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(Geo)demographic factors of consumers' behaviour
Rusko, Pavel ; Kučera, Tomáš (advisor) ; Sokol, Daniel (referee)
(Geo)demographic factors of consumers' behaviour Abstract The master's thesis deals with issues of consumer behavior in its theoretical plane. In order to empirically analyze behavior of consumers on the demand of housing, within the limits of population development of the Slovak Republic between the years 1990 and 2060. The objective of the analysis is the construction of housing demand query functions in the Slovak Republic, which indicates the trends of housing demand. Model translates demographic changes in the population behavior in quantitative and structural changes of the housing demand. The result is that, despite the expression of uncertainty in the development of behavioral population has forecast housing demand for the high rate of inertia. The latter starting from the stability of the age structure of the population. We are assuming that the period of the next sixty years will be characterized by changes in trends in the development of the population of a continuously aging population. What was negative and reflected in the curve of housing demand. Keywords: consumer, purchaser, demographic changes, population forcast, demand forcast, real estate, housing demand
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Expropriation of Real Estate
Škvorová, Markéta ; Žákovská, Karolina (advisor) ; Franková, Martina (referee)
The diploma thesis entitled "Expropriation of Real Estate" aims to clarify and analyse the legal regulation of forced withdrawal or limitation of the property right to real estate or rights of easement. It does not neglect the changes brought by the recodification of private law. The topic is not a new one, but it is undoubtedly topical, especially with regard to the importance of property rights itself and overlapping of public law with private law. The expropriation of real estate as the most serious interference with property rights is the ultimate means of fulfilling the needs of public interest. For this reason it can be decided only upon fulfilling all conditions stated by law. Based on analysing the English legislation of the expropriation of real estate and critical evaluation of the Czech legal system, attention is drawn to deficiencies and considerations de lege ferenda and through which there are recommended changes to be made in the Czech legal regulation.
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Ownership of real estate
Cemper, Aleš ; Salač, Josef (advisor) ; Elischer, David (referee) ; Petr, Bohuslav (referee)
Even though we may not realize it, immovables are all around us. Because immovables are usually considered very valuable, ownership of real estate is examined more comprehensively in comparison to other things. Therefore, the laws of different states pay detailed attention to ownership rights and real estate. The same applies to the Czech Civil Code which came into effect as of 1 January 2014. This thesis is focused on a general explanation of ownership rights and immovables. Furthermore, it focuses on the theoretical analysis of the most important changes and developments that relate to real estate ownership rights brought about by the new Civil Code as well as on the consideration of the practical impact of these changes on legal relationships. Within the framework of these particular topics, the thesis refers to court decisions issued prior to the new Civil Code becoming effective, which are, in the author's view, also applicable to legal relationships established under the new civil rules. The basic principles of the operation of the Real Estate Register are also the subject of this thesis because the registration of the ownership rights of the majority of immovables in such a public register is necessary.
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Risk model for real estate assets: Analysis and development
Koubková, Klára ; Parrák, Radovan (advisor) ; Maršál, Aleš (referee)
The main aim of this thesis is to design a new and more advanced methodology for valuation of real estate portfolios and incorporate uncertainty into the valuation process. From the comprehensive real estate literature we identified the main value drivers whose treatment is often neglected in the traditional appraisal methodology as they are used as a single point estimates. The identified parameters are the discount rate, inflation, prime rent, occupancy and market capital value changes. In contrast with the traditional approach, we calibrate distributions of these parameters from historical data and allow their variation through the Monte Carlo simulation. This enables us to model their impact on the market value of our real estate portfolio, which comprises of A-class office buildings with detailed property level data including their lease structure. The methodology presented here builds on the widely used DCF approach, which is augmented by the risk parameters and through the thousands of iterations of the Monte Carlo simulation we arrive to a distribution of all potential values of the portfolio. Finally, the knowledge of relevant risk factors and their impact on returns of their property portfolio then provides investors with better and more reliable foundations for their decisions and...
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Tax aspects of the ownership of real property and its transfer with special focus on the ownership of residential premises
Westrik, Klára ; Vondráčková, Pavlína (advisor) ; Novotný, Petr (referee)
This thesis looks into the tax aspects of real estate and property transfers, especially focusing on the ownership of apartments by private individuals, as the most typical owners. The paper is divided into three major parts. The first part, chapter one and two, contains the necessary introduction to the general concept of tax law, its main institutes, and the theoretical analysis of the tax itself. This theoretical part also includes the overview of the current tax system in the Czech Republic, together with all applicable taxes. Among these taxes, highlighted are those that can involve the aspects of real estate ownership, stating in what cases this occurs or may occur. The second part, chapters three through five, contains the essential part of the thesis, focusing on the complex overview of taxes that affect any real estate owner, either due to the ownership itself, or due to its transfer to another subject. Most attention is paid to direct taxes, and, among them, to the property tax and the tax on real estate acquisition. In the tax overview, the thesis focuses on the current valid legislation governing each type of tax, but also on the comparison with the legislation valid before January 1, 2014, to assess the influence of the private law recodification to the tax law. To facilitate the...
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Sale of Real Estate as a method of Execution
Pilzová, Lenka ; Macková, Alena (advisor) ; Pohl, Tomáš (referee)
I chose the topic of this thesis in connection with constantly increasing number of court's execution done on basis of Code of Civil Procedure with execution done by executors on the basis of Code of Execution and plenty of related theoretical and practical problems. The thesis focuses on the sale of real estate because it is one of the most serious intervention to the debtor's property. This thesis is devided into the chapters according to their importance from the general principles to the detailed views on the institutes within the chosen topic. In my thesis I also analyze the differences between the law in force now and the same law in force earlier. I also point out an issue of the two-way character of court's execution done on basis of Code of Civil Procedure and execution done by executors on the basis of Code of Execution. At the end I deal with the issues related to the topic of this thesis which I could not put into the text earlier. Powered by TCPDF (www.tcpdf.org)
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Was improper monetary policy the cause of real estate bubbles in Eurozone peripheral countries?: implications for future policy
Tobek, Ondřej ; Hlaváček, Michal (advisor) ; Franče, Václav (referee)
This study is concerned with two interconnected issues. First, the suitability of interest rate chosen by ECB is assessed in individual Eurozone countries using seven versions of Taylor rule. The methodology primarily emphasizes robustness by employment of various measures of inflation and output gap. The policy rates were found to be too low in all Eurozone's peripheral countries for prolonged period of time. Second, the sensitivity of real estate prices to a change in interest rate in Greece, Ireland, Italy, Portugal, Spain and UK is estimated using VAR, VECM, BVAR and Panel VAR. The prime concern is whether the low policy rates can be the cause of housing bubbles. The housing prices respond most vividly to interest rate in Ireland, Spain and UK (approximately 3.5% increase in the price as a response to 1% decrease in interest rate) which are also the countries where flexible interest rate mortgages are dominant. Monetary policy is shown to be an important determinant of housing prices but it is not the sole reason for the bubbles.
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Determinants of Residential Development Prices in Prague
Mazáček, David ; Streblov, Pavel (advisor) ; Vacek, Pavel (referee)
III Title: Determinants of Residential Development Prices in Prague Author: David Mazáček Department: Institute of economic studies Diploma Theises Supervisor: PhDr. Pavel Streblov, MSc. Supervisor's e-mail address: streblov@pentainvestmens.cz Abstract: This thesis analyzes the progression and current situation on the Prague new residential development market. The beggining of the thesis is focused on performance of new residential development market in Prague and its comparison with other cities in European union including different housing standards and its economical severity. Performance analysis and current situation on the market indicate the presence of real estate bubble in past years on Prague market. This bubble has even deepened the problems on the market caused by the European economic crisis, however currently there is slow upsarge on the residential real estate market in Prague. Remaining two chapters are focused on relations between performance of residential development price per sqm in Prague and the performance of macroeconomic determinants in the range of income, financing or subsitutionary housing solution. This relation is explored through the econometric model, that explains the average aggregate price per sqm of new residential development in Prague through its macroeconomic...
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Land registry and its role in private law relations
Kliment, Václav ; Švestka, Jiří (advisor) ; Salač, Josef (referee)
The aim of the diploma thesis is to give readers an idea of cadastral legislation. The main attention is paid to the importance of Land registry for the area of private law. The thesis is logically structured and consists of three separate chapters, subdivided into parts and sections. The first chapter is composed of three parts and contains a historical guide throught the development of real estate records since the perriod of land registry books to the current form of cadastre of real estates. Emphasis is placed on the legal institution of Land registry books, which is the main source of inspiration for the treatment of so-called public directories contained in the new Civil Code. Author of the work include a historical chapter for better understanding of the current form of the cadastre and its main weaknesses. The second chapter is divided into five parts. The first two sections explains the basic concepts (eg, land, plot, building, dwelling unit and non-residential premises unit), and the principles on which the modification of cadastre costs (eg the principle of priority, the principle of formal and material publicity). Remaining three parts of the second chapter deal with the private aspects of the cadastral proceedings. Special emphasis is placed on the entry of legal relations, which is from the...
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