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The analysis of the impact of the energy performance of a building on rent of the offices in Prague
Dostálová, Jana ; Melzochová, Jitka (advisor) ; Babin, Jan (referee)
The bachelor thesis examines the impact of the energy performance of a building on rent per m^2 of the offices in Prague. The empirical analysis applies the hedonic price method and works with cross-sectional dataset of 296 observations collected during autumn 2015. The results of a regressive analysis show that the increasing energy consumption of the building has a negative impact on rents. Buildings designated as inefficient, which belong to class D and worse of energy performance of buildings, reach 24,8 % lower rent per m^2 compared to similar buildings, which are labeled with class of energy performance A, B or C. Together with some of the structural qualities of the building and the given office space's location characteristics, the energy performance of a building is one of the main determinants of the Prague offices rent levels.
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Prices of flats n České Budějovice depending on the approach to the urban green
PETRÁKOVÁ, Martina
The main target of the thesis is to analyze the relationship of prices and access to urban green area for the selected location of the city, such as the substrate to determine values of urban greenery. This work is built on the application of the Hedonic pricing method.The thesis is divided into 4 parts. The study of literature was created the first chapter, which deals with the value of the green space, the environment in the Czech Republic and abroad, method of environmental valuation and the history of the Hedonic price method and his used. The second chapter contains target and methodology of work. The methodology describes the different steps of the methods of work. In the second part is the specification of the model, which is applied in the analysis. In this part is mentioned characteristic of the properties and collection of data. In the third chapter data analysis is divided in specific parts of the sections. The data are evaluated for the entire area, and then compare the area itself.
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How Does the Completion of the Prague Metro Stations Affect Prices of Adjacent Properties?
Chmelík, Jakub ; Komrska, Martin (advisor) ; Mirvald, Michal (referee)
This thesis analyzes the impact of the newly built Prague metro stations on prices of adjacent apartments. The completion of stations improves accessibility of the city center for many areas in Prague. Impact of the improved accessibility on property prices is estimated using a hedonic price model. The dataset was created in February 2015 and contains new apartments throughout the city. The result of the hedonic model is that each minute the journey to the city center takes longer, reduces prices of new apartments by 1,15%. The total increase in apartment prices then depends on the amount of minutes by which the journey time was shortened. This result confirms the main hypothesis that the new metro stations would increase prices of new apartments in affected areas. Based on the results of the model the so called bid rent function is constructed. The shape of the function confirms the assumption made in the theoretical part of the thesis that apartment prices decrease with distance from the city center.
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House prices and and accessibility: The case of sububan area of the city of Prague
Šulai, Michal ; Chytilová, Helena (advisor) ; Rod, Aleš (referee)
The aim of this thesis was to investigate the relationship between house prices and distance to CBD. Based on the both, theoretical and empirical studies, the hypothesis, that house prices will decrease with higher distance to CBD, was defined. Dynamically developing suburban fringe of the city of Prague was chosen as the study area. The relationship was investigated within the hedonic price model based on the data sample of 697 house units advertised on the web portal sreality.cz during the June and July 2014. The main findings of this thesis are that price of the house will decrease by 1.24 percent with every additional kilometer from the city center. The distance was alternatively measured by time spent in a car in the normal traffic, during the rush hours and also by the time spent in a public transport. Values of coefficients of other control variables included in the model were mostly consistent with expectations and foreign literature.
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What is the effect of highway proximity on house prices in the Czech Republic?
Černíková, Kateřina ; Lahvička, Jiří (advisor) ; Mirvald, Michal (referee)
This thesis investigates the effect of highway proximity in relation to house prices. Based on theory it's assumed, that houses located near highway may be more expensive due to better accessibility to different cities. For this analysis the hedonic price model has been used on 1.055 houses located in Kraj Vysočina and in the Benešov district. Those houses had been offered on sreality.cz webpage in 2012. It has been found, that every extra minute necessary for reaching highway ramp decreases the house value for 0, 4 %, although this can be claimed for houses located farther than 1km from the highway only. If the house is located within 0 - 400 meters (straight-line distance) the price (ceteris paribus) is lower in tens of percents (c. 60%). This is most likely caused by negative externalities produced by highway. In contrast to previous studies, it hasn't been confirmed any price premium for houses located far away from highway.
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Impact of air pollution on property values in Prague
Kaloč, Jiří ; Melichar, Jan (advisor) ; Kaprová, Kateřina (referee)
This thesis is aimed at the topic of economical evaluation of environmental goods, namely at estimating willingness to pay utilizing the hedonic price model. The theoretical part describes the impact air pollution has on the environment and human health. Methods of evaluation are also discussed with special attention on the hedonic approach. Goal of this thesis is to evaluate the impact of air pollution by applying the hedonic model to the real-estate market in Prague, thus giving the authorities a basis for their air pollution management.
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The effects of noise on real estate prices in Prague
Straková, Beáta ; Melichar, Jan (advisor) ; Šohajová, Renata (referee)
In my thesis I deal with the effects of noise on real estate prices in our capital city. The aim is to estimate the traffic noise impact on property prices, using the hedonic price method. Hedonic price analysis is a useful tool for evaluating the impact of environmental policies, especially for assessing measures aiming to reduce traffic noise, and for apprising landscape architecture during the forming of green quiet areas in the city. In the theoretical part of the thesis I deal with the noise characteristics, hedonic price method, and searches of foreign studies that are centered on the benefits of the silence in households. From these studies, I deduced how the noise affects the real estate market, defined the determinants of the real estate valuation, and showed the appropriate format of these determining variables. The practical part of my work focuses on estimating the effect of particular characteristics of a property on its price. From the noise and real estate price data plotted on the map of Prague, I evaluate the relationship between the noise reading and the real estate price, using the econometric analysis. According to my findings, the negative correlation has been proven to be of a significant measure.
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Impact of floods on the property market in Prague
Timko, Peter ; Melichar, Jan (advisor) ; Kaprová, Kateřina (referee)
Master's thesis is focused on the problem of the economic impacts of floods on the property market in Prague. Aim of this work is to clarify whether the floods affect the price of real estate and to what extent. Hypothesis is that floods affect the price of property in flood plains. This effect is determined by the hedonic price model (HPM) for the analysis of secondary data. The theoretical part explains the risk of flooding and floodplains mapping. This section further explains the whole hedonic model and reviewed studies provide a research procedure outside the Czech Republic region. The practical part deals with the exploratory analysis, regression analysis and hedonic price modeling based on the implicit price of flooding. Finding of the thesis is the fact that property prices in Prague are affected by the Q100 flood plains resulting in positive and negative impact confirmed by a log-log weighted least squares regression model. It is shown that implicit price of flooding far exceeds the cost of building flood protection measures in Prague.
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