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  • 1.
    Sediqi, Mujtaba
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    4D BIM ADOPTION: THE INCENTIVES FOR AND BARRIERS TO 4D BIM ADOPTION WITHIN SWEDISH CONSTRUCTION COMPANIES2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Sweden is perceived to be one of the Building Information Modeling (BIM) leaders in the world. However, studies have shown that 4D BIM, which is a combination of a 3D model and an associated time schedule, is not widely deployed in construction planning practices among contractors. In Sweden many studies focused on BIM adoption in general, but since contractors are the main users of 4D BIM, there is a lack of studies exploring this specific dimension of BIM. This study considers 4D BIM as an innovation; the aim is to find the incentives for and barriers to adopt 4D BIM within the Swedish construction industry. A literature review was conducted and the most common variables were derived; in addition to this, an online questionnaire and a series of interviews targeting Swedish construction companies were conducted. The findings were that 4D BIM is a new start within the Swedish construction industry, where a series of both technical (software, standards, complexity) and non-technical barrier (organizational, lack of client demand, unclear benefits, investment) has an impact on the adoption process. Large companies are the early adopters and use it to maintain their strategic position in the industry, whereas smaller contractors are prone to more barriers and mostly rely on clients´ demand. 

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  • 2.
    Holmberg, Victor
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Westlund, Wiking
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    5D-BIM i tidigt projektskede: Behov och förutsättningar för teknikdriven förändring2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Today Building Information Modelling (BIM) involves more than just 3D-modeling and the dimensions time (4D) and cost (5D) can be added. The positive effects of 5D-BIM and the potential to involve more actors earlier in the project make it interesting to study the needs of 5D-BIM in the early stages of the project. This study has an organizational perspective on change where focus is on how 5D-BIM is perceived and how the technic should be implemented.  This master thesis has been written in collaboration with JM and the interviews are based on actors in early stages within the JM organization. The results of the study are based on JM, which are characterized by ownership of the entire project process from acquisition to management and deliver relatively standardized products. The purpose of this thesis is to investigate the needs of 5D-BIM in early stages and the level of information required. The study also focuses on examining the organizational conditions required to motivate the implementation of information systems in existing organizational structures. It appeared in the interview study that it is important for the organization to be clear in its definition of concepts like BIM. The needs found are linked to the knowledge the respondent have on BIM and their definition of BIM. The study shows that the implementation of BIM is strongly linked to collaboration and information management between stakeholders, and that enhanced collaboration between actors is a prerequisite for creating an integrated flow of information. Today there is a need for an integrated system created from a connected flow of information. An integrated flow of information answers the need of making successive calculations on time and cost as well as understanding the effects of decisions made. Today, models lack traceability as desired. Without traceability, the information is specific to the project and cannot be used in other projects. For a successful implementation of 5D-BIM, respondents believe it is important that the technology is implemented step-by-step and adapted to the existing needs. This study indicates that a company's structure and culture are important prerequisites for the implementation of information technology. Implementation is also facilitated by a structured way of working and a culture positive toward changes. Motivation for change within organizations is based on creating value for individuals. Intuitive systems are a prerequisite for individuals to see value in the change and to trust the technology. 

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  • 3.
    DAGRAMODJOPOULOS, TIFFANY
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    A CASE STUDY OF THE PROCEDURE OF DEVELOPMENT OF A LARGE REAL ESTATE PROJECT IN SÃO PAULO, B RAZIL2011Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [sv]

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

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  • 4.
    de Lange, Michael
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A closer look into the feasibility of future large scale land reclamation.2014Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Despite the fact that on average less children are being born and calming messages that the population issue has basically solved itself, the world population is continuously growing. Around mid century it is estimated that approximately 70 per cent of the world’s population will be living in urban environments. This translates to an absolute increase of roughly 3.6 billion urban citizen today, to nearly 8 billion urban citizen by mid century. This unprecedented growth is going to have major impact on today’s urban societies and administrative boundaries. Especially coastal cities will feel an increased pressure while the urbanization takes another upsurge.

    The geographical limitations and scarcity of land in these coastal areas pushes the extension of administrative city boundaries sea inward, making land reclamation a popular tool for these governments. Nevertheless, this expected growth and the increased popularity of land reclamation seriously endangers the remaining natural wetlands. Alternative solutions of creating artificial "human made" land by reclaiming, could be a possible direct solution for modern urbanism. As a result of the unprecedented growth, natural resources are getting rapidly depleted and sustainability is being compromised. Over the total run of history, approximately 65 per cent of the world’s wetlands have been in fractioned, polluted, destroyed, altered or lost by human activities.

    This master’s thesis consists out of a deep, qualitative, integrative and contextual literature review. The literature review is focused on population forecasts, urbanization and growth trends, followed by an analyses of various land reclamation cases around the world. Though, the research will include a quantitative data overview this research is a qualitative research. The collection of the quantitative data regarding urbanization and growth trends will be done by using the database of United Nations, World Bank and Gapminder.

    Land reclamation, as a proposed solution, sets off a certain type of trade off mechanism. Large reclamation projects on one hand serve as great boosters for the economy and urban development, while on the other hand, these projects have severe implications on natural habitat from both marine and land species. Social benefits can both be realized through economic gains by land reclamation or social benefits from natural preservation. This implies land reclamation has basically two dimensions: a socioeconomic dimension and a socio-environmental dimension. A tradeoff between these two dimensions determine whether or not a land reclamation project for a specific geographical location could be economically, socially and environmentally feasible. With proper integrated and inter related governmental land planning processes, strong environmental considerations and increased public involvement, land reclamation could be sustainably feasible.

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  • 5.
    Laurén, Erika
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Valo, Emilia Alexandrie
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A comparison between different participants' views on community property. Differences in risk assessment in comparisonto Office Buildings and Rental Housing Properties2014Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The market for community properties is a relatively new market for private investors.

    Previously, local governments usually owned these properties. The demands for community

    properties from property companies and institutions have increased over the past 10 years and

    an increasing number of local governments are selling their properties. One popular type of

    community property is elderly accommodations. This study aims to provide an overview of

    the greatest risks concerning elderly accommodations in comparison with office buildings

    and rental housing properties according to different operators.

    The study is based on a qualitative approach and information has mainly been obtained

    through interviews with ten operators.

    Elderly accommodations are generally viewed upon as a safe segment since they usually have

    long leases, often with a municipality, which is considered to be a very safe tenant. Investing

    in such properties is therefore often compared to buying a bond.

    The view on what is the greatest risk differs between the operators. According to most

    operators the greatest risk is in the residual value by the end of the lease contract. Yet we

    have not reached the end of the long contracts since these properties became popular on the

    market about 10 years ago. The residual value is mostly influenced by the political risk, the

    location and the alternative use of the property. This differs from office properties that are

    more dependent on the economic situation and rental residual places that are more dependent

    on the location than elderly accommodation properties.

    Research show that there have been changes in what the elderly demand in their living

    environment. Despite that most operators believe that changes in preferences will not have a

    substantial impact on the segment and that elderly accommodation properties is a safe

    product.

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  • 6.
    Morast, Egil
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A Deep Learning Based Approach to Object Recognition from LiDAR Data Along Swedish Railroads2022Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Malfunction in the overhead contact line system is a common cause of disturbances in the train traffic in Sweden. Due to the preventive methods being inefficient, the Swedish Transport Administration has stated the need to develop the railroad maintenance services and has identified Artificial Intelligence (AI) as an important tool for this undertaking. 

    Light Detection and Ranging (LiDAR) is a remote sensing technology that has been gaining popularity in recent years due to its high ranging accuracy and decreasing data acquisition cost. LiDAR is commonly used within the railroad industry and companies such as WSP collects large amount of data through LiDAR measurements every year. There is currently no reliable fully automatic method to process the point cloud data structure. Several studies propose innovative methods based on traditional machine learning to extract railroad system components from point clouds and have been able to do so with good results. However, these methods have limited applicability in real world problems, as they build upon hand-crafted features based on previous knowledge of the data on which they are applied. Deep learning technology may be a better alternative for the task as it does not require the same amount of human interaction for feature engineering and knowledge about the data in advance. 

    This thesis investigates if contact line poles can be recognized from LiDAR data with the use of the neural network architecture DGCNN. Data from two Swedish railroad lines, Saltsjöbanan and Roslagsbanan, provided by WSP was used. Point labels were predicted through semantic segmentation from which objects were distinguished using the clustering algorithm DBSCAN. The network was trained and validated on Saltsjöbanan using k-fold cross-validation and was later tested on Roslagsbanan to simulate the application of trained models on an unknown dataset. On point level the network achieved an estimated precision of 0.87 and a recall of 0.89 on the data from Saltsjöbanan and an estimated precision of 0.92 and recall of 0.83 on the data from Roslagsbanan. In the object recognition task, the approach achieved an average precision of 0.93 and recall of 0.998 on the data from Saltsjöbanan and on the data from Roslagsbanan, an average precision of 0.96 and a recall of 1 was achieved, indicating that it is possible to apply this method on railroad segments other than the one the network was trained on.

    Despite not being accurate or reliable enough on point level to be used for thorough inspection of the contact line system, this approach has various applications in terms of object recognition along Swedish railroads. Future research should investigate how adding additional classes beyond contact line poles would affect the results and what changes can be done to the parameters to optimize the performance. A side-by-side comparison with the current methods and traditional machine learning-based methods would be valuable as well.

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  • 7.
    Bauer, Julian
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Bachmaier, Benjamin
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A framework of blockchain technology for green real estate bonds2020Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This thesis investigates potential solutions to blockchain technology to develop thegreen real estate bond market further. Previous research focused mostly on thetechnology itself, or in connection to other real estate processes such as transactionsor land registries. However, due to climate change and the increasing awareness ofsustainability, a growing interest in sustainable bonds developed. As a result, thenumber of bond issuers increased, and various guidelines, which impose differentrequirements on green real estate bonds, were developed. The result was a lack oftransparency as well as an increased number of discounted sustainable real estateinvestments, so-called greenwashing. This also led to a loss of confidence.Additionally, conventional green bond structures are costly due to administrative effort.

    The goal of the study is to investigate how blockchain technology could increase thetransparency of, and trust in, sustainable real estate bonds. Also, the technology'sinfluence on the process is examined from a financial perspective. A further goal is tosee what additional data on sustainable real estate bonds could be added to addressthe problems.

    To answer the research questions, interviews with experts were conducted due to thelimited literature available on the subject. The evaluation of the interviews led to theconclusion that uniform guidelines, and the linking of CO2 emissions from buildingcomponents with sustainable certification, can reduce greenwashing. Furthermore, animproved risk assessment of real estate plays an important role in times of increasingclimatic changes and should, therefore, be considered in the risk assessment ofsustainable real estate bonds. The combination with blockchain technology couldreduce costs and increase confidence in the investment form.

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  • 8.
    Ajne, Joel
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Felden, Johannes
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A Global Real Estate Securities Fund – focused on the Residential sector: An assessment based on fund managers' expertise2020Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    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.

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  • 9.
    Backenroth, Sanna
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Lindqvist, Casper
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A Green New World: How the Real Estate Sector is Working with Sustainable Financing in Regard to the EU Taxonomy2021Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The EU Taxonomy is a new regulation produced to set a European standard for sustainable investments and to allocate capital for a sustainable transition. The Taxonomy aims to regulate several sectors, one of which is the real estate sector. Due to it functioning as a classification system, the EU Taxonomy will play an essential role for companies seeking financing. This thesis explores how Swedish and Baltic real estate companies intend to work with sustainable finance given this new regulation. Semi-structured interviews were conducted with companies within the real estate sector and government agencies from Sweden and the Baltic countries, in order to get a holistic view of the situation in these regions. Through research it has been found that the EU Taxonomy will continue to encourage the work with sustainability for companies even though there are some uncertainties with the regulation as of now. Current financial instruments, such as green bonds, are likely to continue to be emitted but will probably be connected with the EU Taxonomy. New financial products will be developed with the help of the Taxonomy. There are however differences in attitudes and actions regarding sustainable financing in Sweden and the Baltics. Sweden has come further with green financing, but the interest is high in the Baltics and sustainable financing is likely to evolve in the region in the near future. The research finds that there is a concern that smaller companies will have difficulties to keep up the pace of sustainability given the Taxonomy, especially if they recently have begun their work with sustainability. Even though the EU Taxonomy has received criticism for not including green building certifications, the general attitude is positive in that the Taxonomy will imply a common and cross-border definition of the term “sustainability”.

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  • 10.
    Hamrin, Erik
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    A Heuristic Downside Risk Approach to Real Estate Portfolio Structuring: a Comparison Between Modern Portfolio Theory and Post Modern Portfolio Theory2011Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Portfolio diversification has been a subject frequently addressed since the publications of Markowitz in 1952 and 1959. However, the Modern Portfolio Theory and its mean variance framework have been criticized. The critiques refer to the assumptions that return distributions are normally distributed and the symmetric definition of risk. This paper elaborates on these short comings and applies a heuristic downside risk approach to avoid the pitfalls inherent in the mean variance framework. The result of the downside risk approach is compared and contrasted with the result of the mean variance framework. The return data refers to the real estate sector in Sweden and diversification is reached through property type and geographical location. The result reveals that diversification is reached differently between the two approaches. The downside risk measure applied here frequently diversifies successfully with use of fewer proxies. The efficient portfolios derived also reveals that the downside risk approach would have contributed to a historically higher average total return. This paper outlines a framework for portfolio diversification, the result is empirical and further research is needed in order to grasp the potential of the downside risk measures.

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  • 11.
    Pietrewicz, Natalie
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Rörström, Elin
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A public clients’ opportunity to create motivations in the procurement strategy to obtain an effective project performance2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study is to develop knowledge about collaborative procurement strategies and how these strategies can contribute with motivation for an effective project performance in smaller municipal infrastructure projects. The study also aims to develop an understanding about how a construction logistics centre is applicable to an infrastructure project. Also, how the procurement strategies can create motivation to obtain an effective utilization of a construction logistic centre. To achieve the purpose with the study, a case study of Stockholm Royal Seaport (Norra Djurgårdsstaden) with focus on two infrastructure projects with a mandatory utilization of a construction logistic centre, has been examined. By an abductive method, in terms of literature studies and semi- structured interviews, this study results in that partnering and the payment form cost reimbursement have been a considerable important strategy for the project success.

    The main conclusion in this study is that collaborative procurement strategies and its components are applicable to a smaller municipal infrastructure project. Significant components to obtain an effective project performance has also been found. Furthermore, the study has shown that a construction logistics centre, designed as in Stockholm Royal Seaport, is not fully adapted to infrastructure projects with similar conditions as the two studied projects. This makes it difficult to draw general conclusions about how procurement strategies should be formed to create motivations for an effective utilization of a construction logistic centre. However, suggestions are given about how procurement can create motivation to obtain an effective utilization of a construction logistic centre by using literature studies. Conclusions can be drawn that partnering and a focus on long term relationships has created motivations for the actors to work effective.

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  • 12.
    Jto, Ahmed
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Lehmann, Sarah Johanna
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    A Quantitative Study- The Capitalization of Energy Efficiency on Housing Prices2022Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Various studies in the EU have examined the effect of Energy Performance Certificates (EPCs) on the real estate market, examining market values, rental values, and yields. However, there is dissent on the effect of EPC. The study tests for the impact of EPC alone and in relation to socioeconomic attributes on transaction prices of residential properties in Stockholm, Sweden. The thesis analyzes real transaction data of the 26 municipalities of the Stockholm region. Firstly, the research aims to determine if the energy efficiency capitalizes on residential property prices and if and to what extent the capitalization varies within the municipalities of Stockholm. Lastly, the study examines how income and education influence the prices of energy-efficient properties.

    The applied approaches follow the hedonic pricing method, namely, the OLS (Ordinary Least Squares) and spatial models. After analyzing more than 40,000 observations, the regression results indicate that high energy efficiency is reflected in the price premium of apartments and dwellings. For example, energy-efficient apartments with an EPC grade of A, B, or C achieve a price premium of around 0.99% compared to apartments with lower EPC grades between D-G. The results indicate a more considerable price premium of approximately 3.33% for energy-efficient dwellings.

    Another result of the study is that the capitalization of energy efficiency varies strongly between the municipalities of Stockholm. For apartments, the data implies substantial differences ranging from -15% in Danderyd to +14.2% in Upplands-Bro. The “local” premium for energy-efficiency dwellings ranges from 3% in Stockholm municipality to 9.5% in Norrtälje. Even though the results were significant, they need to be interpreted with caution as the sample size of some municipalities was relatively small.

    The last aspect of the study incorporates the issue of socioeconomic variables, income, and education level. The initial hypothesis was that high income and education would be correlated with higher energy performance certificate (EPC) grades. However, the results suggest a negative correlation between income or education level with EPC grade. These results imply that market participants with higher income and education are less likely to seek a higher EPC grade. The reason could be that these high-income households have a lower sensitivity to rising energy prices and fewer issues to afford the old but prestigious housing stock.

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  • 13.
    Smolentsev, Alexander
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Andersson, Alex
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A Statistical Approach to Real Estate Scenario Analysis: Exploring Application of Forecast Intervals2024Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Investing in real estate carries inherent risks due to fluctuations in economic activity, changes in population dynamics, and shifts in market demand. While traditional approaches to scenario analysis, grounded in market expertise and keen intuition, have stood the test of time, they are also subjective and prone to human error and external influences. Therefore, an objective approach based on statistical inference was sought to serve as a supplementary instrument for real estate industry professionals. With efficacy and practical functionality in consideration, this thesis explores various solutions and determines autoregressive processes as a prime candidate for such an instrument. An instructive procedure is developed and applied to two data sets of historical Stockholm office rents and yields respectively. Starting with data typically available to real estate investors and advisors, this procedure implements locally weighted scatterplot smoothing, polynomial regression, autoregressive integrated moving average processes and matrix transformations to derive forecast intervals which may be applied to prescribe probability to precise ranges or points of the users variable of choice, several quarters into the future. The results demonstrate limitations in the distance of forecasting using this procedure but display satisfactory performance in the short to medium term. Additionally, the practical applicability of the procedure is reflected upon.

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  • 14.
    Hallbäck, Hanna
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Hillman, Sara
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A study about construction-companies thoughts on land acquisition for housing – A comparison between small, medium and large companies2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The private companies are to a large extent accountable for the residential construction. Plan

    monopoly means however that it is the municipality that determine land use. This can lead to

    uncertainty among the companies, which could mean inertia in the development of housing.

    Furthermore is this problematic because there already is a shortage of housing in Sweden.

    This thesis aims to explain companies’ thoughts when choosing land to purchase based on current zoning plan and ownership. Representatives from different companies were interviewed in order to clarify their thoughts. When investigating ownership this work has focused on whether the owner is municipal or private. The interviewed have been asked if they prefer acquiring land with a finished plan or land in the early stages of planning. Furthermore participation in the development of zoning has been treated. In these respects, a comparison between large, medium and small companies has been made.

    The result of the study show that the small companies focus on land with zoning plan and owned by the municipally. The medium and large companies prefer land that is not yet planned and the owner of the land varied.

    Acquisition of land is a complex process that is influenced by a variety of factors. It is therefore difficult to determine how much a specific factor affects the choice of land to purchase. The study has shown that the municipality's work procedure and in which municipality the land is located greatly affects the choice.

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  • 15.
    Brooling, Cathrine
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Hansson, Arvid
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A study of conditional bids in the bidding process – from a perspective of a bidder2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The law does not regulate the bidding process; it’s the seller who, in consultation with the estate agent, decides the rules. If the estate agent does not inform all the bidders about conditions  attached to the bids,it means that a bidder bid against something he s not fully informed about.

    This means that the lack of transparency in the bidding process leads to asymmetric information between the bidders and this could be detrimental to a bidder and for the benefit of another.

    This paper has been written in order to investigate how consumers and the housing market is

    Affected by the law not regulating the estate agent to inform all the bidders of conditions attached

    To the bids.

    Previously nothing has been written on this subject, which means that this paper is of an explorative--‐  and investigative character. Since there was no access to any secondary data in this study, the major part of the work was to collect primary data.

    The collection of data consisted of a survey to estate agents, a survey/interview to  uyers/speculators

    And interviews with a number of individuals with special expertise in the subject.

    The investigations carried out, resulted in a discussion and analysis of how consumers are affected by

    The estate agent not having to provide information about conditional bids to all bidders.

    The answers in interviews is not conclusive, there are both pros and cons of not having the bidding

    Process regulated by law. The conclusion also includes a discussion on how housing prices can be affected by the bidding not being regulated by law regarding conditions.

    This conclusion is that the prices could both increase and decrease by a regulation of the bidding process, depending on the scenario.

    Download full text (pdf)
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  • 16.
    Alizadeh Amirbeigi, Sara
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A study of optimizing the Processing time for Building permits: Study Case: Tyresö municipality2013Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    There are rules in urban development and the construction industry, which encourages organizations to work according to standards and approved codes. For example: it is required by law for all property owners to apply and obtain a permit in order to carry out an action in construction building. Often, the permit process takes a great deal of time to process.

     

    Currently, there is a lack of constructional project for residential buildings in Stockholm region, and there is critique toward the municipalities for having a long processing time for reviewing building permits. This study is about ways to optimize the processing time for building permits. As a first step, it was important to study parameters, which maximizes the quality and efficiency. Since, time is often one of the restricted factors in urban development, optimizing the processing time issuing a construction permit can be one of the quality elements in service oriented business organizations like a municipality.

     

    This study aims to analyze the building permit processing time, and investigate different factors that have influence on it. The case for this was Tyresö municipality, a municipality with approximately 45 000 inhabitants in the south east of the Stockholm region. Required information has been developed based on interviews with the municipality's personnel and professional construction developer who have applied for building permit in Tyresö region. In addition, previous reports, statistics, and cases from the municipality archive have been used to identify important concepts as empirical material.

     

    Long processing time is a current existing problem in many municipalities. A service oriented organization like a municipality should try to increase clients’ satisfaction by a continual and proper communication with public. The municipality can identify the costumer needs and expectations and improve the quality efficiency by communication. Optimizing of processing time in the building permit cases is one of the issues of process optimization that can increase customer satisfaction. Using Total Quality Management strategy in the organization, help the municipality to optimize the processing time continuously. It means quality improvement and leads to long term costumer satisfaction. Since functional team develops solutions to problems in TQM style it often shortens the time taken to produce services. The focus of this management style is on importance of the relationship between costumer and organization and it is directly linked to their communication.

     

    By service guarantee as a tool, municipality which is a politically governed organization makes assurance for public as its costumer to provide community services with proper quality. A well defined service Guarantee has been contributed the improving quality of the services. It helps the planning and building department of municipality to increase the costumer satisfaction and attract more building developer to invest in the municipality region.

    Download full text (pdf)
    Sara Alizadeh
  • 17.
    Yang, Siyi
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    A Study of Swedish Mortgage Interest Rates and Swedbank Stock Returns: Time-varying Mortgage Margins and Stock Returns2012Independent thesis Advanced level (degree of Master (Two Years)), 80 credits / 120 HE creditsStudent thesis
    Abstract [en]

    How banks set the mortgage interest rates and the sizes of the mortgage margins they obtain from making mortgage loans always attract attention from households, government authorities, politicians and market actors. This thesis studies the relationship between Swedish mortgage interest rates and mortgage lending institutions’ costs of obtaining funds, and how the gross margins of mortgage interest rates influence the banks stock returns. In general, banks’ mortgage margins are correlated with their funding costs, which are typically reflected in the yields of mortgage bonds (covered bonds), interbank rates (STIBOR) and the repo rate. How-ever the correlations change over time and sometimes the mortgage margins are relatively low and sometimes relatively high. Since mortgage loans play an important role in banks’ lending business, the related interest rate margins should influence banks’ profitability and therefore the performance of their stock. Everything else equal, higher margins should result in higher stock returns.

    I have collected and constructed a time-series data set based on Swedbank mortgage rates, Swedbank stock prices, yields on government bonds, yields on mortgage bonds, STIBOR interest rates, and repo rate. Both descriptive analysis and econometric models are applied to analyze the time-varying characteristics of the financial data. The thesis covers unconditional correlation (Pearson correlations), and conditional correlation through applying DCC-GARCH models. Besides, ARCH and GARCH models are employed to measure the ARCH and GARCH effects of the spread (premium) terms between interest rates.

    The results from descriptive analysis and econometric models present the tight relationships between the mortgage interest rates and the corresponding funding costs, and show the posi-tive but low correlations between mortgage margins and bank’s stock returns. The results also support the existence of time-vary volatilities (risk) of spread (premium) terms and quantify the growth of return for the certain increase in risk taking.

    Download full text (pdf)
    198
  • 18.
    Torkaman, Tiam
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Zhouson, Sara
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A study of the perceived benefits of LEED certification by tenants2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Download full text (pdf)
    fulltext
  • 19.
    Persson, Elin
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A study of the presence and content of landallocation policies2013Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    A land allocation can be described as an option for a developer, during a certain time get to

    negotiate alone with a municipality, regarding acquiring and develop land that is originally owned

    by the municipality. The goal of a land allocation is that it will lead to a detailed development plan and a land transfer. The land allocation process should be transparent and predictable to make

    the land market efficient and to maintain builders' will to establish themselves. This can be helped by land allocation policies. A land allocation policy is a, often politically adopted, document

    relating to land allocation, where questions of land allocation methodologies, developer criteria and pricing of land are often raised.

    This thesis is a study of land allocation policies in the 35 most populated municipalities in

    Sweden. The focus is to examine the overall occurrence of these types of documents and their topicality. Also the content of these documents are studied with regards to:

       Definition of the term land allocation

       Description and use of different land allocation methods

       If the pricing of the land is mentioned

    In total, 17 of the 35 municipalities have a land allocation policy accessible via their website. Most of the municipalities define what is meant by a land allocation in their policy document. The

    definition differs between municipalities, but has basically the same meaning: a developer has during  a  certain  time  exclusive rights to  develop  a  development project  together with  the

    municipality in order to finally construct the project.

    Land allocation method differs between the municipalities policies. A couple of municipalities state that allocation by tender will be used in the first place. Four municipalities states that

    "normally land allocation should take place under competition", i.e. tender. Two municipalities stating that direct instruction should be used in exceptional cases. In 13 of 17 land allocation

    policies, it is at least mentioned how the pricing of the land should be applied.

    Download full text (pdf)
    fulltext
  • 20.
    Huong Lan, Hoang Thi
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A study on housing preference of young households using stated-preference approach2011Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The isssue of housing preference has been widely researched in housing literature, because it provides valuable information for the planning and development of housing for various residential groups with different needs. In Vietnam, the issue has not received proper attention from scholars and developers though the local housing market is going through a phase of rapid development and transformation. This thesis examines housing preference of young household in the capital city Hanoi with focus on condominiums in new urban areas, due to strong demand of the residential group for the specific type of housing.

    The thesis employed a stated-preference approach with application of direct measurement and conjoint analysis methods to answer research question. A total of 92 responses were collected by mean of questionnaires delivered to customers who visited two real-estate agents in Hanoi.

    Analysis of the empirical data shows that, households are most concerned about developers’ commitments and basic quality of the housing units.They appreciate child-friendly qualities of the living environment, as well as child-friendly facilities and services. The analysis also reveals that price is the most influential attribute to households’ preference, followed by location and floor area. Of the households, majority prefer living close to city centers in order to have good access to jobs, schools, health-care and recreational services; while a small portion choose to live further from city center to get better living conditions, larger space, and lower price. The preferences are then discussed in connection to current conditions of Hanoi urban areas in order to give implications for urban planning policies and new housing projects.

    Download full text (pdf)
    fulltext
  • 21.
    Imamovic, Jasmina
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A tt köpa och sälja konsulttjänster inom byggsektorn - En undersökning av kompetensupphandling inom offentlig och privat sektor2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Download full text (pdf)
    fulltext
  • 22.
    Timell, Fredrik
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Fahlén, Per
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Absolut avkastning på den nordiska hedgefondmarknaden: - En realitet eller önsketänkande?2012Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Hedge funds’ importance within the financial system has during the most recent years increased dramatically. These special funds are unique instruments that differ from traditional mutual funds in a variety of ways, however especially in how they expect returns. Due to the fact that hedge funds are able to hold short positions they possess the possibility to become market neutral investment vehicles.

    Because of this possibility to sustain positions neutral to market fluctuations, the concept of absolute returns became a unique selling point for hedge fund managers and promises of stable returns unchallenged by market conditions was assured. This research paper aims to examine the theory of absolute returns in hedge funds by examining hedge funds from the Nordic region during the last years of economic turmoil that has occurred by  analyzing the results from their strategies, partially by quantitative measurements as well as qualitative.  

    The results show that none of hedge fund strategies managed to deliver absolute returns over the chosen period.

    Download full text (pdf)
    fulltext
  • 23.
    Teimert, Emil
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Acceptance and Applications of Generative AI in Property Management: A Study Exploring Opportunities and Challenges2024Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Digitization and Artificial Intelligence are currently one of the most discussed topics in the real estate industry and are claimed to represent a fundamental revolution rather than a short-term trend or hype. Historically, the real estate industry has been slow to adopt new technology, including traditional analytical AI. However, since OpenAI launched ChatGPT in November 2022, there has been a resurgence of interest in the potential of large language models and more specifically generative AI. The new attention has sparked great enthusiasm for the possibilities offered by generative AI, but also concern about falling behind in its use. The real estate sector is one of the sectors expected to see the absolute largest productivity gains per employee if generative AI is effectively implemented, and with the new applications that traditional AI has not addressed, generative AI potentially offers a unique opportunity for the real estate industry to become a leader in technological development. Despite the promising potential of generative AI, research into its opportunities and challenges in the real estate context is still in its infancy, with a limited number of studies exploring the area. The purpose of this study was thus to contribute to the research on generative AI within the context of property management with the goal of providing insights to Swedish property managers about the socio-technical factors that influence the acceptance of generative AI as well as its potential applications within the industry. Through a survey with 172 participants active in property management, driving forces and obstacles linked to the acceptance of generative AI as well as practical areas of use were investigated. The study's findings highlight the factors that lead a user to either accept or reject generative AI. Also highlighted are the tasks in which property managers see generative AI as a complement, can be performed without or with minimal human supervision, and cannot contribute with support within. Results indicate a wide range of tasks that can potentially be supported by generative AI and are thus valuable to property managers with both limited experience with the technology and those with more experience.

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    fulltext
  • 24.
    Månsson, Mattias
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Vesterblom, Jonatan
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.
    Accepterat pris: Effekter av den nya prismodellen i Stockholms innerstad2012Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Begreppet lockpriser har på senare tid fått utstå hård kritik i media. På grund av detta har många fastighetsmäklare i Stockholms innerstad sedan augusti 2011, gemensamt gått över till prismodellen accepterat pris. Accepterat pris ska ge en indikation av vilket pris säljaren är beredd att sälja till, det angivna priset är dock ej bindande.

     

    Detta är en rapport som är gjord för att jämföra hur mycket skillnaden mellan utgångspris och slutpris har varit före och efter införandet av accepterat pris. Vi har valt att geografiskt avgränsa oss endast till Stockholms innerstad där vi även har jämfört de olika delmarknaderna Kungsholmen, Södermalm, Vasastan och Östermalm med varandra.

     

    Rapporten omfattas dels av en empirisk analys av utgångspriser och slutpriser i Stockholms innerstad, dels av intervjuer genomförda med berörda mäklare i områdena.

     

    Med hjälp av den inhämtade prisstatistiken kan vi konstatera att införandet av accepterat pris har gjort att skillnaderna mellan utgångspris och slutpris minskat från 25,6 procent till 2,4 procent. En liten ökning mellan utgångspris och slutpris kan ses de senaste två månaderna, vilket beror på att utgångspriserna inte följt med prisutvecklingen.

     

    Precis som en tidigare studie visat, är skillnaden betydligt mindre på Östermalm än i övriga Stockholms innerstad. Trots att kunder enligt mäklarkåren reagerat positivt på att differensen mellan utgångspris och slutpris minskat, visar våra intervjuer med mäklare att förtroendet för branschen inte har ökat.

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    fulltext
  • 25.
    Bergroth, Carl-Henrik
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Karlsson, Zandra
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Accepterat pris: -En studie om bakgrunden till införandet och om syftet uppnåtts och hålls än idag?2014Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The great debate topic in media and among real estate agents in spring 2011 was

    specially reduced prices. Specially reduced prices means that a property is advertised at a considerably lower price than the evaluated current market value of the property. This is to attract more bidders in a potential bidding. It is in this case not completely established by law what is meant by considerably lower price, why this concept is difficult to interpret. Real estate agents got lot of criticism due to the output prices which were too low compared to the final prices. The real estate agents industry’s reputation became worse and to counter this, there was formed a taskforce of real estate agents in Stockholm. This resulted in that instead of making use of a starting price the concept of accepted price was introduced. The accepted price meant that the price that was advertised was going to be at such a level that the seller was willing to sell the property for that. With the free trial right the seller would not be compelled to sell anyhow.

    This study is about accounting for the emergence of

    accepted price and the factors behind the introduction and the concept. It also aims to clarify what the goal of accepted price was and to discuss if specially reduced prices are coming back. Finally to investigate if there can be some underlying factors that can contribute to that our perception increases as specially reduced prices.

    The results of the paper show that one of the ideas behind the introduction of the

    accepted price was to strengthen the real estate agent industry's reputation and increase transparency to bidders so they would get a further idea of the final price of the property already at the announcement. According to the interviews made with the real estate agents, it is noticed a certain tendency that specially reduced prices are considered to be on the way back. Although the collected statistics shows that such could be the case when the difference between starting- and final price has recently increased. To be able to make a more definite conclusion, this is something that could be considered when more data have been collected over a wider time frame in the future.

    Download full text (pdf)
    Bergroth and Karlsson
  • 26.
    Karlsson, Zandra
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Bergroth, Carl-Henrik
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Accepterat pris: -En studie om bakgrundentill införandet och om syftet uppnåtts ochhålls än idag?2014Independent thesis Basic level (university diploma), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The great debate topic in media and among real estate agents in spring 2011 was

    specially

    reduced prices

    . Specially reduced prices means that a property is advertised at a considerably

    lower price than the evaluated current market value of the property. This is to attract more

    bidders in a potential bidding. It is in this case not completely established by law what is

    meant by considerably lower price, why this concept is difficult to interpret. Real estate

    agents got lot of criticism due to the output prices which were too low compared to the final

    prices. The real estate agents industry’s reputation became worse and to counter this, there

    was formed a taskforce of real estate agents in Stockholm. This resulted in that instead of

    making use of a starting price the concept of

    accepted price was introduced. The accepted

    price

    meant that the price that was advertised was going to be at such a level that the seller

    was willing to sell the property for that. With the free trial right the seller would not be

    compelled to sell anyhow.

    This study is about accounting for the emergence of

    accepted price and the factors behind the

    introduction and the concept. It also aims to clarify what the goal of

    accepted price was and to

    discuss if

    specially reduced prices are coming back. Finally to investigate if there can be

    some underlying factors that can contribute to that our perception increases as specially

    reduced prices.

    The results of the paper show that one of the ideas behind the introduction of the

    accepted

    price

    was to strengthen the real estate agent industry's reputation and increase transparency to

    bidders so they would get a further idea of the final price of the property already at the

    announcement. According to the interviews made with the real estate agents, it is noticed a

    certain tendency that

    specially reduced prices are considered to be on the way back. Although

    the collected statistics shows that such could be the case when the difference between

    starting- and final price has recently increased. To be able to make a more definite conclusion,

    this is something that could be considered when more data have been collected over a wider

    time frame in the future.

    Download full text (pdf)
    Bergroth och Karlsson
  • 27.
    Lindbohm, Adrian
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Actively Working with Sustainability: What are the Rewards?: Rewards, Premiums and the Future of Sustainability2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Global warming is becoming an increasingly pressured problem for the climate and worldeconomy. The trend and importance of sustainability is growing and is a heavily researchedarea. Real estate accounts for approximately 40% of global energy consumption and 33% ofcarbon emissions. Naturally, the potential and significance of sustainability is an increasinglyimportant topic within the sector.On the foundation of global climate change, this thesis aims to uncover the financial benefitsof active sustainability work for listed real estate companies on the Stockholm StockExchange. Previous research within the field has focused heavily on tangible sustainabilitywork and the effects on the property level rather than the company level by primarily usingquantitative research methods. This paper combines a quantitative and qualitative researchmethod to dig deeper into the market's view of financial effects given to real estate companiesworking actively with sustainability.The study commenced with a panel data regression model analysis where a dummy for activesustainability work in the form of membership in the organisation GRESB was used todetermine the financial effects of active sustainability work on the daily total return index.GRESB guides members in their work with sustainability where membership indicates a willto improve. Results landed in a random effects model which showed that GRESB is positiveand significant for daily total return index, explaining 3% of development. Results from thequantitative study were used in the qualitative research method when designing an interviewguide for semi-structured interviews.It can be concluded that active sustainability work has positive effects on the total return oflisted real estate companies in Sweden. Sustainability work differs in its effectiveness andsuitability depending on the real estate companies size and core business area. GRESB islikely to be an umbrella for other sustainability-related factors and future research shouldexpand the number of sustainability variables used for analysis. There is no universal workmodel for sustainability and every organisation needs to design their sustainability strategywith regards to their business. Organisations seeking sustainability rewards should aim to domore than the minimum needed; real estate companies at the top of sustainability brackets arethe ones receiving the highest portion of the rewards.

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  • 28.
    Gustafsson, Bob
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Activity Based - a way of working for an activefuture2014Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The real estate industry is facing a major change. The activity based working is promoted

    heavily by real estate companies, brokers and consultants as the future workplace. Knowledge

    and information is however limited. Many concepts have a tendency to get mixed up when

    companies on the market choose to formulate their own concepts. The research is neglected,

    and more focused on health and design.

    This thesis focuses on describing how the market may evolve the knowledge and how to

    implement the activity based working in the workplaces.

    Purpose

    The thesis aims to conduct a study to clarify the question of what activity based working

    means. The focus will be to examining the current work that is proceeding on the market

    but also explore if it would be possible to facilitate the implementation of the activity based

    working by using explorative factor analysis.

    Primary questions

    • How to define activity based working?

    • Which theories support the discussion and definition of activity based working?

    • Which concepts are available on the market today and how are these promoted?

    Can the implementation of the activity based working be facilitated by using an activity

    based scale that measures needs and reactions in different workplace environments?

    Method

    The thesis consists of both a qualitative and a quantitative study. The qualitative study is based

    on interviews and a survey of how the market perceive the activity based working and with

    which keywords associated with the concept. In total, seven interviews were conducted. The

    quantitative survey consised of approximately 1000 surveys.

    Conclusions

    • Importance of a common definition and market approach for activity based working

    Manage the self interest in the market to ensure a good development of activity based

    working

    • Activity based working is not just about design and floorlayouts.

    Knowledge sharing should be prioritized

    • Organization, Technology and Premises are all very influencing aspects

    The implementation requires a lot of time and effort

    • Through exploratory factor analysis, is it possible to define the driving forxes within the

    organization.

    • The workplace is no longer a specific place. It is an activity that can be performed in

    multiple places.

    Future research

    Future research should focus to continuing efforts on create an overall overview of the activity

    based working, but also develop clear and efficient processes for the implementation of the

    activity based working.

    Other interesting aspects are the international dimension of the work. The development with

    activity based working will in the future not only be applied on offices. To therefore explore

    how various industries work with the concepts and if there are any specific needs to develop

    in the future.

    Definition

    In the analysis chapter the author presents a comprehensive definition of activity based working

    which is developed with the support by the qualitative and quantitative research:

    “Based on the activities that occur in the workplace, teadership, facilities, and technology are

    customized to effectively and in a structured way maximize the benefits and value of the work

    that the individuals performs”

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    fulltext
  • 29.
    Forsman, Linn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Jonsson, Sofie
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Addressing social sustainability in residential development - An analysis of a residential developer and two municipalities in Sweden2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Social sustainability is one of the three dimensions in the concept of sustainability and is seen as the weakest pillar of sustainable development. Previous literature concludes that social sustainability is a difficult concept to define and achieve. Therefore, the social dimension has not been addressed to the same extent and has been frequently avoided in research and practice. However the importance of the social dimension of sustainable development has been recognized from both the private and the public sector during the last decade. The social aspect of sustainability requires more attention and it is important to define the social sustainability processes that should be integrated during the planning phase of residential development projects.

    The purpose of this research is to contribute with knowledge about how social sustainability can be addressed in the housing industry and within the scientific fields of urban planning and project development. By looking deeper, from both the developer and municipality perspective, into how social sustainability aspects are addressed today, how cooperation regarding these aspects is working, what values a focus on social aspects can create for both parties as well as desires for the future, the research also aims to provide a recommendation of how residential developers can improve their working process.

    Four projects located both in Stockholm and Gothenburg have been used as a basis for the empirics in this research. Empirical information has been collected primarily through interviews but also from existing social sustainability tools. Interviews were conducted with representatives from JM AB and the municipalities of Stockholm and Gothenburg.

    The research has identified that concrete tools, cooperation, clear objectives, and an understanding of each other’s aims and goals are crucial for a good working process regarding social sustainability. A recommended working process has been developed with the aim of helping residential developers to address social sustainability in residential projects. The identified steps in the recommendation provide an understanding of how developers should work with social sustainability internally and in cooperation with the municipality. By working systematically with social sustainability in residential development, the research indicates that developers can become more attractive in the eyes of the municipality and thus gain a competitive advantage over their competitors as well as increase the possibility of creating shared values.

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    fulltext
  • 30.
    Ineza Kayihura, Didier
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Adoption of Artificial Intelligence in Commercial Real Estate: Data Challenges, Transparency and Implications for Property Valuations2021Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Investment decision in the property market is closely connected to property valuation. Thus, accuracy of valuation results and deep analysis of the market is essential. Artificial Intelligence (AI) models have been successfully adopted in different fields and markets. However, the real estate market is typically lagged in time to adapt to these changes. Swedish commercial property market arrangements are characterized by increasing confidentiality of certain data types. As a consequence, the adoption of the AI valuation models in the Swedish commercial property market is slowed down. 

    This study aims to bridge the gap in existing research by focusing on the market actor’s behavior in relation to market development and exploiting the capabilities inherent in adopting AI models in commercial property valuations. 

    The qualitative approach based on interviews with experts has been used to achieve the main objective of this study. Results suggest that the AI valuation models used on commercial properties are applied on valuation data and not on real transaction data. Analysis covers different aspects including data challenges and its disclosure, the role of government authorities, market and data perspectives of AI application on property valuations.

    A framework on AI implication in property valuation in different time horizons presented in this study will help to overcome data challenges and improve transparency of valuation results. This study is beneficial to various actors in the property market, including government authorities, investors, valuers and researchers.

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    fulltext
  • 31.
    Danell, Jenny
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Olausson, Mona
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Affordable housing through inclusionary zoning – the case of Frihamnen, Gothenburg2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The current housing crisis in Sweden affects more municipalities today than ever before. There is a high demand for all type of tenures and the housing shortage is primarily evident in the metropolitan cities. Sweden has during the last 15 year focused on building for high-income households, with the vision to create migratory chains providing other society groups with housing as well. The migratory chains unfortunately often become significantly short and the housing shortage remains for low-income households. Municipalities are now facing an unsustainable situation, with an urgent need to resolve the situation for low-income households. This needs to be performed without the stigmatization and segregation that clusters of only affordable housing brings.

    A Swedish pilot project, RiverCity, including affordable housing through inclusionary zoning is currently under development in Frihamnen, Gothenburg. The first phase of the RiverCity that will be completed is called "RiverCity 2021" and includes parts of Frihamnen and Ringön. The completion will coincide with Gothenburg's 400th anniversary in 2021.There are ongoing discussion, and some factors regarding rent setting and distribution of the affordable housing units are not yet determined. It is a new, interesting and innovative development project that has not yet been studied, and therefore considered suitable for a Master of Science thesis project. The thesis and case study was conducted through a qualitative inductive research approach, with a case study of the pilot project in Frihamnen, Gothenburg.

    The study indicates a high level of innovation among the actors to fulfill the requirements for the assignment of a land allocation. The impression is that the aktors are keen to determine criteria that ensure that the apartments are distributed to households without the financial ability to afford a lease in a new construction building. Inclusionary zoning and requirements in land allocation to develop affordable housing seems to be a prerequisite for the current development of affordable housing. The study provides a basis for further research on the outcomes of the current plans in the future.

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  • 32.
    Stegfeldt, Gustav
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Affärsmässighet i allmännyttan: Har lagändringen 2011 gett någon effekt?2012Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Allmännyttan har under lång tid försörjt Sverige med hyresbostäder. De senaste åren har konkurrensen i form av privata bostadsbolag och omvandling av hyresrätter till bostadsrätter lett till att allmännyttan inte längre har samma funktion som tidigare. Branschorganisationen Fastighetsägarna anmälde år 2005 staten till EU-kommissionen då de ansåg att de allmännyttiga bostadsbolagen fick konkurrenssnedvridande stöd. Anmälan ledde sedermera till en lagändring som trädde i kraft 1 januari 2011.

    Den 1 januari 2011 trädde

    Lagen om allmännyttiga kommunala bostadsaktiebolag i kraft och ersatte då Lagen om allmännyttiga bostadsföretag. Enligt den nya lagen ska de allmännyttiga bostadsföretagen agera affärsmässigt.

    Detta kandidatarbete undersöker vad affärsmässighet är och om det är möjligt att få en blick över hur de allmännyttiga bostadsbolagen ska agera för att vara affärsmässiga. Kandidatarbetet syftar även till att ta reda på om lagändringen fått någon effekt hos de allmännyttiga bostadsbolagen.

    En enkät skickades ut till de allmännyttiga bostadsbolagen för att ta reda på hur de har uppfattat lagändringen. Av enkäten framkom att lagändringen fått en liten effekt. Effekten av lagändringen är främst att de allmännyttiga bostadsbolagen ökar takten mot ett mer affärsmässigt agerande.

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  • 33.
    Krantz, Evelina
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Agila arbetsmetoder inom stadsutveckling: En utforskande fallstudie av arbetssättet i Nacka Stad2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    With a qualitative method, the study investigates the agile working methods within projectmanagement for urban development projects through a case study of Nacka municipality'sproject Nacka Stad. The study aims to identify and clarify problems and obstacles anapplication of an agile way of working can lead to and how the working method differs fromthe literature in manuals and scientific articles - with the hope of giving a deeperunderstanding of agile working methods within project management of urban developmentprojects.The study describes the agile manifesto and its core principles, the methods Scrum andKanban, and explores what it means to have an agile mentality. By this it is formulated thatthe essence of an agile working method is that the work is divided in short, regular andfrequent cycles of clear tasks, where the participation of the customer and the employees inthe planning process is fundamental and the structure of the organization is in teams.The case study showed that although some agile methods are applied, this is done withoutclear structure. What could be identified as agile was that project results in the form oftimetables were often delivered and the new way of working gave a better overview of theoverall picture for sub-project managers. A new meeting plan showed agile elements ofhaving more meetings with face-to-face communication to get faster decisions. The use of adigital Kanban board and a form of Scrum meetings was observed where a backlog ofinformation was distributed between the coordination team.However, the Scrum meetings had low energy and fundamental agile methods such as standupmeetings and Sprints were not applied. Full application of agile methods proved to bedifficult as decision processes were slow and the organization still had a clear hierarchicalstructure.Four semi-structured interviews were conducted which confirmed the observations.Experienced obstacles with agile methods and implementing them were described as thelacking of motivation and structure.The study concludes that the agile way of working needs to be managed and that it in practicedoes not work to apply agile methods in an agile way, that it instead needs to be structured and consistent in order to obtain the desired results of increased involvement from theemployees and a more efficient organization. The report is written in Swedish.

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  • 34.
    Yllén Johansson, Mattias
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Agile project management in the construction industry: An inquiry of the opportunities in construction projects2012Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Project management is today a current and highly discussed area. How projects within the construction industry are managed has not changed significantly during the last decades. The construction market, the amount of different actors and the way that projects are procured today has however changed. This has led to a gap between the managerial view on how construction projects should be conducted today and how they actually are executed. This is reason enough to question this conservative industry and look into what possibilities there might be in the future.

     

    The Agile project management approach is evolved from the software industry where it has grown and developed through empirical progress. It is suited for large complex projects where it is difficult to specify the product in advance. It is today used in different industries but mostly in the software business where the customer detects their needs through means of repeated tests and improvements to a prototype.

     

    This thesis has researched what opportunities there might be in implementing the Agile project management approach in the design phase of construction projects.

     

    The major advantages found with implementing the Agile approach is an increase in the client’s involvement. The Agile approach almost forces the client to increase their participation in the project compared to the situation today. It can also decrease the uncertainty and improve risk management. By the use of time management and specific meetings it will also be beneficial for keeping track of the project’s progression and status.

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  • 35.
    Yllén Johansson, Mattias
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Agile project management in the construction industry: An inquiry of the oppurtunities in construction projects2012Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Project management is today a current and highly discussed area. How projects within the construction industry are managed has not changed significantly during the last decades. The construction market, the number of different actors and the way that projects are procured today has however changed. This has led to a gap between the managerial view on how construction projects should be conducted today and how they actually are executed. This is reason enough to question this conservative industry and look into what possibilities there might be in the future.

    The Agile project management approach evolved from the software industry where it has grown and developed through empirical progress. It is suited for large complex projects where it is difficult to specify the product in advance. It is today used in different industries but mostly in the software business where the customer detects their needs through means of repeated tests and improvements to a prototype.

    This thesis has researched what opportunities there might be in implementing the Agile project management approach in the design phase of construction projects. The major advantages found with implementing the Agile approach is an increase in the client’s involvement. The Agile approach almost forces the client to increase their participation in the project compared to the situation today. It can also decrease uncertainty and improve risk management. By the use of time management and specific meetings it will also be beneficial for keeping track of the project’s progression and status.

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  • 36.
    Ekström, Axel
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Pettersson, Emma
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Agile project management in the design stage – Construction projects possibilities to apply agile methods2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The construction industry has a clear process it follows therefore the working method within it also has become rigid. Through long time the stage-gate model has been used by the project management. Construction projects are often complex, have long stages and long decisions routes. When a stage is completed questions have been raised and lead to that change is needed to be made before moving on to next stage. This takes time, costs more than calculated and the function gets compromised. The purpose with this thesis is to investigate if the current project management approach can be performed more efficiently by applying agile project management to the design stage.

    This thesis is performed with a qualitative research approach. It started with a thoroughly literature review of relevant topics such as agile project management, the construction process and change management. When a solid base of knowledge was gathered about the research area an interview study was conducted and a survey was sent out. The findings are a result from the interview study and the survey. The interview questions and findings are divided into four focus areas of agile project management which are project planning, meeting structure, group collaboration and communication. The discussion connects the literature with the information from the interviews and the discussion is presented with the reflections from the authors. The conclusions present the answers on the research questions. The final chapter about further research is presenting perspectives that have not been answered in this thesis.

    The thesis concludes that project management methods within construction projects are not as rigid as it is described in the literature. The lack of knowledge and awareness of other working methods creates a culture of "this is how it always has been done" within the four focus areas of agile project management. All of the reference projects were time pressured and it was in those situations where ii

    most tendencies to adjust management method was shown. The studied projects had fixed meeting structures and when emergency occurred, extra meetings were held. The project management teams had good collaboration due to that they were co-located and not too big groups. The co-location also facilitated the communication which was compared to team members that were not co-located and struggled with the communication. The communication generally worked well vertically and was struggling horizontally.

    Agile project management cannot be achieved to 100% and it is difficult to apply all of its characteristics on the construction industry since it was developed from the software industry which has other traits than construction. On the other hand, agile project management is a mindset of continuously improvement and flexibility of the used working methods which can be used by the construction industry. The construction industry has to follow some specific processes such as applying for building permits and is affected by political decisions. Therefore the current project management methods are restricted to follow certain frameworks. The framework is hard to change though it leaves space for changed methods and attitudes within the framework and the design stage. All types of construction projects can use the agile mindset and it is important that the whole organization relates to the agile mindset to achieve greatest outcome. Steps towards agile can be done in current projects by emphasis more on reconciliations and let the projects progression decide the meeting structure.

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  • 37.
    Krantz, Evelina
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    AHP applicerat på fastighetsköp i Spanien: En tillämpning av Analytical Hierarchy Process och en överblick av spanska regler kring fastighetsköp som EU-medborgare2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The Spanish housing market has been on the rise since 2014 as property prices are increasing again after the global financial crisis of 2008. This paper aims to both solve an illustrated investment problem using the decision making method AHP, Analytical Hierarchy Process, and to investigate the process of property investment in Spain as an E.U. resident concerning rules and regulations. The investment problem consists of selecting one out of three properties, all town houses with different characteristics, located in different parts of the city Valencia on the Spanish east coast based on the results of a survey done on site in Valencia with a sample of 70 respondents in the ages between 20-29 years.  The factors that influence the decision are based on property valuation; Localization factors, Technical building factors and Economic factors. The Localization factors are further divided into Distance to the city center and Distance to the cost. The Technical building factors in Terrace, Garage and Open-plan kitchen. Lastly the Economic factors only consist of one factor which is Price, the advertised price €/m2.The survey concluded that a property close to the cost is preferred over one close to the city center, 57 % over 43 %. That Terrace is the absolute most important building factor with a priority of 63 %, followed by Garage at 24 % and that Open-plan kitchen is not prioritized with only 13 %. The three main groups were prioritized as follows; Localization factors 41,4 %, Economic factors, i.e. Price, 34,3 %, and Technical building factors 24,3 % - which is consistent with theory on the subject.The results of the survey applied to an AHP hierarchy together with the local priorities from the application of the Saaty-scale and comparison matrices, result in one out of the three properties being ranked as the most efficient. It was concluded that the third property, a townhouse close to the beach, was preferred with a 55 % in global priority, followed by the first property with 26 % and lastly the second with 19 %. The paper also concludes that hiring a third party is something to consider avoiding if one feels comfortable with other contacts as the obligated lawyer, clerk and transaction fees already adds on 10-15% of the purchase price. That the process of only purchasing a property is relatively easy, as technically only N.I.E number is required, but that it requires significantly more to become resident to obtain tax benefits. Lastly the project discusses that with its rising property prices, development opportunities, the warm climate and the mentality of the people Spain certainly can be somewhere worth investing in.

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  • 38.
    Tayefeh, Sam
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Niklasson, Anton
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    AI–Driven Operational Efficiency & AI Adoption in Real Estate in Sweden2024Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Artificial intelligence (AI) has gained tremendous popularity in recent years, influencing the majority of industry sectors worldwide with its automation, generative, and analytical abilities. However, the real estate industry has been slow to adapt compared to others. This cautious approach is due to worries about costs, integrating new systems, and keeping data secure. As a result, real estate firms often take their time to adapt to these changes in a rapidly evolving market. 

    This study investigates the challenges and opportunities for the use of AI in Sweden’s real estate market. It is a qualitative research based on existing literature and interviews with representatives from 11 well-known Swedish companies connected to the real estate industry in different ways. The collected data provides an overview of the present level of AI application, outlining both the challenges that the industry faces and the opportunity for technological adaptation. The study dives deeper into these integration problems, highlighting important roadblocks such as cultural skepticism, reluctance to change, and worries about data protection. These issues highlight the complexity of incorporating new technologies into traditional real estate procedures, emphasizing the need for a nuanced approach to technology adoption. 

    Several strategic recommendations are made, including encouraging strategic collaborations, instituting strong data security measures, and undertaking ongoing training programs to improve workforce proficiency. These measures are intended to make AI integration more seamless and to fully realize its potential in the industry. Overall, the thesis argues that AI can improve the operational efficiency of Sweden’s real estate market. However, attaining its full potential necessitates overcoming the hurdles by strategic interventions and cultural changes.

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  • 39.
    Sterner Nordin, Amanda
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Air rights - A study of urban ropeways from a real estate law perspective2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Ropeways and cable cars are a means of transportation in the air, which is best known for transporting goods and people across natural obstacles such as lakes, mountains and valleys. Ropeways are tightly associated with alpine areas, but in recent years, a new use has emerged for ropeways. Ropeways have evolved into a personal transport in urban environments and are used to bind together neighborhoods that are separated by urban obstacles such as highways, railways and ports. Urban ropeways have been highlighted both as a way to make efficient use of land space and as an ecologically sustainable transport. Urban cableways are common in South America but has also increased in popularity in Europe. Today we can find urban ropeways in cities such as London, Coblenz and Ankara, and now urban ropeways are also planned for in Sweden. The municipality of Sollentuna and the city of Gothenburg are investigating the possibility of integrating urban ropeway in the public transport system.

    In conjunction with a new transport system in the air in urban environments, many real estate legal issues that need to be addressed. The aim of the master thesis was to investigate the possible and appropriate approach to acquire rights to the air space in urban environments for ropeways.

    The study has been carried out as a legal study which has its basis in a groundwork study. In addition to this a supplementary interviews with experts in the field, case studies, studies of cadastral documents and case studies of the planned ropeways in Sweden were conducted. A comparison has been made with other types of ropeways which already exists in Sweden, and with other types of public transport in Sweden.

    This thesis has been able to show that the three-dimensional property is possible for some urban ropeways. The study shows that there is no special legislation is possible to apply to urban ropeways, but that the Expropriation Act and the Real Property Act are applicable. Easements and three-dimensional spaces are shown to be appropriate rights to the aerial space for ropeways, and there is the possibility of forcible land acquisition. Finally, the thesis gives suggestions on how land access for urban ropeways (and other transport systems in the air) should be done continuously.

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  • 40.
    Kyhälä, Jari
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Käck, Christian
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Aktivitetsbaserat kontor eller öppet kontorslandskap? – En multivariat studie av attityder till kontorstyperna2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
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  • 41.
    Wendelheim, Felix
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Carls, Rickard
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Aktörers beteenden på köpcentrummarknaden2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
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  • 42.
    Sterner Nordin, Amanda
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Allmänna lämplighetsvillkor vid fastighetsbildning: En rättsfallsstudie2013Independent thesis Basic level (university diploma), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This bachelor thesis report aims to investigate and clarify the general conditions concerning suitability for property formation (as described in Chapter 3, section 1 Real Property Formation Act) and how these conditions are supposed to be interpreted. This has been done through a court case study, where the focus has been on how the conditions have been interpreted in case law. 58 court cases have been studied separately and then analyzed in the report.

    The conclusions are presented in the form of guidelines concerning what to consider for a suitability assessment with regard to the conditions in Chapter 3, section 1 Real Property Formation Act. The guidelines are based on observed interpretations in case law and are meant to facilitate the interpretation of the conditions.

    It should be noted that there are several dimensions to the general conditions concerning suitability and that there are eight conditions considering real estates’ location, size, design, access to necessary roads, water and sewage systems for residential properties, duration, timeliness and approach. Depending on which of these conditions are considered, the assessment will be made in accordance.

    The assessment will also depend on the purpose of the real estate. For example, the requirements are higher for a real estate for recreational purposes than for a real estate for permanent residence. The requirements are also higher for a real estate containing no buildings than for a real estate that already contains a residential building when the real estate is meant for accommodation purposes. It may also be noted that agriculture and forestry real estates’ suitability mostly depends on the conditions in Chapter 3, section 5 Real Property Formation Act.

    Title

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    Amanda Sterner Nordin
  • 43.
    Löf, Gustav
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Westerdahl Widlund, William
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Business and Financial Systems.
    Allokering av institutionellt kapital till private equity-fonder: Beslutsprocessen och kapitalets väg från svenska institutioner till private equity-fonder2023Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Private equity has for a long time been an attractive alternative when allocating capital. Over the past forty years, the asset class has gained more traction in Sweden. As a result of this, due to the growing interest, more extensive research has been done on the subject and the asset class have gotten a more appealing association as a investment alternative. Swedish institutions consider the asset class to have several attractive traits which is why it constitutes to several Swedish portfolio compositions. 

    The aspiration of this study was to examine how the decision-making process looks when institutional capital is allocated in unlisted assets in the form of private equity. The ambition was to provide a more nuanced understanding of the key arguments that weigh the most when deciding to make an investment in private equity. In addition to an understanding behind the decisive arguments, there was also a desire to understand what the decisive factors are and how they are weighed against each other. To capture these different parameters, a qualitative survey was carried out by employing semi-structured interviews. The argument behind the choice of a qualitative method were since it allowed for a more in-depth analysis.

    The findings of the study revealed that Swedish institutions perceive private equity as having excellent diversification elements, contributing to portfolio optimization. The asset class has a valuation methodology, which occurs on a quarterly basis, that leads to lower visible volatility in the portfolio. Institutions consistently seek diversification effects and higher returns through private equity investments, due to the asset class´s characteristics and the lock-up effects associated with closed-end fund structures. The respondents emphasized the importance of having trust for the fund´s team and their adherence to the institution's own investment guidelines. An important factor highlighted by majority of respondents was the restriction imposed by their investment policy to avoid unethical activities such as carbon intensive or weapons, The respondents also tend to see through their allocation possibilities to influence the business structure partly, but also the capital flows in society.

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  • 44.
    Marinder, Emelie
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Alternativ finansiering av börsnoterade fastighetsbolag: Om synen på den funktion som preferensaktier och D-aktier fyller vid optimering av kapitalstruktur och finansiering2022Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Commercial properties have become increasingly important in the Swedish economy. The real estate sector has had a particularly high growth in recent years where real estate is considered a capitalintensive real asset class. Bank lending has traditionally been the method of financing real estate companies. As of recent years, the real estate companies seek to find alternative methods of financing, where it is becoming more common to finance through the capital markets. Generally, the biggest cost of a real estate company is its cost of finance. Therefore, it is important to process the capital structure to find the most rational one given the circumstances, where the use of equity found in the balance sheet can be an alternative. With the first issues of preferred shares in Sweden, the shares were used to obtain equity. The preferred shares offered the investors a high and predictable yield that was prioritized over the common shares, though designed as retractable at a specific price. Subsequently, the first dividend shares were issued, and the dividend share was popularized with real estate companies. The dividend share is similar to the preferred shares with a continuous high yield but without the priority. In recent years, many preferred shares have been retracted by the larger real estate companies. In the meantime, the demand for credit ratings has increased, with the goal of obtaining an investment grade rating by the rating agencies.

    This thesis aims to study what function the preferred shares have had as a source of equity and why dividend shares have partly been used as a substitute to preferred shares. The inquiry was based on interviews with persons of experience from the commercial real estate market that could offer different perspectives of the manner. What can be derived is that the issue of preferred shares can be rational for real estate companies with high set growth targets. Historically, preferred shares have been a competitive source of equity that has been effective due to its low dilution compared to common shares. Preferred shares became expensive to keep outstanding for the real estate companies that wanted the investment grade rating. This since the companies needed to operate in a way that the rating agencies favored regarding the preferred shares. As a result of this, dividend shares as well as hybrid bonds have been used as a substitute for preferred shares.

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  • 45.
    Olsson, Frida
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Alternativa finansieringsmöjligheter av företagsfastigheter2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
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  • 46.
    Berg, Hanna
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Fjeldgård, Hanna
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Alternativa upplåtelseformer: – En studie av komplement till hyresrätten för att dämpa bostadsbristen2012Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    A well-functioning housing market is critical to a society's development and welfare. The major housing shortage in Stockholm, and in particular the leasehold shortage, has therefore been a controversial issue for long time. Almost every of Stockholm's municipalities stated in 2011 that they were experiencing a leasehold deficit, a result of reduced construction combined with a high degree of remodeling to condominiums. The problems that follow are seen in form of the illegal trading of lease contracts, long waiting times for apartments together with difficulties for young people to enter the housing market.

    This paper focuses on alternative forms of tenure and their ability to complement the leasehold form on the Stockholm housing market, as well as their impact on the problems resulting from the leasehold shortage. The alternative forms of tenure studied are the cooperative leasehold form and the new form shareowner tenure. Interviews with participants from each tenure form were held, which constitutes the basis for presentation and discussion of the forms and for a comparison with the leasehold form.

    It is found that neither the cooperative leasehold form nor the shareowner tenure may constitute a perfect complement to the leasehold form. Based on an alternative interpretation, that any of the tenure forms can complement the leasehold form by fulfilling a function which could be requested from some tenants, they both constitute a certain complement by contributing to a more effective movement in the housing market. Since the forms are only expected to result in a minor level of new construction, their impact on the leasehold deficit is assumed to be relatively insignificant.

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  • 47.
    Ekdahl, Christian
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Kling, Adam
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Amorteringskrav på den svenska bostadsmarknaden - En sammanvägd analys av eventuella effekter2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
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  • 48.
    Allingmon, Dennis
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Larsson, Julia
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Amorteringskraven och vinstskatt: Orsaker till inlåsning och minskad rörlighet påbostadsmarknaden2019Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This thesis analyzes the capital income taxes on real estate and the amortization of loans

    whether it will have an effect on the real estate market. The topic is up for debate but still not

    many studies have been made in Sweden. We found studies in the USA and have conducted

    our research in a similar way of studying the effects of the amortization requirements effect

    on the accommodation price and households costs. This is done by comparing statistics before

    and after the amortization requirements have been imposed. We decided to focus on specific

    cases and have chosen 17 different municipalities to look into. Our research can be described

    as a multiple case study where every individual case becomes a quantitative analysis though

    collected data.

    Different lock-in effects can be found and for example when a household chooses to avoid

    costs since a new house will lead in to higher monthly costs. The collected data shows that a

    majority of the municipalities will have significant increase in costs due to the development of

    both apartments and villas over the past 20 years. This results in higher loans and cost of

    moving, even when moving to a smaller accommodation. In the theory, we talk about

    economic lock-in effects due to a profit driven economy that arises in communities that are

    liberal and globalized. Our research show that people who have lived in their home for a long

    time have an accreted value. This accreted value leads to high taxes which can be seen as a

    cost that will make them earn less when trying to sell their home. Increased capital income

    taxes will lead to less tendency to move. For every 1000 USD a household pays in property

    taxes, the likelihood they will move decreases by 1 percent. The average capital gains taxation 

    of the municipalities studied is 369 000 SEK, which implies the households are less likely to

    move by 36.9 percent.

    The idea of amortization requirements is that households should not take as big loans as they

    would have done before so that people will be more restrictive while taking loans that will

    lead to falling house prices. This would lead to people who already own their homes to not

    sell since they will lose money, which in a global and liberal community is a colloquial

    thought. The result of this is: no housing for sale and the moving chain stops, thus the lock-in

    effects is inevitable.

    Our collected data shows that the first amortization requirements had the requested effect on

    the price before, under and for a short period of time after the imposition decline. However

    the effect is more significant on dwellings where falling square-meter prices clearly appears

    while the K/T numbers for houses dropped but still remains stable.

    We infer the tax law and amortization requirements today will lead to less people moving

    since it will result in increased costs with a potential move. Both direct, capital income taxes

    but also retroactive monthly costs.

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  • 49.
    Mabrouk, Nizar
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Mehnaoui, Soumia
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Amorteringskravet: Dess påverkan på bostadspriser och hushållens skuldsättning2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The first of June 2016, an amortization requirement was introduced as a measure to halt the constantly growing household debt in Sweden. The high household debt has been widely discussed over the past few years which has led to the further discussion regarding whether the growing debt means a risk for the macroeconomic and financial stability. Banks and other actors active in the housing market have been both positive and skeptical of the amortization requirement as a measure to reduce the household dept. The actors argue that the consequences can be both positive and negative. The purpose of this essay is to study if and how the amortization requirement so far has affected the house prices and the debt for mortgage loans, and if it has been the ultimate measure to achieve a more stable economy. To achieve the purpose of the essay two research methods were used: qualitative method, interviews and literature studies, and quantitative method, based on statistics. Results suggest that the amortization requirement has had an impact on the housing market. Housing prices have continued to increase but at a slower pace in comparison with previous years, whilst the debt rate has fallen. The amortization requirement is considered more as an educational measure than a measure that reduces household depts. The conclusion drawn from the results is that the amortization requirement has fulfilled its purpose but whether this measure is the most optimal is hard to say.

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  • 50.
    Hossain, Nabil
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    An Analysis of Alternative Building Materials in the Coastal Rural Areas of Bangladesh2020Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    This study will provide background information about the region of Bangladesh,more specifically the coastal rural area of Bangladesh. This region has due to theglobal warming become a very disaster-prone region where disaster resilience workhas become increasingly relevant. Displacement of the rural coastal population dueto disasters is an ongoing issue in Bangladesh which inhibits the large urbanization the capital city, Dhaka faces. This has increased the need of housing which has stimulated the brick industry that has increased its contribution to BangladeshGDP the last years. Though the brick industry has traditionally been dominated by environmentally unfriendly methods that has caused deforestation and severe air pollution contributing to the cause of its demand creating a negative feedbackloop. This study will analyse four different building materials including the tradition alone by collecting data, creating analyse models and discussing them to find a more financial, environmental and technical suitable alternative to respondto the current situation to try turn the tide focusing on the rural coastal areas of Bangladesh.

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