatives. The study further establishes that there are inadequate attributes towards knowledge creation in the organisations. That: there is limited practice of on-the-job training, peer assist and learning by imitation; codification of procedures, rules, and checklists is done insignificantly or absent completely; networking of knowledge is poor; experience sharing and learning by doing is low.

    In effect the study proposes an optimal knowledge transfer process for construction organisations in Tanzania using an IDEF0 business process model, and explores the cost-effectiveness for organisations in the industry pursuing knowledge management initiatives such as the knowledge transfer process. Lastly, recommendations for construction organisations at policy and functional level are made.

    Fulltekst (pdf)
    FULLTEXT01
  • 126. Elsinga, Marja
    et al.
    Lind, Hans
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    The Effect of EU-Legislation on Rental Systems in Sweden and the Netherlands2013Inngår i: Housing Studies, ISSN 0267-3037, E-ISSN 1466-1810, Vol. 28, nr 7, s. 960-970Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    Both Sweden and the Netherlands had housing systems that include broad models of municipal housing (Sweden) or social housing (Netherlands). These broad models, however, came under discussion due to the competition policy of the European Commission. Financial government support - state aid - for public or social housing is considered to create false competition with commercial landlords. The countries chose different ways out of this problem. The Netherlands choose to direct state aid to a specified target group and had to introduce income limits for dwellings owned by housing associations. Sweden instead chose to change the law regulating municipal housing companies and demands that these companies should act in a businesslike way' and with that aims to create a level playing field. This paper will describe why the two countries chose different options, the development during the first years, and also speculate about the consequences on the longer run and the future role of the public/social housing sector in housing and urban policy.

  • 127. Enstrom, Rickard
    et al.
    Netzell, Olof
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Can Space Syntax Help Us in Understanding the Intraurban Office Rent Pattern?: Accessibility and Rents in Downtown Stockholm (vol 36, pg 289, 2008)2011Inngår i: Journal of real estate finance and economics, ISSN 0895-5638, E-ISSN 1573-045X, Vol. 43, nr 4, s. 548-548Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    The effect of accessibility upon rent is investigated for office properties located in Downtown Stockholm. Starting from the firm's cost minimization problem, a translog hedonic model is derived. The results suggest the model has good predictive power in explaining the variation in the log of the rent. A negative rent gradient is obtained with a base approximately 90 m from the postulated focal point. It appears as if Space Syntax adds important information to the understanding of the intraurban office rent pattern.

  • 128. Enström, Rickard
    et al.
    Netzell, Olof
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Can Space Syntax Help Us in Understanding the Intraurban Office Rent Pattern?: Accessibility and Rents in Downtown Stockholm2008Inngår i: Journal of real estate finance and economics, ISSN 0895-5638, E-ISSN 1573-045X, Vol. 36, nr 3, s. 289-305Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    The effect of accessibility upon rent is investigated for office properties located in Downtown Stockholm. Starting from the firm's cost minimization problem, a translog hedonic model is derived. The results suggest the model has good predictive power in explaining the variation in the log of the rent. A negative rent gradient is obtained with a base approximately 90 m from the postulated focal point. It appears as if Space Syntax adds important information to the understanding of the intraurban office rent pattern.

  • 129. Enström Öst, C.
    et al.
    Wilhelmsson, Mats
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    The long-term consequences of youth housing for childbearing and higher education2019Inngår i: Journal of Policy Modeling, ISSN 0161-8938, E-ISSN 1873-8060, Vol. 41, nr 5, s. 845-858Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    The lack of housing in areas where young adults have greater opportunities to study and get work complicates young adults’ entry into the adulthood. Difficulties in accessing housing may therefore delay childbearing and may negatively have an effect on education opportunities. To increase housing accessibility, some municipalities have earmarked apartments for young adults. These “youth dwellings” are criticized for being small and not necessarily facilitating family formation and fertility, better suiting students’ needs. We have in this paper compared the long-term pattern of childbearing and education for young adults that entered their housing market through small cheap youth housing with those youngsters that received a rental apartment from the ordinary housing stock. To be able to draw the conclusion that differences in fertility and educational pattern between these two groups comes from the different housing situation and not from differences in in preferences when it comes to childbearing or individual prerequisites for higher education, we have used a geocoded data and information on the individual's family background as well as a matching technique to create a comparison group that are similar to the treatment group in several aspects. The present results indicate that building affordable housing that is small and space efficient is sufficient and positive if the aim is to promote higher education. Affordable housing is on the other hand not enough to promote childbearing, instead, it seems to inhibit childbearing until there is a possibility of moving on in the housing career. Our result also indicates that the next step need not necessarily be homeownership, as earlier research has indicated. Entering the housing market via youth housing and then being able to move on to rental accommodation in the ordinary housing market also seems to have a positive effect on overall childbearing, although moving to cooperative housing or owned housing has an even larger effect.

  • 130. Ericson, Lars-Erik
    et al.
    Song, Han-Suck
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Winstrand, Jakob
    Wilhelmsson, Mats
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Centra, Centrum för bank och finans, Cefin.
    Regional House Price Index Construction - The Case Of Sweden2013Inngår i: International Journal of Strategic Property Management, ISSN 1648-715X, E-ISSN 1648-9179, Vol. 17, nr 3, s. 278-304Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    The academic literature on the construction of regional house price indexes usually uses geographic areas whose boundaries are administratively drawn. However such administrative regions might not be optimal for the construction of regional price indexes. When producing housing price indexes, we often encounter problems with insufficient number of observations. One way to remedy this problem is to estimate a quarterly index instead of a monthly index. Another possible way to mitigate the thin markets problem is to construct indexes for geographically aggregated regions. However, the literature that discusses methods of dealing with the problem of thin markets and especially geographical aggregation is very rare. The goal of this paper is to construct a housing price index for a major part of Sweden, and to construct price index series for a number of regions. The number of regions, and how their boundaries should be created in order to construct reliable regional price indexes, is however an open question. We apply traditional hedonic methodology in order to estimate house price indexes for both predefined regions whose boundaries are based on a division of labor markets in Sweden, as well as a division of regions based on statistical cluster analysis. The results from this study suggest that regions should be clustered together based on regional price levels and/or price development as clustering variables. If only geographical proximity is used as clustering variable, our computations show that there is a high risk that we end up with some clusters having large standard errors, which in turn might result in inaccurate indexes.

  • 131.
    Eriksson, Bjorn
    et al.
    Karolinska Inst, Div Family Med & Primary Care, Dept Neurobiol Care Sci & Soc NVS, Huddinge, Sweden..
    Wandell, Per
    Karolinska Inst, Div Family Med & Primary Care, Dept Neurobiol Care Sci & Soc NVS, Huddinge, Sweden..
    Dahlstrom, Ulf
    Linkoping Univ, Dept Cardiol, Linkoping, Sweden.;Linkoping Univ, Dept Med & Hlth Sci, Linkoping, Sweden..
    Näsman, Per
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Lund, Lars H.
    Karolinska Inst, Karolinska Univ Hosp, Dept Cardiol, Div Med, Stockholm, Sweden..
    Edner, Magnus
    Karolinska Inst, Div Family Med & Primary Care, Dept Neurobiol Care Sci & Soc NVS, Huddinge, Sweden..
    Limited value of NT-proBNP as a prognostic marker of all-cause mortality in patients with heart failure with preserved and mid-range ejection fraction in primary care: A report from the swedish heart failure register2019Inngår i: Scandinavian Journal of Primary Health Care, ISSN 0281-3432, E-ISSN 1502-7724, Vol. 37, nr 4, s. 434-443Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    Aim: The prognostic value of natriuretic peptides in the management of heart failure (HF) patients with ejection fraction (EF) <40% is well established, but is less known for those with EF >= 40% managed in primary care (PC). Therefore, the aim of this study is to describe the prognostic significance of plasma NT-proBNP in such patients managed in PC. Subjects: We included 924 HF patients (48% women) with EF >= 40% and NT-proBNP registered in the Swedish Heart Failure Registry. Follow-up was 1100 +/- 687 days. Results: One-, three- and five-year mortality rates were 8.1%, 23.9% and 44.7% in patients with EF 40-50% (HFmrEF) and 7.3%, 23.6% and 37.2% in patients with EF >= 50% (HFpEF) (p = 0.26). Patients with the highest mean values of NT-proBNP had the highest all-cause mortality but wide standard deviations (SDs). In univariate regression analysis, there was an association only between NT-proBNP quartiles and all-cause mortality. In HFmrEF patients, hazard ratio (HR) was 1.96 (95% CI 1.60-2.39) p < 0.0001) and in HFpEF patients, HR was 1.72 (95% CI 1.49-1.98) p < 0.0001). In a multivariate Cox proportional hazard regression analysis, adjusted for age, NYHA class, atrial fibrillation and GFR class, this association remained regarding NT-proBNP quartiles [HR 1.83 (95% CI 1.38-2.44), p < 0.0001] and [HR 1.48 (95% CI 1.16-1.90), p = 0.0001], HFmrEF and HFpEF, respectively. Conclusion: NT-proBNP has a prognostic value in patients with HF and EF >= 40% managed in PC. However, its clinical utility is limited due to high SDs and the fact that it is not independent in this population which is characterized by high age and much comorbidity.

  • 132.
    Eriksson, Jakob
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Bolånetakets påverkan på efterfrågan av hyresrättslägenheter2012Independent thesis Basic level (degree of Bachelor), 10 poäng / 15 hpOppgave
    Abstract [sv]

    Den här uppsatsen behandlar det bolånetak som infördes hösten 2010 och dess påverkan på efterfrågan av hyresrättslägenheter. Bolånetaket infördes för att skydda konsumenter från överbelåning och öka deras motståndskraft under försämrade ekonomiska tider.

     

    Trenden i Sverige har de senaste åren varit att hushållens genomsnittliga belåningsgrad har ökat och skuldsättningsgraden i förhållande till disponibel inkomst likaså. För att stävja denna utveckling införde Finansinspektionen nya allmänna råd om belåning med bostad som säkerhet, där bankerna numera inte ska låna ut mer än 85 procent av bostadens marknadsvärde.

     

    För att besvara frågeställningen så har en kvantitativ och en kvalitativ metod använts, en enkätundersökning samt två intervjuer har genomförts. Enkätundersökningen skickades ut till personer som representerar allmännyttiga fastighetsbolag i medelstora svenska kommuner. 35 procent av de tillfrågade svarade på undersökningen. För att få mer kvalitativa uttömmande svar genomfördes två intervjuer, en med en representant från Stockholm stads bostadsförmedling och en med en representant från Statens Bostadskreditnämnd.

     

    Resultaten från enkätundersökningen och intervjuerna tyder på att bolånetaket inte haft någon påverkan på efterfrågan av hyresrättslägenheter. Efterfrågan på hyresrättslägenheter växer i hela landet men bolånetaket tycks inte haft någon del i den utvecklingen.

     

    Slutligen så tycks bolånetaket ha uppfyllt sitt huvudsakliga syfte då hushållens genomsnittliga belåningsgrad och skuldsättningsgrad har minskat för första gången på tio år. Dock så ter sig sambanden mellan hyresrättsmarknaden och marknaden för ägt boende inte helt entydigt. Det är därmed väldigt svårt att säga hur förändringar på den ena marknaden kan komma att påverka den andra.

    Fulltekst (pdf)
    fulltext
  • 133.
    Eriksson, Kent
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bank och finans.
    Hermansson, Cecilia
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi. KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Fastighetsekonomi och finans.
    Jonsson, Sara
    The viability of the bank advisory service business model - effects of customers' trust, satisfaction and loyalty on client-level performanceManuskript (preprint) (Annet vitenskapelig)
    Abstract [en]

    This paper investigates the viability of the relationship-oriented business model of the bank advisory service function and tests its viability considering differences in clients’ risk tolerance and financial literacy. Specifically, it investigates the effects of bank customers’ satisfaction, loyalty, and trust in bank advisors on two client level performance measures; client level non-interest revenue and client-level revenue on net interest spread. It further investigates how effects are moderated by differences in clients’ risk tolerance and financial literacy. The findings are based on analyzes of a data set that combines survey data (collected from 13,525 bank clients in 2013) with bank record data from each respondent. The cross sectional data is analyzed using OLS- regression and structural equation modeling. Findings show that trust has a positive direct effect on client level non-interest revenue. Further, trust mediates the entire impact of satisfaction and loyalty on client-level non-interest revenue. Customer satisfaction and loyalty do not lead to enhanced client-level non-interest revenue if there is limited trust in bank advisors. Findings further show that the relevance of trust for non-interest revenue is higher for clients with high risk tolerance and high financial literacy. Satisfaction, loyalty, and trust have no effect, however, on client-level revenue on net interest rate spread.

    Fulltekst (pdf)
    fulltext
  • 134.
    Eriksson, Per Erik
    et al.
    Luleå University of Technology.
    Lind, Hans
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Moral hazard and construction procurement: A conceptual framework2015Rapport (Annet vitenskapelig)
    Abstract [en]

    The first aim of this paper is to clarify the meaning of moral hazard in the context ofconstruction procurement. Two important points are that typically there is a doublemoral hazard problem, as the client also can “misbehave” in a number of ways, andthat both internal moral hazard (within the client and contractor organization) andexternal moral hazard (between client and contractor) must be handled.The second aim of the paper is to give an overview of strategies to reduce the risk ofmoral hazard. Eight different strategies are identified: 1) “the shadow of the future”,promises of future work if effort is high 2) selection mechanism forcontractor/employee, 3) length of contract, length of warranties, 4) level of detail inthe contract, 5) payment systems, 6) monitoring intensity, 7) social norms, and 8)relation specific investments.At the end of the paper a number of questions for future research are identified. Canthe strategies be grouped into an ideal type of hard/formal strategies (with e.g.detailed contracts, more monitoring, and choose the bidder with the lowest price)and soft/informal strategies (with e.g. long term relations and more flexiblecontracts)? How are methods used internally and methods used externally to reducemoral hazard related? What are the differences in these respects between privatesector procurement and public sector procurement methods?

    Fulltekst (pdf)
    fulltext
  • 135. Eriksson, Per Erik
    et al.
    Lingegård, Sofia
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Borg, Lena
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Nyström, Johan
    Procurement of Railway Infrastructure Projects - A European Benchmarking Study2017Inngår i: Civil engineering journal -Tehran, ISSN 2476-3055, Vol. 3, nr 4, s. 199-213Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    This benchmarking study compares how railway investments are procured in five European countries: Sweden, Norway, Germany, the Netherlands, and the UK. In total, 19 procurement managers and project managers were interviewed. This study compares the national rail clients' procurement strategies regarding: delivery system, reward system, contractor selection, and collaboration model. Historically, these clients have used in-house production. The first step towards a gradually increased usage of the market was to outsource the construction activities while keeping the design and development competence in-house. All five countries have mainly used Design-Bid-Build contracts in their initial outsourcing. However, the last few years there is a discernible trend in Sweden, Norway, the Netherlands and the UK towards allocating more design and development responsibilities to contractors (i.e. Design-Build contracts) and increasing the strategic focus on cooperation. The UK and the Netherlands are forerunners in this trend that can be viewed as a third step in the transition towards a market oriented railway sector. Norway and Sweden is in the middle of this transition, whereas Germany has not initiated this change. The transition towards a gradually increased usage of the market has two main dimensions; degree of cooperation and degree of contractor freedom, which differs among the countries. The UK and Sweden focus on increasing both these dimensions, while The Netherlands and Norway mostly focus on increasing the degree of contractor freedom. Germany still limits both dimensions by performing design and development in-house and letting contractors compete for construction work in Design-Bid-Build contracts. Due to historical and cultural reasons, Deutsche Bahn in Germany is very hesitant to engage in collaboration with external suppliers; focusing on competition is considered more appropriate and less controversial.

  • 136. Eriksson, Therese
    et al.
    Kadefors, Anna
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi. Chalmers University of Technology, Sweden.
    Organisational design and development in a large rail tunnel project - Influence of heuristics and mantras2017Inngår i: International Journal of Project Management, ISSN 0263-7863, E-ISSN 1873-4634, Vol. 35, nr 3, s. 492-503Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    In design phases of large and complex infrastructure projects, a main challenge is to coordinate numerous technical specialists. Heuristics, or cognitive rules of thumb, is one factor that may influence the development of organisational structures and routines, especially if project management discretion is high: A longitudinal case study, comprising non-participant observation over three years, was carried out of the early design phase of a major railway tunnel project. Availability and familiarity heuristics were found important, as well as coordination neglect a general tendency to focus more on partitioning tasks than on coordination needs. Satisficing, meaning that the first acceptable organising solution is selected and retained, was found to be strong in temporary, transitory contexts. Shared heuristics were manifest as short catchphrases, or mantras. Clients should develop meta-routines and meta-functions to support adaptation within, and learning between, projects.

  • 137.
    Fattal, Jonathan
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Janheim, Ola
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Corporate Real Estate Sale and Leaseback: the Effect on Performance and Beta Risk2011Independent thesis Advanced level (degree of Master (Two Years)), 20 poäng / 30 hpOppgave
    Abstract [en]

    Corporate owned real estate is one of the world’s largest asset classes. Yet the US market and later on the European market has come towards a trend of refining businesses and using corporate real estate as a financing alternative by performing sale and leaseback transactions. This paper aims to complement and interlink research on event studies focusing on corporate real estate sale and leaseback and studies focusing on measuring risk and performance with variations in corporate real estate holdings. The study is delimited to companies publicly traded on the Swedish stock exchange. A  quantitative survey has been conducted in which data from 23 observations has been analyzed. A positive relationship between stock performance and  corporate real estate sale and leaseback transactions has been found. It is also noted that   companies that intend to use the disengaged capital to focus on core business show an increase in systematic risk. Furthermore an increase in stock performance is found when transaction value to firm value is high. Investors and corporate managers are encouraged to evaluate possibilities for their corporate real estate holdings since the results indicate that the diversification should take place on the investment level rather than on the corporate level. 

    Fulltekst (pdf)
    fulltext
  • 138.
    Fetibegovic, Ahmed
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Nilsson, Adam
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Real Estate Discounted Cash Flow Model Development and Design: The process of developing a new DCF model at a multinational real estate consultancy2011Independent thesis Advanced level (degree of Master (Two Years)), 20 poäng / 30 hpOppgave
    Abstract [en]

    Due to increasing skill and awareness of overall functions in programs such as Excel, an increasing number of analysts at real estate firms and consultancies have started developing "desktop" versions of valuation models used for professional appraisal of property value. Due to personal preferences, differences in schools and professional backgrounds, these so called desktop models vary in quality, robustness, accuracy, design and user friendliness. Professional software suites are not suitable either, as they are expensive, hard to learn, hard to adapt to specific needs of the business, outdated design and need of additional IT resources.

    At a multinational Real Estate consultancy such as Jones Lang LaSalle, requirements on tools used for professional opinions on questions as important as property value, are rigorous. Therefore, decision was made to develop a new DCF model which would be closely monitored by management and have a prismatic approach meaning that the model would satisfy the needs of more than one division at Jones Lang LaSalle. When reviewing existing models and practices at the company, the result became a tailored DCF valuation model that was focused on increasing efficiency of appraisers at Jones Lang LaSalle. Aside from being robust and technically sophisticated, the result also suited the specific needs of Jones Lang LaSalle in terms of features and user interface. Development of the model involved several divisions to ensure that the needs were met for Research & Valuation, Capital Markets, Corporate Solutions and Asset Management at Jones Lang LaSalle.

    Fulltekst (pdf)
    fulltext
  • 139.
    Fili, Andreas
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi. KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Centra, Centrum för bank och finans, Cefin.
    Good Cop – Bad Cop: Multiple Principals in Informal Investment Relationships2009Konferansepaper (Annet vitenskapelig)
    Abstract [en]

    The principal-agent relationship (Ross, 1973; Jensen & Meckling, 1976) has been analyzed extensively in economics, in political science and, increasingly, within sociology (Kiser, 1999). The majority of economic papers on the principal-agent relationship has focused on a single principal and a single agent, or in our context, a single investor and a single investee. There is an increasing interest in moving beyond this traditional investor-investee dyad (Lockett et al., 2006). The present paper represents such an attempt, as it studies the dynamics in a specific case with multiple investors and a single founder. The case shows that in agency situations, principals can cooperate to influence the agent by taking on different roles towards the agent. In the case, some principals are distanced from the agent, while the one responsible for communication with the founder decreases his principality in order to reduce perceived hierarchical distance and emphasize perceived goal congruence

  • 140.
    Fredrik, Brunes
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Hans, Lind
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Policies to avoid cost overruns:Critical evaluation and recommendations2014Rapport (Annet vitenskapelig)
    Abstract [en]

    Many infrastructural projects have cost overruns and there has been a lot of research both on whythese cost overruns occur and what can be done to reduce cost overruns. Bent Flyvbjerg is the leadingresearcher in the area and in this article his proposals are also the starting point. Beside a literaturereview a questionnaire was also sent out to experienced Swedish project managers to find out whatthey thought could reduce cost overruns. This has been the foundation for the proposals formulated inthis article. Proposals concerns three areas 1. Organizational macro-structure, e.g. using more PPPprojectsbut also decentralization of budgets where cost-overruns in one project in a region leads toless other projects in the specific region. 2. Organizational quality: It should be easy to see when andwhere cost overruns occur and who was responsible. There should be an well-developed knowledgemanagement system in the organization and an organization culture of openness and a focus onimprovements. 3. Organizational processes, e.g. a systematic use of external reviewers in differentstages of a project.

    Fulltekst (pdf)
    fulltext
  • 141.
    Getahun, Habtewold Demewez
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    THE EFFECT OF INTEREST RATES ON HOUSING PRICES IN SWEDEN :: The case of one and two dwelling buildings.2011Independent thesis Advanced level (degree of Master (Two Years)), 20 poäng / 30 hpOppgave
    Abstract [en]

    The aim of this paper is to study the effect of interest rates on house price changes in Sweden for the case of one and two dwelling buildings. Basically, three procedures were used for analysis. First, correlation analysis was used to investigate and test if there has been any relationship between interest rates and house price in Sweden in the past two decades. Second, multiple regressions analysis with consideration of hetroskedasticity autocorrelation or HAC (newey-west standard) errors was applied to test the impact of changes of interest rates on house price. Finally, distributed lag model was applied to examine the impact of interest on house price through time. The result shows that there is strong inverse relationship between interest rates (governmental bond rates, mortgage bond rates, lending rates and repo rates) and housing price index. The regression coefficients show that the decrease in the interest rate is followed by corresponding increase in the housing price index for all the given interest rates. The other finding is that more than 92 percent variation in the housing price index is explained by changes in interest rates, changes in net house hold disposable income, inflation rate and supply. The result also shows the lag effects of changes of interest rates on housing price. The major implication of this study is that fluctuations in interest affect homebuyers, home sellers, household incomes and investors. The study also suggests that further detail investigation on house price dynamics is crucial for monetary policy.

    Fulltekst (pdf)
    fulltext
  • 142.
    Gleimar, Daniel
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Hyrköp av lägenheter – ombildning av hyresrätter till bostadsrätter: En fallstudie av en hyresfastighet i Gnesta2017Independent thesis Advanced level (degree of Master (Two Years)), 20 poäng / 30 hpOppgave
    Abstract [sv]

    Hyrköp av fastigheter är en ny modell av boende som tillämpas alltmer av bostadsbolag i Sverige, vilket innebär att den boende får möjlighet att fortsätta hyra eller köpa sin bostad under en bestämd optionstid för ett avtalat optionspris (Sorling, 2009). Denna uppsats är en fallstudie för ett eventuellt införande av hyrköp som innebär ombildning från hyresrätter till bostadsrätter för en hyresfastighet i Gnesta, som ägs av det kommunala bostadsbolaget Gnestahem. Bakgrunden till fallstudien är att Gnesta kommun vill utreda möjligheten för framtida bostadsägande för hushåll med mindre ekonomiska förutsättningar i kommunen. Tidigare studier har visat att ombildning kan bidra med ett ökat social kapital för de boende i ett bostadsområde (Klingborg & Werner, 2011). Fallstudien baseras på en fastighetsvärdering av hyresfastigheten efter en planerad stambytesrenovering som ska vara färdigställd år 2021. Tre olika scenarier med olika inflations-, avkastnings- och kalkylräntenivåer har fastställts vid tillämpning av kassaflödesmetoden. Köpoptionerna av lägenheterna har jämförts med hyresgästernas möjligheter till sparande av kontantinsats utgörande 15 % och 25 % av optionsvärdet för framtida bolån, samt i relation till disponibel hushållsinkomst och ålder för hushållet. Upplåtelseformen andelsägarmetoden har också analyserats som ett förslag på alternativ till hyrköp och ombildning.Slutsatsen av fallstudiens resultat är att en köpoption med en tio-årig optionstid föredras att tillämpas vid införande av hyrköp för att ge alla hushållen i fastigheten de största möjligheterna till sparande av kontantinsats, vilket visas i bilaga 17–19. Det är osäkert vad de totala boendekostnaderna uppgår till vid en ombildning, då dessa baseras på den ekonomiska situationen för varje hushåll och rådande konjunkturen på bostadsmarknaden. De boende kan också erhålla vinster om lägenheterna säljs vidare, eftersom köpeskillingen vid ombildning baseras på värdet som hyreslägenhet och inte värdet som bostadsrätt.Den mest betydelsefulla rekommendationen för framtida studier är att undersöka efterfrågan hos de boende i fastigheten om ombildning. Om hyrköp med ombildning ska införas av fastigheten är det viktigt att Gnestahem har kännedom om exakt vilka hushåll som har råd och är intresserade att förvärva sina lägenheter. Eftersom det krävs minst 2/3 av de boende som vill ombilda fastigheten kan detta vara avgörande.

    Fulltekst (pdf)
    fulltext
  • 143.
    Gluch, Pernilla
    et al.
    Chalmers tekniska högskola, Teknikens ekonomi och organisation.
    Kadefors, Anna
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Kohn-Rådberg, Kamilla
    Chalmers tekniska högskola, Teknikens ekonomi och organisation.
    Orchestrating Multi-Actor Collaborative Innovation Across Organizational Boundaries2019Inngår i: 10th Nordic Conference on Construction Economics and Organization, Emerald Reach Proceedings Series, Volume 2 / [ed] Irenes Lill and Emlyn Witt, Emerald Group Publishing Limited, 2019, Vol. 2, s. 371-379Konferansepaper (Fagfellevurdert)
    Abstract [en]

    Purpose

    The aim of this research is to increase the understanding of how strategic and long-term innovation efforts can be organised, operated and co-created within a project-based organisational setting.

    Design/Methodology/Approach

    A case study with a qualitative approach was chosen, showing a critical case with powerful examples rather than representative samples, to draw conclusions from. The analysis builds on the concept of absorptive capacity, which provides a multidimensional perspective on innovation activities in organisations.

    Findings

    The difficulties in orchestrating an interplay between innovation processes and the construction process in itself is presented. The study identifies effects from introducing new “innovation roles” as well as comprehending implications of collaborative contract forms for innovation.

    Research Limitations/Implications

    Based on a single case study, and being an in-depth empirical study, a rich description of innovation processes is provided which contributes to generalisation on processes rather than outcomes. The use of the absorptive capacity construct also contributes to a theoretically informed research on innovation in construction.

    Practical Implications

    The study provides valuable insights regarding how to conduct collaborative innovation in within the frame of construction projects.

    Originality/Value

    The study of a novel organisational setup, where multiple innovation processes is integrated in a construction project with a partnering contract, provides an understanding on how a construction client can manage the interplay between innovation processes and the construction process in itself. Furthermore, flows of knowledge and effects from introducing new innovation roles are unfolded.

  • 144.
    Grahn, Sara
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Arkitektur.
    Karrbom Gustavsson, Tina
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Projektkommunikation.
    Lind, Hans
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Wikforss, Örjan
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Projektkommunikation.
    Byggsektorns förmågor2011Rapport (Annet vitenskapelig)
  • 145.
    Granath Hansson, Anna
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    City strategies for affordable housing: The approaches of Berlin, Hamburg, Stockholm,and GothenburgManuskript (preprint) (Annet vitenskapelig)
  • 146.
    Granath Hansson, Anna
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Institutional Prerequisites for Housing Development: A comparative study of Germany and Sweden2015Licentiatavhandling, med artikler (Annet vitenskapelig)
    Abstract [en]

    The housing shortage in Swedish growth regions has been heatedly debated for a number of years. Extensive reform proposals have been made by market actors and academics. The former center–right government in power until 2014 emphasized reform of the urban planning process. The current “red–green” government has ongoing planning reform on its agenda, but has instead emphasized investment subsidies. In the debate, the German housing market has been put forward as a positive example.

    This licentiate thesis compares the early stages of housing development in Germany and Sweden to find any differences that could provide interesting points of discussion related to further housing market reform in Sweden. As the scope of such an analysis could be very wide, this thesis is restricted to urban planning law and implementation, and to city initiatives to increase housing supply, including the affordable housing segment.

    The first step of the research project was to identify the major problems related to Swedish planning law and its implementation and to map the current state of reform. The identified problems encompassed issues related to municipal strategies for housing construction, the urban planning process, the appeal process, areas classified as of national interest, regulations, development agreements, and municipal land allocation. The article “The Planning Process in Sweden: current debate and reform proposals” summarizes the government inquiries, bills, and reforms introduced to date and gives an outlook on possible future urban planning reform in light of recent political developments.

    Second, the urban planning and appeal processes in Germany and Sweden were compared. The article “Promoting Planning for Housing Development: what can Sweden learn from Germany?” discusses three alternative processes in German local planning (i.e., private initiative, facilitated procedures in built-up areas, and omission of the local plan under certain circumstances) as well as the organization of planning authorities and city demands for affordable housing. The conclusion includes a proposal for a facilitated local housing plan, the introduction of private initiative in planning, and ways to improve planning authority organization in Sweden. When it comes to planning-related city demands for affordable housing, more research drawing on extensive international experience is required.

    Third, city strategies for housing construction were compared in the article “City Strategies for Affordable Housing: the approaches of Berlin, Hamburg, Stockholm and Gothenburg.” Although the housing shortages in these four cities differ somewhat in structure, the tools for implementing housing policy related to construction are similar and address organization, urban planning, land allocation, and subsidies. The German cities have a more active housing policy, cooperating with developers and using tools more consistently, than do their Swedish counterparts. They are also more likely to reach their construction goals.

    The overall findings of the research project stress the importance of political incentives in the formation of active housing policy.

    Fulltekst (pdf)
    Thesis
    Fulltekst (pdf)
    Sammanfattning på svenska
  • 147.
    Granath Hansson, Anna
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Promoting Planning for Housing Development: What can Sweden learn from Germany?Manuskript (preprint) (Annet vitenskapelig)
  • 148.
    Granath Hansson, Anna
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    The Planning Process in Sweden: current debate and reform proposals2015Inngår i: Kart og Plan, ISSN 0047-3278, Vol. 75, s. 249-254Artikkel i tidsskrift (Fagfellevurdert)
    Abstract [en]

    The housing shortage in the Swedish growth regions, generally believed to originate from limited construction of new housing and the rent regulation, is deemed to be the largest threat to continued economic growth in Sweden, and leads to an unsatisfactory welfare level of many citizens. The center-right government of 2010–2014 emphasized reform of the town planning process as the major means to overcome the housing shortage. The new red-green government has continued reform on their agenda, but to date no concrete reform proposals have been put forward. The article outlines the problems related to municipal housing strategies, the town planning process and municipal land allocation and the reforms that have been implemented or are being investigated. Lastly, possible future town planning reform is discussed in light of recent political development.

  • 149.
    Gunnelin, Åke
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Netzell, Olof
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi. National Board of Housing, Building and Planning.
    The relationship between property transaction prices, turnover rates and buyers' and sellers' reservation price distributionsManuskript (preprint) (Annet vitenskapelig)
    Abstract [en]

    This paper analyzes the relationship between movements in property transaction prices and movements in the underlying reservation price distributions of buyers and sellers and how these movements are linked to time varying turnover rate. A main conclusion in previous research is that transaction prices lag changes in buyers’ reservation price distribution and that an index tracking transaction prices is less volatile than an index tracking buyer reserves. We show that our less restrictive model of search and price formation reverses the volatility result in previous papers in realistic scenarios, i.e., transaction prices may be more volatile than underlying buyer reserves. We model transaction prices and turnover rates as functions of the moments of buyers’ and sellers’ reservation price distributions, the search intensity and the average bargaining power among buyers and sellers respectively. We derive the probability density function of transaction prices as a function of these parameters and hence a Maximum-likelihood estimator of the parameters, which serves as a new method of estimating indexes tracking movements in reservation price distributions from transaction data. We perform simulations where we show that the Maximum-likelihood estimator works as intended.

    Fulltekst (pdf)
    fulltext
  • 150.
    Gunnelin, Åke
    et al.
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi.
    Netzell, Olof
    KTH, Skolan för arkitektur och samhällsbyggnad (ABE), Fastigheter och byggande, Bygg- och fastighetsekonomi. National Board of Hoursing, Building and Planning.
    The relationship between property transaction prices, turnover rates and buyers' and sellers' reservation price distributionsManuskript (preprint) (Annet vitenskapelig)
    Abstract [en]

    This paper analyzes the relationship between movements in property transaction prices and movements in the underlying reservation price distributions of buyers and sellers and how these movements are linked to time varying turnover rate. A main conclusion in previous research is that transaction prices lag changes in buyers’ reservation price distribution and that an index tracking transaction prices is less volatile than an index tracking buyer reserves. We show that our less restrictive model of search and price formation reverses the volatility result in previous papers in realistic scenarios, i.e., transaction prices may be more volatile than underlying buyer reserves. We model transaction prices and turnover rates as functions of the moments of buyers’ and sellers’ reservation price distributions, the search intensity and the average bargaining power among buyers and sellers respectively. We derive the probability density function of transaction prices as a function of these parameters and hence a Maximum-likelihood estimator of the parameters, which serves as a new method of estimating indexes tracking movements in reservation price distributions from transaction data. We perform simulations where we show that the Maximum-likelihood estimator works as intended.

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