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Residential real estate market during the financial crisis : empirical evidence from the CEE region
Hrachovec, Martin ; Vacek, Pavel (advisor) ; Streblov, Pavel (referee)
1 Abstract This thesis investigates the housing price determinants and possibilities of housing price bubbles in the residential real estate markets of Central and Eastern Europe before and during the economic crisis of 2007-2009. Using data from international institutions, national central banks and national statistical offices three quantitative methods are applied. Price-to-income ratios suggest housing price bubbles that were eliminated during the crisis in three out of five countries covered. Second approach of simple panel data models sheds additional light on housing price bubbles and indicates GDP growth, unemployment and average real wage as the main determinants of housing prices in the region. First indication of severe housing price persistence in CEE is demonstrated by the results of the models as well. More reliable results for housing price determinants are obtained from variance decomposition and impulse response functions of vector autoregression models. Each country is modeled separately and substantial differences exist between the countries. Poland is the only country that does not exhibit housing price persistence and dynamics in Austria are less volatile as compared to the new EU members in the sample. JEL Classification G12, E39, R21, R31, R32 Keywords residential real estate, housing...
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Development of the construction of residential properties in České Budějovice
Kučerová, Michaela ; Klika, Pavel (referee) ; Nykodýmová, Veronika (advisor)
The aim of the theoretical part of my Master’s thesis is to summarize the historical evolution of building construction in České Budějovice, to process the summary of residential construction in each area of the city, and to describe current construction. There is described in my thesis how was the city of České Budějovice developing, varying and ramifying over time. In the practical part I did the analysis of the future construction using the survey among residents of České Budějovice and so future builders. Analysis determines the requirements for the type and location of the future construction, builders’ own building requirements. This thesis summarizes and describes the history and current construction. Also thanks to the practical part gives awareness about the direction of residential constructions in České Budějovice in the coming years.
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Evolution of structural components for building constructions in České Budějovice
Šetina, Ondřej ; Ouroda, Vlastislav (referee) ; Komosná, Milada (advisor)
The thesis focuses on urban and constructional development of the city České Budějovice both from the historical point of view as well as from the perspective of the development of structural elements of buildings. The thesis dividend into two parts. The theoretical part describes the basic terminology, historical events establishing České Budějovice and formativ of individual city districts. It also contains relevant maps. The second one, application part deals with the development and changes of buildings during different time periods. Development of construction is divided into four time periods (until 1918, 1918-1948, 1948-1993 and from 1993 to the present). In each time period the historical development, constructional solutions and architectural design of buildings are descibed and specific examples of buildings and locations are given. This part of the thesis also deals with possible future development of residential areas considering the spatial plan and limits of development. The aim of the thesis is to compile an overview of historical development and constructional elements of buildings in the selected area from the beginning of the construction of the site to present and outline a possible future development of the city.
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Faults and Defects of Residential Real Estate from the Point of View of Thermal Technique and their Possible Impact on the Value of the Real Estate
Hlavsa, Petr ; Kolář, Radim (referee) ; Klika, Pavel (advisor)
This master’s thesis deals with issues of faults and defects of building structures in residential real estate in terms of thermal technique. This thesis deals with their possible impact on the value of a residential real estate. In the theoretical part of this thesis, properties and quantities, which are used for an assessment of the building structures according to legislature, are described. Assessments of the steady state temperature are described closely. The thesis mentions usual sources and causes of faults and defects, which frequently occur. The possibilities of the non-destructive assessment of structures are also described. The reparability of faults or defects is related to the influence on the price of real estate. The practical part of the thesis deals with the value of a dwelling in an apartment house, which is affected by a fault manifesting surface condensation. An analyzed technical cause of this fault is described. Possible ways of remedying are shown, including the quantification of costs. The apartment is appraised in a faultless condition and afterwards the probable impact of this fault on the price of apartment is determined.
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Využití on-line marketingu na českém trhu s nemovitostmi
Ilinskaya, Ekaterina ; Cook, Gina (advisor) ; Lhotáková, Markéta (referee)
The goal of this Master's Thesis is to evaluate the use of online marketing tools used by the Prague-based Real Estate company Happy House Rentals Ltd. and to propose improvements for their online marketing strategy. The first part of the paper describes available online marketing tools. The second part introduces the Real Estate market and describes, using published data, the situation of the Real Estate industry in the Czech Republic and Prague metropole in particular. This is followed by a primary analysis of the web presence of Prague's Real Estate Agencies fitting the competitive profile of Happy House Rentals Ltd. The third part is a case study on the online marketing presence of Happy House Rentals Ltd. Using the tools and data introduced in the first two parts of this Master's Thesis, the author suggests improvements for the online marketing strategy of Happy House Rentals Ltd.
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Sales system of residential project „Vitkovka“
Imrich, Lubomír ; Smrčka, Luboš (advisor) ; Strouhal, Jiří (referee)
The aim of thesis is to propose a sales system of new preparing residential project "Vítkovka" and assess its feasibility. The theoretical part defines the use of methodological apparatus, describe general characteristics of development activities, its history and ongoing processes on residential development. The analytic part focuses on description of the project and its surroundings, elementary business plan, competitive analysis, SWOT analysis and designing a sales system of development project. The conclusion summarizes the findings and makes recommendations whether to implement the project and which system of sales unit to use.
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The mortgage market in the Czech Republic and in the world: a possitive or negative decision
Friebová, Zuzana ; Jílek, Josef (advisor) ; Burgerová, Jiřina (referee)
Final thesis is concerned on explanation of mortgage market concept in the Czech Republic, in the United States of America and Japan. First part is focused on characterization of mortgage market in general. The second part sets reasons for selection of states and describes theirs brief demographic, geographic, historic and cultural characteristics. Second part is divided into a three smaller sections, which represents analyze of mortgage market in each country. Although the attention is paid on the mortgage market crisis which was born in The United States, we can not forget the interconnection of a world finance sector and be aware of a speed of expansion and potential risk for other world economies.
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Causes and impcats of the mortgage crisis in the USA
Sádlo, Miroslav ; Jílek, Josef (advisor) ; Rybáček, Václav (referee)
The theme of this thesis is the mortgage crisis in the United States which has started almost two years before after the burst of a price bubble in the American residential real estate market. The aim of the thesis is to analyze causes and implications of this crisis. The theoretical part of the thesis follows characteristics of the asset price bubbles. In this part is also a description of three theories: Austrian business cycle theory, Hyman Minsky's financial instability hypothesis and the theory of Robert Shiller, which interpret causes of bubbles in a variety of ways. The analytical part deals with causes and impacts of the crisis. As the key factors of the crisis are examined mortgage credit expansion, monetary policy of central bank, securitization as an innovation in financial markets and the role of the psychological factors. The last chapter of the thesis analyses impacts of the crisis on the homeowners, real estate market, the whole economy and global financial markets.
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