Teses / dissertações: "Real estate investing"

1

Whalen, Faraji L. "Ghost towers : distressed condominium investing in Atlanta". Thesis, Massachusetts Institute of Technology, 2009. http://hdl.handle.net/1721.1/54867.

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Thesis (S.M.)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate , 2009.
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 (p. 55-57).
The purpose of this paper is to explore investment opportunities in these now-distressed residential condo properties. The paper will characterize the economic and development environment to determine the extent of overbuilding and forecast future behavior amongst market participants. It will assess the behavior of bulk condo investors in previous downturns to assess both similarities and differences in the environment, and identify best practices in investment and asset management. Additionally, the paper will characterize the legal and management risks inherent in this type of investment. The paper will conclude that there are a number of different strategies for investing in bulk condos and their underlying debt. One of the hardest hit markets is Atlanta, Georgia, which is the focus of this paper. Each of these strategies is contingent on the type and expertise level of the individual investor, but there are certainly going to be appropriate avenues for investors to create value both from the physical asset and from purchasing debt. Atlanta is likely going to be an excellent market to pursue these deals because of unique localized factors including extraordinary state distress, low asset pricing, and limited competition. The findings in this paper conclude that distressed condominium investing is an extremely localized business, and the recommendations made in this paper are specific to Atlanta. While an investor may use the paper as a guide for investment in other locales, it would not be appropriate to use a cookie cutter approach in every city. There are also many risks and a great deal of unknowns in the bulk condo space.
(cont.) This downturn differs significantly from past real estate crises because of the complexity of the financial instruments used to fund condo projects as well as a completely different government response. It is clear that the government response up to this point has been as much of a hindrance as it has been a help. Government action must engage investors in financial instruments in a more predictable manner, and assure they will not engage in punitive legislative behavior to investors who profit from this crisis.
by Faraji L Whalen.
S.M.

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2

Platonow, Serge. "Investing in French real estate : an American perspective". Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/76901.

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3

Wadhwani, Kunal (Kunal P. ). "Opportunities and challenges of investing in Indian real estate". Thesis, Massachusetts Institute of Technology, 2009. http://hdl.handle.net/1721.1/54869.

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Thesis (S.M.)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate , 2009.
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 (p. 125-128).
In recent years, global real estate investment has become an important component of efficient global mixed asset portfolios. Although these investments carry increased political, regulatory and currency risk, international real estate investment has been on the rise. Compelling macroeconomic and demographic trends along with improvements in structural and regulatory conditions and investment in infrastructure are driving strong real estate capital flows into the emerging markets. This thesis provides a study of the opportunities and challenges of investing in one emerging market, India. With a population of over 1 billion, India has been a major beneficiary of the "Globalization of Real Estate". This thesis identifies the opportunities in India that have caused global capital to flow into Indian real estate and the key factors driving Indian real estate. It explains the challenges of investing in Indian real estate and seeks to provide strategies for navigating the real estate landscape in India.
by Kunal Wadhwani.
S.M.

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4

Potikyan, Marine. "Advantages and opportunities of developing and investing in micro-units". Thesis, Massachusetts Institute of Technology, 2017. http://hdl.handle.net/1721.1/108883.

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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.
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 47-52).
I was raised in a formerly-communist country, where small apartments were mainly built to house working class families. People did not have many options and had to take whatever housing the state assigned to them. Most of those families remained in these assigned small units for the rest of their lives, many of which were growing families of 4 and more. With this unique personal perspective, I felt as if small units were the legacy of a past and archaic system. It appeared to me that in an economy where people have a choice, such type of housing would not be a very viable solution. However, to my surprise, the recent developments in major housing markets proved to me that I was wrong in my initial judgment. It sparked my interest to further research micro-unit housing market in gateway cities, the reasons and trends that influenced its growth in such cities as San Francisco and Los Angeles.
by Marine Potikyan.
S.M. in Real Estate Development

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5

Burgett, Bonnie L. (Bonnie Leigh), e John R. McDonald. "Democratizing commercial real estate investing : the impact of the JOBS Act and crowdfunding on the commercial real estate market". Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/84179.

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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2013.
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 145-152).
This thesis systematically evaluates how rapid developments in the nascent crowdfunding industry, combined with recent regulatory changes, will impact the commercial real estate markets. The phenomenon of crowdfunding, defined as raising numerous small amounts of capital from a large number of people, or the crowd, has been accelerated by the recent passage of the Jumpstart Our Businesses Start-up Act (JOBS Act). The JOBS Act legalizes and facilitates the sale of securities used to crowdfund equity and debt investments, giving rise to a proliferation of new crowdfund entrants in various business sectors, including the commercial real estate arena. This thesis first gives a detailed analysis of the JOBS Act legislation and how it alters the current regulatory and business landscape. The focus then turns to the commercial real estate markets, tracing the evolution of commercial real estate as an institutional asset class and the influence large, institutional investors such as pension funds and real estate investment trusts exert on this market. The authors also examine the impact on the average investor and conclude that these large institutional investors have bifurcated the market, leaving the average investor unable to gain exposure to "hard" commercial real estate assets. The authors then link the research to crowdfunding, first with a chapter on the emerging and dynamic crowdfund industry in general, and then on specific commercial real estate crowdfunding sites, also discussing sites related to this sector. The authors strengthen this primary research with field investigations, conducting interviews with real estate developers, investors, and securities lawyers specializing in regulatory law. They concurrently surveyed 138 well-vetted real estate professionals (the MIT Center for Real Estate alumni). The thesis then projects the size of the potential dollar value of the commercial real estate crowdfund market based on existing value and turnover in the commercial real estate markets. The final chapter imagines what this market will look like in 2015; concluding that crowdfunding will have a profound effect on the commercial real estate market.
by John R. McDonald and Bonnie L. Burgett.
S.M.in Real Estate Development

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6

Hare, Daniel(Daniel J. ). "The emperor's new coastline : an initial framework for real estate investing in a time of climate change". Thesis, Massachusetts Institute of Technology, 2020. https://hdl.handle.net/1721.1/129097.

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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, September, 2020
Cataloged from student-submitted PDF of thesis.
Includes bibliographical references (pages 107-117).
This thesis investigates the scientific underpinnings of climate change, its physical manifestations, the complications society faces in adapting to this phenomenon and its likely impact on real estate investment values. It concludes by proposing an initial investment framework for real estate investors concerned with climate change. This framework highlights non-traditional due diligence considerations and asserts that probabilistic valuation methods allow for more accurate asset underwriting. The first chapter is structured as a general primer on climate change and includes references for those who would like additional reading on its science. The second chapter describes the geophysical effects of climate change. The intent here is to provide enough background for readers to understand its causes and potential severity. The third chapter covers how geopolitical actors are responding to a warming world and introduces important macroeconomic trends.
The fourth chapter outlines the substantial engineering and insurance challenges ahead and presents cases of societies that have won and lost while dealing with either a changing climate or extreme weather events. The fifth chapter highlights key economic, legal, and demographic research on climate change's impacts to date and those that are likely to occur going forward. The purpose of these chapters is to provide historical context for how dramatic atmospheric changes can lead to dramatic economic losses, and to provide some lessons that real estate investors should incorporate when underwriting new opportunities. The conclusion summarizes the first five chapters and offers an initial framework for how real estate investors can incorporate climate change into their underwriting, including a brief review of how property values are currently underwritten using relatively short-term, deterministic discounted cash flows.
In closing, I describe how a longer timescale underwriting with additional simulations is beneficial to account for the uncertainties associated with climate change and suggest further research to explore possible market mispricing of assets based on widely divergent upside and downside skews given likely future climates.
by Daniel Hare.
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

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7

Škořepa, Štěpán. "Osobní a rodinné finance-rentiérský přístup k bydlení". Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-71900.

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The thesis is focused on the area of personal finance and discusses the financing possibilities of an apartment for further renting. The thesis describes the construction of saving products and mortgage loans, law regulation, risks associated with doing business in this field and static as well as analytical methods for assessing investments. The practical part evaluates benefits of investing in a particular apartment in terms of both the above mentioned methods.

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8

Vass, Susanna. "Investing in commercial real estate : An analysis of the purchasing power in Stockholm´s retail areas". Thesis, KTH, Fastigheter och byggande, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-96476.

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The interest in investing in commercial real estate has increased in recent years and as a result the need for making well informed investment decisions has increased as well. Investing in real estate is different from investing in other asset classes due to its longevity, spatial constraint, regulatory framework etc. and thus investing in commercial real estate requires knowledge of the specific attributes of the property itself as well as in the factors in the surrounding area that affect the property. Thus, the purpose of this thesis is to enlighten the reader of the various investment issues that arise when investing in commercial property and to give an account of how the investment decision is actually performed and what factors affect it. The research on how commercial real estate investments are made is firstly provided through a literature review that highlights several investment issues and illustrates of how investment decisions are made by conducting the market analysis. In the next section of the thesis, a practical market analysis follows conducted on the retail area of Stockholm that is based on the findings and suggested procedures in the literature review. The market analysis is designed to incorporate a qualitative research where the data is gathered and calculated and a quantitative research where the data compiled in the quantitative research is analyzed and interpreted. The analysis of the market analysis shows that there is a vast amount of data available to consider when executing the market analysis and that these data have to be carefully selected in the screening of the real estate market. It is vital to include only relevant factors that affect the demand for the specific property, and consequently the ability of the property to generate payoff, in order to for the market analysis to provide insightful and important guidance for the investment decision at hand. Even though the research in this study provide important implications for investor on which demand factors that are important in a market analysis, the study is still limited by the inaccessibility to property specific demand factors such as rental contracts and repair and maintenance costs, which results in a suggestion of further research in this field in particular.

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9

Li, Nan 1972, e Steven McKay Price. "Multiple asset class investing : equilibrium asset pricing evaluation of real estate risk and return across four quadrants". Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/33181.

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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2005.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 38-40).
The major objective of this study is to test equilibrium asset pricing models with respect to how well they price risk across multiple asset classes; including the four quadrants of real estate. While using the Geltner (1999) paper as a springboard for our approach, this thesis both updates Professor Geltner's earlier work and extends its scope through the testing of additional models and asset classes. Using historical data to derive beta estimates, we empirically test several variations of the Capital Asset Pricing Model (CAPM). These variations include the traditional, single-beta, Sharpe-Lintner CAPM, as well as the multi-beta, Fama-French CAPM. For the single-factor formula we explore the use of two different market portfolio proxies, the S&P 500 Index and the National Wealth Portfolio (NWP). We also apply the single-factor formula to a non-wealth based, consumption oriented approach. Test results show the NWP based CAPM to be the strongest model, being both robust and statistically significant in its pricing of asset volatility. When using the traditional S&P 500 index as the market proxy, the basic CAPM performs surprisingly well, though not as well as the NWP version. The multi-beta Fama-French model explains a large amount of price variation, however, only the market and size factors prove to be statistically significant at the 95% confidence level.
(cont.) In a dramatic departure from what was found roughly fifteen years ago, the consumption model's performance was lackluster; supporting a widespread belief that there may be empirical issues with the measurement of quarterly consumption. The most interesting finding across all models tested was the behavior of the housing asset class. Housing appears to be an outlier that doesn't seem to fit in with the rest of the asset classes using linear pricing models. All the models display a statistically significant intercept, suggesting that there is a component of risk, perhaps a significant component (as perceived by investors relative to treasury bills), that is not captured in any of these risk models.
by Nan Li and Steven McKay Price.
S.M.

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10

Dugo, Isabella <1995&gt. "Finance embraces sustainability: An empirical analysis of the financial performances of ETFs investing in sustainable real estate and green building". Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/20153.

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This thesis focuses on the topic of impact finance, and it provides an analysis of the financial performances of Exchange Traded Funds (ETFs) that integrate the principles of impact investing in their investment portfolios. The main purpose of this thesis is to analyse whether sustainable investments allow the investors to mitigate some risks, as well as to investigate how the integration of ESG criteria affects the returns of ETFs in bear and bull market conditions. The first part of the thesis provides an analysis of the current state of the art of sustainable investing, as well as a review of the most recent regulation about the evolution of impact investing. The focus of the analysis are the Real Estate and the Building & Construction industries, which have been selected as interesting sectors, given their importance in national economies and the environmental impact that construction activities generate all over the world. Moreover, the impact of screening strategies and the potential mitigation of risks derived from the allocation of capitals to sustainable investments are discussed, together with the literature review about the comparison of the financial performances of ESG and traditional investments. Finally, an empirical analysis of the selected ETFs is presented. The analysis is based on the application of the Fama and French multi-factor models, which are used to evaluate and compare the financial performances and the exposure to risk of different funds investing in sustainable real estate and green building in Europe and in North America, before and after the Covid-19 pandemic. Furthermore, the extension of the Fama and French six factor model is presented, with the addition of a sustainability factor that measures the portfolio's exposure to sustainable companies and to potential ESG risks.

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11

Melša, Petr. "Analýza postavení nemovitostních fondů na trzích kolektivního investování". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-10523.

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Investing in real estate funds presents relatively high stability of yields and that's why it is very interesting option for risk diversification in investment portfolio. The real estate funds offer the option how to invest with a less value of own capital. The diploma thesis should present information about the progress of real estate funds in the Czech Republic and of course show the development in other advanced countries.

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12

Nemček, Tomáš. "Hodnocení výnosnosti různých forem investic do nemovitostí". Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2014. http://www.nusl.cz/ntk/nusl-224607.

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The diploma thesis focuses on evaluation of revenue of investing in real estate through collective investment, especially through the real estate investment trusts and revenue gained by direct investment in real estate with regard to current situation in Slovak real estate market. The thesis should guide potential investor through these types of investments and its result is formulation of investment recommendation.

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13

Mištová, Ludmila. "Hodnocení výnosnosti investic do nemovitostí v České republice". Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2011. http://www.nusl.cz/ntk/nusl-223157.

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This Master´s thesis deals with investing in buying a real estate in the various regional cities in the Czech Republic. It focuses primarily on the determination of the yield of these investments at a pre-defined parameters. There are also described and considered property, tax and legal aspects of investment options.

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14

Novotný, Jaroslav. "Realitní investice a jejich financování". Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2018. http://www.nusl.cz/ntk/nusl-377972.

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The aim of the thesis is to create investment recommendations for the real estate investor. The thesis consists of theoretical and practical part. Secondary data from Czech and foreign sources are collected in the theoretical part. In the practical part, the research and analysis of real estate market is done for the real estate currently available for sale in Brno. At the same time, economic profitability is calculated wherever possible. Subsequently, the options are verbally evaluated.

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15

Bartošek, Vít. "Investice do nemovitosti jako možnost zabezpečení na stáří". Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-150217.

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This diploma thesis called "Investment in real estates as a method how to secure a retirement" describes in its first part alternative possibilities of saving money for a retirement and briefly mentions pension replacement rates in the Czech Republic and other countries. In the next chapter there are definitions of basic real estate field terms, descriptions of taxes connected with transactions in the realty market and basic valuation method. In the practical part trend of housing development, level of housing and course of realty price are analysed. In the next chapter return on investment in region areas is calculated. The development of a mortgage market is outlined and thus a profitability of investment into flats followed by their rental in selected cities in the Czech Republic is calculated.

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16

Ibrahim, Jacob, e Andreas Karlsson. "Investering i Logistikfastigheter". Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-146619.

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Denna uppsats kretsar kring beslutsfattande och metodik vid fastighetsinvesteringar i potentiella tillväxtnoder. Då fastighetssektorn är så omfattande har vi valt att avgränsa oss till en speciell typ av fastigheter, närmare bestämt logistikfastigheter. Ytterligare en fördjupning har skett, där vi valt ut en specifik investering i området, för att fördjupa oss om denna. Det specifika fall vi valt att ta mestadels av vår data från är Rosersbergs industriområde, även känt som Stockholm Nord Logistikcenter. Som en referenspunkt till Stockholm Nord Logistikcenter har vi i arbetet även skrivit översiktligt om Arenastaden, som är belägen i Solna. En del tidigare forskning har gjort på området Logistik, och somliga av dessa studier har vi även tagit del av för att utvinna information inom ämnet som även kunnat användas i vårt arbete. Dock har den studien vi främst använt oss av varit inriktad på logistik i sin helhet och inte ett specifikt fall. På cirka 9 år har området utanför Rosersberg villastad förvandlats från en skog, inom ett bullerområde utanför en mindre bostadsort, till en logistiknod där ett tiotal stora företag bedriver verksamhet i tusentals kvadratmeter lokaler. Allt detta i något som tros komma att bli ett av de största logistikcentrena i hela Sverige, och med tanke för de framtidsplaner som finns är det inte osannolikt. Den största drivkraften för projektet har varit Kilenkrysset, men detta med hjälp av gott samarbetsvilja från offentlig sektor. Vår studie kretsar kring vilka faktorer som påverkat till att denna investering blivit lyckad, samt vilken typ av företag det är som bedrivit arbetet. Vi har även gått in på hur orten Rosersberg, som tidigare legat i lä, påverkats av detta händelseförlopp. Innan projektet i Rosersberg initierades av Kilenkrysset har många frågor angående området diskuterats inom kommunen under många årtionden, dock har man aldrig kommit till skott på grund av bristande intresse och samhällsnytta. Utifrån det vi kunnat utläsa av den tillgängliga data vi samlat, har vi kunnat dra slutsatsen att utvecklingen bidragit till att göra platsen attraktiv för företag, men likväl för människor att numera bo i. Under arbetet har vi tagit kontakt med fyra respondenter som intervjuats, varav tre av dessa respondenter kommer från koncernen Kilenkrysset. Flera företag, bland annat NCC, har kontribuerat till utvecklingen i Rosersbergs industriområde, men Kilenkrysset är de som varit överlägset störst i området. Vi har även haft kontakt med en före detta anställd på bygg- och trafiknämnden i Sigtuna kommun för att få en objektiv, och mer överskådlig bild över hur samarbetet mellan offentlig sektor och investerare sett ut. För att bättre kunna förstå hur beslutsfattande skötts inom Kilenkrysset, både under och innan projektets fortgående, har vi studerat företaget mer grundligt. Information har framtagits kring företagets uppstart och dess historia, och hur det beslutsfattandet som till sist ledde dem till Rosersberg sett ut. Man kan klart se att både företaget i sin helhet och dess ledning är säregna, vilket man även ur materialet kan observera hur detta gynnat dem under projektets fortlöpande. Men även negativa aspekter har tagits upp angående deras beslutsfattande och tillvägagångssätt. Detta för att ge en rättvisande bild av vilka för- och nackdelar som i realiteten kretsar runt dessa metoder.
This essay revolves around the desicion making process in real estate investments, where the investment contributes to the economic growth of the surrounding area. Due to the sheer size of the sector, we have chosen to limit our study to a specific type of real estate, which we decided to be logistic property. We have also chosen to study a specific case in more detail, to be able to understand how these projects develops. The case we chose was the investment of Rosersbergs Industrial park, also known as Stockholm Nord Logistic Centre. As a point of reference to this project we have chosen to briefly look into another, quite similar in size, project; Arenastaden in Solna. There have been studies made on Logistics in the past, some of which we have chosen to use as sources of information on our study. The study we used as the main source studied logistics on a different scale than ours, where the whole logistics market in Stockholm was studied. In merely 9 years the area surrounding Rosersberg has transformed, from unexploited land suffering from airport noise, into a rapidly growing logistics center where dozens of companies have chosen to exist. All this in an area many believe will be one of the biggest logistic centers in Sweden, which is not unlikely due to the future plans of the area. The company that initiated the project, which also has been the driving force is Kilenkrysset AB, with a lot of assistance from a supportive municipality. Before the company's initiative in the area, the municipality has been contemplating since the 60's what to do with the area, and how to make it grow. The issue before the company came along was almost solely economical; because there was no solid plan or investor to take care of the area and the infrastructure surrounding it. Based on the data we collected the area has improved its attraction both to companies, as well as to the residents in the area. Our study will attempt to determine which of the variables had the greatest importance on the end result of the project. As well as to study which type of company that decides to take on these kinds of projects. We have also studied how the surrounding area in Rosersberg has grown as a result of this specific investment. To gather information on the subject, we have contacted four respondents, which consists of three people from the Kilenkrysset organization. The reason why the majority of the interviewed respondents has been from one single company is because they have by far been the biggest investor in the area. The construction company NCC has also been part of the development in the area, but have sold most of their property to Kilenkrysset. The last respondent is from the building and traffic department within the municipality (Bygg- och trafiknämnden). Since we want to understand how decision making is handled within these types of organizations, we have chosen to study Kilenkrysset more thoroughly. Information about their history and the decision making process that eventually lead them to Rosersberg. From the information collected we can conclude that the company and its management have quite an extraordinary way of doing business. It is also obvious how their way of thinking has benefited them throughout their project in Rosersberg. But every technique has consequences, and we will also enlighten these consequences to try to observe both the pros and the cons about these methods.

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Peprna, Pavel. "Investice do nemovitosti určené k pronájmu". Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2016. http://www.nusl.cz/ntk/nusl-241532.

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Thesis deals with the possibilities of investment in property designated for rent in the Czech Republic. Property is selected according to established criteria, taking into account the expected return, risk and liquidity. In thesis is also an emphasis on the analysis of real estate market.

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18

Ryznar, Vojtěch. "Nemovitosti jako předmět investování". Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75632.

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The diploma thesis "Real estates as an investment instrument" is focused on direct investments into real estates. There is a brief description how to invest into the real estate in general point of view, in the first chapter. Basic terms related to real estates are defined and described here as well as influencing factors. The next section consists of different types of analyses dealing with measuring investments with the help of "the magic triangle" yield, liability and liquidity. In order to provide a full range of understanding, an analytical example is also introduced. The last part of the thesis involves a comparison of investment into real estates and other investment instruments. Finally, property analysis with portfolio diversification and an anti-inflationary investment is run. The main objective of this thesis is to introduce a compact view at one of investment possibilities -- investment into real estates.

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19

Roudná, Veronika. "Modelování finančních zdrojů spojených s pořízením vybrané investice při respektování času". Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2015. http://www.nusl.cz/ntk/nusl-233200.

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Investing finances into housing is for most people in their life one of the volume largest investment and therefore it is important to rethink these individual financial steps properly, to ensure the continued ability to repay obligations and without unwanted load additional charges. With the rising market values of real estate is also rising popularity of invest in housing. Some problemes are reducing real wages, although the average wage increase in annual comparison, and so it is for most people the biggest problem ever to get a mortgage loan. More of young people haven't confident their job, they are temporary employment or their wages are to low a this people represent a high risk for banks to become insolvent and it is really hard to get a mortgage loan for young people. This master´s thesis is modelling some finances very usefully, effective and reaching the proceeds from the purchase of real estate.

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20

Ajne, Joel, e Johannes Felden. "A Global Real Estate Securities Fund – focused on the Residential sector : An assessment based on fund managers' expertise". Thesis, KTH, Fastigheter och byggande, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-277284.

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An investment vehicle that holds listed real estate securities that focus on residential properties globally, is currently not available. The study’s purpose is to determine the feasibility of such a product, its potential advantages and disadvantages. This thesis applied a qualitative research method by conducting semi-structured interviews with professional fund managers in Sweden and Germany that manage real estate funds. The literature review and theory consist of fundamentals and academics in real estate investing, investment vehicles, portfolio theory and lastly investor types and their behaviour. The authors conclude that the majority of experts interviewed considered the proposed vehicle as interesting but lifted concerns that need to be addressed in further research. The political risk, especially on a global scale, was stated as the major risk. Furthermore, experts have divided opinions regarding the maturity for listed real estate companies on the financial markets. What type of investment vehicle that would be the most suitable will depend on investment tactic, investors and the current status of the global economy and the financial markets. The overall investigations result is that experts view the proposed idea as positive and feasible. It poses a good foundation for further research and might find its place in the sphere of real estate investments.
En investeringsform som innehåller noterade fastighetsaktier globalt, där bolagen är fokuserade på hyresfastigheter, är förnärvarande inte tillgängligt på marknaden. Uppsatsens syfte är att avgöra om en sådan inveteringsform är genomförbar samt undersöka dess fördelar och nackdelar. Denna uppsats har applicerat en kvalitativ metod genom semi-strukturerade intevjuer med profesionalla fondförvaltare som förvaltar fastighetsaktiefonder i Sverige och Tyskland. Litteraturstudien och teorin innehåller akademisk forskning och fundamentala teorier inom fastighetsinvesteringar, investeringsstrukturer, portfölj teori och till sist investeraryper och dess beteende. Författarna konstaterar att majoriteten av experterna ansåg att den förslagna investeringsformen är intressant, men belyste också svårigheter och risker som bör adresseras i forstsatt forsking på ämnet. Den politiska risken, speciellt på ett globalt plan, ansågs vara den största risken. Experterna hade delade åsikter angående mognaden för globala fastighetsaktier på de finansiella marknaderna. Vilken investeringsstruktur som är bäst tillämpar beror enligt experterna på investeringstaktik, investerarna och det nuvarande klimatet i världsekonomin och på de finansiella marknaderna. Studien resulterade i att experterna ser på den försglagna investersformen positivt och som genomförbar. Förslaget innehar en godgrund för fortsatt forskning och kan i framtiden hitta sin plats i sfären av fastighetsinvesteringar.

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Schäfer, Carsten. "Asset Dividing Appraisal Model (ADAM) - Direct Real Estate Investment Evaluation". Doctoral thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-191784.

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The Asset Dividing Appraisal Model (ADAM) enables the appraisal of cash flows resulting from direct real estate investments. The model is an evaluation tool, which takes capital markets and the specific characteristics of real estate as an asset (heterogeneity, site-dependency, eternal land-yield, etc.) into consideration, while also considering different ownership approaches of real estate in the European Union. Thus, it contributes to the harmonization of capital markets and of direct real estate investment evaluation as intended by the "European Directive on Markets in Financial Instruments 2004/39/EC". ADAM is based on financial mathematical instruments and on the property valuation methods of different cultural areas. It combines continental European (Germ an Gross Rental-Method) and international (Discounted Cash Flow-Method) property valuation approaches. Although it is scientifically reasonable to take property valuation approaches into account, the aim of the model is not to valuate a property or to quantify an objective market value but to evaluate cash-flows resulting from direct real estate investments. A mathematical analysis based on empirical market data confirmed the validity of the methodology of the model. In the course of the analysis the major input variables that determine the results of the model and how the model reacts to marginal deviations of input data, were quantified. This was done using partial derivations and a simulation study. In Czech Republic a building isn't actually considered as a part of the underlying plot. Consequently, differing persons or institutions can be owner of the building, as of the appropriate plot. From 2014 on, a suitable reformation of the Czech Civil Code is supposed to cause a consolidation of real estate property. Czech law is going to be adjusted to German law, which considers plot and building as an economic entity. This consolidation of real estate could be an approach of the introduced model.

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Píštěk, Tomáš. "Fuzzy logika a podpora rozhodování pro investiční záměr ve stavebnictví". Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2017. http://www.nusl.cz/ntk/nusl-318122.

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This master's thesis focuses on the design and creation of a decision support tool for the investment property plan. The evaluation of real estate is based on fuzzy logic. The design and debugging of fuzzy models are done by using MATLAB, but the application is developed in Java.

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23

Vorlíčková, Petra. "Posouzení vhodnosti investice do stavebních úprav dispozičně nevyhovujícího objektu". Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2021. http://www.nusl.cz/ntk/nusl-446757.

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Real estate renovation is a complex and expensive affair. From the investment point of view, the economic aspect (cost and subsequent revenues) plays a very important role, which is closely related to the purpose of use, location and condition of the building. The property solved in this work is a terraced family house divided into 3 residential units. Two variants of reconstructions were developed, divided according to their scope. To assess the return on investment in real estate, standard market indicators were used - cost, comparative and revenue methods and was further valued according to the valuation regulation.

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Váně, Miroslav. "Návratnost investic spojených s výstavbou bytového domu v České Třebové". Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2016. http://www.nusl.cz/ntk/nusl-254196.

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This diploma thesis is focused on return on investment associated with the construction of a residential building in Česká Třebová. First, the author finds all costs associated with the construction of a residential building. Subsequently, the residential building will be evaluated according to the law, as a complex and as an individual flats. It will also be based on the prevailing prices of rents calculated yield value of the house. Then the comparative method provides the prevailing price of apartments in the area and find out how much revenue would amount to, if the house is sold off for flats. Finally the resulting values are compared among themselves and determine the best option to deal with new residential building in Česká Třebová.

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Sasínová, Zdeňka. "Návrat investic do developerského projektu v Brně Žabovřeskách". Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2018. http://www.nusl.cz/ntk/nusl-382539.

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The diploma thesis is focused on the issue concerning the return on investment for the development projects, its financing possibilities, scope and description of the development activities. Withint the first part of the thesis is described development process, its participants and general possibilties of the development projects financing. The second part of the thesis is dealing with specific real estate residential development project and analysis of its existing market. The main goal of the thesis is to clarify the project development process, its financing and what subjects are involved in such a process.

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Jankovský, Milan. "Dopady krize na trh komerčních nemovitostí v České republice". Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-71827.

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This thesis presents a comprehensive view on the commercial properties market in the Czech Republic and its development in time both before the economic crisis and after its beginning. Author tracks both major segments of commercial properties market -- offices and industrial & logistic properties from the rental as well as investment point of view. The target of the thesis is to characterize commercial properties market, its major actors and branches and to point out the most important differences in impact of the crisis on the two major market segments. The author uses relevant public data as well as own experience based on more than 4 year track record on real estate market. Based on attainable data and own experience, the author predicts also future market development.

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Urbánek, Zdeněk. "Ocenění realitní společnosti". Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-81864.

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The aim of this thesis is the valuation (pricing) of a real estate company operating in the Prague real estate market. The client does not wish to disclose the name of the company; this requirement is consequently respected in the presented work. Valuation is done as of the date of December 31, 2010. The work consists of strategic analysis of the company, where examination of the market development and assessment of the competitive power of the evaluated company has been performed. After that financial analysis that includes analysis of three major financial statements was carried out, as well as calculation basic ratio indicators and the resulting appreciation of the financial health of the company. This part is followed by a chapter on generating value and on building of a financial plan. Finally, it is shown the resulting valuation (pricing) of a company based on discounted cash flow method. Valuation is done at the level of investment value from the perspective of an existing shareholder (partner).

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Špačková, Sára. "Variantní řešení investiční výstavby". Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2020. http://www.nusl.cz/ntk/nusl-409909.

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The thesis deals with the evalutation, which of the variants of the project investment is the most advantageous to the developer. The thesis is divided to the theoretical and practical part. The theoretical part is dedicaded to the explanation of terms associated with the investment, the investment project, the price determination and valuation of the real estates. There are also explained the terms related to the development projects and the real estate market. At last but not least, the theoretical part clarifies, how is the tax burden applicated to the practical part. The practical part is dedicated to the options such as sale, rent and partical sale of the real structural object, which is located in Prague, Brno and Ostrava. In conclusion, all of the variants are appraised for every city.

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Roček, Jan. "Investice do nemovitosti před vlastním prodejem nemovitosti". Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2016. http://www.nusl.cz/ntk/nusl-240300.

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Thesis deals with appreciation of real estate investment before sale. Theoretical part of the thesis is describing basic concepts from the field of valuation of property and basic concepts of investment. There were also summarized basic types of investments, evaluation methods and financial expenses related to investment. Practical part of the thesis is focused on specific property, where were realized construction work. First of all were researched financial expenses of construction work, i.e. investment cost. The property was evaluated by three hypothetical variants of investment. Calculation of expenses related to borrowed capital followed. At the end of the thesis, the survey data were evaluated and compared.

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Narwa, Petr. "Drobný investor na rezidenčním trhu". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-76634.

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This work considers question of buying a residential property for renting it in comparison to a fictitious financial instrument by a retail investors. The financial instrument is the only alternative investment possibility to a retail investor.

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Vašata, Zdeněk. "Analýza trhu nemovitostí v Královéhradeckem kraji". Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-262047.

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The aim of this thesis is analysis of real estate market with focus to small investor with interest in appartments in Hradec Králové region. The first part is theoretical, oriented to general information about real estate market and useful economical knowledge for investing into real estate. Practical part is focused to Hradec Králové region. The best localities are find out with financial and general (e.g. geographical, demografical and infrastructure aspects) research of the region. In these recommended areas are made model analysis and potentional evaluations for the purpose of small investor in this region.

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Muchová, Petra. "Analýza možností širšího využívání forem kolektivního investování do nemovitostí v podmínkách České republiky". Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2015. http://www.nusl.cz/ntk/nusl-234451.

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The thesis discusses the collective investment. The first part deals with investment decisions and the level of risk inherent in investing entails. There are four types of formulated investing in real estate: purchase their own home, buy a property for rental, funds of qualified investors and real estate funds. Of which work deals with qualified investor funds and real estate funds, which describes the work in terms of investing in the Czech Republic. In the end, they are described three most famous Czech real estate funds, of which it is analyzed. The work is an analysis of financial assets invested in collective investment in the Czech Republic. The contribution of this work is to provide a comprehensive view of the assets placed in collective investment schemes.

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Procházka, Pavel. "Obchod a investice do nemovitostí postižených exekucí v České republice". Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223672.

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Tato diplomová práce analyzuje právní základy a užití občanského zákoníku, majetkových zákonů, občanského soudního řádu a exekuční řádu v obchodu s nemovitostmi. Skrze případové studie se snaží poukázat na kritická místa a proveditelnost jednotlivých investic do exekucí zasažených či jinak právně znehodnocených nemovitostí. Závěrečná část hledá standardizované postupy, které nachází optimální mix rizika a profitability.

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Šmejkalová, Lucie. "Vybrané aspekty řízení nemovitostních fondů". Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-16490.

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This thesis is dealing with analyze and description of some aspects of Real Estate funds management. The theoretical part starts with the history and essence of collective investment. A special form of collective investment fund is Real Estate fund. The main features of these investment vehicles in the world and in Czech Republic will be examined. The main aim of this thesis is to suggest an ideal process and choose convenient methods how to evaluate an investment in realty. In the second chapter will be accomplished the analysis of external factors influencing Real Estate business. The third chapter suggests some methods for evaluating investment and risk analysis.

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Stehlík, Michal. "Návrh obchodní strategie realitní kanceláře". Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2012. http://www.nusl.cz/ntk/nusl-232695.

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This thesis, entitled "Proposal for a real estate agency business strategy", deals with the theory and practice of strategic management. The theoretical part deals with the establishment of an SME, a successful business plan assumptions and modern management methods. This part describes the process of implementing a strategic analysis of business which introduces the optimal strategy. The practical part is analyzing specific newly formed company, which is a comprehensive strategic analysis conducted both his surroundings, and the government's socio-economic environment, including Porter's competitive forces model, both strategic analysis is also subject to internal company environment. Based on the lessons learned is a SWOT analysis provided. The main contribution of my work is a comprehensive proposal of the optimal strategy for the company in the future. The conclusion evaluates the effect of foundation of the business.

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Vecán, Viktor. "Hodnocení investičního projektu - studentské bydlení". Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193069.

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The aim of the thesis is to evaluate an investment in refurbishment and subsequent maintenance of the property as accommodation facilities for students, and to give investors a recommendation on whether to implement the project. A market analysis in the thesis is used to identify a suitable area for the project implementation. Next part of the thesis introduces the investment project and its parameters in line with the investor's strategy. Last part of the thesis is dedicated to the evaluation of the financial plan and a sensitivity analysis.

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Růžičková, Věra. "Strategické rozhodování na trhu nemovitostí". Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-74176.

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The aim of my thesis is to develop business plan for the purchase of an apartment for rent. The business plan is designed for an investor to provide him information needed for key decisions. In the theoretical part I am focusing on the real estate market and a business plan in general. In the second part I put theory into practice through a real work based business plan. In this plan I'm describing the apartment, the situation of the real estate market, the financial plan, project risks and other relevant aspects.

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Brattström, Peter, e Thomas Heidkamp. "Vad är bakgrunden till utländska investerares intresse av den svenska fastighetsmarknaden? : Why are foreign investors interested in the Swedish real estate market?" Thesis, Karlstad University, Faculty of Economic Sciences, Communication and IT, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-1739.

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Den svenska marknaden för kommersiella fastigheter är het och har varit det under lång tid. Bland annat konstateras i en undersökning från revisionsbolaget Pricewaterhouse Coopers och Urban Land Institute att Stockholm, efter London och Paris, just nu rankas som Europas tredje mest attraktiva stad för utländska investerare att köpa och äga fastigheter i.

Detta väckte vår nyfikenhet att konkretisera de faktorer som kan ha lett fram till att utländska fastighetsinvesterare attraheras av den svenska fastighetsmarknaden.

Genom att vända oss till företag med stor inblick i de förhållanden som råder på den svenska fastighetsmarknaden fick vi intervjusvar från fem representanter.

Arbetet med teorin gjorde att vi förväntade oss ett visst svar men intervjuerna gav oss ett helt annat resultat. Denna uppsats belyser många faktorer som gör Sveriges fastighetsmarknad lättillgänglig. Dock påvisar vår studie att framförallt transparensen och likviditeten på den svenska fastighetsmarknaden är det som gör den så intressant för utländska investerare.

Transparensen på den svenska fastighetsmarknaden, som är en stor konkurrensfördel på den globala marknaden, hotas av skattetekniska konstruktioner. Att inte förlora denna fördel på den internationella investeringsmarknaden är ett problem som måste lösas. Hur detta ska ske är ett uppslag för en fortsatt studie.

The Swedish market of commercial real estate is really sizzling and has been so for some years now. In an analysis made by the audit company Pricewaterhouse Coopers and Urban Land Institute it was stated that Stockholm, succeeding London and Paris, is ranked as the third most attractive city for foreign investors in terms of buying and owning real estate property.

This made us curious to try to pin-point any factors which might have lead to foreign investors interest in the Swedish real estate market.

By turning to companies with very good insight in the business and knowledge about the conditions concerning the Swedish real estate market, we are grateful for received interview results by courtesy of five representatives.

Our work with background theories lead us to expect a certain answer, but the results of our survey surprised us with a different result. This thesis highlights many factors making the Swedish real estate market so favourable to investors, but the most prominent elements are the facts that the Swedish market is very transparent with a high level of liquidity.

For the Swedish real estate market the big advantage in global competition is named transparency, but this advantage is threatened by taxation techniques to maximise profit. Not to loose this Swedish benefit on the international investment market is a problem yet to be solved.

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Gustafsson, Johanna, e Victor Adamsson. "Hur privata fastighetsbolag bedömer risker vid investeringar i bostadsfastigheter". Thesis, Högskolan i Halmstad, Akademin för ekonomi, teknik och naturvetenskap, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-34263.

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Sveriges fastighetsmarknad är i dagsläget hetare än någonsin. Det är höga priser och finns åtskilliga aktörer med intresse att investera i fastigheter. Låneräntorna är samtidigt mycket låga. Trots det förekommer flertalet risker vid en fastighetsinvestering. Uppsatsen syftar till att undersöka hur privata onoterade fastighetsbolag bedömer risker vid investeringar i befintliga bostadsfastigheter. Den syftar även till att förklara varför fastighetsbolag bedömer riskerna som de gör. Utifrån syftet har en problemställning framtagits vilken lyder “Hur bedömer privata fastighetsbolag risker vid investeringar i befintliga bostadsfastigheter och varför bedömer bolagen riskerna som de gör?”. För att besvara problemformuleringen lyfts tidigare forskning fram i syfte att undersöka hur privata fastighetsbolag går tillväga vid en bedömning av risken. Metoden som använts är kvalitativ, tillsammans med deduktiv ansats. Intervjuer har genomförts med de fyra fastighetsbolagen Bräcke Gruppen Fastigheter AB, Ernst Rosén AB samt två fastighetsbolag som valt att vara anonyma. Intervjuerna genomfördes i syfte att få en bild av hur fastighetsbolagens bedömning av risker sker i respektive bolag. Vi ville även undersöka varför de agerar som de gör vid en investering. Insamlad teori analyseras tillsammans med genomförda intervjuer. Studien visar att fastighetsbolag utför noggranna undersökningar tillsammans med inhämtning av information om den aktuella fastigheten och dess läge. Vid bedömning av risker är fastighetsbolagen begränsat rationella och handlar enligt kvantitativ skepsis. Det skapar således goda förutsättningar för bolagen att fatta tillförlitliga beslut vid investeringen. Uppsatsen visar att privata fastighetsbolag bedömer risken genom en helhetsbedömning av ekonomiska beräkningar, tidigare erfarenheter och magkänsla. Samtliga delar är viktiga i investeringsbeslutet och behövs för att bedöma fastighetens risker.
Sweden’s real estate market is currently hotter than ever before. There are high prices and several participants with an interest in investing in real estate. At the same time, mortgage rates are very low. Despite this, there are several risks in real estate investment. The aim is to investigate how private unlisted real estate companies assess risks when investing in existing residential properties. It also aims at explaining why the real estate companies assess the risks associated with the investment that they make. Based on the purpose, a problem has been compiled which reads “How do private real estate companies assess risks when investing in existing residential properties and why do they assess the risks they make?”. In order to answer the problem, previous research is raised in order to investigate how private real estate companies engage when assessing the risks. The method used is qualitative, along with a deductive approach. Interviews have been conducted with the four real estate companies Bräcke Gruppen Fastigheter AB, Ernst Rosén AB and two real estate companies who chose to be anonymous. The interviews were conducted with a view to obtaining an idea of how the real estate companies’ assessment of risks is done in each company. We also wanted to investigate why they act as they do in an investment. The collected theory will be analysed together with completes interviews. The study shows that real estate companies fulfil careful investigations together with retrieval of information about the current property and its location. When assessing risks, real estate companies are limited rationally and act according to quantitative skepticism. This creates good conditions for companies to make reliable decisions about the investment. The statement shows that private real estate companies assess the risk through an overall judgement of financial calculations, experiences and expression. All parts are important in the investment decision and are necessary to assess the property’s risks.

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Tasca, Maria Cristina Monteiro. "Sistemas de bibliotecas das universidades p?blicas do Estado de S?o Paulo: investiga??o de rela??es em rede". Pontif?cia Universidade Cat?lica de Campinas, 2004. http://tede.bibliotecadigital.puc-campinas.edu.br:8080/jspui/handle/tede/835.

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Made available in DSpace on 2016-04-04T18:36:43Z (GMT). No. of bitstreams: 1 Maria Cristina Monteiro Tasca.pdf: 471227 bytes, checksum: bb330985d6ebff73a2a58c058e84d62f (MD5) Previous issue date: 2004-02-12
Research that broaches the organizations management question in the contemporary society, using as a conducting wire the formation of cooperation nets as an alternative for the confrontation of globalization impact decurrent problems and the communication and information technologies accelerated development. It presents, from different authors, factors that have stimulated the organization transformations in the last decades, the nets concept, its characteristics and the phenomenon manifestation in diverse contexts, with emphasis to the enterprise one. It argues the social organization conceptions origins that created the different administrative theories and have guided the managers. It investigates the net relations occurrence in the public universities Libraries Systems in S?o Paulo state, through the survey in institutional reports and home pages and cooperative programs developed in 1995-2000. Specifically in the investigation scope, it identifies twenty three actions to apply instruments to the projects in the libraries and other different organizations participation in this process. It categorizes the services and products privileged by these actions and presents an analytical report about the impacts in the Libraries services-means and services-end belonging to the Systems involved in the research.
Pesquisa que aborda a quest?o do gerenciamento das organiza??es na sociedade contempor?nea, com foco nos Sistemas de Bibliotecas das Universidades P?blicas do estado de S?o Paulo, utilizando como fio condutor a forma??o de redes de coopera??o como alternativa para o enfrentamento de problemas decorrentes do impacto da globaliza??o e do acelerado desenvolvimento das tecnologias de comunica??o e informa??o. Apresenta, a partir de diferentes autores, fatores que impulsionaram as transforma??es organizacionais destas ?ltimas d?cadas, o conceito de Redes, suas caracter?sticas e manifesta??o do fen?meno em contextos diversos, com destaque ao empresarial. Discute vertentes de concep??es das organiza??es sociais, que originaram as diferentes teorias administrativas e nortearam os gestores. Investiga a ocorr?ncia de rela??es em rede nos Sistemas de Bibliotecas das Universidades P?blicas do Estado de S?o Paulo, atrav?s do levantamento em relat?rios e home pages institucionais, de programas cooperativos desenvolvidos no per?odo de 1995-2000. Especificamente no ?mbito da investiga??o, identifica vinte e tr?s a??es para instrumentaliza??o de projetos nas bibliotecas e a participa??o de outras e diferentes organiza??es nesse processo. Categoriza os servi?os e produtos privilegiados por essas a??es e apresenta um parecer anal?tico dos impactos nos servi?os-meio e servi?os-fim das Bibliotecas pertencentes aos Sistemas envolvidos na pesquisa.

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Stránská, Eva. "Hodnocení připravovaného investičního projektu". Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193383.

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The topic of the Master's Thesis is an evaluation of a real prepared development project considering strategic analysis. The strategic analysis contains an evaluation of current and expected macroeconomic situation including development of residential market in whole Czech Republic and Prague. The aim is to give a recommendation to investors whether to realize intended investment or not. The theoretical part clarifies specifics of investment decisions, defines entry parameters for investment evaluation and as well as introduces of particular stages of the evaluated investment project. In conclusion of theoretical part is described risk analysis. Introduction of the practical part is presentation of chosen development project. It is followed by analysis of its internal a external potential. After that comes the definition of entry values for evaluation of project by dynamic methods. The conclusion of the practical part includes sensitivity analysis and complex evaluation of investment project.

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BAJTAREVIC, IRNES, e NEGAR MOHEB. "Kreditbedömning och värdering av kommersiella fastigheter". Thesis, Högskolan i Borås, Institutionen Handels- och IT-högskolan, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hb:diva-20761.

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En investering i en kommersiell fastighet kräver finansiering av något slag. I dagsläget är det vanligt förekommande att fastighetsinvesterare tar banklån för att erhålla likvida medel för fastighetsköpet. För en beviljad kredit krävs det även att en värdering av fastigheten har genomförts. Därför är kreditbedömning och värdering av kommersiella fastigheter två betydelsefulla processer i bankens dagliga arbete. Relationen mellan fastighetsinvesterare och banken är också av avgörande betydelse då fastighetsinvesteraren är i behov av likvida medel för sitt fastighetsköp. Dessa processer för dock med sig ett flertal problem. En värdering är alltid osäker och baseras till stor del på schabloner vilket kan leda till att vissa fastigheter antingen över- eller undervärderas. För bankens del medför en utlåning alltid en kreditrisk, vilken måste minimeras för att banken ska undvika kreditförluster.Syftet med uppsatsen har varit att beskriva och förklara hur kreditbedömnings- och värderingsprocessen för utlåning till kommersiella fastigheter ser ut för tre olika bankkontor i Borås. Vidare har studien byggt på att beskriva vilka likheter och skillnader som förekommer emellan dessa banker. Syftet har även varit att studera hur lokala fastighetsinvesterare i kommersiella fastigheter upplever dessa processer.Studien är främst av kvalitativ karaktär då den största delen av det empiriska materialet är baserat på kvalitativa intervjuer genomförda med representanter från SEB, Swedbank Sjuhärad samt Handelsbanken Stora Torget. Vi har dock även tillämpat en kvantitativ metod eftersom vi har utfört en enkätundersökning med ett tiotal fastighetsinvesterare. Med hjälp av vår teoretiska referensram har vi analyserat det empiriska materialet, utifrån vilken vi senare har kunnat dra slutsatser och föra en diskussion kring.Resultatet visade att bankernas kreditbedömningsprocesser skiljer sig åt främst när det gäller olika beslutsinstanser och interna regelverk. En slutsats vi dragit är att det är bankens interna regelverk som spelar den avgörande rollen för kreditbedömningen. Beträffande värderingen applicerar samtliga banker liknande metoder däremot frånskiljer det sig när det gäller vem som genomför själva värderingen. Utifrån enkätundersökningen med fastighetsinvesterare har vi konstaterat att relationen mellan fastighetsinvesterarna och bankerna i vår studie fungerar väl. Båda parter är villiga att anpassa sig efter varandra och samarbeta för att få igenom en framgångsrik affär.
Program: Civilekonomprogrammet

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Sýkorová, Dana. "Posouzení možností bydlení v Praze a v Brně". Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2018. http://www.nusl.cz/ntk/nusl-372028.

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This thesis deals with possibilities of living in two biggest cities in the Czech republic, which are Prague and Brno. In the first part is stated definition of investment, structure of local self-government, regional policy and regional development. This serves as the background for better understanding of linkage between different regions, definition of territorial units, and means how regions are developed. In the next part of this thesis are mentioned basic indicators for the whole Czech republic, including trend in prices of properties, which is important for assessment of living possibilities. This is the background for evaluation of chosen locations against Czech Republic. In the next chapter is analysis focused on chosen locations, based on data of whole Czech Republic as well as data focused only on these two locations and its surroundings. The conclusion is that Prague has special position in Czech Republic. There are broad working opportunities, high incomes, but also high living expense. Brno is not as high as Prague in evaluated indicators, but in comparison of whole Czech Republic is still on the top. It is necessary to take into account higher living expenses in both Prague and Brno but on the other hand compared to other regions, offered possibilities and services are on high level.

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Mezgebu, Deborah. "Kvalitativ studie: svenska pensionsinstitut : Internationell investeringsstrategi mot fastigheter". Thesis, KTH, Fastigheter och byggande, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-213131.

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Det finns det goda argument för internationell portföljdiversifiering: marknader rör sig inte synkroniserat och genom att exponera mot olika marknader minskar den totala risken i portföljen. Mogna kapitalmarknader, där stora institutionella investerare har ett strukturellt överutbud av kapital, kan välja att förflytta en del kapitalöverskottet utomlands. Genom att flytta kapital till andra tillväxt- eller utvecklingsstäder, kan lika eller bättre avkastning erhållas samtidigt som risken i portföljen diversifieras. Internationell diversifiering medför även en del hinder och risker, men många av dessa har idag minskat i betydelse. En framgångsrik strategi syftar därför till att maximera fördelarna, samtidigt som man försöker undvika eventuella risker och hinder.I tidningen fastighetsvärden skrevs hösten 2016 att ”Svenska fastighetsbolag förvärvar utomlands i en takt som vi inte upplevt sedan i slutet av 1980-talet. Fastigheter för 250 miljarder i 25 länder kontrolleras av 40 svenska bolag”. Medan svenska pensionsinstitut direkt eller via dotterbolag eller delägda bolag redan är stora aktörer på den svenska fastighetsmarknaden, kan man i efterdyningen av finanskrisen 2008, se mer av diversifiering mot såväl den internationella fastighetsmarknaden. Uppsatsen tar upp frågor kring hur och om man idag gör fastighetsförvärv utomlands med mindre risk och vilka förutsättningarna är för att genomföra en sådan övergång. Resultatet av den kvalitativa studien har därefter berikat till svar för huvudsyftet med den här uppsatsen; att ta reda på orsaken till det växande intresset för internationell diversifiering bland svenska pensionsinstitutioner. Den växande internationella diversifiering, har visat att man hittat en gynnsam strategi för att överkomma många av de hinder och risker en sådan övergång medför. Varför man väljer att investera utomlands kan således förklaras i två steg: den underliggande anledningen och den underliggande orsaken. Anledningen är att man vill diversifiera den totala portföljrisken och finna en stabil långsiktig avkastning. Orsaken är att Sverige har haft en lång och god tillväxt som inte är säkrad för framtiden, att det råder stor konkurens på en liten marknad som Sverige och att pensionsinstituten har ett kapitalöverskott. Alternativet är därför att söka sig utomlands, och då Sverige redan genererar god avkastning, har det mer handlat om att diversifiera genom olika sektorer på liknande ekonomiskt stabila marknader. Det innebär marknader som Finland, Tyskland och England genom att ingå partnerskap med lokala managers, vilket i en sådan internationell övergång verkar riskminimerande.
There are good arguments in favor of international portfolio diversification: markets do not move in a synchronized way and thus by exposing to different markets, the overall portfolio risk reduces. In mature capital markets where large institutional investors have a structural surplus of capital, one can choose to move a portion abroad. By moving part of the capital to other emerging or developed markets, equal or better returns can be earned while at the same time the risk in the portfolio is diversifies. However International diversification implies some obstacles and risks, though many of these have today diminished in importance. A successful strategy therefore aims to maximize the benefits while trying to avoid possible risks and obstacles. In autumn of 2016 the Swedish newspaper Fastighetsvärden published an article stating that "Swedish real estate companies acquire abroad in a way we have not experienced since the late 1980s; Real estate for a value of 250 billion is controlled by 40 Swedish companies in 25 countries". While Swedish intuitions direct or through subsidiaries or joint ventures are at present major players in the Swedish real estate market; in the aftermath of the 2008 financial crisis, one can see the reappearance of diversification towards the international real estate market. The thesis addresses questions concerning if and how to make real estate acquisition abroad with less risk and what the conditions are for implementing such a transition. The result of the qualitative study enriched the response to the main purpose of this essay; to validate the reason for the growing interest in international diversification among Swedish pension institutions. The increase in international diversification implies that a favorable strategy has been found to overcome many of the obstacles and risks entailed by such transition. Why one chooses to invest abroad can be explained in two steps: the underlying reason and the underlying cause. The reason is to diversify the overall portfolio risk and find a stable long-term return. However, the underlying cause for today’s investments are based on the good long-term growth Sweden has had, which is not secured for the future. Moreover there is capital surplus and big competition on a small market like Sweden. The alternative is therefore to go abroad, and as Sweden already generates good returns, it has been more about trying to diversify through different segments in similar economically stable markets. It means entering in markets such as Finland, Germany and England by joint ventures with local managers, which in such an international transition minimizes risk.

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Sedlák, Tomáš. "Podnikatelský záměr-rozšíření stávající společnosti OKNO NEMOVITOSTÍ, s.r.o". Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2015. http://www.nusl.cz/ntk/nusl-225279.

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The topic of my diploma thesis is a business plan for the expansion of an existing company, particularly in the form of opening a new branch of a real estate company. Knowledge gained in the theoretical part is used in creating the analytical part and in the proposed solutions that lead to the evaluation of the planned investment.

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Ryba, Radim. "Posouzení návratnosti investice do nízkoenergetického nebo pasivního rodinného domu". Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2014. http://www.nusl.cz/ntk/nusl-232912.

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The subjects of this thesis are low-energy and passive houses. The main objective is to compare the acquisition costs and operating cost of the low energy and passive houses with conventional construction of houses offering the real estate market, respectively evaluating of investments in energy-efficient buildings. Furthermore, the work focuses on the history, properties and basic problems of designing energy efficient buildings with subsequent by an assessment of the advantages and disadvantages of their implementation. Klíčová slova

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Ribbefjord, Beatrice, e Daniella Svensson. "Convergence of Yield : A Study of How Yield on Rental Residential Properties Coincides at Similar Levels Regardless of Location in Sweden". Thesis, KTH, Fastigheter och byggande, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-298531.

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The interest for real estate investments has risen during the last years and this applies inparticular to investments within the residential segment. In excess of the active interest inhousing, there is a distinct trend that newly produced residential properties are extra interestingamong investors. However, the pricing for these types of investments has been shown to bedifficult to estimate due to, among other things, few comparable objects in the surroundingarea. As interest soars in newly produced residential properties, the price has also risen sharplyputting downward pressure on the yields. The sharp increase is a result of the large demandthat can be seen in all locations in Sweden, especially places that have not previously been asobjectively attractive. Smaller municipalities that previously had a relatively high yield nowhave a much lower yield than a decade ago and there is an explicit trend that yields have startedto converge regardless of location in Sweden. This study aims to investigate how the yield on newly produced residential properties hasdeveloped in different locations in Sweden and to analyse why yields have started to convergein places that are characterized by completely different attributes.The result of this study is that yields have converge and the differences in yield spread inSweden have decreased with up to 62.5 % between 2006 to 2020. When estimating the yield level, several risk factors are taken into account. One of these is therisk assessment of the location factor. The risk for vacancy in a smaller town is greater than ina larger, more attractive town, which is why the yield should differ markedly between theseplaces. However, investors still do not seem to take the location factor into account which isdue to several things. Among the causes this thesis has found as fundamental reasons for theyields to converge are investors' changed view of investment in the residential segment ingrowing areas, an increased demand for the segment due to the prevailing housing shortage,increase in number of international investors and the favorable market conditions.Furthermore, Sweden's legislation regarding rents has a positive impact on the demand forresidential properties as this investment is considered a safe investment with stable cash flows.
Intresset för fastighetsinvesteringar har ökat under de senaste åren och detta gäller särskilt investeringar inom bostadssegmentet. Utöver det stora intresset för bostäder finns det en tydlig trend att specifikt nyproducerade bostadsfastigheter är extra intressanta bland investerare. Prissättningen för dessa typer av investeringar har dock visat sig vara svår att uppskatta på grund av bland annat få jämförbara objekt av liknande karaktär i omgivningen. I takt med att intresset ökat för nyproducerade hyresbostadsfastigheter har priset också stigit kraftigt, vilket medfört lägre direktavkastning. Den kraftiga prisökningen är ett resultat av den stora efterfrågan på dessa fastigheter i hela Sverige, särskilt platser som tidigare inte varit lika attraktiva. Mindre kommuner som tidigare haft relativt hög direktavkastning, på grund av hög risk, har nu en mycket lägre direktavkastning än för tio år sedan och det finns en tydlig trend att direktavkastningen har börjat konvergera på flera platser i landet. Denna studie syftar till att undersöka hur direktavkastningen på nyproducerade hyresbostadsfastigheter har utvecklats på olika platser i Sverige. Vidare kommer studien analysera varför avkastningen har börjat konvergera på platser som kännetecknas av helt olika attribut och risk. Resultat från denna studie visar att direktavkastningen har konvergerat och skillnaderna i spridningen av direktavkastningen i Sverige har minskat med upp till 62,5 % mellan 2006 och 2020. Bland de orsaker denna studie har funnit som grundläggande till att direktavkastningen konvergerat är investerarnas förändrade syn på investeringar inom bostadssegmentet i expanderande områden, en ökad efterfrågan på segmentet på grund av den rådande bostadsbristen, ökat antal internationella investerare samt de gynnsamma marknadsförhållandena när det kommer till belåning. Vidare har Sveriges hyreslagstiftning en positiv inverkan på efterfrågan på bostadsfastigheter då lagstiftningen i kombination med Sveriges skyddsnät bidrar till att investering inom segmentet medför säkra och stabila kassaflöden.

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Dokulilová, Vlasta. "Ocenění investičního projektu". Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-202114.

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The master's thesis deals with the evaluation of a specific investment opportunity on the private equity real estate market in the Czech republic. The analysed investment project offers rare opportunity to create additional cash flow to the project under the management of the new owner. The theoretical part will define the core problematic of investment decision making process and the evaluation of investments. Practical part is focused on building a projection of cash flow and analysis of various return scenarios by using the internal rate of return as a key financial criteria to evaluate the investment opportunity.

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Panajotovová, Monika. "Stanovení optimálních parametrů úvěrů na realitním trhu a jejich praktické využití v budoucnu". Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2011. http://www.nusl.cz/ntk/nusl-232554.

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This master´s thesis examines the development of real estate financing in relation to the credit crunch. Accordnig to main causes of fluctuations in history, comparing interest rates, mortgage loans, property development and investment in time, it models the evolution of optimal interest rates of real estate market. The loans’ optimal parameters with combination of types of bank financing in the real estate market with regard to its sustainable development as a separate and independent global market with strong inclusion among the other market sectors, are formed there. In this dissertation the analysis of financing methods will be used, comparative method of commercial banks‘ interest rate and analysis of commercial interest rates‘ structure. The result of the work we expect to be optimistic, realistic and pessimistic scenarios of futher development of real estate finance market and the model of the optimal interest rates‘ structure.

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Kučera, Patrik. "Problematika určení hodnoty u staveb pro sport a rekreaci". Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2018. http://www.nusl.cz/ntk/nusl-371998.

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This diploma thesis called Problematics of the Determination of the Value of Constructions for Sport and Recreation deals with the finding of a possible difference between the price of the delivery of the building and the value of the building. The thesis is divided into two parts, theoretical and practical. The theoretical part defines value and price and then describes the possibilities of determining the price of the construction. In the practical part the offer price is analyzed and based on the market comparison the value of the selected building for sport and recreation is determined. The selected building for sport and recreation is a newly built wooden building in the village of Loučná nad Desnou. The aim of this thesis is to determine the price of the delivery of the building, its comparison with the determined value and after that to assess the existence of any difference.

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