Tesi sul tema "Real estate"

Real estate assets are often considered as illiquid due to capital and transaction barriers. As a response, real estate tokenizing is a rising phenomenon. Real estate tokenizing combines the benefits from the private and the public real estate market, by creating a product with direct real estate commitment to low capital requirements and efficient transaction processes. The product is called real estate token, a digital share of an asset. Real estate tokens enable hypothetical fractionalization of properties with means of blockchain technology and smart contracts. This study investigate the pros and cons of real estate tokenizing as well as the financial performance of publicly traded US residential real estate tokens. The study states that fractionalization of properties increases access and customizability of real estate investments. Furthermore, the blockchain technology and the smart contracts enable automatization of transaction processes and asset management. Altogether, the benefits may result in a higher liquidity. However, the study also states several drawbacks with real estate tokenizing, such as lack of management and deeds, scalability problems and liquidity paradoxes. Furthermore, this study shows that US residential real estate tokens underperform both S&P 500 and housing index in terms of risk-adjusted return. Moreover, the real estate token market seems to correlate more with the S&P 500 than with the housing market. The study concludes that the cons with real estate tokenizing exceed the pros, although the phenomenon has great potential in a more mature market. However, real estate tokenizing will face implementation obstacles when converting the real estate industry to blockchain technology. As such, the success of real estate tokenizing is dependent on the global view of blockchain technology.
Fastigheter betraktas ofta som illikvida på grund av kapital- och transaktionsbarriärer. Som svar på den bristande likviditeten är blockchainteknologi inom fastigheter, även känt som ”real estate tokenizing”, ett växande fenomen. Real estate tokenizing ämnar till att kombinera fördelarna från den privata och den publika fastighetsmarknaden genom att skapa en produkt med direkt fastighetsexponering till låga kapitalkrav och effektiva transaktionsprocesser. Produkten kallas ”real estate token”, en digital andel av en tillgång. Real estate tokens möjliggör hypotetisk fraktionering av fastigheter med hjälp av blockchainteknologi och smarta kontrakt. Denna studie undersöker för- och nackdelar med real estate tokenizing såväl som finansiell prestation av publikt handlade real estate tokens inom det amerikanska bostadssegmentet. Studien konstaterar att fraktionering av fastigheter ökar tillgängligheten och anpassningsbarheten i fastighetsinvesteringar. Vidare möjliggör blockchainteknologi och smarta kontrakt automatisering av transaktionsprocesser och förvaltning. Sammantaget kan fördelarna med real estate tokenizing leda till högre likviditet. Studien konstaterar emellertid också flera nackdelar med real estate tokenizing, såsom brist på management och panträtt, storskalbarhetsproblem och likviditetsparadoxer. Vidare visar studien på att publikt handlade real estate tokens inom det amerikanska bostadssegmentet underpresterar både S&P 500 och bostadsindex i termer av riskjusterad avkastning. Dessutom verkar marknaden för publikt handlade real estate tokens inom det amerikanska bostadssegmentet korrelera mer med S&P 500 än med bostadsmarknaden. Studien konkluderar att nackdelarna med real estate tokenizing överstiger fördelarna i dagsläget, även om fenomenet har stor potential på en mer mogen marknad. Real estate tokenizing riskerar dock att möta implementeringshinder när fastighetsbranschen ska konverteras till blockchainteknologi. Således är framgången för real estate tokenizing beroende av den globala synen på blockchainteknologi.

This is a doctoral dissertation presented to the FacultyBoard of the Royal Institute of Technology. The dissertationconsists of three self-contained essays on real option pricing.Essay I, written in Swedish, was presented at seminar andaccepted as fulfilling the requirement for a Licentiate Degreein Engineering thesis in 1995. Essay I: This essay studies the option to develop vacantland when the landowner simultaneously determines the optimaldensity and timing of a development. Williams (1991) andCapozza and Li (1994) have recently studied the landdevelopment decision from a realoptions perspective. Bothpapers assume that the production technology is of the commonlyused Cobb-Douglas type, but they use different assumptionsabout uncertainty over future rents and construction costs. Ananalysis of these models and their limitations is carried outand as a result valuation models based on other productiontechnologies than the Cobb-Douglas technology are derived. Essay II: McDonald and Siegel (1996) show that when thebenefit from an investment and the investment cost are assumedto follow correlated geometric Brownian motions, the optimalinvestment policy is given by a simple rule: Invest the firsttime the benefit-cost ratio reaches a certain level. In thisessay, which models the decision to change the use ofaproperty, the investment rule is found to be more complicated.Optimal redevelopment will take place for differentbenefit-cost ratios depending on the relative sizes of thevalue of the property in the different uses and the cost ofchanging the use. Also, for a given current benefit-cost ratiothe value of the option to change use will vary significantlydepending on the relative sizes of the state variables. Essay III: The relationship between the option to choose thecapacity of a real estate development and deliberateoverbuilding is studied in a simple model of investment underuncertainty. The model provides an intuitive measure ofdeliberate overbuilding: the difference between the number ofrental units the owner of an undeveloped site optimally choosesto produce and the number of units expected to be leased at thetime of the building's completion. Numerical simulations withreasonable parameter values show that in some economicenvironments, the optimal production strategy can be to producemore units than are expected to be leased at completion of thedevelopment.

QC 20100611

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

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

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

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

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

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

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

Tesis para optar al grado de Magíster en Administración
No trae autorizaciones, para ser publicada en el Portal de Tesis Electrónicas de la U. de Chile.
Luque Arancibia, Paula [Parte I Análisis estratégico y de mercado],Román Ureta, Gonzalo Andrés [Parte II Análisis organizativo-financiero]
rescon es una consultora pensada para evitar o solucionar problemas de propiedad común, que afecten a inmobiliarias, comunidades y gestores de negocios inmobiliarios, en un mercado donde hay clientes insatisfechos y empoderados para legalizar sus requerimientos, lo cual conlleva a los oferentes a proteger su marca, en una ciudad donde la escasez de espacio incrementa la cantidad de proyectos en comunidad (ver anexo n°17). Agregar valor a los activos de los clientes, disminuir costos ocultos, evitar compensaciones y mejorar la imagen de marca, son algunos de los beneficios que el grupo objetivo podrá obtener, mediante una propuesta fundamentada en compromiso y profesionalismo. Con experiencia y know-how, la empresa responderá a una nueva necesidad, siendo pioneros en un incipiente mercado estimado de MM$1.100, donde obtener una participación del 20% al quinto año en la Región Metropolitana es factible, ya que el servicio no existe y se trata de un sector específico con escasos profesionales. Para cumplir con los objetivos de la compañía, se ha diseñado un plan de marketing multisegmento para proyectos en gestación y en marcha, que ofrece rapidez y profesionalismo a un precio competitivo, a través de una fuerza de ventas cercana y especializada. El modelo contempla una estructura de costos basada en colaboradores externos en función de las ventas, con tecnologías de gestión de clientes, y un centro de operaciones con una ubicación estratégica, que permitirá entregar un servicio de calidad optimizando el tiempo. El capital humano, su formación continua, y las relaciones con las instituciones que validan la información de la industria, son los factores críticos para el éxito de un proyecto fundamentado en el conocimiento, la empatía de sus personas y la calidad de servicio. Evaluado a 8 años, para llevar a cabo el negocio se requiere una inversión inicial de MM$30, la cual se estima recuperar al cuarto año de operación. Con bajos costos fijos y bajas barreras de salida, los flujos del modelo arrojan una TIR de 34,3%, mientras que el VAN es de MM$28 con una tasa de descuento de un 17,9%.

Problem: Problemet som legat till grund för intresset och inriktningen med denna magisteruppsats är då tidigare kontorsfastigheten Skatteskrapan skulle byta ägare och användningsområde. En planerad ombyggnad ställde till problem med avseende på uppskattningen av ombyggnadskostnader. I slutändan handlar problemet om ett värderingsproblem. Detta problem tillsammans med andra ex-empel där fastigheter bytt användningsområden har väckt ett intresse att göra en ingående undersökning av det svenska fastighetsvärderingsområdet. Denna uppsats är indelad i fem olika delundersökningar. Initialt sker en presentation av svenska metoder för fastighetsvärdering. Vidare under-söks olika faktorer som har olika värdepåverkande effekter på fastighetsvärdet. Därefter genomförs en undersökning av hur nya användningssituationer kan vålla värderingsproblem samt hur ett värde fastställs i en sådan situation. Nästa steg består utav en undersökning av internationella värderingsmetoder. Studien avslutas sedan med en undersökning av nya trender som utvecklats inom fastighetsvärderingen.

Syfte: Syftet med denna magisteruppsats är att studera fenomenet fastighetsvärdering via svenska fastighetsvärderare för att erhålla en förståelse för hur de resonerar vid valet av värderingsmetod och bestämmer det slutliga värdet. Dessutom är syftet också att belysa relationen mellan svenska och internationella värderingsmetoder för att utröna likheter och skillnader.

Metod: Vi har valt en kvalitativ metod i form av åtta intervjuer. En förstudie, i form av en intervju, görs med professor Stellan Lundström, vilken ämnar till att ge en uppdaterad bild av forskningen inom området. Därefter hålls sju intervjuer med auktoriserade fastighetsvärderare. Värderarnas synpunkter analyseras sedan tillsammans med resultat från förstudien, teoretiskt ramverk samt tidigare studier. Analysen är baserad på en modifierad tankemodell som är skapad av forskaren Jan Matts-son. Genom denna modell har sedan fem viktiga nivåer, knutna till uppsatsens problemområde, analyserats.

Slutsats: Vi fann att de svenska värderingsmetoderna i stort sett utgörs av tre olika metoder. Dessa är avkastningsmetod, ortsprismetod samt produktionskostnadsmetod. De viktigaste värdepåverkande faktorerna var fastighetens läge samt dess skick och standard. Även hyreskontrakten och vakanser påverker till stor del. Beslut om ny användningssituation kan tas av olika anledningar. Det största problemet relaterat till denna förändring är uppskattningen av framtida kostnader, där ombyggnadskostnader utgör den största svårigheten. De internationella värderingsmetoderna är överlag de samma som de svenska. Kulturella skillnader föreligger i vilka metoder som används i olika situationer. De viktigaste nya trenderna är effekten av de internationella redovisningsstandarderna. En annan trend är det ökade användandet av automatiska analysverktyg.

Problem: The underlying problem within this Master of Science thesis is the emanating issues from the changed owner and usage situation of the former Tax Department. A planned reconstruction led to difficulties in estimating the reconstruction costs. In the end this problem is an appraisal issue. This problem led to an interest to make a thorough investigation of the area of Swedish real estate appraisal. The thesis is constituted by five different subinvestigations. Initially an exploration is made concerning Swedish real estate appraisal methods. Further, factors affecting the real estate value are examined. This is followed by an investigation of what appraisal issues that might occur in a new usage situation and how the value is estimated in such a situation. The relation between Swedish and International appraisal methods is then illuminated. The final investigation is concerning what new trends that have occurred on the Swedish real estate appraisal market.

Purpose: The purpose of this Master of Science thesis is to study the phenomenon real estate appraisal via Swedish real estate appraisers to gain an understanding of how they reason when choosing appraisal method and determine the real estate value. Additionally, the aim is also to highlight the relation between Swedish and International real estate methods to reveal differences and similarities.

Method: We have chosen a qualitative method taking the form of eight interviews. A total of eight interviews are performed. The study is offset by a pre-study with a professor at RIT, Stellan Lundström. The aim with this interview is to get an updated view of the latest research within real estate appraisal. This is followed by seven interviews with certified real estate appraisers. The results from the interviews with the appraisers are analysed together with the pre-study, theoretical framework and previous studies. The analysing process is based upon a modified thought model, originally developed by the researcher Jan Mattsson. The analysing process is presented in five steps that all are connected to the modified thought model and related to the problem area of this Master of Science thesis.

Conclusion: We found that the Swedish appraisal methods generally are constituted by three methods. These are the avkastnings method, the ortspris method and production cost method. The most influent factors on the real estate value are the location as well as the condition and standard. Also the rent contracts and vacancies to some extent affect the value. A rather large problem originates in the estimation of future costs, where the estimation of reconstruction costs is referred to as the largest issue. The international appraisal methods are equivalent to the Swedish methods. The largest differences are of cultural kind mostly caused by differences in legislation. New trends that are presented are the impact of the international accounting standards (IAS). Another significant trend is the increased use of automatic real estate analysis tools.

This thesis builds on the real estate lease model of Grenadier which consists of the Black Scholes PDE and an upper reflecting boundary condition. Extending the method of images of Buchen, a new technique was developed to solve this class of problems. Problems that previously required difficult integration can now be solved with algebra and simple integrals. In addition, the compound option in this framework is solved using this new technique. To the best of our knowledge the solution of the compound problem has not been published. An interesting symmetry between this class of problems and the lookback option was also discovered and described in this thesis. The extension of the method of images to include problems with the reflecting boundary condition in the context of real estate leases was presented at the Financial Integrity Research Network Doctoral Tutorials at the University of Technology, Sydney, in 2006. The presentation was awarded the ``FIRN Best Paper Award''. This paper has been submitted to the Journal of Financial Mathematics for publication. The solution to the compound problem in the context of the upward-only market review option is the subject of the next paper.

Doctor of Philosophy(PhD)
This thesis builds on the real estate lease model of Grenadier which consists of the Black Scholes PDE and an upper reflecting boundary condition. Extending the method of images of Buchen, a new technique was developed to solve this class of problems. Problems that previously required difficult integration can now be solved with algebra and simple integrals. In addition, the compound option in this framework is solved using this new technique. To the best of our knowledge the solution of the compound problem has not been published. An interesting symmetry between this class of problems and the lookback option was also discovered and described in this thesis. The extension of the method of images to include problems with the reflecting boundary condition in the context of real estate leases was presented at the Financial Integrity Research Network Doctoral Tutorials at the University of Technology, Sydney, in 2006. The presentation was awarded the ``FIRN Best Paper Award''. This paper has been submitted to the Journal of Financial Mathematics for publication. The solution to the compound problem in the context of the upward-only market review option is the subject of the next paper.

This thesis provides a discussion and analysis of the factors that influence real estate return. The result is a combination of capital growth and rental profit, which are affected predominantly by changing location values, leverage, interest rates, and property use. These are analysed separately and brought together with formulas for calculating the total return, and demonstrations for how this return may be affected by changes in the underlying parameters.

Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1998.
Includes bibliographical references (leaves 75-76).
Whether in a bid to remain competitive or designed to elevate a populations standard of living, countries around the world are seeing the necessity to deregulate their financial systems and open their markets to international commerce. Real estate, traditionally a local investment to enhance individual financial wealth, has become a domestic and international vehicle for speculative institutional and private investment. This statistical study utilizes time series data on office market rents, public real estate stock indices and gross domestic product from 17 markets around the globe in an effort to shed light on national and international real estate trends. Specifically, the study searches for divergence within a domestic setting public and private real estate markets. Eights global markets consumer price index deflated office market rental rates from 1970 to 1998 are regressed against a publicly traded real estate corporation's stock or property index's performance. Next, an understanding of a local economies effect on the private real estate markets performance is sought by regressing the same time series of deflated office market rental rates against the economies gross domestic product. Finally we look for the existence of international real estate market correlation by examining trends in office market rental rates from 1970 to 1998 in all 17 global markets. Public real estate cycles in most global settings lead private market cycles in the majority of markets studied. In addition GDP appears to not affect a countries office markets performance. Analysis suggests market segmentation exists internationally for private real estate markets in most countries.
by Darin Richard DePasquale.
S.M.

Real estate development investment requires a large capital funding but it has slow payback with many risks and uncertainties in the investment. The current approach by using NPV to evaluate this type of investment is not adequate anymore. This is because NPV does not thoroughly capture the uncertainties in the investment and the method ignores the management flexibility whether to postpone or abandon the project in the future. An alternative approach that addresses these issues is to use real options to evaluate this type of investment. The thesis uses the real option model that was proposed by McDonald and Siegel (1986) to evaluate real estate development investment. The model captures value and cost uncertainty in the investment and considers that managements have the flexibility to defer the investment into the future. The thesis analyzes the model critically by sensitivity analyses and shows that using the model requires the input parameters to be carefully determined, especially the ones that relate to unit rental rate.  Furthermore, the paper uses Monte Carlo simulation to determine the optimal ratio between value and cost which suggests that the investment should be deferred or invested now. The result shows that, in general, a real estate project should be invested when the value of the project doubles the cost. Also, the result from the simulation allows investors to adjust the ratio according to their risk behavior. Lastly, the thesis performs another Monte Carlo simulation in order to quantitatively identify the effect of the real option model on the investment decision. The result shows that using only the traditional NPV to evaluate the investment can lead to the wrong investment decision more than 90% of the time. Therefore, using both real options and NPV together can improve investment decisions on the real estate development project.

The proposed research aims to gain a better understanding of the information inefficiencies in the real estate investment milieu through the exploration of the behaviour of real estate actors. The supposition is that a better understanding of the real estate actor behaviour in the context of market cyclicality should add to the body of knowledge on the pro-active mitigation of real estate investment losses. The exogenous factors causing market cyclicality such as the sub-prime mortgage crises of 2007/2008 is used analogously to an independent variable with the focus on the behaviour and interrelation of real estate actors or endogenous causes of market cyclicality. A phenomenological approach in the context of constructivist ontology is followed in a connected mixed method research strategy, i.e. a quantitative to qualitative sequential explanatory design to explore the behaviour of the real estate user, - developer and - investor. The quantitative data analysis takes the form of descriptive statistics of office vacancy rates, - areas and - capitalisation rates of seven nodes in Cape Town. Although inferential statistical methods, such as the nonparametric Kruskal-Wallis Test, linear tend analysis and measures of linearity are used it is still used in the form of descriptive statistics to understand phenomena and extrapolate results to other situations. Qualitative data are collected through semi-structured interviews and analysis is done with Giorgi’s descriptive phenomenology approach to synthesise a general psychological structure based on the constituent of the participant’s experience. The study found that regular periods of over- and underbuilding in the real estate market may be influenced by the real estate actor because of the bounded nature of information and bounded capability of the actor. Real estate actors display behaviour actively avoiding the negative impact of market cyclicality through the use of agency. An agency based model is developed through this study showing that the real estate actor use specialisation to confine the unknown nature of information and to liberate the bounded ability of the real estate actor through working the network, engaging the network and signalling.

This study investigates the relation between accounting depreciation bias and equity valuation in a unique industry setting, Real Estate Investment Trusts (REITs). REITs report funds from operations (FFO), an industry standardized pro forma performance measure that is computed by excluding the depreciation expense of real properties from GAAP net income. Researchers have examined short-period samples and found inconclusive results on the relative ability of FFO and GAAP net income to explain the market value of equity. This dissertation attempts to explain their results by finding that depreciation expense, the largest reconciling item between FFO and net income, has different biases over the phases of real estate business cycles. This study uses modeling techniques to develop an industry-specific valuation model for REITs. In this model, the difference between the valuation coefficients on FFO and depreciation expense captures accounting depreciation bias and varies over the phases of real estate cycles. This model presents a theoretical link between accounting depreciation bias and the relative ability of FFO versus net income to explain the market value of equity. Using the REIT valuation model, this study empirically examines the impact of real estate cycles on accounting depreciation bias and on the relative ability of FFO and net income to explain the market value of equity. This study finds that FFO explains stock prices better than net income does in a market boom and that there is no significant difference in explanatory power between FFO versus net income in a market bust. Further results indicate that the valuation coefficients on FFO and depreciation expense have opposite sensitivities to a state variable that summarizes information on the real estate cycle phase during a year. These results partially reconcile the mixed results of prior studies across different time periods.

Köpet av en bostadsrätt är för de flesta människor den största investering i deras liv. Som bostadsrättsinnehavare förvaltas huset och fastigheten av en bostadsrättsförening. För att finansiera driften och underhållet tar föreningen ut en avgift från bostadsrättsinnehavaren, en månadsavgift. Månadsavgiften, tillsammans med eventuella räntekostnader som uppstår om finansiering skett genom lån, utgör den sammanlagda boendekostnaden för bostadsrättsinnehavaren. Därför bör det vara av stor vikt att köparen försäkrar sig om att föreningen har god ekonomi och har skötts på ett bra sätt, för att undvika stora och oväntade höjningar av månadsavgiften vilket medför ökade boendekostnader. Den här uppsatsen syftar till att undersöka i vilken omfattning aktörer på bostadsmarknaden använder årsredovisningen som beslutsunderlag vid köpet av bostadsrätt samt att ge förslag på hur man kan göra årsredovisningen mer lättläst och förståelig. Data insamlades genom fastighetsekonomisk facklitteratur, myndigheter och organisationer som är verksamma inom området. Frågeställningarna ovan besvarades genom empiriska undersökningar i form av enkäter och intervjuer samt en jämförelsestudie av tre stycken bostadsrättsföreningar i Stockholms innerstad. Resultaten från enkäterna indikerade på att endast de med ekonomisk utbildning använde sig av och kunde tolka årsredovisningarna inför köpet av sin bostadsrätt. I de mer diskuterande intervjuerna framgick att även de med ekonomisk utbildning saknade kunskaperna som krävdes för att analysera föreningarnas årsredovisning på djupet, även om de hade större förståelse än de utan ekonomisk utbildning. Jämförelsestudien illustrerade hur nyckeltal kan användas för att analysera en bostadsrättsförenings ekonomiska status. Slutsatsen är att aktörer på bostadsrättsmarknaden utan ekonomisk utbildning inte använder sig av årsredovisningen som beslutsunderlag vid köp av bostadsrätter. De med ekonomisk utbildning använder sig av föreningens årsredovisning men saknar förmågan att analysera föreningens ekonomi på djupet. Uppsatsen föreslår att de behandlade nyckeltalen med tillhörande förklarande text bör presenteras i varje årsredovisning, förslagsvis under förvaltningsberättelsen. Det skulle medföra att samtliga aktörer på bostadsrättsmarknaden kan analysera föreningens ekonomi på djupet och försäkra sig om att göra ett välgrundat köp.
The purchase of a cooperative apartment is for most people the largest venture in their life. The housing cooperative is responsible for the running expenses and maintenance of the property and the house. To finance these costs, the owner of the cooperative apartment has to pay a monthly fee. The monthly fee, combined with possible interest costs if the apartment was funded by a loan, make the total accommodation cost for the cooperative apartment owner. Therefore it should be of importance to analyze the economic status of the housing cooperation prior the purchase. The purpose of this thesis is to examine the extent to which buyers use the annual reports of the housing cooperatives as decision-making material for the purchase, and provide suggestions on how to make the annual report more readable and understandable. Data were collected by literature, government agencies and other organizations in the real estate economic field. The questions above were answered through empirical research in the form of questionnaires and interviews, as well as a comparative study of three housing cooperatives in the inner city of Stockholm. The questionnaires indicates that only those with economic education made use of and could interpret the annual report when buying their cooperative apartment. The more discursive interviews showed that even those with economic education lacked the knowledge to analyze the association’s annual report in depth. The comparative study illustrated how key figures can be used to analyze the housing cooperative financial status. The conclusion is that actors on the cooperative apartment market that lack economic education does not use the annual reports at all as decision making materials. Even those with economic education lack the ability to analyze the housing cooperatives financial status in depth. The thesis suggests that the treated key figures with accompanying explanatory text should be presented in each annual report. It would mean that all actors in the cooperative apartment market could analyze the housing cooperation’s The purchase of a cooperative apartment is for most people the largest venture in their life. The housing cooperative is responsible for the running expenses and maintenance of the property and the house. To finance these costs, the owner of the cooperative apartment has to pay a monthly fee. The monthly fee, combined with possible interest costs if the apartment was funded by a loan, make the total accommodation cost for the cooperative apartment owner. Therefore it should be of importance to analyze the economic status of the housing cooperation prior the purchase. The purpose of this thesis is to examine the extent to which buyers use the annual reports of the housing cooperatives as decision-making material for the purchase, and provide suggestions on how to make the annual report more readable and understandable. Data were collected by literature, government agencies and other organizations in the real estate economic field. The questions above were answered through empirical research in the form of questionnaires and interviews, as well as a comparative study of three housing cooperatives in the inner city of Stockholm. The questionnaires indicates that only those with economic education made use of and could interpret the annual report when buying their cooperative apartment. The more discursive interviews showed that even those with economic education lacked the knowledge to analyze the association’s annual report in depth. The comparative study illustrated how key figures can be used to analyze the housing cooperative financial status. The conclusion is that actors on the cooperative apartment market that lack economic education does not use the annual reports at all as decision making materials. Even those with economic education lack the ability to analyze the housing cooperatives financial status in depth. The thesis suggests that the treated key figures with accompanying explanatory text should be presented in each annual report. It would mean that all actors in the cooperative apartment market could analyze the housing cooperation’s The purchase of a cooperative apartment is for most people the largest venture in their life. The housing cooperative is responsible for the running expenses and maintenance of the property and the house. To finance these costs, the owner of the cooperative apartment has to pay a monthly fee. The monthly fee, combined with possible interest costs if the apartment was funded by a loan, make the total accommodation cost for the cooperative apartment owner. Therefore it should be of importance to analyze the economic status of the housing cooperation prior the purchase. The purpose of this thesis is to examine the extent to which buyers use the annual reports of the housing cooperatives as decision-making material for the purchase, and provide suggestions on how to make the annual report more readable and understandable. Data were collected by literature, government agencies and other organizations in the real estate economic field. The questions above were answered through empirical research in the form of questionnaires and interviews, as well as a comparative study of three housing cooperatives in the inner city of Stockholm. The questionnaires indicates that only those with economic education made use of and could interpret the annual report when buying their cooperative apartment. The more discursive interviews showed that even those with economic education lacked the knowledge to analyze the association’s annual report in depth. The comparative study illustrated how key figures can be used to analyze the housing cooperative financial status. The conclusion is that actors on the cooperative apartment market that lack economic education does not use the annual reports at all as decision making materials. Even those with economic education lack the ability to analyze the housing cooperatives financial status in depth. The thesis suggests that the treated key figures with accompanying explanatory text should be presented in each annual report. It would mean that all actors in the cooperative apartment market could analyze the housing cooperation’s financial status in depth with ease.

FUNDAÇÃO PETROBRÁS DE SEGURIDADE SOCIAL
O modelo de monitoração, registro e valoração de investimentos, adotado por investidores institucionais em países desenvolvidos e em especial o americano, juntamente com todos os seus agregados financeiros - índices de bolsas, indicadores de performance, precificação de ativos, ratings, standards, etc...- é sem dúvida um forte elemento direcionador e influenciador dos modelos adotados no Brasil para administração de carteiras de investimento. Surgiu no próprio mercado americano, após o término da recessão do inicio dos anos 90, uma profunda remodelagem dos instrumentos, veículos, indicadores de performance e standards dos investimentos de base imobiliária, que até então seguiam seus próprios e diversificados padrões, desvinculados dos modelos propalados e adotados pelo mercado financeiro. O conhecimento dos modelos de gestão adotados por investidores institucionais brasileiros, em especial os fundos de pensão é básico para se desenhe uma nova estratégia futura de alocação e respectiva gestão de recursos em carteiras de base imobiliária de investidores institucionais. O foco do presente trabalho é dar início a este processo de conhecimento pela identificação e interpretação dos principais fatores que modelam a gestão imobiliária dos fundos de pensão brasileiros, propondo a partir daí algumas reflexões iniciais sobre estes fatores e por conseguinte sobre estes modelos, visando padronizações, aperfeiçoamentos e um maior alinhamento com práticas já consagradas em mercados mais desenvolvidos e eficientes.
It is common knowledge that the models of monitoring, registering and valuating investments, accepted by institutional investors in many developed countries, especially the US - together with financial ratios adopted in the stock market, in assets price evaluation and performance, in risk ratings, in account standards - have great influence in the models implemented by investment portfolio managers in Brazil. After the recession in the beginning of 1990 s, took place in the US Real Estate market a major restructure of Real Estate instruments, vehicles, performance indices, and standards. The Real Estate community agreed that their market could no longer have dissimilar and diverse methods for measuring and evaluating Real Estate assets if compared with those used currently by the financial market. Knowing and understanding the relationship between models adopted by brazilian institutional investors and the positioning of pension funds when allocating resources to real state, is fundamental to trace any new future allocation and management strategy for real state investments by institutional investors. The main purpose of this paper is to begin this process of knowledge by identifying and interpreting the main factors that model the real estate portfolio management adopted by Brazilian pension funds, followed by some reflexion over those factors and conseqüently over those models, mainly focused on standardization and refinement of such current models, and also on aligning current practices to those already approved and implemented by more developed and efficient markets.

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 57-59).
This thesis introduces probabilistic valuation techniques and encourages their usage in the real estate industry. Including uncertainty and real options into real estate financial models is worthwhile, especially when there is an elevated level of unpredictability surrounding the investment decision. Incorporating uncertainty into real estate pro formas not only provides different results over deterministic models, it changes the angle of attack to real estate valuation problems. When uncertainty is taken into account, the focus shifts from simply maximizing financial returns, to modeling and managing uncertainty to make better ex ante finance and design decisions. The ability to add optionality in probabilistic financial modeling can enhance returns by curtailing losses during downturns and taking advantage of upside conditions. A step-by-step example is carefully crafted to demonstrate the simplicity with which uncertainty, Monte Carlo Simulations and Real Options may be included into real estate pro formas. The example is entirely Excel based and is separated into three parts with each progressively increasing in complexity. SimpleCo Tower establishes the familiar Discounted Cash Flow pro forma as a starting point. ModerateCo Tower describes how uncertainty and Monte Carlo simulations can be incorporated into a pro forma while illustrating the effect of non-linearity on financial models. ChallengeCo Tower reveals how real options can add value to an investment and how it should not be overlooked. The case study illustrates how the techniques outlined in this thesis can add significant value to real estate decisions without much added effort or investment in expensive software. The case study also shows how the use of real world data to model uncertainty can be put into practice.
by Keith Chin-Kee Leung.
S.M. in Real Estate Development

Background: The expansive monetary policy of the European Central Bank has been leading to all-time-low interest rates and to a strong move into real estate investment. Low interest rates can work in favor of the investor (due to low interest rate expenditures), but increasing interest rates can jeopardize real estate investments. Since changes in interest rates are unpredictable, an investor needs to deal with this volatility. The capital market offers several financial instruments (so-called “derivatives”) to overcome the above-mentioned obstacle. There is no “one-size-fits-all” strategy. The investor needs to decide which financing structure to combine with which form of derivative. Purpose: The investigation not only explains and shows how real estate financing and hedging strategies on a given project in Germany can work but also explains why it is crucial to link these segments. To achieve this purpose, the return on equity and return cash flows at risk are numerically estimated. The evaluative purpose will be served by using the above-mentioned ratios and cash flows to derive recommendations of action. In doing so, this study will illustrate the importance of hedging, particularly for real estate investors and investors in general. Method: Interest rates on a monthly basis for the period of June 1990 until March 2017 from Thomson Reuters Eikon and real life data from a German real estate investor and a German financial institution were collected. Thereafter, these numbers were used as a basis to perform interest rate and cash flow simulations (Monte Carlo). The simulations were used to determine superior financing and hedging strategies for the investor. Conclusion: The results of this study highlight the benefits from leveraged financing and the necessity of interest rate risk management (hedging) to obtain stabilized future cash flows and reduce volatility caused by fluctuating interest rates. Fixed rate loans offer protection against rising interest rates, but lack flexibility. Floating loans offer more flexibility but are riskier due to the unhedged interest rate exposure.

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

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

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

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

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

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

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

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

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

It can be stated that where a valuation is used as an assessment of risk there is no research-backed theory of valuation, that is one that explains the methodology used and is validated by a hypothesis. The significance of this thesis is the recognition of the ignorance, and confusion that exists and the need of a theory to explain methodology verified by a hypothesis or hypotheses. This thesis is the result of systemic research in an attempt to define the confusion that exists, resulting from the application of inappropriate economic theories in valuation. This research also attempts to find the reason for and the source of the confusion. This research supports that which has previously been advocated that valuation principles of valuation Practice must be underpinned by a working theory embedded in positive economics. The finding of this paper is that price theory is an appropriate proxy for valuation theory where a valuation is used as an assessment of the recovery of funds. However importantly this research also recognises and examines the possible ability of other related economic theories to explain areas price behaviour where price theory cannot. The findings of this research are likely to have important implications in the valuation profession. Hopefully this will result in stimulating debate and a realisation of a need for a theory which supports a credible and validated process of valuation.

Įvade aprašoma ir apibūdinama organizacijos veikla, jos dalyvavimas nekilnojamojo turto vystymo rinkoje, problemos su kuriomis ji susiduria tiek vidaus, tiek išorinės aplinkoje. Šio darbo tikslas analizuoja perspektyvas tikrame versle ir padaro teorišką strategiją iš būsimo įmonės veiksmo. Pirma dalis duoda teorišką analizę pagal mokslinį metodą strateginio verslo planui. Antra dalis apžvelgia verslo aplinką įmonės ir duoda einamojo veiksmo analizę. Trečia dalis susitelkia ties strateginėmis alternatyvomis ir jų teorišku pritaikymu konkrečioje įmonės strategijoje. Ten kuriama misija ir vizija "Nekilnojamojo turto" įmonės, strategija jos verslininkystės metais 2009-2014, ir teoriški jos įsisąmoninimo aspektai. Šio darbo tikrovė guli jo praktiniame pritaikyme. Net jei nėra jokios visuotinės formulės verslo pasisekimui, kiekviena analizė yra didelė nauda ir analizuojančiam asmeniui ir visai įmonei.
The presented business is the supply of real estate companies, carried out by „Real Estate“ enterprise. The purpose of this work is to analyze the perspectives in actual business and to make theoretical strategy of future activities of the enterprise. The first part gives a theoretical analysis and acientific approach to strategic business plannig. The second part reviews the business environment of the enterprise and gives the analysis of current activities of the enterprise. The third part focuses on strategic alternatives and their theoretical applicability in a concrete strategy of an enterprise. There comes the mission and the vision of the „Real Estate“ enterprise, the strategy of its business activities in year 2009-2014, and the theoretical aspects of its realization. the actuality of this work lays in its practical applicability. Even if there is no universal formula for a business success, every trial to analyze and to plan is of the great impertance for a person concerned and for the whole enterprise.

Every year a hundreds of new Estate agents is examined, and new agency comes to, which increase the competition for estate agents. Property sellers have the option to choose the estate agent which they think is the best one that will best mediate their property at a flexible and a correct way. It has been common that property sellers choose and compare estate agents in the city, the competition is today equal outside the city as in the city. Possibly, these are other criteria that values higher in the city as outside the city. I wonder therefore what factors are important and crucial in the choice of estate agents in Nacka Municipality. The studies intentions is to give the public a better understanding of which criteria consider to be important when it comes to the choice of estate agents. The study is based on survey examination, made in Nacka municipality, and an interview with a real estate agent working in the Nacka municipality. The theory was based on previous studies in the area but also on the selling decision process and service quality in service. The criteria that were important for sellers was, that the object was advertised on Internet, that the estate agent is well-versed in the district, the estate agent's behavior, that the real estate enterprise is comprehended as reliable and serious and personal chemistry with the estate agent. A top decisive criterion for the choice of estate agents was that the real estate agent was well-versed in the district.
Varje år examineras flera hundra nya mäklare och nya mäklarkontor kommer till, vilket ökar konkurrensen för fastighetsmäklarna. Bostadssäljarna har valmöjligheten att välja den fastighetsmäklare som de tycker är bäst som bäst kommer förmedla deras bostad på ett smidigt och korrekt sätt. Det har varit vanligt med att bostadsäljare väljer och jämför fastighetsmäklare i innerstan, konkurrensen är idag lika stor utanför innerstan. Möjligen rör det sig om andra kriterier man värdesätter högre i innerstan såsom utanför innerstan. Jag frågar mig därför vilka faktorer som är viktiga och avgörande vid valet av fastighetsmäklare i Nacka kommun? Avsikten med studien är att ge allmänheten en ökad kunskap om vilka kriterier bostadssäljare anser vara viktiga när det kommer till val av fastighetsmäklare vid en bostadsförsäljning. Studien baseras på enkätundersökningar, gjorda i Nacka kommun samt intervju med en fastighetsmäklare som arbetar inom Nacka kommun. Teorin grundades på tidigare studier i området men även på säljbeslutsprocessen och servicekvalitet inom tjänsteföretag. De kriterier som var betydande för bostadssäljarna var, Att objektet annonseras på Internet, Att fastighetsmäklaren är väl insatt i området, fastighetsmäklarens beteende, att fastighetsmäklarföretaget uppfattas som pålitliga och seriösa samt personkemi med fastighetsmäklaren. De högst avgörande kriterierna vid valet av fastighetsmäklare var att fastighetsmäklaren var väl insatt i området.

Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1997.
"September 1997."
Includes bibliographical references (leaves 83-84).
by John P. McMurray and Samuel M. Mundel.
S.M.

Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2012.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 149-154).
This dissertation is a collection of three essays in real estate finance. In the first essay, we observe that between 1985 and 2007, the share of household mortgage debt as a proportion of the total value of housing in the US increased substantially from 30% to an all-time high of 50%. With the decline in house prices, these high levels of leverage increased the propensity at which households defaulted. We examine household decisions on mortgage leverage using new extensive loan-level data from Fannie Mae over the sample period 1986 to 2010. We conceptualize a market for leverage per se and develop a theory of leverage demand-and-supply. Empirically, we estimate an interest rate elasticity of leverage demand of -0.37 or, equivalently, a movement along the demand curve from an r-LTV pair of (10%, 72%) to that of (5%, 85%). We find that leverage demand was cyclical and responsive to economic events but without a general trend. By contrast, leverage supply shifts in the form of lower mortgage interest rates were concurrently associated with higher average loan-to-value ratios. We find that in MSAs with higher house prices, households borrowed more and bought equally more expensive houses. That left leverage unchanged but raised households' risk of illiquidity by increasing their loan-to-income ratios. In MSAs with high house price volatility, we find that both leverage demand and supply were lower. We also identify that younger, poorer and less credit-worthy borrowers demand more leverage than their counterparts. In the second essay, co-authored with David Geltner, we document that loss aversion behavior plays a major role in the pricing of commercial properties, and it varies both across the type of market participants and across the cycle. We find that sophisticated and more experienced investors are at least as loss averse as their counterparts and that loss aversion operated most strongly during the cycle peak in 2007. We also document a possible anchoring effect of the asking price in influencing buyer valuation and subsequent transaction price. We demonstrate the importance of behavioral phenomena in constructing hedonic price indices, and we find that the impact of loss aversion is attenuated at the aggregate market level. This suggests that the pricing and volume cycle during 2001 - 2009 was little affected by loss aversion. In the third essay, also co-authored with David Geltner, we present a technique to address the problem of data scarcity in the construction of high-frequency real estate price indexes. We introduce a two-stage frequency conversion procedure, by first estimating lower-frequency indexes staggered in time, and then applying a generalized inverse estimator to convert from lower to higher frequency return series. The two-stage procedure can improve the accuracy of high-frequency indexes in scarce data environments. The method is demonstrated and analyzed by application to empirical commercial property repeat-sales data.
by Sheharyar Javaid Bokhari.
Ph.D.

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2017.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (page 59).
Since 2013, investors from the People's Republic of China (PRC) have made significant strides in the global real estate market, especially in developed regions such as North America, Australia, and Western Europe. From 2014 to 2016, this trend became stronger, and by 2016 Q3, China became the top cross-border real estate investment country by transaction volume. We ask the following question: After the prosperity of the last three years, will the global investment trends of PRC investors remain steady or not? This thesis first reviews the progress made by PRC investors in recent years and the key reasons for it. It then discusses PRC investors investment preferences and strategies. The discussion then focuses on includes pragmatic considerations of tax matters and domestic regulatory problems in the PRC. The thesis concludes by exploring new trends in the market and speculating about the future of cross-border real estate investments by PRC citizens.
by Qing Wang.
S.M. in Real Estate Development

Mestrado em Finanças
O valor de um ativo imobiliário é afetado por diferentes variáveis como a sua localização, a sua área de construção, o seu projeto de arquitetura, e também a fase do ciclo imobiliário em que se encontra o mercado onde o ativo imobiliário está inserido. O Objetivo deste projeto é analisar e clarificar a situação de um ativo imobiliário, de que forma se poderia viabilizar a sua transação e encontrar a melhor forma de maximizar os retornos da operação. Esta recomendação de investimento é feita considerando a situação atual do ativo e com o objetivo de atingir o mais alto nível de retornos com a estrutura da operação proposta. Analisar e recomendar a melhor estrutura para a aquisição e desenvolvimento do ativo existente. O importante nesta análise será projetar no futuro as mais valias deste projeto, olhando para os cash-flows gerados pelo investimento feito. Num contexto atual de mercado onde os níveis de investimento no sector imobiliário batem recordes, pareceu-me relevante desenvolver este projeto. O crescimento do investimento estrangeiro tem sido acentuado, muito graças ao aumento do turismo e ao potencial de Portugal em muitas outras áreas. Hoje Portugal não é só conhecido pela sua história e clima, mas também como um País seguro e politicamente estável onde se investe cada vez mais.
The value of a real estate asset is affected by different variables such as its location, its total construction area, its architectural design, and the current phase of the real estate economic cycle. The objective of this project is to analyse and clarify the situation of a real estate asset, how its transaction could be made viable, and find the best way to maximize the returns of the venture. This investment recommendation is made considering the current asset situation with the aim to achieve the highest level of returns with the proposed transaction structure. As a result of the analysis a recommendation can be made with regard to the most suitable framework for the acquisition and development of the existing asset. A major element in this analysis will be to project the future capital gains of this project, looking at the predicted cash flows, resulting from the made investment. In the current market context where levels of real estate investments are breaking records, it seems relevant to develop this project. There has been a strong growth in foreign investment, mainly due to the increased tourism and Portugal’s excellent potential in various other areas. Today Portugal is not only known for its history and climate, but also as a safe and politically stable country, in which it’s worth investing into.
info:eu-repo/semantics/publishedVersion

This thesis is an analysis of the major segments of the real estate market in Prague. It covers office, retail, industrial, hotel and residential real estate and the investment market behind these segments predominantly from the perspective of an institutional investor. In the thesis, theoretical fundamentals behind real estate development are connected to the present state of the market. The thesis provides an overview of the supply and demand, prices, yields, vacancy rates and major trends or developments in each segment. The analysis of the present state of the market is also connected to the economic crisis. The thesis covers both the reasons behind the depressed and dormant state of the market and emerging trends into the years ahead.

The thesis is aimed to describe and approach the REIT practice that is, especially in the U. S. very enhanced. In the first part, general parameters of real estate investment trusts are introduced and understated in connection with the depiction of the advantages and disadvantages of this issue. In chronological sequence, the development and progress of the U. S. real estate market is approached. The thesis further undertakes the current subject of the global financial crisis with a special focus on the REIT involvement and the potential application of the new EU directive - AIFMD (Alternative Investment Fund Managers Directive). This directive is expected to harmonize the joint investments. The objective of the thesis is a detailed description and specification of REIT in selected developed countries (U. S., Western Europe, and Australia) followed by a comparation of these regimes and an analysis of the considerable real estate investment companies in the Czech Republic including the financial analysis of the public joint-stock companies. A development of Czech real estate market during the mortgage crisis is also depicted and a market forecast is prognosed. The thesis concludes potential restraints of the REIT legal introduction in the Czech Republic as this corporative type has not been lawfully validated there.

This dissertation presents a case study of a communication course component of a real estate diploma program conducted at an institute campus of TAFE, NSW. The primary research concerns were to investigate the trainees' communicative needs and how these needs were being addressed. The methodology used is a policy analysis approach, conceiving of the subject in terms of a policy cycle in which processes occur including decision-making, interacting, creating and enacting policy texts - all in relevant sites which include the real estate industry sector, the vocational education and training sector, the training provider and the trainees themselves. Drawing on a range of approaches for the critical and comprehensive analysis of policy, the case study incorporates critical discourse analysis so that policy arenas are seen as contexts of discourse. Hence, in the process critical understandings of each context and its communicative dimensions are developed. This study presents a framework consisting of the elements needed for an effective communication course. They include the context of communication, interpersonal skills, cognitive process, and language-based communication skills. The framework rests on the ethical values of respect, responsibility and honesty, which have implications by embodying an ethical approach to training and eduction. Policy processes in real estate and VET are analysed and critiqued in light of this framework. While some policy texts are compatible, such as real estate legislation aimed at developing agents' professionalism and sense of responsibility for the other, other aspects of the industry sector's culture and practices do not appear to be. Similarly VET policy, in being primarily oriented towards meeting industry's needs and in using an outcomes-based approach, can be seen as not adequately addressing its key clients' (the trainees) needs. The study illustrates that the training provider is, as a result, constrained in meeting the sector's goals.

At the beginning of 2000-ies the real estate market of residential property in Spain considered to be one the most popular and fast-growing real estate market in Europe, which attracted a great number of investment into the country and thus contributed greatly to the development of the national economy of Spain. However, because of the economic crisis in the country, residential real estate market collapsed significantly. At the present time, the Spanish real estate market of residential property market is recovering from the recession to the pre-crisis level as the prices for residential real estate property has started increasing due to the high demand for it. All this factors positively affect the national economy of Spain. In order to obtain the major aim of the thesis, it is crucial to conduct a retrospective overview of the residential real estate market of Spain before the crisis and provide a bene-ficial real estate market analysis of the current situation on the market of residential proper-ty.

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 84-86).
As FinTech and online alternative finance has become a disrupter for the world, one of their subcategories, crowdfunding has a considerable potential to change the real estate industry. The study was to examine the real estate crowdfunding (short for RECF) in China and understand the present status of the industry, challenges, opportunities, and trends. The data mainly came from the Chinese crowdfunding websites, industry reports, and the RECF platforms; the methodology included fundamental data analysis, case study and comparison with the RECF in other regions such as US, UK, and Europe. The study started with an introduction of real estate FinTech, crowdfunding, and theoretical framework about RECF as well as the global RECF market to get a better understanding of the RECF in China.
Then the research examined the history, and current status about the platform models, players, and characteristics of the RECF in China; the two representative cases (Duocaitou and Kaishiba) were are analyzed in detail to interpret the drivers under their successes and problems in general. The study found out the possible challenges for the RECF industry in China, including the blurred regulatory environment, low diversification in types and locations of properties and immature platforms as well as low desire to expand globally. Finally, the research attempted to seek for potentials and recommendations that will ultimately lead to the successful future development of this industry. The study was subject to the limitations on accessibility to the database and timeliness of data in such a changing industry.
However, its findings and suggestions can be useful to players who are supposed to engage in the RECF ecosystem and intend to involve in the RECF in China such as regulators, real estate developers, institutional or retail investors, and RECF startups. Future researches are necessary to understand the effectiveness of risk management systems on the RECF platforms, the ways that the institutional players can involve in the industry, the globalization of the Chinese RECF, and mechanism of RECF ecosystem.
by Renjie Tang.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate

Nonostante la riforma societaria ed i tentativi di rilanciare l’economia nazionale, ancora oggi la principale fonte di ricchezza e di capitalizzazione resta l’investimento immobiliare. Ed ecco perchè si sente sempre più parlare di “Real Estate”, ovvero dei diritti reali sui beni immobili, della loro circolazione, e delle garanzie e tutele ad essa correlate. Dalla vendita immobiliare tipizzata nel codice civile del ’42 ad oggi molto è cambiato. E il mio lavoro parte proprio da un’analisi delle nuove forme e dei nuovi limiti alla circolazione degli immobili. In primis ho affrontato il tema del riconoscimento giurisprudenziale della cessione di cubatura: un esempio tipico del passaggio dal fatto al diritto attraverso la costruzione giurisprudenziale di nuove fattispecie giuridiche già in uso fra gli operatori del mercato. Tecnicamente la stessa espressione “cessione di cubatura” non risulta corretta: non si ha una vera e propria cessione, quanto la costituzione di una servitù ius non edificandi a favore di un terreno e a carico di un altro. La giurisprudenza è ormai concorde nello stabilire che l’accordo delle parti rimane comunque privo di efficacia se ad esso non segue un permesso di costruire della Pubblica Amministrazione che riconosca la maggiore capacità edificatoria al terreno a cui vantaggio è stabilità la servitù. Un’altra nuova forma di circolazione della proprietà, così come degli altri diritti reali minori, è la multiproprietà. La multiproprietà viene disciplinata nel nostro ordinamento, a seguito di una risoluzione del Parlamento Europeo del 13 ottobre 1988, dapprima con il D.lgs. 9 novembre 1998 e da ultimo con il Codice del Consumo, che con gli artt. 69 ss. stabilisce una più puntuale tutela degli acquirenti. Si riconosce qui l’esistenza di uno squilibrio fra le posizioni contrattuali fra venditore ed acquirente/consumatore: vi è una profonda asimmetria informativa fra le parti, che viene colmata prevedendo la consegna al futuro acquirente di un dettagliato prospetto informativo predisposto dal venditore. La mia attenzione si è concentrata proprio sul tema delle tutele che il nostro ordinamento riconosce al consumatore multiproprietario: un prospetto informativo dal contenuto minimo legislativamente predeterminato, recesso, fideiussione. Ho dedicato un particolare approfondimento alla normativa sull’acquisto immobiliare sulla carta. Il D.lgs. 122/2005 si inserisce nel contesto di una legislazione, che spesso trova la sua origine nel diritto privato europeo, finalizzata alla regolamentazione di un fenomeno sempre più frequente nella realtà economica contemporanea, rappresentato dalla contrattazione fra soggetti che si trovano in una posizione di squilibrio contrattuale: un “contraente forte” da una parte, ed un “contraente debole” dall’altra. La legislazione nazionale interviene sempre più frequentemente per porre un rimedio a queste situazioni di squilibrio, con interventi di tipo conformativo intesi a rendere effettiva l’autonoma contrattuale delle parti e, conseguentemente, agevolare il corretto funzionamento del mercato. Si parla in tal senso di una ius espansiva del modello europeo di legislazione a tutela del contraente debole, e quindi di una espansione del diritto privato europeo anche in settori dove manca una puntuale normativa comunitaria. Vi è una generale tendenza ad un “neoformalismo”, che consiste nella richiesta espressa della forma scritta e nella conformazione del contenuto del contratto, che solo apparentemente limitano l’autonomia contrattuale delle parti ma che tende ad eliminare le situazioni di squilibrio dando una tutela effettiva al contraente debole. Contraente debole e non “consumatore”. L’art. 1 del decreto parla, infatti, espressamente di “persona fisica”. Secondo gli orientamenti dottrinali maggioritari dalla nuova disciplina resterebbero esclusi, e quindi non rientrerebbero nella definizione di “acquirenti”, le società, le persone giuridiche e gli enti collettivi in generale. Si riconosce la figura del “professionista debole”, giacché si riconosce che l’acquisto di un immobile da costruire sia un’operazione che, in virtù della sua importanza economica, viene gestita con maggiore avvedutezza: l’acquisto di un immobile non è propriamente “atto di consumo”in senso tecnico. L’esigenza di tutela è diversa: si vuole tutelare l’acquirente in considerazione dell’intrinseca rischiosità dell’operazione, stabilendo alcuni profili fondamentali del contenuto del contratto non solo e non tanto a fini informativi, quanto piuttosto per una “tutela sostanziale” dell’acquirente. Il legislatore si preoccupa di predisporre garanzie obbligatorie per il caso di dissesto dell’impresa costruttrice. Le garanzie, quindi, come forma di tutela del contraente debole. Il mio lavoro si concentra, a questo punto, sulle garanzie personali e reali. Poche le novità sulle garanzie, ma alcune significative. Nel campo delle garanzie personali, acquista maggiore rilevanza la fideiussione prestata dal contraente forte a favore del contraente debole, affinché quest’ultimo possa recuperare tutte le somme investite per l’acquisto dell’immobile: sia esso un immobile in multiproprietà, sia esso un immobile ancora da costruire. E ancora le garanzie reali: pegno e ipoteca. Ho posto particolare attenzione al tema della "portabilità" dei mutui e surrogazione ex art. 1202 c.c. ed al tema delle formalità ipotecarie così come previsti dagli artt. 6, 7 e 8 della l. 2 aprile 2007, n. 40 sulla concorrenza. Ma la mia attenzione si è soffermata soprattutto sul tema della nullità ed in particolare sulla nullità relativa. La più recente legislazione speciale, specie quella di derivazione europea, ha dato un grosso scossone alla dogmatica tradizionale della nullità negoziale. Le fattispecie di nullità relativa sono sempre più frequenti, tanto da far parlare di una nuova categoria di nullità c.d. “nullità di protezione”. Quest’ultima risponde ad esigenze profondamente differenti dalla nullità assoluta di stampo codicistico. In luogo della nullità, sembra oggi più corretto parlare delle nullità: diverse categorie di invalidità, ciascuna delle quali soddisfa interessi diversificati, e come tale riceve anche una disciplina differenziata in termini di legittimazione all’azione, rilevabilità d’ufficio, prescrittibilità, sanabilità, opponibilità ai terzi. Ancora una volta partendo da un’analisi critica del D.lgs. 122/2005, ho avuto modo di approfondire il fondamentale tema della nullità nel nostro ordinamento. L’art. 2 del decreto stabilisce espressamente la nullità relativa, e cioè azionabile dal solo acquirente parte debole del contratto, nel caso in cui non sia rilasciata dal venditore la fideiussione. L’art. 6 stabilisce, invece, un contenuto minimo del contratto poste a tutela della parte debole e del corretto funzionamento del mercato immobiliare. Se ad alcune di esse può attribuirsi un valore meramente ordinatorio, altre al contrario rivestono una natura di norme imperative di ordine pubblico attinenti più precisamente al c.d. ordine pubblico di protezione ed al c.d. ordine pubblico di direzione. Nel sistema del nostro codice, la violazione di norma imperative dà luogo, ex art. 1418, alla nullità del contatto salvo che la legge stabilisca diversamente. E’quindi configurabile una nullità virtuale del contratto, ovvero non espressamente e letteralmente stabilita, ma che può essere desunta dal tenore imperativo delle norme. La dottrina prevalente è ormai orientata nel senso di ammettere che anche la nullità relativa possa essere virtuale, nel quadro di un orientamento, ormai dominante, volto al superamento dell’approccio tendente a far rientrare nell’eccezionalità qualsiasi difformità dal modello classico della nullità. Il problema, quindi, si sposta all’individuazione della natura imperativa della norma violata. In linea generale si afferma che perché una norma possa essere definita imperativa debba porre un comando o un divieto espresso, debba essere inderogabile ed indisponibile. Oggetto di dibattiti dottrinali è, poi, il tema della rilevabilità d’ufficio delle nullità relative. A fronte di una prima posizione dottrinale tendente ad escludere tale rilevabilità d’ufficio sul presupposto di una sua inconciliabilità con il regime di legittimazione relativa all’azione di nullità, dottrina e giurisprudenza più recenti appaiono concordi nel ritenere assolutamente conciliabili tali due profili. Si concorda, inoltre, sull’esistenza di limitazioni alla rilevabilità d’ufficio della nullità: la nullità può essere rilevata d’ufficio dal giudice, ma tale rilievo deve operare nell’esclusivo interesse del contraente debole, dovendo il giudice bloccarsi davanti ad un concreto interesse della parte a mantenere in vita il contratto. Discorso a sé stante deve poi esser fatto sul rapporto fra nullità relativa e nullità virtuale e responsabilità del notaio rogante. Secondo l’orientamento dominante della giurisprudenza, nella misura in cui vi sia una violazione di norme imperative, e l’imperatività sia evidente, manifesta, dal tenore delle disposizioni, deve ritenersi che la nullità, sia testuale che virtuale, comporti la responsabilità del notaio ai sensi dell’art. 28 l. not. Ogni qualvolta, viceversa, tale nullità non si configuri, la responsabilità disciplinare sarà esclusa. Si avverte, comunque, una prima apertura verso la sanzionabilità delle nullità relative che siano manifeste. In chiusura del mio lavoro non ho potuto non tenere conto della recente crisi dei mercati internazionali. Crisi che ha avuto inizio proprio con il crollo negli Stati Uniti dei settori immobiliare e finanziario, improntati verso una eccessiva deregolamentazione e valorizzazione dell’autonomia contrattuale delle parti. L’assenza di garanzie sicure e la carenza di controllo di un professionista corrispondente al nostro notaio pubblico ufficiale, ha portato ad investimenti e finanziamenti azzardati da parte delle banche e degli istituti di credito che stanno vivendo un momento di profonda crisi aprendo la strada ad una recessione economica di portata mondiale.

Nonostante la riforma societaria ed i tentativi di rilanciare l’economia nazionale, ancora oggi la principale fonte di ricchezza e di capitalizzazione resta l’investimento immobiliare. Ed ecco perchè si sente sempre più parlare di “Real Estate”, ovvero dei diritti reali sui beni immobili, della loro circolazione, e delle garanzie e tutele ad essa correlate. Dalla vendita immobiliare tipizzata nel codice civile del ’42 ad oggi molto è cambiato. E il mio lavoro parte proprio da un’analisi delle nuove forme e dei nuovi limiti alla circolazione degli immobili. In primis ho affrontato il tema del riconoscimento giurisprudenziale della cessione di cubatura: un esempio tipico del passaggio dal fatto al diritto attraverso la costruzione giurisprudenziale di nuove fattispecie giuridiche già in uso fra gli operatori del mercato. Tecnicamente la stessa espressione “cessione di cubatura” non risulta corretta: non si ha una vera e propria cessione, quanto la costituzione di una servitù ius non edificandi a favore di un terreno e a carico di un altro. La giurisprudenza è ormai concorde nello stabilire che l’accordo delle parti rimane comunque privo di efficacia se ad esso non segue un permesso di costruire della Pubblica Amministrazione che riconosca la maggiore capacità edificatoria al terreno a cui vantaggio è stabilità la servitù. Un’altra nuova forma di circolazione della proprietà, così come degli altri diritti reali minori, è la multiproprietà. La multiproprietà viene disciplinata nel nostro ordinamento, a seguito di una risoluzione del Parlamento Europeo del 13 ottobre 1988, dapprima con il D.lgs. 9 novembre 1998 e da ultimo con il Codice del Consumo, che con gli artt. 69 ss. stabilisce una più puntuale tutela degli acquirenti. Si riconosce qui l’esistenza di uno squilibrio fra le posizioni contrattuali fra venditore ed acquirente/consumatore: vi è una profonda asimmetria informativa fra le parti, che viene colmata prevedendo la consegna al futuro acquirente di un dettagliato prospetto informativo predisposto dal venditore. La mia attenzione si è concentrata proprio sul tema delle tutele che il nostro ordinamento riconosce al consumatore multiproprietario: un prospetto informativo dal contenuto minimo legislativamente predeterminato, recesso, fideiussione. Ho dedicato un particolare approfondimento alla normativa sull’acquisto immobiliare sulla carta. Il D.lgs. 122/2005 si inserisce nel contesto di una legislazione, che spesso trova la sua origine nel diritto privato europeo, finalizzata alla regolamentazione di un fenomeno sempre più frequente nella realtà economica contemporanea, rappresentato dalla contrattazione fra soggetti che si trovano in una posizione di squilibrio contrattuale: un “contraente forte” da una parte, ed un “contraente debole” dall’altra. La legislazione nazionale interviene sempre più frequentemente per porre un rimedio a queste situazioni di squilibrio, con interventi di tipo conformativo intesi a rendere effettiva l’autonoma contrattuale delle parti e, conseguentemente, agevolare il corretto funzionamento del mercato. Si parla in tal senso di una ius espansiva del modello europeo di legislazione a tutela del contraente debole, e quindi di una espansione del diritto privato europeo anche in settori dove manca una puntuale normativa comunitaria. Vi è una generale tendenza ad un “neoformalismo”, che consiste nella richiesta espressa della forma scritta e nella conformazione del contenuto del contratto, che solo apparentemente limitano l’autonomia contrattuale delle parti ma che tende ad eliminare le situazioni di squilibrio dando una tutela effettiva al contraente debole. Contraente debole e non “consumatore”. L’art. 1 del decreto parla, infatti, espressamente di “persona fisica”. Secondo gli orientamenti dottrinali maggioritari dalla nuova disciplina resterebbero esclusi, e quindi non rientrerebbero nella definizione di “acquirenti”, le società, le persone giuridiche e gli enti collettivi in generale. Si riconosce la figura del “professionista debole”, giacché si riconosce che l’acquisto di un immobile da costruire sia un’operazione che, in virtù della sua importanza economica, viene gestita con maggiore avvedutezza: l’acquisto di un immobile non è propriamente “atto di consumo”in senso tecnico. L’esigenza di tutela è diversa: si vuole tutelare l’acquirente in considerazione dell’intrinseca rischiosità dell’operazione, stabilendo alcuni profili fondamentali del contenuto del contratto non solo e non tanto a fini informativi, quanto piuttosto per una “tutela sostanziale” dell’acquirente. Il legislatore si preoccupa di predisporre garanzie obbligatorie per il caso di dissesto dell’impresa costruttrice. Le garanzie, quindi, come forma di tutela del contraente debole. Il mio lavoro si concentra, a questo punto, sulle garanzie personali e reali. Poche le novità sulle garanzie, ma alcune significative. Nel campo delle garanzie personali, acquista maggiore rilevanza la fideiussione prestata dal contraente forte a favore del contraente debole, affinché quest’ultimo possa recuperare tutte le somme investite per l’acquisto dell’immobile: sia esso un immobile in multiproprietà, sia esso un immobile ancora da costruire. E ancora le garanzie reali: pegno e ipoteca. Ho posto particolare attenzione al tema della "portabilità" dei mutui e surrogazione ex art. 1202 c.c. ed al tema delle formalità ipotecarie così come previsti dagli artt. 6, 7 e 8 della l. 2 aprile 2007, n. 40 sulla concorrenza. Ma la mia attenzione si è soffermata soprattutto sul tema della nullità ed in particolare sulla nullità relativa. La più recente legislazione speciale, specie quella di derivazione europea, ha dato un grosso scossone alla dogmatica tradizionale della nullità negoziale. Le fattispecie di nullità relativa sono sempre più frequenti, tanto da far parlare di una nuova categoria di nullità c.d. “nullità di protezione”. Quest’ultima risponde ad esigenze profondamente differenti dalla nullità assoluta di stampo codicistico. In luogo della nullità, sembra oggi più corretto parlare delle nullità: diverse categorie di invalidità, ciascuna delle quali soddisfa interessi diversificati, e come tale riceve anche una disciplina differenziata in termini di legittimazione all’azione, rilevabilità d’ufficio, prescrittibilità, sanabilità, opponibilità ai terzi. Ancora una volta partendo da un’analisi critica del D.lgs. 122/2005, ho avuto modo di approfondire il fondamentale tema della nullità nel nostro ordinamento. L’art. 2 del decreto stabilisce espressamente la nullità relativa, e cioè azionabile dal solo acquirente parte debole del contratto, nel caso in cui non sia rilasciata dal venditore la fideiussione. L’art. 6 stabilisce, invece, un contenuto minimo del contratto poste a tutela della parte debole e del corretto funzionamento del mercato immobiliare. Se ad alcune di esse può attribuirsi un valore meramente ordinatorio, altre al contrario rivestono una natura di norme imperative di ordine pubblico attinenti più precisamente al c.d. ordine pubblico di protezione ed al c.d. ordine pubblico di direzione. Nel sistema del nostro codice, la violazione di norma imperative dà luogo, ex art. 1418, alla nullità del contatto salvo che la legge stabilisca diversamente. E’quindi configurabile una nullità virtuale del contratto, ovvero non espressamente e letteralmente stabilita, ma che può essere desunta dal tenore imperativo delle norme. La dottrina prevalente è ormai orientata nel senso di ammettere che anche la nullità relativa possa essere virtuale, nel quadro di un orientamento, ormai dominante, volto al superamento dell’approccio tendente a far rientrare nell’eccezionalità qualsiasi difformità dal modello classico della nullità. Il problema, quindi, si sposta all’individuazione della natura imperativa della norma violata. In linea generale si afferma che perché una norma possa essere definita imperativa debba porre un comando o un divieto espresso, debba essere inderogabile ed indisponibile. Oggetto di dibattiti dottrinali è, poi, il tema della rilevabilità d’ufficio delle nullità relative. A fronte di una prima posizione dottrinale tendente ad escludere tale rilevabilità d’ufficio sul presupposto di una sua inconciliabilità con il regime di legittimazione relativa all’azione di nullità, dottrina e giurisprudenza più recenti appaiono concordi nel ritenere assolutamente conciliabili tali due profili. Si concorda, inoltre, sull’esistenza di limitazioni alla rilevabilità d’ufficio della nullità: la nullità può essere rilevata d’ufficio dal giudice, ma tale rilievo deve operare nell’esclusivo interesse del contraente debole, dovendo il giudice bloccarsi davanti ad un concreto interesse della parte a mantenere in vita il contratto. Discorso a sé stante deve poi esser fatto sul rapporto fra nullità relativa e nullità virtuale e responsabilità del notaio rogante. Secondo l’orientamento dominante della giurisprudenza, nella misura in cui vi sia una violazione di norme imperative, e l’imperatività sia evidente, manifesta, dal tenore delle disposizioni, deve ritenersi che la nullità, sia testuale che virtuale, comporti la responsabilità del notaio ai sensi dell’art. 28 l. not. Ogni qualvolta, viceversa, tale nullità non si configuri, la responsabilità disciplinare sarà esclusa. Si avverte, comunque, una prima apertura verso la sanzionabilità delle nullità relative che siano manifeste. In chiusura del mio lavoro non ho potuto non tenere conto della recente crisi dei mercati internazionali. Crisi che ha avuto inizio proprio con il crollo negli Stati Uniti dei settori immobiliare e finanziario, improntati verso una eccessiva deregolamentazione e valorizzazione dell’autonomia contrattuale delle parti. L’assenza di garanzie sicure e la carenza di controllo di un professionista corrispondente al nostro notaio pubblico ufficiale, ha portato ad investimenti e finanziamenti azzardati da parte delle banche e degli istituti di credito che stanno vivendo un momento di profonda crisi aprendo la strada ad una recessione economica di portata mondiale.

The purpose of this thesis is to analyze in detail the development of real estate finance in China, as well as its implications and its future directions. Since the market oriented reforms in 1978, China has experienced many institutional and economic transitions, among which the considerable change of the structure of housing demand, due mostly to the privatization of state‐owned enterprises. However, it was especially since 1998 that the urban economy of China began to thrive, due to a period of unprecedented economic growth. The growth of real estate market was accompanied by the emergence of real estate finance which is increasingly becoming more important in the overall context of Chinese economy. Real estate finance is a branch of finance which aims at embracing real estate industry in order to adapt to the changes of external environment, both domestic and international. This also applies to real estate finance in China, since its economic structural contradictions due to urbanization plans, domestic and international financial reforms and financial complexity at a global level, have led to the creation of a kind of external environment which necessitates an efficient strategy to be handled.