| 1. |
- Andersson, Roland, et al.
(författare)
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Agglomeration and the spatial distribution of creativity
- 2005
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Ingår i: Papers in regional science (Print). - : Wiley. - 1056-8190 .- 1435-5957. ; 84:3, s. 445-464
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Tidskriftsartikel (refereegranskat)abstract
- This article analyses the spatial distribution of "creativity"-the production of new knowledge. We analyse commercial patents granted in Sweden between 1994 and 2001 using a panel of 100 labour market areas that encompass the entire country. We relate patent activity to measures of localisation and urbanisation, to the industrial composition and size distribution of firms, and to the regional distribution of human capital. Our analysis confirms the importance of human capital and research facilities in stimulating regional patent output. Our results document the importance of agglomeration and spatial factors in influencing creativity: patent activity is increased in larger and more dense labour markets and in regions in which a larger fraction of the labour force is employed in medium-sized firms. Our results also indicate that creativity is greater in labour markets with more diverse employment bases and in those which contain a larger share of national employment in certain industries, thus confirming the importance of urbanisation and localisation economies in stimulating creativity. Our quantitative results suggest that the urbanisation of Sweden during the 1990s had an important effect upon the aggregate level of patent activity in the country, leading to increases of up to 15 percent in aggregate patents.
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| 2. |
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| 3. |
- Andersson, R., et al.
(författare)
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How can regional differences in the risk-of-foreclosure be explained? : Evidence from Swedish single family housing markets
- 2008
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Ingår i: Journal of Property Research. - : Informa UK Limited. - 0959-9916 .- 1466-4453. ; 25:3, s. 179-202
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Tidskriftsartikel (refereegranskat)abstract
- In Sweden, quite large differences in the risk-of-foreclosure for single-family housing exist between regions. The aim of this paper is to explain such differences, using data on foreclosures for all Swedish regions. In an option-based model, the risk-of-foreclosure is a function of such things as housing prices and incomes, as well as interest rate and housing price volatility. Instead of using housing prices and incomes to explain the risk of foreclosure, we use explaining variables in the labor market model. The main results indicate that the option-based model explains the variation in foreclosure rates. Specifically, interest rate - together with price volatility, price changes, price and rent level, income, and employment - explains around one-third of the total regional variation. Our extended option-based model explains slightly more. Specialization within the industrial sector seems to have a positive effect on foreclosure risk in that it, together with the educational level of the workforce, reduces the risk. Specifically, mortgage lenders and banks can reduce their risk by concentrating their business on dense regions with a high degree of employment within the manufacturing industry and with a higher educational level of the workforce.
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| 4. |
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| 5. |
- Andersson, Roland, et al.
(författare)
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The impact of advanced vocational education and training on earnings in Sweden
- 2014
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Ingår i: International Journal of Training and Development. - : Wiley. - 1360-3736 .- 1468-2419. ; 18:4, s. 256-270
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Tidskriftsartikel (refereegranskat)abstract
- Researchers have established a relationship between greater education and training and higher earnings but it is difficult to infer that the former causes the latter if those with higher earnings tend to engage in more education and training. The present study attempts to control for ability and family background to see if stronger inferences can be made about education and training as the independent variable. The study focuses upon advanced vocational education and training (AVET) in Sweden. This is post-secondary school education for individuals who are 20 years of age or older. The aim of this article is to estimate the effects of AVET on earnings by controlling for selection bias. We used various approaches such as instrumental variables, Hausman–Taylor estimates, fixed effects estimates and propensity score matching to achieve this aim. A panel, or longitudinal, data set for eight different labor markets in Sweden for the period 1996–2008 was used. The results indicate that earnings from AVET are higher than the return on investment in comprehensive education. The average effect on income is estimated to be in the range of 3–8 percent.
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| 6. |
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| 7. |
- Andersson, Roland, et al.
(författare)
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University decentralization as regional policy : the Swedish experiment
- 2004
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Ingår i: Journal of Economic Geography. - : Oxford University Press (OUP). - 1468-2702 .- 1468-2710. ; 4:4, s. 371-388
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Tidskriftsartikel (refereegranskat)abstract
- During the past 15 years, Swedish higher education policy has emphasized the spatial decentralization of post-secondary education. We investigate the economic effects of this decentralization policy on productivity and output per worker. We rely upon a 14-year panel of output and employment for Sweden's 285 municipalities, together with data on the location of university-based researchers and students, to estimate the effects of exogenous changes in educational policy upon regional development. We find important and significant effects of this policy upon the average productivity of workers, suggesting that the economic effects of the decentralization on regional development are economically important. We also find evidence of highly significant, but extremely localized, externalities in productivity. This is consistent with recent findings (e.g., Rosenthal and Strange, 2003) on agglomeration in 'knowledge industries.'
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| 8. |
- Andersson, Roland, et al.
(författare)
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Urbanization, productivity, and innovation : Evidence from investment in higher education
- 2009
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Ingår i: Journal of Urban Economics. - : Elsevier BV. - 0094-1190 .- 1095-9068. ; 66:1, s. 2-15
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Tidskriftsartikel (refereegranskat)abstract
- During the past two decades, Swedish government policy has decentralized post-secondary education throughout the country. We investigate the economic effects of this decentralization policy on the level of productivity and innovation and their spatial distribution in the national economy. We find important and significant effects of this investment policy upon economic output and the locus of knowledge production, suggesting that the decentralization has affected regional development through local innovation and increased creativity. Our evidence also suggests that aggregate productivity was increased by the deliberate policy of decentralization. Finally, we estimate the spillovers of university investment over space, finding that they are substantial, but that they are greatly attenuated. Agglomerative effects decline rapidly; roughly half of the productivity gains from these investments are manifest within 5-8 km of the community in which they are made.
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| 9. |
- Armerin, Fredrik, 1971-
(författare)
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Waiting in real options with applications to real estate development valuation
- 2016
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Licentiatavhandling (övrigt vetenskapligt/konstnärligt)abstract
- In this thesis two dierent problems regarding real options are studied. The rst paper discusses the valuation of a timing option in an irreversible investment when the underlying model is incomplete. It is well known that in a complete model there is no nite optimal time at which to invest if the underlying asset, in our case the value of the developed project, does not pay out any strictly positive cash ows. In an incomplete model, the situation is dierent. Depending on the market price of risk in the model, there could be an optimal nite investment time even though the underlying asset does not pay out any strictly positive cash ows. Several examples of incomplete models are analyzed, and the value of the investment opportunity is calculated in each of them. The second paper concerns the valuation of random start American perpetual options. This type of perpetuate American option has the feature that it can not be exercised until a random time has occured. The reason for studying this type of option is that it provides a way of modelling the initiating of a project, e.g. the optimal time to build on a piece of land, which can not occur until a permit, or some other form of clearance, is given. The random time in the project application represents the time at which the permit is given. Two concrete examples of how to calculate the value of random start options is given.
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| 10. |
- Aspelin, Peter, et al.
(författare)
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Ultrasound examination of soft tissue injury of the lower limb in athletes
- 1992
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Ingår i: The American journal of sports medicine. - : SAGE Publications. - 1552-3365 .- 0363-5465. ; 20:5, s. 601-603
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Tidskriftsartikel (refereegranskat)abstract
- We performed ultrasonography on 32 athletes complaining of intense pain in a swollen and tender thigh or calf after a contusion or stretching trauma. The ultrasonogram was used to visualize the presence and size of a suspected hematoma. The findings included the following: 7 patients with a circumscribed, anechoic lesion compatible with a liquefied hematoma; 10 patients with a circumscribed lesion of mixed echogenicity compatible with areas of liquefied hematoma, coagulated blood, and edema; and 15 patients with a diffuse change in echogenicity of the whole muscle. The circumscribed liquefied, and mixed hematoma were more common after contusion trauma, while the diffuse type was more common after injury caused by stretching. Ultrasonography is useful in localizing the hematoma and in characterizing the different types. Differentiation is important in diagnosis and choice of treatment.
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| 11. |
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| 12. |
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| 13. |
- Berggren, Björn, 1972-, et al.
(författare)
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Does the increase in house prices influence the creation of business startups? : The case of Sweden
- 2017
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Ingår i: Region. - : European Regional Science Association. - 2409-5370. ; 4:1, s. 1-16
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Tidskriftsartikel (refereegranskat)abstract
- Entrepreneurs are at the core of economic development in that they start new businesses or make existing firms grow. To fulfill this important role, entrepreneurs need access to financing. Owing to information asymmetry and the relatively high risk associated with business startups, many financiers shy away from engaging in relationships with firms during the early stages of their development. Based on the existing body of knowledge on the financing of entrepreneurship, we know that insider finance is of paramount importance in the early stages of firms’ development. We expand this knowledge base by analyzing the influence of house prices on business startups across municipalities in Sweden. In our analysis, we include data from all municipalities in Sweden. Our data on house prices and control variables are collected in period one, and our data on the frequency of startups are collected in period two. We find that rising house prices in a municipality lead to a higher frequency of startups. In our spatial Durbin model, we find that a 1% increase in house prices leads to around 0.15% increase in startups. Our findings are in line with the limited international research that has been previously conducted, and therefore, our study might make a small but vital addition to this growing body of knowledge within the area of entrepreneurship and regional development.
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| 14. |
- Berggren, Björn, 1972-, et al.
(författare)
-
Homeownership and entrepreneurship A regional and industrial analysis of house prices and startups
- 2019
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Ingår i: International Journal of Housing Markets and Analysis. - : EMERALD GROUP PUBLISHING LTD. - 1753-8270 .- 1753-8289. ; 12:3, s. 456-473
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Tidskriftsartikel (refereegranskat)abstract
- Purpose The purpose of this paper is to analyze the relationship between housing markets and new firm formation in six different industries in all 284 municipalities in Sweden. Design/methodology/approach The authors have used data from Statistics Sweden and The Swedish Agency for Economic and Regional Growth to develop a model to analyze the relationship between house prices and industry-specific new firm formation, with the interaction effect of financial infrastructure. Findings In the data, stable high house prices have no effect on entrepreneurship. However, a market with rising house prices has a positive effect on new firm formation, in retail, construction, business-to-business services and miscellaneous sectors, but produced no effect in either mining, agriculture and fishing or in manufacturing. The interaction between rising house prices and financial infrastructure does not change the positive effect on retail, business-to-business services and miscellaneous sectors, but within the construction industry, the positive effect on new firm formation disappears. In manufacturing, the authors observe the opposite - a positive effect, instead of no effect previously. Originality/value The contribution of this study is to provide evidence of how house prices are associated with entrepreneurship in different industries, as well as analyzing how the interaction between house prices and financial infrastructure is associated with entrepreneurship. By separating observations in time, endogeneity is controlled and a causal relationship where higher house prices is postulated, which leads to an increase in entrepreneurial activity in different industries. By using a spatial Durbin model, the authors control for spatial dependency.
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| 15. |
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| 16. |
- Björklund, Kicki, et al.
(författare)
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An investigation of Property Price Studies
- 2002
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Ingår i: Real Estate Valuation Theory. - Boston, MA : Springer. ; , s. 63-93
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Bokkapitel (refereegranskat)abstract
- Several delicate issues are connected to the question of how to compose scientific papers. A number of rules and guidelines apply — some interdisciplinary, others common for all sciences. The scientific policies of the academic journals, but also their space constraints, play an important role in forming the rules. Still, in several situations the question regarding what should be explained and interpreted explicitly and what may be left for the been discussed above, that can explain why it is reasonable not to find only “yes” answers to the questionnaire. In light of these objections, we find the overall result to be reasonably good. However, in two respects we found the results surprisingly poor, taking into account the emphasis that has been put on the topics in standard textbooks and earlier reviews.
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| 17. |
- Björklund, Kicki, et al.
(författare)
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Offer price, transaction price and time on the market
- 2006
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Ingår i: Property Management. - : Emerald. - 0263-7472 .- 1758-731X. ; 24:4, s. 415-426
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Tidskriftsartikel (refereegranskat)abstract
- Purpose - The purpose of this paper is to investigate whether or not the offer price affects the transaction price and the number of days the property is on the market. Specifically, is it possible for the broker to use the offer price as an instrument for obtaining a higher transaction price? Design/methodology/approach - To test the hypothesis the general hedonic model is used, where the deviation of the transaction price and expected price from the offer price is a function of time on the market. Findings - The results indicate that a high offer price is more likely to result in a high ratio of transaction price to expected price compared to a low offer price. Research limitations/implications - However, the overall conclusion is affected by the state of the market, that is, whether the market is static, rising or falling. Practical implications - The best selling strategy in a rising market seems to be set a high offer price compared to the expected sale price. Originality/value - The main contribution is that the paper not only analyzes the relationship between offer and transaction price, but also its relationship to expected price. It also tests for the existence of spatial autocorrelation, which is unique in this type of study.
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| 18. |
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| 19. |
- Brunes, Fredrik, et al.
(författare)
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NIMBYs for the rich and YIMBYs for the poor : analyzing the property price effects of infill development
- 2020
-
Ingår i: Journal of European Real Estate Research. - : EMERALD GROUP PUBLISHING LTD. - 1753-9269 .- 1753-9277. ; 13:1, s. 55-81
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Tidskriftsartikel (refereegranskat)abstract
- Purpose This paper aims to analyze how nearby property prices are affected by new construction projects in Stockholm. If there is an impact on property prices, the authors endeavor to investigate whether the effects vary among different areas within the municipality, for different groups of inhabitants and for different types of housing (i.e. public versus private housing). Design/methodology/approach The authors use a difference-in-difference specification in a hedonic model, and the sample consists of more than 90,000 observations over the period 2005-2013. Findings The results are robust and indicate that house prices in nearby areas increase following the completion of infill development. The results also indicate that infill development has a positive spillover effect on nearby dwelling prices only in areas with lower incomes, more public housing units and more inhabitants born abroad. Originality/value It provides an analysis on how nearby property prices are affected by new construction projects by creating a restricted control area, so as to make the treatment group and the control group more homogeneous. Thus, it mitigates any potential problems with spatial dependency, which can cause biased standard errors.
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| 20. |
- Brunes, Fredrik, et al.
(författare)
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NIMBYs for the rich and YIMBYs for the poor: Analyzing the property price effects of infill development
- 2016
-
Rapport (övrigt vetenskapligt/konstnärligt)abstract
- A combination of strong urbanization and shortage of land in many European city areas prompts an impetus of infill development, with current residents often raising concerns that infill development leads to lower nearby property prices. The aim of this paper is to analyze how nearby property prices are affected by new construction projects in Stockholm, Sweden. We use a difference-in-difference specification in a hedonic model, and our sample consists of more than 40,000 observations over the period 2005–2013. Our results are robust and indicate that house prices in nearby areas increase following the completion of infill development. Our results also indicate that infill development only has a positive spillover effect on nearby house prices only in areas with lower incomes, more public housing units and more inhabitants born abroad.
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| 21. |
- Ceccato, Vania, 1968-, et al.
(författare)
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Acts of vandalism and fear in neighbourhoods : do they affect housing prices?
- 2012
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Ingår i: The urban fabric of crime and fear. - Dordrecht : Springer Netherlands. ; , s. 191-213
-
Bokkapitel (refereegranskat)abstract
- This chapter assesses whether acts of vandalism and fear of crime affect neighbourhoods, particularly their effect on housing prices. The study employs hedonic pricing modelling to estimate the impact of crime and fear of crime, controlling for other factors (property and neighbourhood characteristics). Geographic information system (GIS) is used to combine apartment sales with offences data, responses of the 2008 Safety Survey and land-use characteristics of the study area, Stockholm, the capital of Sweden. Results indicate that apartment prices are affected by both vandalism and fear (in an area and its neighbouring zones). There is an indication of a synergic effect of vandalism and fear in neighbourhoods: when vandalism and fear of places in the neighbourhood are assessed together, results show that housing values tend to be lower than in areas where either vandalism alone or fear affects property values. This chapter concludes with a discussion of the results and recommendation for future studies.
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| 22. |
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| 23. |
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| 24. |
- Ceccato, Vania, Professor, 1968-, et al.
(författare)
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Do crime hot spots affect housing prices?
- 2020
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Ingår i: Nordic Journal of Criminology. - : Informa UK Limited. - 2578-983X. ; 21:1, s. 84-102
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Tidskriftsartikel (refereegranskat)abstract
- Our knowledge about what happens to housing values when properties are close to places with high concentrations of crime, often called ‘hot spots’, is limited. Previous research suggests that crime depresses property prices overall, but crime hot spots affect house prices more than crime occurrence does and may affect prices of single-family houses more than prices of flats. Here we employ hedonic price modelling to estimate the impact of crime hot spots on housing sales, controlling for property, neighbourhood and city characteristics in the Stockholm metropolitan region, Sweden. Using a Geographic Information System (GIS), we combine property sales by coordinates into a single database with locations of crime hot spots. The overall effect on house prices of crime (measured as crime rates) is relatively small, but if its impact is measured by distance to a crime hot spot, the effect is non-negligible. By moving a house 1 km further away from a crime hot spot, its value increases by more than SEK 30,000 (about EUR 2,797). Vandalism is the type of crime that most affects prices for both multi- and single-family housing, but that effect decreases with distance from a crime hot spot.
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| 25. |
- Ceccato, Vania, Professor, 1968-, et al.
(författare)
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Does Crime Impact Real Estate Prices? An Assessment of Accessibility and Location
- 2017
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Ingår i: Oxford Handbook of Environmental Criminology. - : Oxford University Press.
-
Bokkapitel (övrigt vetenskapligt/konstnärligt)abstract
- In this study, we aim to contribute to this literature by assessing the impact of crimeand accessibility on housing prices. Accessibility is expected to have a positive impacton housing prices, but good accessibility to a place may also mean more crime, becausean accessible place allows more social interaction, more crime opportunities, and morecrime, pulling housing prices down. Individuals make choices based on a trade- offbetween accessibility and criminality. Using hedonic modeling, we empirically assessthis trade- off after controlling for other property and neighborhood characteristics.
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| 26. |
- Ceccato, Vania, 1968-, et al.
(författare)
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Does crime impact real estate prices? An assessment of accessibility and location1
- 2018
-
Ingår i: Oxford Handbook on Environmental Criminology. - : Oxford University Press. - 9780190279707 ; , s. 518-544
-
Bokkapitel (refereegranskat)abstract
- Properties located in areas with good accessibility tend to be highly valued in the housing market. Yet, good accessibility may also mean more social interaction, consequently more crime, which under certain circumstances pulls housing prices down. In this study, we assess the impact on housing prices of crime mediated by accessibility. The coordinates of properties sold in the Stockholm metropolitan area are combined in a database with the characteristics of each property and its neighborhood, including burglary rates. After accounting for the possible endogeneity of crime and housing attributes, findings confirm that burglary reduces housing prices. In particular, in a location far from the central business district, regardless of accessibility, residential burglary has a negative impact on apartment prices. However, for apartments in areas with relatively good accessibility near the central business district, burglary has no effect on prices, while for apartments in areas with poor accessibility, burglary helps reduce prices.
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| 27. |
- Ceccato, Vania, 1968-, et al.
(författare)
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The impact of crime and fear of crime on property prices
- 2010
-
Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- This article assess whether acts of vandalism and fear of crime affect neighbourhoods, particularly their effect on housing prices. The study employs hedonic pricing modelling to estimate the impact of crime and fear of crime, controlling for other factors (property and neighbourhood characteristics). Geographic Information System (GIS) is used to combine apartment sales with offences data, responses of the 2008 Safety Survey and land-use characteristics of the study area, Stockholm, the capital of Sweden. Results indicate that apartment prices are affected by both vandalism and fear (in an area and its neighbouring zones). There is an indication of a synergic effect of vandalism and fear in neighbourhoods: when vandalism and fear of places in the neighbourhood are assessed together, results show that housing values tend to be lower than in areas where either vandalism alone or fear affects property values. The paper concludes with a discussion of the results and recommendation for future studies.
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| 28. |
- Ceccato, Vania, et al.
(författare)
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The Impact Of Crime On Apartment Prices : Evidence From Stockholm, Sweden
- 2011
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Ingår i: Geografiska Annaler. Series B, Human Geography. - : Informa UK Limited. - 0435-3684 .- 1468-0467. ; 93B:1, s. 81-103
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Tidskriftsartikel (refereegranskat)abstract
- This study uses data of about 9,000 apartment sales in Stockholm, Sweden, to assess the impact of crime on property prices. The study employs hedonic pricing modelling to estimate the impact of crime controlling for other factors (property and neighbourhood characteristics). Geographic Information System (GIS) is used to combine apartment sales by coordinates with offences, land use characteristics and demographic data of the population. The novelty of this research is threefold. First, it explores a set of land use attributes created by spatial techniques in GIS in combination with detailed geographical data in hedonic pricing modelling. Second, the effect of crime in neighbouring zones at one place can be measured by incorporating spatial lagged variables of offence rates into the model. Third, the study provides evidence of the impact of crime on housing prices in a capital city of a traditional welfare state, information otherwise lacking in the international literature. Our results indicate that apartment prices in a specific area are strongly affected by crime in its neighbouring zones, regardless of crime type. When offences were broken down by types, residential burglary, theft, vandalism, assault and robbery individually had a significant negative effect on property values. However, for residential burglary such an effect is not homogenous across space, and apartment prices in central areas are often less discounted by being exposed to crime than those in the city's outskirts.
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| 29. |
- Donner, Herman, 1988-
(författare)
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Essays on Foreclosures and Housing Debt
- 2018
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This thesis consists of four self-contained essays in the field of real estate economics, and specifically, the market for single-family homes. The first three essays examine sales of foreclosed properties, while essay four is on the conversion process of rental apartments to owner-occupied units in the co-operative form. These topics have a common denominator in the analysis of real estate markets and a link to debt financing. The effect of a foreclosure on price is examined through several methods. In the first essay, a spatial hedonic model is applied on transaction data. In the second essay, the impact on holding-period returns and the rate-of-turnover is estimated through propensity-score matching. Hedonic regressions and appraisal data is used in the third essay, which analyzes the determinants of the price impact caused by a forced sale. The impact of local market conditions is tested and a discount on price is related to the search process among market participants.The second topic of conversions is addressed in essay four, which focuses on an informational asymmetry between tenants involved in the conversion process and other market participants. An incentive to mismanage housing co-operatives financially is examined through hedonic models applied to apartment transaction data.
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| 30. |
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| 31. |
- Donner, Herman, et al.
(författare)
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Forced sales and their impact on real estate prices
- 2016
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Ingår i: Journal of Housing Economics. - : Elsevier. - 1051-1377 .- 1096-0791. ; 34, s. 60-68
-
Tidskriftsartikel (refereegranskat)abstract
- Based on data of sold apartments and single-family houses in Stockholm, Sweden, during the period of 2006 through 2013, we find that forced sales of apartments and single-family houses cause a substantial price discount. The results of a hedonic spatial Durbin model show a negative impact on transaction price of 20.1% for foreclosed apartments and 24.6% for foreclosed single-family houses. Furthermore, the price discount increases when the number of attempted auctions is limited, which is the case for forced apartment sales owing to a lost membership in a housing association (forfeited). In those cases, the discount is as high as 29.1%.
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| 32. |
- Donner, Herman
(författare)
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Two Essays on Sales of Distressed Real Estate
- 2015
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Licentiatavhandling (övrigt vetenskapligt/konstnärligt)abstract
- As households across large parts of the world are increasingly leveraged, an understanding of the risks and consequences associated with household credit default is of great importance. This thesis consists of two essays with a focus on foreclosed residential properties. More specifically, the market of such sales and the impact on sale price caused by such a sale mechanism as compared to sales on the general market. Research on foreclosed properties is primarily based upon U.S. data; this thesis therefore adds research in an institutional setting having received little previous attention.The first essay is co-authored with Han-Suck Song and Mats Wilhelmsson. A spatial hedonic model is applied on transaction data of apartments and single-family houses sold in Stockholm, Sweden, during the period of 2006 to 2013. Discounts on price of 20.1% and 24.6% are estimated for foreclosed apartments and single-family houses, respectively. Apartments that have been sold due to a lost membership in the housing association to which the apartment belongs are sold at a 29.1% discount. The larger discount is a likely consequence of such sales being restricted in the number of attempted auctions.The second essay applies propensity score matching ontransaction data and repeat-sales data of single-family houses sold in Stockholm, Sweden, during the period of 2005 to mid-2014. A 5.2 times higher rate of turnover subsequent of a foreclosure as compared to similar properties sold on the general market indicates that professional buyers are taking advantage of a discount on price. Further support towards that foreclosed properties are sold at a discount is found by estimation of holding period returns. Foreclosed properties are found to experience a 10.7% to 7.6% lower annualized return prior to a foreclosure, during a mean holding period of 4.3 years. Subsequent of a foreclosure, buyers earn a 37.7% to 48.6% higher annualized return, during a mean holding period of 1.2 years, as compared to return sachieved by those having bought similar properties on the general market. As 15.4% of foreclosed properties have been bought by a buyer having bought more than one such property, a lack of competition provides a possible explanation for lower sale prices.
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| 33. |
- Eliasson, Jonas, et al.
(författare)
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Transport Mode and the Value of Accessibility-A Potential Input for Sustainable Investment Analysis
- 2020
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Ingår i: Sustainability. - : MDPI. - 2071-1050. ; 12:5
-
Tidskriftsartikel (refereegranskat)abstract
- Accessibility plays an essential role in determining real estate prices and land use. An understanding of how accessibility and changes in accessibility influence real estate prices is key to making decisions regarding investments in infrastructure projects. From an accessibility point of view, it is not clear that there should be differences in valuation depending on the mode of public transport, road, or rail. There are, however, other differences that may affect real estate prices differently. For example, railway stations more often than bus stations, tend to be associated with a higher level of service. In addition, an investment in a railway station may signal a long-term decision from the policymaker. A third possible explanation concerns differences in perceived safety, comfort, and security. This paper aims to study if and how capitalization of accessibility differs between modes of transportation. The findings indicate that rail has a higher impact, both for single-family and multifamily houses. The implication of these findings may be of importance for future infrastructure investments and their corresponding cost-benefit analyses. Incorrect valuations of the benefits of infrastructure investments may result in sub-optimal investments.
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| 34. |
- Engerstam, Sviatlana, 1974-, et al.
(författare)
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Exploring the Effects of Municipal Land and Building Policies on Apartment Size in New Residential Construction in Sweden
- 2023
-
Ingår i: Journal of Risk and Financial Management. - : MDPI. - 1911-8074. ; 16:4, s. 220-220
-
Tidskriftsartikel (refereegranskat)abstract
- New residential construction in many countries with rapid urban growth is often interrelated with smaller housing units being built. Sweden is not an exception. It is of interest to investigate the driving forces behind this tendency. Our presumption is that municipal land price policies and building permit regulations might play a certain role in this process. Contrary to previous studies that focus on the number of new dwelling units in housing construction, our purpose is to analyze the average size of new housing units and the factors that affect it on an aggregate level. We apply seemingly unrelated regressions for analysis of the average apartment size in new residential construction in the three largest metropolitan regions in Sweden as a function of the changes in population, apartment rent and prices, mortgage interest rates, land prices, and building permits per capita as a proxy for regulation. The unbalanced panel dataset includes the period between 1998 and 2017 and covers both the rental and the housing cooperative sectors. The analysis demonstrates that land prices and building policies along with market fundamentals are the underlying factors that affect the average size of an apartment in new residential construction in Sweden.
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| 35. |
- Engerstam, Sviatlana, 1974-
(författare)
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Housing Market Dynamics
- 2023
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- The dynamics of housing markets constitute a complex phenomenon. The body of research is vast and includes thousands of studies done on the national and international level. Empirical evidence indicates that housing markets differ in local institutional arrangements and that these might affect the ways they develop over time. To analyze housing market dynamics in various institutional environments and to increase our understanding of them is the main objective of this thesis.The scope of research includes analysis of relevant theories and empirical models that might explain development of house prices over the long run. Given that prices affect housing construction, this thesis also aims to deepen understanding of the impact of the relationship between new construction and underlying fundamentals, together with various institutional arrangements that might differ between countries. In particular, they include bank lending policies, valuation methods for mortgage purposes, different regulatory measures like rent control, as well as land and building policies.The Swedish apartment market was chosen for empirical analysis. The analysis is carried out by a combination of qualitative and quantitative methodology and applies several research methods, such as systematic literature review, and panel data analysis with application of advanced econometric techniques like Dynamic Ordinary Least Squares, Fixed and Random Effects and Seemingly Unrelated Regressions. Four studies are carried out using these methodologies.The results indicate that the interest rate, disposable income and population growth seem to be major determinants of house prices according to studies found in the empirical literature (Paper 1). The study also classifies house price determinants in relation to the size of their elasticities. However, fundamental factors cannot always provide an explanation for the deviations in house price dynamics in different countries, whereas the institutional environment might do so (Paper 2). The analysis demonstrates that land prices and building policies, along with a number of market fundamentals, affect the average size of an apartment in new residential construction (Paper 3). In the presence of rent control, the rent or price level does not contribute by adding new units to the total housing stock. In addition, the displacement effect occurs primarily in the market’s rental sector and not in the tenant-owned apartments segment (Paper 4).This research contributes to a better understanding of housing markets dynamics and suggests policy implications that might reduce the risks for housing bubbles and improve the socio-economic development of the society over the long run.
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| 36. |
- Engerstam, Sviatlana, et al.
(författare)
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Is smaller housing size a consequence of land price policies and building permit regulations?
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- We can observe a trend of smaller housing units in new residential construction in many countries with rapid urban growth. It is of interest to recognize the driving forces that are behind this trend because if it sustains in the long run, as both positive and negative consequences for sustainable development of the housing market can be expected. Therefore, the purpose of this paper is to examine the main underlying factors affecting the average size of apartments in new construction in metropolitan areas in Sweden. Panel data methodology applied in the analysis. The model uses the average size of an apartment in new housing construction as a function of the changes in the population, apartment prices, mortgage interest rates, rents, land prices, building permits per capita. We estimate the interrelationship between apartment size and these variables through simultaneous equation models. The data covers both the rental and the cooperative housing sectors over 24-28 years depending on availability of variables. The analysis demonstrates that the land values and building policies, along with market fundamentals, are the underlying factors that affect the average size of an apartment in new residential construction. Opposite to previous studies that focus on explaining the number of new housing, we analyze the average size of new housing units and factors that affect it on an aggregated level.
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| 37. |
- Engerstam, Sviatlana, et al.
(författare)
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Long-Term Dynamics of New Residential Supply : A Case Study of the Apartment Segment in Sweden
- 2022
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Ingår i: Buildings. - : MDPI AG. - 2075-5309. ; 12:7, s. 970-
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Tidskriftsartikel (refereegranskat)abstract
- Since the size of the homeownership ratio differs significantly between countries, it is important to understand the mechanisms that lie behind the decrease or growth of certain sectors of the housing market such as rentals and housing cooperatives. The aim of this study is to analyze the long-term dynamics of the new residential supply in Sweden's three largest cities for the period of 1990-2020 and estimate in what way market fundamentals affect it through new construction and housing conversions. We apply panel data methodology and, in distinction to previous research, consider the development of the housing market (urban growth) as physical volume. The results demonstrate that structural changes are driven mainly by fundamental demand factors and that the displacement effect occurs primarily in the market's rental sector and not in the owner-occupied segment. The apartment price per square meter, together with mortgage interest rates, are the major driving factors in the process of converting dwellings into housing cooperatives. Fundamental variables that affect new construction in both the rental and housing cooperative sectors are population and income growth. In the presence of a rent control environment, the rent or price level does not contribute to adding new units to the total housing stock.
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| 38. |
- Engerstam, Sviatlana, et al.
(författare)
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Long-term dynamics of new residential supply: A case study of the apartment segment in Sweden
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- Since the size of the homeownership ratio differs significantly between countries, it is important to understand the mechanisms that lie behind decrease or growth of certain sectors of the housing market like rentals and housing cooperatives. The aim of this study is to analyze the long-term dynamics of the new residential supply in Sweden’s three largest cities for the period of 1990-2020 and estimate in what way market fundamentals affect it through new construction and housing conversions. We apply panel data methodology and, in distinction to previous research, consider the development of the housing market (urban growth) as physical volume. The results demonstrate that structural changes are driven mainly by fundamental demand factors and that the displacement effect occurs primarily in the market’s rental sector and not in the owner-occupied segment. The apartment price per square meter, together with mortgage interest rates, are the major driving factors in the process of converting dwellings into housing cooperatives. Fundamental variables that affect new construction in both the rental and housing cooperative sectors are population and income growth. In the presence of a rent control environment, the rent or price level does not contribute to adding new units to the total housing stock.
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| 39. |
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| 40. |
- Enström Öst, Cecilia, 1971-, et al.
(författare)
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High house prices and homeownership rates
- 2013
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Earlier research have concluded that high house prices, relative to household income and wealth, and a tax on imputed rent are the most important causes of a countries low ownership rate. Given these findings, it is challenging to apply a similar analysis to a housing market characterized by comparatively high homeownership rates. One candidate for such a comparison is Sweden, where homeownership rates have exceeded 80% for at least the last two decades. From a particularly rich database covering all inhabitants of Sweden, we use observations of some 790,000 households (corresponding to some 2.9 million inhabitants) to analyze the Stockholm region housing market in 2008. The results suggest that high house prices relative to rents are unlikely to be the only key variable explaining the general ownership rate pattern in a housing market.
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| 41. |
- Enström Öst, Cecilia, et al.
(författare)
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Homeownership rates of finansially constrained households
- 2017
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Ingår i: Journal of European Real Estate Research. - : Emerald Publishing. - 1753-9269 .- 1753-9277. ; 10:2
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Tidskriftsartikel (refereegranskat)abstract
- Purpose – This paper aims to examine tenure choice in the Swedish housing market with explicitconsideration of households’ credit constraints in combination with age and ethnic background.Design/methodology/approach – Observations of some 940,000 households were used to analyse theStockholm housing market in 2008, prior to the implementation of the mortgage cap. The tenure choicemodels were estimated using a two-stage instrument variable (IV) logit and probit model with ownership orrenting as outcome.Findings – The results suggest, as expected, that being financially restricted is negatively related toowning. In particular, financial restriction is more binding for young households and households with aforeign background than for other types of households. These two sub-groups are also known to havedifficulties establishing themselves in the rental housing market, and are therefore specifically vulnerable tofurther financial constraints such as borrowing restrictions or amortization requirements.Originality/value – The government in Sweden has become concerned with the rapid growth inhousehold indebtedness. As a response, a 0.85 loan-to-value ratio mortgage cap was introduced in 2010.However, critics are concerned with the effects this may have on the possibility for certain households topurchase a dwelling.
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| 42. |
- Enström Öst, Cecilia, et al.
(författare)
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Household allocation and spatial distribution in a market under ("soft") rent control
- 2014
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Ingår i: Journal of Policy Modeling. - : Elsevier BV. - 0161-8938 .- 1873-8060. ; 36:2, s. 353-372
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Tidskriftsartikel (refereegranskat)abstract
- We analyse whether segregation exists in the rental housing market in Stockholm, Sweden, a market under persistent and all-embracing, yet "soft", rent control. We use segregation measures for the uncontrolled cooperative housing segment as benchmarks for analysing whether rent control counteracts segregation. We apply the analyses to a rich dataset encompassing some 400,000 households. We find that income segregation is significantly lower in the rent control segment than in the free market benchmark. However, when analysing segregation with respect to other segregation measures, the rental housing market is more segregated in these respects than in the non-regulated market for cooperatives. Rent control has arguably led to a comparatively flat rent gradient over the city and thus the comparatively low rents in the central, and most attractive, areas of the city provide a general subsidy to those who live in these areas. But according to our results this subsidy does not efficiently benefit households with low educated level, households with children, young households or households with a migrant background.
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| 43. |
- Enström Öst, Cecilia, 1971-
(författare)
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Housing policy and family formation
- 2010
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Essay 1: This paper addresses the impact on housing consumption of a decrease in housing allowance among single recipient parents living in rental apartments. We take advantage of an imposed limit on the recipients’ dwelling size in the Swedish housing allowance reform in 1996-1997 that can be argued to be close to a natural experiment. The focus is on overcrowding. The data for this study has been extracted from the Swedish National Insurance Board’s databank on housing allowance recipients, which is data that has not previously been available for research. The result suggests that the benefit cut has increased the propensity for a housing adjustment into overcrowding. Furthermore, it gives some support to the view that housing allowance has some real effects on recipients’ housing consumption, an effect that has been regarded as close to negligible in previous literature. Essay 2: This paper investigates whether there is a cohort effect to be found in the tenure decision of young adults and whether parental wealth seems to have any influence on first-time homeownership. Recent studies have indicated that young adults’ chances on the housing market have deteriorated; it has become more difficult to become established on the housing market and such situations may increase the importance of parental wealth. In this study, parental wealth is not only estimated as family background information on parents’ homeownership, which earlier studies on first-time homeownership have emphasizes the importance of, but also as the father’s socioeconomic status and single parenting. Very unique cohort data with information on three birth cohorts who entered the housing market during different periods in the Swedish housing policy suggests there to be a significant and large cohort effect in the tenure decision of young adults. Furthermore, the results imply that parental wealth, as well as young adults’ earnings capacity, are more important predictors of the transition to first-time tenant-ownership comparing young adults facing increasing problems on the housing market with those who did not. Essay 3: This study contributes to earlier research on homeownership and childbearing by taking into account the potential simultaneity between these two life events. A very unique and recent data set comprising three different Swedish birth cohorts that entered the housing market during different time periods in the Swedish housing policy suggests that these are events that are indeed simultaneous. Different tests indicate that taking this simultaneity into account gives an overall statistically significant improvement of the model fit. However, this result is most obvious for those young adults who faced increasing problems on the housing market. The childbearing decision of these cohorts also seems to be more sensitive to changes in the user cost, i.e., the potential cost of being a homeowner. This may indicate that the housing market could have repercussions on the childbearing pattern; however, to draw more clear conclusions from this result, the relationship between housing and childbearing needs to be further explored since changes in the Swedish housing market also coincided with economic recession, increased unemployment rates and changes in the educational system.
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| 44. |
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| 45. |
- Enström Öst, Cecilia, 1971-, et al.
(författare)
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The long-term consequences of youth housing for childbearing and higher education
- 2019
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Ingår i: Journal of Policy Modeling. - : Elsevier. - 0161-8938 .- 1873-8060. ; 41:5, s. 845-858
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Tidskriftsartikel (refereegranskat)abstract
- The lack of housing in areas where young adults have greater opportunities to study and get work complicates young adults’ entry into the adulthood. Difficulties in accessing housing may therefore delay childbearing and may negatively have an effect on education opportunities. To increase housing accessibility, some municipalities have earmarked apartments for young adults. These “youth dwellings” are criticized for being small and not necessarily facilitating family formation and fertility, better suiting students’ needs. We have in this paper compared the long-term pattern of childbearing and education for young adults that entered their housing market through small cheap youth housing with those youngsters that received a rental apartment from the ordinary housing stock. To be able to draw the conclusion that differences in fertility and educational pattern between these two groups comes from the different housing situation and not from differences in in preferences when it comes to childbearing or individual prerequisites for higher education, we have used a geocoded data and information on the individual's family background as well as a matching technique to create a comparison group that are similar to the treatment group in several aspects. The present results indicate that building affordable housing that is small and space efficient is sufficient and positive if the aim is to promote higher education. Affordable housing is on the other hand not enough to promote childbearing, instead, it seems to inhibit childbearing until there is a possibility of moving on in the housing career. Our result also indicates that the next step need not necessarily be homeownership, as earlier research has indicated. Entering the housing market via youth housing and then being able to move on to rental accommodation in the ordinary housing market also seems to have a positive effect on overall childbearing, although moving to cooperative housing or owned housing has an even larger effect.
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| 46. |
- Enström Öst, Cecilia, et al.
(författare)
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Youth dwellings, higher education, and childbearing
- 2015
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Earlier research has found that housing and childbearing are linked, difficulties accessinghousing possibly delaying childbearing and negatively effecting education opportunities. Toincrease housing accessibility, some municipalities have earmarked apartments for youngadults. These “youth dwellings” are criticized for being small and not necessarily facilitatingfamily formation and fertility, better suiting students’ needs. We analyze the childbearing andeducation patterns of young adults entering youth housing in 1996. We follow them for 14years to examine the causal effect of youth housing on childbearing and higher educationusing a propensity score matching technique. Results indicates that gaining access to small,low-rent inner-city rental apartments earmarked for young adults promote higher educationbut negatively affect childbearing, unless the rest of the housing market permits these rentersto advance their housing careers.
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| 47. |
- Ericson, Lars-Erik, et al.
(författare)
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Regional House Price Index Construction - The Case Of Sweden
- 2013
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Ingår i: International Journal of Strategic Property Management. - 1648-715X .- 1648-9179. ; 17:3, s. 278-304
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Tidskriftsartikel (refereegranskat)abstract
- The academic literature on the construction of regional house price indexes usually uses geographic areas whose boundaries are administratively drawn. However such administrative regions might not be optimal for the construction of regional price indexes. When producing housing price indexes, we often encounter problems with insufficient number of observations. One way to remedy this problem is to estimate a quarterly index instead of a monthly index. Another possible way to mitigate the thin markets problem is to construct indexes for geographically aggregated regions. However, the literature that discusses methods of dealing with the problem of thin markets and especially geographical aggregation is very rare. The goal of this paper is to construct a housing price index for a major part of Sweden, and to construct price index series for a number of regions. The number of regions, and how their boundaries should be created in order to construct reliable regional price indexes, is however an open question. We apply traditional hedonic methodology in order to estimate house price indexes for both predefined regions whose boundaries are based on a division of labor markets in Sweden, as well as a division of regions based on statistical cluster analysis. The results from this study suggest that regions should be clustered together based on regional price levels and/or price development as clustering variables. If only geographical proximity is used as clustering variable, our computations show that there is a high risk that we end up with some clusters having large standard errors, which in turn might result in inaccurate indexes.
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| 48. |
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| 49. |
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| 50. |
- Han-Suck, Song, 1968-, et al.
(författare)
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BUYER'S WILLINGNESS TO PAY FOR DWELLINGS WITH DIFFERENT ORIENTATIONS
- 2019
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Ingår i: International Journal of Strategic Property Management. - : VILNIUS GEDIMINAS TECH UNIV. - 1648-715X .- 1648-9179. ; 23:6, s. 450-466
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Tidskriftsartikel (refereegranskat)abstract
- This paper applies spatial hedonic econometric models to estimate the willingness of buyers to pay for dwellings with different orientations based on a data set comprising 63 306 transactions of secondhand apartment sales in 10 districts in Beijing from October 2011 to September 2014. Our results indicate that apartments with South orientation are sold at a 7.8% premium compared with those with West orientation, and that apartments in ancient city areas are more sensitive to orientation. The obtained results can help architects and developers to maximize the value of development projects by optimizing the layout of apartment units on each floor.
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