| 1. |
- Anop, Sviatlana, 1974-
(författare)
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Apartment price determinants : A comparison between Sweden and Germany
- 2015
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Licentiatavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Similar development of economic fundamentals in Germany over the last two decades did not lead to the same dramatic house price increases as it is in Sweden. What can explain this house price stability over a long period? This thesis attempts to find the answer this question.The first paper in this thesis contains an extended literature review on the studies focused on the factors affecting house prices in the short and in the long run. Existing literature adopts a broad variation of approaches and reaches different conclusions attempting to answer the question about what are the key drivers of house prices. Conclusions often depend on the model specifications and econometric methods applied. Though there is a considerable agreement in real estate economics theory regarding the main factors that affect house prices (or so called “fundamental determinants”), it is hard to find a consistent definition regarding what factors can be considered as “fundamentals” and what factors belong to “non-fundamentals”. The dominating factors that are presented in the majority of the studies are income, population, interest rate, housing stock and unemployment. Studies done after the recent financial crisis put more attention on such factors as the behavior of the market participants, financing conditions and regulations. The characteristics of the bank lending and valuation policies as well as regulations on the rental market have received attention in the research literature, but the impact of these factors on house price dynamics is not measured and not well described. Therefore the other two papers in this thesis aim to provide a better insight in to the factors that create fluctuations in housing markets.The second paper investigates the effects of macroeconomic indicators such as population, income housing stock, mortgage interest rate on house prices. Estimation is done by applying panel data methodology on regional data for major cities in Germany and Sweden and by using yearly observations from 1995 to 2010. Results suggest that the long-run development of apartment prices in Sweden can be explained by changes in such factors as population, disposable income per capita, mortgage interest rate, housing stock, and prices per square meter in the previous period. The price for the previous period has the highest impact in comparison with other factors in Sweden. At the same time for Germany this is the only factor that is valid for long-term house price development. Estimates for fundamental factors such as population, disposable income, mortgage interest rate and housing stock appeared as not significant in house price development in the long run in Germany. A closer analysis has shown that the fundamental factors developed in a similar way in both countries during the analyzed period, though the house prices dynamic is very different. The conclusion is that fundamental factors cannot provide an explanation for the differences in house price developments in two countries and further analysis of institutional differences in the housing markets is done in the third paper.Third paper applies a comparative analysis approach and hypothetico-deductive method in order to examine the differences in the banking policies on mortgage financing and approaches to valuation of mortgage properties in Germany and Sweden. The results suggest that the extreme rise in Swedish house prices above the long-term trend was created by expanding bank lending policies that was supported by the general macroeconomic factors and regulation environment on the housing market. The main difference between countries in approaches to valuation for mortgage purposes is that in Germany that mortgage is based not on the market value as it is in Sweden, but on the long-run sustainable value, so called “fundamental” value. Mortgage lending value is determined in such a way that is also develops in the same tempo as fundamentals in the long-run and is not that procyclical as market value. Using a long-term sustainable value has a restrictive effect on the housing prices and in such a way stabilizes the market. One more factor that gives stability to the housing market in Germany is the well-functioning rental market. Third paper contributes to a better understanding of necessary conditions for the house prices to rise in the long run above the fundamentals level and suggests policy solutions that can reduce the risks of housing bubbles and increase financial stability.
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| 2. |
- Anop, Sviatlana, 1974-, et al.
(författare)
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Creation of housing price indices: international experience
- 2012
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Ingår i: 2nd International scientific-practical conference proceedings ”Perspectives of valuation activity development” Belarusian State Technological University, Minsk, Belarus.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)
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| 3. |
- Anop, Sviatlana, 1974-
(författare)
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Determinants of foreign direct investments in real estate in European countries - panel data analysis
- 2010
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Ingår i: 17<sup>th</sup> ERES conference proceedings, Milan, Italy.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- Foreign direct investments (FDI) have been one of the core features of globalization and the world economy over the past two decades. Statistical data shows that the level of FDI was continuously increasing during 2003-2007, but the directions and amount of such inflows differs significantly between the countries. Investments in Real Estate are just one of these inflows and European countries proved to be successful in this process. The objective of this study is to highlight theoretical and empirical findings about determinants of foreign direct investment in Real Estate in developed European countries. This paper first present and analyze existing scientific theories in this area with special attention to Real Estate investments, then focuses on assessing the relative significance of the factors that may attract FDI in Real Estate via a panel data regression analysis for a representative sample consisting of 15 OECD countries for 1996-2007. Results of the study suggest that certain variables such as size and growth of GDP, human capital and road infrastructure appear to be robust under different specifications. Significance of these factors estimates are also observed, confirming the relevant theoretical propositions. However certain differential variables that expected to have positive effect proved to be insignificant within the estimated data sample.
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| 4. |
- Anop, Sviatlana, 1974-
(författare)
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Hotel valuation and management: Experience from Sweden
- 2012
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Ingår i: 2nd International scientific-practical conference proceedings ”Perspectives of valuation activity development” Belarusian State Technological University, Minsk, Belarus. - : Belarusian State Technological University, Minsk, Belarus.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)
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| 5. |
- Anop, Sviatlana, 1974-
(författare)
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House price determinants in Germany and Sweden : panel data analysis
- 2011
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Ingår i: 18<sup>th</sup> ERES conference proceedings, Eindhoven, Netherlands.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- Article has an aim to investigate the effects of macroeconomic indicators such as population, income levels, GDP, housing stock, interest rate and rent levels on house prices. Analysis is done by applying panel data methodology on regional data for major cities in Germany and Sweden and by using yearly observations from 1995 to 2009. Results confirm that population, GDP, income, housing stock, interest rate and price levels for other market segments have effects on housing prices. However, these effects can be different for certain indicators depending on market segment and model used.
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| 6. |
- Anop, Sviatlana, 1974-, et al.
(författare)
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MANAGEMENT OF COMMUNICATION RISKS : EVIDENCEFROM INTERNATIONAL PROJECTS CASE STUDY
- 2010
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Ingår i: International conference proceedings PM-05 - Advancing project management for the 21<sup>st</sup> century “Concepts, tools & techniques for managing successful projects”, Heraklion, Crete, Greece..
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- The realization of project requires collaboration between many different participants. The majority of interactions happen on the project management team level. The general believe is that teams/groups can achieve more efficiency if they use effective instruments of risk management in their communication process. The aim of this study is to investigate how the level of communication risks varies between different project group development stages and how project manager can help project group to reach the maximum effectiveness of communication. The study analyzes different communication barriers that project group meets while working at project. The investigation was performed by using qualitative analysis method in four different projects of an engineering and consulting company involved with mining industries in South Africa. Interpersonal relationships were measured by FIRO model and communication risks were evaluated by a typical risk analysis method. Results of investigations show that communication risks are directly affected by the stage of group development and different factors of group development tend to synchronize with each other. The total amount of risks tends to decrease as group moves from one stage to another on the FIRO model. For improving communication process in project groups the dynamic nature of FIRO model should be considered. The risks will not be settled down unless the group stands in “Openness” stage and the group development stage is vulnerable to any changes; the environmental effects should be carefully followed for preventive action.
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| 7. |
- Anop, Sviatlana, 1974-
(författare)
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Practical issues in real estate valuation in Belarus
- 2010
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Ingår i: 3<sup>rd</sup> International scientific-practical conference proceedings “Economy, valuation and management of real estate and nature resources” Belarusian State Technological University, Minsk, Belarus.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)
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| 8. |
- Anop, Sviatlana, 1974-
(författare)
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Valuation and management of hotel property: Swedish experience
- 2012
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Ingår i: 2nd International scientific-practical conference proceedings ”Perspectives of valuation activity development” Belarusian State Technological University, Minsk, Belarus.
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Konferensbidrag (populärvet., debatt m.m.)
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| 9. |
- Anop, Sviatlana, 1974-
(författare)
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Анализ хозяйственной деятельности: Учеб.-метод. комплекс для студ. спец. 25 01 07, 25 01 04 Полоцкий Государственный Университет, Новополоцк, Республика Беларусь /Analysis of the economic activity: Study manual for students with specialization 25 01 07, 25 01 04. 2nd ed. Polotsk State University, Novopolotsk, Belarus
- 2005
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Annan publikation (populärvet., debatt m.m.)abstract
- Приведены темы изучаемого курса, изложены теоретические и практические основы анализа хозяйственной деятельности промышленных предприятий и в основных отраслях экономики. Представлены задания для практических занятий, рекомендации по организации рейтингового контроля изучения дисциплины, вопросы к экзамену, тест для проведения зачета, контрольные работы по курсу, тематика курсовых работ.
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