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Real estate price modelling with a focus on location attributes
Charvát, Ondřej ; Polák, Petr (advisor) ; Hejlová, Hana (referee)
The thesis introduces several methods of real estate price modelling suitable either for prediction of the housing prices or for exploring the relationships between the price and its determinants. We compared the conventional linear regression approach to the tree-based methods of machine learning. The comparison analysis on the dataset of 28 019 apartments in Prague suggests that regression trees (especially the Random forest) yield a higher accuracy in the price prediction. Another objective was to examine the effects of location attributes (especially its accessibility and environmental quality) on the prices of nearby apartments. To address the spatial interactions in the geographical data, we employed three spatially conscious models to achieve more reliable results. The local analysis performed with the geographically weighted regression confirmed the presence of spatial heterogeneity and described the price effects relative to the location. In some areas, an increase of 100 meters in distance from the nearest metro station and the nearest park are associated with a decrease in the apartment prices by 644 CZK/m2 and 916 CZK/m2 , respectively. These findings are especially important for the apartments near the stations of the new metro line, which is currently in construction.
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Pre-sale estimates verification: Czech painting at auctions
Macková, Jaroslava ; Schwarz, Jiří (advisor) ; Šťastný, Daniel (referee)
The predictive power of pre-sale estimates in comparison with hedonic model of hammer price is tested within Czech painters' dataset in Czech and foreign auctions. It appears that pre-sale estimates do not account for all available information from public database which influence hammer price. The determinants of differences are examined on Czech and foreign auctions separately (OLS with instrumental variable) and in addition bought-in works are included into examination of foreign dataset by Heckit model. The same author appears to be the most viable difference in both datasets (after bought-in works inclusion in foreign data). Techniques and supports with higher hammer prices tend to have higher rate of difference between hammer and estimate prices. The influence of the oldest auction houses to higher hammer prices than estimates was confirmed. In Czech environment this influence of some auction house was not registered.
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Are the consumers willing to pay for GI products?
Závorová, Miroslava ; Bartoň, Petr (advisor) ; Svoboda, Miroslav (referee)
In 1992 the European geographical indication system was established. Through the years more than thousand of foodstuffs were registered to the system. Czech Republic joined the system through access to EU in 2004. In this paper the consumer's willingness to pay for selected product that carries geographical indication is analysed. For analysis the panel data from brewing industry are used. The results of the work are that the presence of a protected geographical indication in the interaction with other features of the product may affect the willingness of consumers to pay for the product. For example, was shown that the interaction of the protected geographical indications and bottled draft beer can influence the consumer's willingness to pay for GI product.
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Paintings rate of return and their determinants of market price in Czech Republic.
Tomandlová, Tereza ; Hudík, Marek (advisor) ; Schwarz, Jiří (referee)
Abstract The goal of this diploma thesis is to explore the potential of Czech paintings as an alternative investment asset. Using hedonic model, I estimate the main sale price determinants such as painting technique, size, author, auction hall and the rate of return. Observed rate of return is than compared to global rate of return of art on one hand and to common investment tools such as gold and the Stock Exchange on the other. At the same time I examine the impact of GDP growth and inflation. I find a positive effect of GDP growth on the art market. After taking these questions into consideration I found, that even though art is associated with relatively low rate of return, it is eligible investment tool. Since it is unrelated to joint stock, it can serve as a convenient instrument of portfolio diversification. At the same time, Czech paintings may also serve as a very good store of value.
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