Academic literature on the topic 'Rent housing estate'

We exploit the fact that cooperative dwellings carry different mutual debt to examine whether such debt is perfectly reflected in sales prices. When mutual debt in housing cooperatives is paid down through the rent, the differences in mutual debt result in rent differences. We use implicit information on expenditures of serving mutual debt contained in rent differences as an alternative method for studying efficiency in the cooperative housing market. Our results indicate that differences in mutual debt are perfectly reflected in prices, but that rent differences are less useful for examining housing market efficiency.

This paper develops a theoretical model for equilibrium rent-to-price ratios from the competition between households and investors in the housing market. Households make their housing tenure choice in terms of rent vs. buy such as minimizing the cost of occupying a housing unit. On the other hand, investors choose between investing in rental housing vs. other investment opportunities in order to maximize their net present value. In the face of limited housing inventory, households and investors bid against one another which determines the allocation of the housing units among households (owner occupied properties) and investors (rental properties). We derive the sensitivity of the equilibrium rent-to-price ratio with respect to various market parameters, and subsequently analyze their potential impacts on the homeownership rate in the community. We show that some government mortgage programs subsidize homeownership to increase the affordability of owning a house, but may also provide even more incentive to the housing investors. Unless the government can effectively control the eligibility of borrowers, such affordable mortgage programs could work against their objectives and lead to higher housing prices and lower homeownership rates. Our model framework can be used to analyze the potential impacts of some of the new affordable housing policies on house prices or homeownership rates before adopting them.

AbstractTaking the special features of the Chinese real estate market and financial market into account, this paper explores the application of real estate investment trusts (REITs) in low-rent housing and introduces an agent-based simulation model for low-rent housing REITs in the issuing and trading markets. Overcoming the difficulty of lacking relevant REITs models and data in China, We find that how the rental income and government subsidy, market fixed interest rate, dividend proportion of low-rent housing REITs and market surplus fund influence the financing of low-rent housing REITs.

Conventional wisdom tells us that the price level of properties should be supported by the rent they receive. This paper examines the pricing factors of properties by analyzing how individuals allocate their income to housing consumption and other goods, which in turn become the rent (or implicit rent) to support property values. Our model’s results can explain several puzzling observations in property markets, including why the variance of property appreciation rates is much higher than that of income growth rates in the same area.

Housing poverty was already a social problem in Japan before the COVID-19 pandemic. The research questions of this study were as follows: How many private rental apartments that are affordable for low-income groups exist in the real estate market? Additionally, do these rental apartments have enough rooms? This study aimed to clarify the housing affordability of private rental apartments in Osaka Prefecture according to room type. In this study, we analyzed housing affordability based on room types and housing conditions using a real estate dataset. In conclusion, this study found that housing affordability is problematic in terms of quantity and quality among the private rental apartments for multiple households in Osaka Prefecture. Additionally, it was found that the role of old wooden low-rent housingbuildings has declined as affordable housing. In particular, the total number of two-room and over three-room-type low-rent housing was less than 8000 units, accounting for only 4.2% of all private rental apartments in the real estate market. The distributed supply of low-rent housing has potential risks in maintaining a stable life for low-income groups with multi-person households. Those low-income groups are forced to live in higher-rent housing or one-room-type low-rent housing.

The price-to-rent ratio, a common yardstick for the value of housing, is difficult to estimate when rental properties are poor substitutes of owner-occupied homes. In this study, we estimate price-to-rent ratios of residential properties in two major cities in China, where urban high-rises (estates) comprise both rental and owner-occupied units. We conduct Bayesian inference on estate-specific parameters by using information of rental units to elicit priors of the unobserved rents of units sold in the same estate. We find that the price-to-rent ratios tend to be higher for low-end properties. We discuss economic explanations for the phenomenon and the policy implications.

We apply the dynamic Gordon growth model to the Hong Kong real estate market to analyze quarterly data on four kinds of real estate—housing, office, retail, and factory properties—from 1999 to 2020. We find that factories have the highest total returns among the four types of real estate, and also a larger Sharpe ratio. The total returns of these four kinds of real estate are highly correlated. The results of an autoregressive distributed lag model show that the gross domestic product growth rate is the key determinant of real estate returns, while changes in foreign direct investment also influence housing and retail returns. The expected value of the risk-free rate is the key factor that determines the rent-price ratio. The decline in the risk-free rate in Hong Kong is the main reason that the real estate price-rent ratio has increased from 20 to 40 in the last twenty years. Our research represents an early contribution that compares the performance of housing and commercial real estate at the city level, with both types of real estate having similar determinants. Finally, we find that the fall in risk-free interest rates worsens housing affordability in Hong Kong.

The relationships between seismic risk and rental and owner- occupied housing prices in the whole of Japan are examined . The empirical results from hedonic regressions with earthquake risk indices suggest that: (1) earthquake occurrence probability has a significantly negative effect on monthly housing rent, (2) the effect of earthquake probability seems to depend on the characteristics of the individual housing unit (e.g. age of dwelling) for owner-occupied housing, (3) the estimated risk premium is much larger for older buildings, and (4) the share of quake-resistant dwellings in the neighborhood area is significantly and positively related to the housing price of the individual unit. These results suggest that anti-seismic policies that target specific groups of dwellings, such as rental houses and older buildings, help to mitigate welfare loss due to earthquakes.

In the US, MLS systems, professional licensing regimes for Real Estate Websites and rent-control/rent-stabilization statutes constitute violations of antitrust laws. Recent orders and proposed settlements in lawsuits instigated by government agencies have not resolved the underlying antitrust problems. Many of these antitrust issues influenced psychological reactions among market participants, which in turn caused the rapid price increases in some US real estate markets during 1995-2004. Thus, all existing housing demand models and housing price forecast models are grossly mis-specified primarily because they don’t incorporate legal factors.

In China, the housing rent can clearly reveal the actual utility value of a house due to its low capital premium. However, few studies have examined the spatial variability of housing rent. Accordingly, this study attempted to determine the utility value of houses based on housing rent data. In this study, we applied mixed geographically weighted regression (MGWR) to explore the residential rent in Nanjing, the largest city in Jiangsu Province. The results show that the distribution of residential rent has a multi-center group pattern. Commercial centers, primary and middle schools, campuses, subways, expressways, and railways are the most significant influencing factors of residential rent in Nanjing, and each factor has its own unique characteristics of spatial differentiation. In addition, the MGWR has a better fit with housing rent than geographically weighted regression (GWR). These research results provide a scientific basis for local real estate management and urban planning departments.

Le marché du logement se compose de deux segments principaux, le marché locatif et le marché de la vente. Bien que ces deux marchés fonctionnent différemment, les prix sur les deux marchés sont naturellement soumis à des interactions réciproques : le niveau des loyers affecte les prix de vente, mais les prix sur le marché de vente ont un impact sur les loyers. Dans la première approche, les loyers sont convertibles en prix de vente par une formule de capitalisation. Cependant, il est possible, et empiriquement observé, qu'il existe des déséquilibres entre les deux marchés. Ainsi, la dynamique relative des prix et des loyers peut varier dans le temps, mais aussi dans l'espace d'une zone urbaine : comment les prix sur les deux marchés (vente et location) sont-ils liés ? Comment l'un affecte-t-il l'autre ? La relation entre les deux prix est-elle homogène dans l'espace ? Pourquoi certains quartiers d'une agglomération ont-ils des loyers trop bas par rapport aux prix d'achat ? Cesquestions présentent un intérêt particulier pour les acteurs locaux de la politique du logement, dans un contexte de fortes tensions sur le marché du logement comme c'est le cas dans l'agglomération lyonnaise. En particulier, elles sont étroitement liées aux politiques visant à soutenir l'offre de logements ou le niveau des loyers du marché. Cette thèse propose d’étudier les liens entre ces deux marchés.Le premier chapitre de cette thèse tente d'observer si les ratios loyer/prix varient à l'intérieur d'une zone urbaine et cherche à expliquer les écarts entre les ratios loyer/prix, s'ils existent. Après avoir recalculé les ratios loyer sur prix dans l’agglomération, nous observons une hétérogénéité spatiale de ceux-ci. Dans une seconde partie de cette contribution, nous développons un modèle de « tenure choice » qui nous permet de mettre en avant des mécanismes théoriques qui expliquent les variations spatiales de ratio loyer/prix.Le deuxième chapitre de cette thèse porte sur la relation entre les prix du marché du logement privé et la construction de logements sociaux. Dans cette première contribution empirique, nous testons l'impact de la loi SRU sur le prix des logements en utilisant une méthode à double différence. Les résultats indiquent qu'à mesure que le retard de la municipalité dans l'atteinte des objectifs de la SRU augmente, il entraîne une augmentation de la construction de logements sociaux et, finalement,une diminution du prix des logements privés de la municipalité. Nous utilisons aussi une méthode de régression de discontinuité utilisant le seuil de 3500 habitants. Les résultats de cette deuxième analyse suggèrent que la construction de logements sociaux a eu un impact négatif sur le prix des logements dans les municipalités de plus de 3500 habitants.Aujourd'hui, il existe plusieurs politiques qui encouragent les propriétaires à louer des logements à loyers modérés ou qui tentent de faciliter l'accès à la propriété. Néanmoins, si ces politiques ont déjà été étudiées, ce troisième chapitre tente de comprendre leurs impacts combinés sur le marché du logement privé. En particulier, nous essayons de montrer l'impact des politiques de soutien à l'achat et à la location et des politiques de prêts à taux zéro. La première étape de notre contributionconsiste à concevoir un modèle théorique. Ce modèle théorique met en évidence les effets de chacun des deux mécanismes et met également en évidence la réaction du marché du logement lorsque chacun des deux mécanismes est couplé à une politique de contrôle des loyers. Dans une analyse empirique, nous vérifions si les prédictions du modèle précédemment développé sont valides. Les résultats indiquent que l'impact de la réforme sur le prix des logements neufs est positif.La dernière étape de notre analyse est une méthode à triple différence qui indique que la croissance du prix des logements neufs s'accélère en présence d'un contrôle contraignant des loyers
The housing market consists of two main segments, the rental market and the sales market. Although these two markets operate differently, prices on the two markets are naturally subject to reciprocal interactions: the level of rents affects prices of sale, but prices on the sales market have an impact on rents. On the first approach, the rents are convertible into a selling price by a capitalization formula. However it is empirically observed that imbalances exist between the two markets. Thus, the relative dynamics of both prices and rents can vary over time, and also in the space of an urban area. How are prices in the two markets (sale and rental) related? How does one affect the other? Is the relationship between the two prices homogeneous in space? Why is it that some neighborhoods of an agglomeration have rents that are too low in relation to purchase prices? These questions are of particular interest to local policy actors in housing, in a context of strong tensions on the housingmarket as is the case in the Lyon conurbation. In particular, they are strongly linked to policies aimed at supporting the supply of housing or the level of market rents. This thesis aims to study the link between these two markets.The first chapter of this thesis attempts to observe whether rent to price ratios vary within an urban area and seeks to explain the differences between rent to price ratios, if they exist. After recalculating the rent to price ratios in the agglomeration, we observe a spatial heterogeneity of them. In the second part of this contribution, we develop a "tenure choice" model that allows us to highlight theoretical mechanisms that explain spatial variations in the rent to price ratio.The second chapter of this thesis deals with the relationship between private housing market prices and the construction of social housing. In this first empirical contribution, we test the impact of the SRU law on house prices using a double-difference method. The results indicate that as the municipality’s delay in achieving the SRU's objectives increases, it leads to an increase in the construction of social housing and, ultimately, a decrease in the price of the municipality's private housing. We also use a discontinuity regression method using the 3500 population threshold. The results of this second analysis suggest that the construction of social housing has had a negative impact on private housing prices in municipalities with more than 3500 inhabitants.Today, there are several policies that encourage landlords to rent low-rent housing or that attempt to facilitate access to home ownership. Nevertheless, while these policies have already been studied, this third chapter attempts to understand their combined impacts on the private housing market. In particular, we try to show the impact of purchase and rental support policies and zero-interest loan policies. The first step in our contribution is to design a theoretical model. This theoretical modelhighlights the effects of each of the two mechanisms and also highlights the reaction of the housing market when each of the two mechanisms is coupled with a rent control policy. In an empirical analysis, we check whether the predictions of the previously developed model are valid. The results indicate that the impact of the reform on new housing prices is positive. The last step in our analysis is a triple-difference method that that the growth of new housing prices accelerates in the presence oftight rent controls

I uppsatsen redogörs för hur olika hyressättningssystem har varierat i Sverige under det senaste seklet. De hyressättningssystem som behandlas är hyresreglering, bruksvärdessystemet samt marknadshyra. En historisk bakgrund inför respektive systems tillblivelse skildras genom sammanställning och bearbetning av rättskällor. På hyresbostadsmarknaden tillämpas idag i huvudsak bruksvärdessystemet som för med sig ett starkt besittningsskydd för dagens hyresgäster. Vidare tolkas och redogörs för ett reformförslag om ett närmande till fri hyressättning. Under januari år 2019 förhandlade de politiska partierna Centerpartiet, Liberalerna, Miljöpartiet och Socialdemokraterna, i en överenskommelse, fram en lista med 73 punkter (Januariavtalet). I denna lista beskrivs under punkt 44, att den aktuella hyresmodellen ska komma att reformeras genom bland annat införande av fri hyressättning vid nybyggnation. Detta reformförslag kommer troligtvis att implementeras på hyresbostadsmarknaden år 2021, en bostadsmarknad som genomgår ständiga förändringar. I Stockholm sker idag omvandling av hyresrätter till bostadsrätter, likaväl har priserna stigit i förorterna som i stadens centrala delar. Utvecklingen har lett till en stor andel höginkomsttagare i de mest attraktiva och centrala områdena och segregationen är tydligare än någonsin. Idag är efterfrågan och behovet av hyresbostäder högre än beståndet och många är drabbade, inte minst unga och utrikesfödda som är begränsade och saknar ekonomisk kraft för att kunna få tag på en hyresrätt. Ytterligare en begränsning är den genomsnittliga kötiden för att få en hyresrätt i innerstan. Under år 2018 låg den genomsnittliga kötiden på 17 år, enligt bostadsförmedlingen i Stockholm. I uppsatsen dras bland annat slutsatsen om att ett verkställande av reformförslaget enligt den aktuella formuleringen med fri hyressättning vid nyproduktion, kommer att leda till två parallellt verkande marknader; en reglerad marknad samt en oreglerad marknad. På sikt kommer dock båda att innebära en viss reglering, men som ändå kommer att ligga på två jämförbara prisklasser. Ena för nyproducerade och attraktiva bostäder riktad till den del av befolkningen med högre inkomst och en annan för ett redan befintligt bestånd med en relativ hög efterfrågan. Likaväl kommer det troligtvis att leda till att respektive system får olika besittningsskydd på marknaden.
A description of how different renting systems have varied in Sweden during the last century, will be presented in the project. The renting systems that are described are rental control, the utility value system and market rent. A historical background for respective system's appearance is presented. Today, the utility value system is used in the Swedish rental housing market. The system provides a strong protected tenancy for today's tenants. Furthermore, a reform proposal on free rental market is presented. In January 2019, a negotiation between the political parties Centerpartiet, Liberalerna, Miljöpartiet and Socialdemokraterna, led to an agreement, a list of 73 points (the January agreement). In this list, under point 44, the current rental system is described to be reformed by imposing free rent on newly built rental apartments. This reform proposal will probably be implemented in the rental housing market in 2021, a housing market that is going through constant changes. Today many rental apartments in Stockholm are converted into cooperative apartments, yet prices have risen in both suburbs and the city's central parts. The development has led to a large proportion of highincome people in the most attractive and central areas of the city and the segregation is clearer than ever. The need and the demand of rental apartment is higher today than the supply can cover and many are affected, not least the younger generation and the foreign-born who are limited and have lack of financial power to be able to obtain a rental apartment. According to the housing agency in Stockholm, the average queue time was 17 years in 2018 for obtaining a rental apartment in the inner city. The conclusion that can be drawn is, among others, that the implementation of the reform proposal according to the current formulation in the January agreement about imposing free rent for newly built rental apartments, will lead to two parallel operating markets; one regulated market and one unregulated market. In the long term, however, both markets will entail some regulation, but they will still be on two comparable price ranges. One for newly produced and attractive apartments aimed for that part of the population with higher income and the second one for an already existing supply with a relatively high demand. The two parallel markets will furthermore probably lead to different strength of protected tenancy.

Avyttringen och ombildningen av kommunala och privata bostadshyresfastigheter till bostadsrättsföreningar har blivit ett allt vanligare fenomen under de senaste decennierna. Främst sker avyttringen i Stockholms kommun. Syftet med denna uppsats är att mäta om prissättningen vid utförsäljning av bostadshyresfastigheter inom Stockholms kommun skiljer sig beroende på om säljaren varit privat eller ett allmännyttigt kommunalt bolag. För att undersöka detta har olika regressionsmodeller applicerats på data över fastighetsprisregistret under två mandatperioder. Resultatet visar en tydlig prisskillnad mellan kommunala avyttringar och privata inom samma områdesindelning. Skillnaden i prissättning innebär att kommunala fastighetsbolag har realiserat ut och omfördelat skattebetalarnas pengar, till ett värde som kan uppgå till så mycket som 3,23 miljarder kronor räknat i 2010 års penningvärde. Sannolikt är en sådan förmögenhetsomfördelning inte samhällsekonomisk effektiv. Vidare torde den motverka syftet med hyreslagsstiftningen.
In the Swedish market for multi-family housing, investment properties are often sold to the tenants who thus convert the property into co-operative housing. This is particularly true in attractive housing location where the existing rent control is in practice binding for all residential rental units. It is somewhat less self-evident that multi-family properties owned by the municipality (not-for-profit, council housing) would also be subject to such conversions. This is, however, quite common, particularly in Stockholm. The aim of this paper is to estimate whether council housing is generally sold to the tenants with a discount, as compared to the market prices of transactions where private property companies sell their properties. We use regression techniques applied to data from the official record of real property transactions. We find a significant price difference between the two categories of transactions. Council housing is sold out at a discount price and we estimate that a total value of some 3.23 billion SEK may have been redistributed from the taxpayers to the housing purchasers in these transactions. This program is probably not efficient from a public economic perspective. Furthermore, it counteracts the purpose of the current rent control legislation.

This diploma thesis describes elementary factors affecting real estate rental market. The thesis includes a market research in two different localities in the city of Brno. The result of the research determines a usual rent amount. The collected data is separated by the number of rooms 1+1/kk, 2+1/kk a 3+1/kk and bigger (number of room + the kitchen or a kitchenette) and plot into a map. The usual rent amount defines three levels on each of the groups. The conclusion of the thesis evaluates the research results.

This diploma thesis examines market rents of flats in the town of Olomouc. It probes the condition of the local real-estate flat rent market and it assesses which factors affect the price the most. That is achieved on the basis of data of realized rents gathered via questionnaire and complemented with the supply real-estate prices. The data are sorted into four categories (1+1 a 1+k, 2+1 a 2+k, 3+1 a 3+k, 4+1 a 4+k) that are mutually compared and analyzed with textual, table and graphic output. In the theoretical part of this work, the research is supported with juridical and economical definitions, which appear on the real-estate flat market. The work then states the specifics of real-estate market and comments on the changes in the new civil code of law. It also gives a brief overview of the basics of the housing policy theory.

Essa dissertação tem como objeto de estudo o preço da terra como elemento político na produção pública de habitação e na produção do espaço em Curitiba. A habitação de interesse social configura-se hoje como um falso problema. Falso, não porque as carências no setor habitacional não existam e não se configurem enquanto um problema. É um falso problema porque sua formulação está baseada somente em explicações economicistas que ignoram o preço da terra como um elemento político. Para a reformulação do problema da habitação a partir de suas características intrísecas, a produção da Companhia de Habitação Popular de Curitiba foi analisada desde a sua fundação em 1965 até o ano de 2010, ano de início dessa pesquisa, demontrando a relação entre o preço da terra e as transformações das tipologias e localização de unidades habitacionais produzidas. Demonstra-se ainda que ao longo dos diversos planos, projetos e leis elaborados, principalmente pelo Instituto de Pesquisa e Planejamento Urbano de Curitiba e pela Companhia de Habitação Popular de Curitiba o discurso sobre o preço da terra como problema e a descrição da natureza de problema que ele constitui, diverge ao longo do tempo, bem como as soluções formuladas que normalmente tem o sentido de buscar terras mais baratas ao invés de pautar o preço destas. Os principais elementos apontados pela COHAB-CT ao longo de sua história como limitantes para a produção habitacional: a escassez de terra, a especulação imobiliária e o alto preço da terra, são desconstruídos e aparecem como políticas de obscurecimento à medida em que naturalizam o preço da terra e o tornam um elemento reificado, sempiterno e imutável. Imutável não no sentido que este não varie, mas no sentido de que este varia sem qualquer relação com os processos de produção e reprodução do capital e portanto sem possibilidades de intervenção. Esse desvelamento do obscurecimento da formulação do preço da terra como problema na produção da habitação popular e, por consequência, o desvelamento do problema da habitação, acabam por demonstrar o embricamento da Companhia de Habitação Popular de Curitiba nos movimentos do mercado imobiliário.
The present dissertation has the purpose of studying the price of the land as a political factor on the public housing production and on the production of space in Curitiba. The social housing figures today as a false problem. False, not because the needs in the housing sector supposedly don\'t exist or don\'t figure as a problem. It is false because its formulation is based only on economistic explanations that ignore the price of the land as a political factor. To reformulate the housing question based on its intrinsic characteristics, we analyzed the production of the Companhia de Habitação Popular de Curitiba - COHAB-CT (popular housing company of Curitiba), considered the period from 1965 to 2010, the year the present research started, demonstrating the relation between the price of the land and the transformation of the typologies and locations of the housing units produced in the period. It is also demonstrated that, after several plans, projects, and laws passed, drafted in many cases by the Instituto de Pesquisa e Planejamento Urbano de Curitiba (Urban planning and research institute of Curitiba) and the Companhia de Habitação Popular de Curitiba (popular housing company of Curitiba), the discourse about the price of the land as a problem, and the description of the nature of the problem that it makes up, differ during the period, as well as the solutions given, which, normally, has the sense of seeking cheaper lands instead of stating their price. The main factors pointed out by COHAB-CT, during its history, as limits to the housing production, are: the lack of land, the property speculation and the high price of the land. These factors fall down and show up as eclipsing policies as far as they naturalize the price of the land and make it up reified, everlasting, and immutable. Immutable not in a sense that it doesn\'t vary, but in the sense that it varies without relation to the processes of production and reproduction of Capital, therefore without possibilities of intervention. The unveiling of the eclipsing policies within the formulation of the price of the land as a problem within the popular housing and, as a consequence, the unveiling of the housing question, end up to demonstrate the interwoven of the Companhia de Habitação Popular de Curitiba (popular housing company of Curitiba) and the movements of real estate market.

The thesis is focused on finding the level of rent in locations of Brno- Lesna, Bohunice, Bystrc, Slatina, Brno-center. The aim of this work to compare the level of rent of flats taking into account three different sizes, one room, two rooms and three rooms flats. The comparison is based on the size and locality of these flats. Moreover the author research various effects infuencing the level of the rent. The results are expressed in text and also graphically.

Diploma thesis describes current situation on the real estate market in the Statutory City of Opava. It deals with the progress of rental housing and with comparing the amount of current usual rent and also with factors that influence the amount of rent. Market research was conducted in four categories: in category 1 + 1 and 1 + kk, in category 1 + 2 and 2 + kk, in category 3 + 1 and 3 + kk and in category 4 + 1, 4 + kk and larger. Price maps are based on data obtained by research. In these price maps are particular flats graphically divided into groups according to the amount of rent.

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Este trabalho analisa a variação da taxa de aluguel e do custo de moradia nas cidades de São Paulo e Rio de Janeiro para o período de Janeiro de 2008 a Janeiro de 2014 utilizando uma abordagem quantitativa com base na expectativa de longo prazo da taxa de juros reais, na expectativa de inflação e na valorização do preço dos imóveis em uma janela de 1 ano. Os resultados indicam que a expectativa de longo prazo da taxa de juros reais tem um impacto relevante na variação da taxa de aluguel durante o período abordado, bem como a expectativa de inflação, mas em magnitude menor, enquanto a valorização passada de 1 ano não tem poder explicativo sobre a taxa de aluguel.
We examine the variation of the rent-to-price ratio in the cities of Sao Paulo and Rio de Janeiro from January 2008 to January 2014 using a quantitative approach based on the expected long-term real interest rate, the expected inflation rate and the price appreciation of real estate during the last twelve months. The results indicate that the expected long-term real interest rate has a significant impact on the variation of the rent-to-price ratio during the period covered, as well as the expected inflation, but to a lesser degree, while the past price appreciation has no explanatory power.

This dissertation analyse selected used methods of appraising of flats and their reciprocal comparing. Then the dissertation defines basic concepts and percepts, with them the matters of appraising of flats hang together. Priceds flats thein are in Pilsen in the in area Bolevec. There were selected flats with differeent layout.

This chapter details the dramatic increase in investor flows into real estate in Ireland and how global investors view the ‘build-to-rent’ sector as a key area for investment. It shows that the non-household sector significantly increased its role in buying residential property in Ireland from 2013 onwards. It sets out how global equity, institutional investors and real estate funds are moving into student accommodation making it less affordable. It looks at how new planning laws promote micro-apartments and how such build-to-rent co-living spaces fail to provide an acceptable living environment. It explores the downsides of global investment and hyperfinancialisation and is adding significantly to demand, thus inflating property prices and rents and how corporate landlords are becoming a real force and have the power to set new (higher) market rents in certain areas embedding a embeds a permanent unaffordability into the housing market. It shows how Ireland is facilitating the global financialisation of housing through its tax and regulatory regime for REITs, global real estate investors and vultures which is of international significance as it is both facilitates, and increases the profitability in, equity investment in residential property.It finishes by detailing the new forms of inequality resulting from financialisation of housing - the winners and losers in the Irish housing system.

The current problems in the construction, sale, purchase, offer, or search of housing, present questions about the future of the real estate market, questions that will have to be possible solutions in the medium and long term. This document proposes obtaining primary information through “Opinion survey aimed at the population on housing and its influence on the land market,” through an applied methodology and variables associated with the survey. This chapter elaborates a methodological proposal to analyze the situation of the houses for rent in the border city of Badajoz to provide a document of support to the professionals and technicians who are dedicated to the territory and urban planning, to solve the problems about the construction, sale, purchase, offer, or search of housing.

This chapter looks at the overburdening presence of property and housing finance in the UK economy. It focuses on the economic instability created by mortgage dependency. This is a critical context for understanding the role of Government in creating barriers to resolving the housing crisis though its programme of Quantitative Easing, encouragement of Real Estate Investment Trusts, and by offering tax and residence advantages for overseas investors in UK property. It also explores the rise of investor interest in Build to Rent.

This chapter describes and details the wave of global real estate and vulture investment in distressed assets and loans, as the second wave of financialisation of residential property (housing), following the first wave of financial market and equity involvement in mortgage lending and securitisation from the late 1990s to 2008. It then defines and details a third wave of financialisation is evident in the post-2010 period as global institutional investors have increasingly invested in the private rental ‘build-to-rent’ sector. This third wave is a further development in the restructuring of the finance–real estate relationship through the increased role of large-scale corporate finance and global private equity funds (pension funds, hedge funds, wealth funds, shell funds, private equity) in the provision of rental residential property. It shows how housing and land is providing another important vehicle for investing the global ‘wall of money’ searching for higher returns in a context of reduced profitability and rising risk in the wider ‘real’ economy. It details how the Irish state’s strategy to overcome the global property and financial crash of 2008 and achieve the recovery of financial institutions and the wider economy was based on the sale of ‘toxic’ and ‘non-performing’ loans and associated land and property, at a considerable discount, to international ‘vulture funds’ and property investors via the National Asset Management Agency (NAMA) and domestic banks. The strategy was based on a deepening of the financialisation of the Irish housing (and wider property) system.

Housing situation of Poles and activities of public authorities to improve it Purpose: The purpose of this study is to assess the housing situation of Poles and to present activities of public entities, especially communes, undertaken to improve it. Design/methodology/approach: Secondary data was presented showing the number and ownership structure of dwellings and the demand for dwellings in Poland. The data comes from the Central Statistical Office and the Ministry of Development. The previous activity of municipalities in developing the local housing market is also discussed and the concept of social housing initiatives is characterized. Findings: Despite the record number of housing units completed in recent years, there is still a shortage of housing units, which negatively affects the socio-economic development of the state. The main barrier to access to housing is its price and the high growth rate of 1 m2 of space. Municipalities could more actively answer the housing needs of citizens by creating social housing initiatives, i.e. not for profit companies building rental housing with moderate rent. Originality and value: State housing policy has been questioned. The provision of own contribution by the state for certain social groups may lead to an increase in real estate prices, because with their limited supply the demand for these apartments and the price of 1 m2 of space rises. It is postulated to increase the activity of municipalities in the housing market. This may consist in creating social housing initiatives, i.e. not for profit companies building apartments for rent with moderate rent (lower even by 50% in relation to the market rent).

After numerous failed state-led initiatives to stem the exodus of middle-income residents in postwar New York, in the late 1960s landlords and major real estate associations proposed their own solution to increase homeownership and retain the middle class: converting rental housing into cooperatives. The middle-income tenants of this housing, however, initially widely rejected apartment ownership, preferring the security of rent-regulated housing. This set off a decade-long battle over the control and nature of moderate- and middle-income housing. This chapter traces how over the 1970s middle-income tenants came to embrace apartment ownership, a shift that pushed the housing stock toward market-rate condominiums and cooperatives and exacerbated the city’s mounting affordable housing crisis.

In Poland, the housing system is currently based on cooperative apartments and the ownership of premises. This is due to historical conditions, because in the post-war period it was decided to foster cooperative housing; while the development of private property was impeded. After 1989, there were rapid economic and social changes, which also affected the real estate sector. It became possible to buy cooperative flats for ownership. The construction of new apartments was rapidly started and a development market was established. The owners of tenement houses made efforts to return the taken property, many of them regained the buildings, although their technical condition was very bad. There is a shortage of apartments in Poland, both available for purchase and for rent. In this chapter, I intend to present the current ownership status of apartments in Poland and the process of changes that took place, but did not solve the problems.

Macroeconomic summary Several factors contributed to an increase in projected inflation on the forecast horizon, keeping it above the target rate. These included inflation in December that surpassed expectations (5.62%), indexation to higher inflation rates for various baskets in the consumer price index (CPI), a significant real increase in the legal minimum wage, persistent external and domestic inflationary supply shocks, and heightened exchange rate pressures. The CPI for foods was affected by the persistence of external and domestic supply shocks and was the most significant contributor to unexpectedly high inflation in the fourth quarter. Price adjustments for fuels and certain utilities can explain the acceleration in inflation for regulated items, which was more significant than anticipated. Prices in the CPI for goods excluding food and regulated items also rose more than expected. This was partly due to a smaller effect on prices from the national government’s VAT-free day than anticipated by the technical staff and more persistent external pressures, including via peso depreciation. By contrast, the CPI for services excluding food and regulated items accelerated less than expected, partly reflecting strong competition in the communications sector. This was the only major CPI basket for which prices increased below the target inflation rate. The technical staff revised its inflation forecast upward in response to certain external shocks (prices, costs, and depreciation) and domestic shocks (e.g., on meat products) that were stronger and more persistent than anticipated in the previous report. Observed inflation and a real increase in the legal minimum wage also exceeded expectations, which would boost inflation by affecting price indexation, labor costs, and inflation expectations. The technical staff now expects year-end headline inflation of 4.3% in 2022 and 3.4% in 2023; core inflation is projected to be 4.5% and 3.6%, respectively. These forecasts consider the lapse of certain price relief measures associated with the COVID-19 health emergency, which would contribute to temporarily keeping inflation above the target on the forecast horizon. It is important to note that these estimates continue to contain a significant degree of uncertainty, mainly related to the development of external and domestic supply shocks and their ultimate effects on prices. Other contributing factors include high price volatility and measurement uncertainty related to the extension of Colombia’s health emergency and tax relief measures (such as the VAT-free days) associated with the Social Investment Law (Ley de Inversión Social). The as-yet uncertain magnitude of the effects of a recent real increase in the legal minimum wage (that was high by historical standards) and high observed and expected inflation, are additional factors weighing on the overall uncertainty of the estimates in this report. The size of excess productive capacity remaining in the economy and the degree to which it is closing are also uncertain, as the evolution of the pandemic continues to represent a significant forecast risk. margin, could be less dynamic than expected. And the normalization of monetary policy in the United States could come more quickly than projected in this report, which could negatively affect international financing costs. Finally, there remains a significant degree of uncertainty related to the duration of supply chocks and the degree to which macroeconomic and political conditions could negatively affect the recovery in investment. The technical staff revised its GDP growth projection for 2022 from 4.7% to 4.3% (Graph 1.3). This revision accounts for the likelihood that a larger portion of the recent positive dynamic in private consumption would be transitory than previously expected. This estimate also contemplates less dynamic investment behavior than forecast in the previous report amid less favorable financial conditions and a highly uncertain investment environment. Third-quarter GDP growth (12.9%), which was similar to projections from the October report, and the fourth-quarter growth forecast (8.7%) reflect a positive consumption trend, which has been revised upward. This dynamic has been driven by both public and private spending. Investment growth, meanwhile, has been weaker than forecast. Available fourth-quarter data suggest that consumption spending for the period would have exceeded estimates from October, thanks to three consecutive months that included VAT-free days, a relatively low COVID-19 caseload, and mobility indicators similar to their pre-pandemic levels. By contrast, the most recently available figures on new housing developments and machinery and equipment imports suggest that investment, while continuing to rise, is growing at a slower rate than anticipated in the previous report. The trade deficit is expected to have widened, as imports would have grown at a high level and outpaced exports. Given the above, the technical staff now expects fourth-quarter economic growth of 8.7%, with overall growth for 2021 of 9.9%. Several factors should continue to contribute to output recovery in 2022, though some of these may be less significant than previously forecast. International financial conditions are expected to be less favorable, though external demand should continue to recover and terms of trade continue to increase amid higher projected oil prices. Lower unemployment rates and subsequent positive effects on household income, despite increased inflation, would also boost output recovery, as would progress in the national vaccination campaign. The technical staff expects that the conditions that have favored recent high levels of consumption would be, in large part, transitory. Consumption spending is expected to grow at a slower rate in 2022. Gross fixed capital formation (GFCF) would continue to recover, approaching its pre-pandemic level, though at a slower rate than anticipated in the previous report. This would be due to lower observed GFCF levels and the potential impact of political and fiscal uncertainty. Meanwhile, the policy interest rate would be less expansionary as the process of monetary policy normalization continues. Given the above, growth in 2022 is forecast to decelerate to 4.3% (previously 4.7%). In 2023, that figure (3.1%) is projected to converge to levels closer to the potential growth rate. In this case, excess productive capacity would be expected to tighten at a similar rate as projected in the previous report. The trade deficit would tighten more than previously projected on the forecast horizon, due to expectations of an improved export dynamic and moderation in imports. The growth forecast for 2022 considers a low basis of comparison from the first half of 2021. However, there remain significant downside risks to this forecast. The current projection does not, for example, account for any additional effects on economic activity resulting from further waves of COVID-19. High private consumption levels, which have already surpassed pre-pandemic levels by a large margin, could be less dynamic than expected. And the normalization of monetary policy in the United States could come more quickly than projected in this report, which could negatively affect international financing costs. Finally, there remains a significant degree of uncertainty related to the duration of supply chocks and the degree to which macroeconomic and political conditions could negatively affect the recovery in investment. External demand for Colombian goods and services should continue to recover amid significant global inflation pressures, high oil prices, and less favorable international financial conditions than those estimated in October. Economic activity among Colombia’s major trade partners recovered in 2021 amid countries reopening and ample international liquidity. However, that growth has been somewhat restricted by global supply chain disruptions and new outbreaks of COVID-19. The technical staff has revised its growth forecast for Colombia’s main trade partners from 6.3% to 6.9% for 2021, and from 3.4% to 3.3% for 2022; trade partner economies are expected to grow 2.6% in 2023. Colombia’s annual terms of trade increased in 2021, largely on higher oil, coffee, and coal prices. This improvement came despite increased prices for goods and services imports. The expected oil price trajectory has been revised upward, partly to supply restrictions and lagging investment in the sector that would offset reduced growth forecasts in some major economies. Elevated freight and raw materials costs and supply chain disruptions continue to affect global goods production, and have led to increases in global prices. Coupled with the recovery in global demand, this has put upward pressure on external inflation. Several emerging market economies have continued to normalize monetary policy in this context. Meanwhile, in the United States, the Federal Reserve has anticipated an end to its asset buying program. U.S. inflation in December (7.0%) was again surprisingly high and market average inflation forecasts for 2022 have increased. The Fed is expected to increase its policy rate during the first quarter of 2022, with quarterly increases anticipated over the rest of the year. For its part, Colombia’s sovereign risk premium has increased and is forecast to remain on a higher path, to levels above the 15-year-average, on the forecast horizon. This would be partly due to the effects of a less expansionary monetary policy in the United States and the accumulation of macroeconomic imbalances in Colombia. Given the above, international financial conditions are projected to be less favorable than anticipated in the October report. The increase in Colombia’s external financing costs could be more significant if upward pressures on inflation in the United States persist and monetary policy is normalized more quickly than contemplated in this report. As detailed in Section 2.3, uncertainty surrounding international financial conditions continues to be unusually high. Along with other considerations, recent concerns over the potential effects of new COVID-19 variants, the persistence of global supply chain disruptions, energy crises in certain countries, growing geopolitical tensions, and a more significant deceleration in China are all factors underlying this uncertainty. The changing macroeconomic environment toward greater inflation and unanchoring risks on inflation expectations imply a reduction in the space available for monetary policy stimulus. Recovery in domestic demand and a reduction in excess productive capacity have come in line with the technical staff’s expectations from the October report. Some upside risks to inflation have materialized, while medium-term inflation expectations have increased and are above the 3% target. Monetary policy remains expansionary. Significant global inflationary pressures and the unexpected increase in the CPI in December point to more persistent effects from recent supply shocks. Core inflation is trending upward, but remains below the 3% target. Headline and core inflation projections have increased on the forecast horizon and are above the target rate through the end of 2023. Meanwhile, the expected dynamism of domestic demand would be in line with low levels of excess productive capacity. An accumulation of macroeconomic imbalances in Colombia and the increased likelihood of a faster normalization of monetary policy in the United States would put upward pressure on sovereign risk perceptions in a more persistent manner, with implications for the exchange rate and the natural rate of interest. Persistent disruptions to international supply chains, a high real increase in the legal minimum wage, and the indexation of various baskets in the CPI to higher inflation rates could affect price expectations and push inflation above the target more persistently. These factors suggest that the space to maintain monetary stimulus has continued to diminish, though monetary policy remains expansionary. 1.2 Monetary policy decision Banco de la República’s board of directors (BDBR) in its meetings in December 2021 and January 2022 voted to continue normalizing monetary policy. The BDBR voted by a majority in these two meetings to increase the benchmark interest rate by 50 and 100 basis points, respectively, bringing the policy rate to 4.0%.