Swedish listed property companies report their investment properties under the standard IAS 40 that gives the opportunity to value investment properties to either historical cost or to fair value model. One problem with the fair value model is that there is no observable market price since the real estate market is far from complete which means that the price of the asset is hard to determine because of the limited information.IAS 40 gives companies the opportunity to choose between internal or external valuation and this study aims to show how the property companies? values appeared between the years 2007-2011. From the result we will study if there could be a difference in the outcome depending on if the company chose either internal or external valuation.To investigate this we observe all Swedish real estate companies listed on OMX Nordic Stockholm and their financial reports during this period of time and complement this information by interviewing people working with these matters in the property companies. The methodology for the study is therefore partly quantitative and partly qualitative since we collect data both from financial reports and from interviews.

Masters thesis in Business Economics IV, VT 2012Linneuniversity in Kalmar Authors: Johanna Susaeg and David JohanssonTutor: Petter BoyeExaminer: Karin JonnergårdTitle: Fair value - How real is it? Background and research discussion: The concept of fair value is today connected with great uncertainty, which may be a result of the various guidelines developed during recent years. Hence, auditors have an important role in situations where they have to make projections concerning fair value and also do inspections of the management´s own assumptions.     The critique that has been shown regarding fair value is that it can be difficult to estimate, especially when there is no active market to proceed from. This problem has been confirmed through that the management often uses the estimations subjectivity to deliberately show higher or lower values in the accounts. Purpose: The purpose of this essay is to study and describe auditors, Appraisers and real estate companys interest and procedure in valuation of real estates.  We also going to describe theirs view on fair value of real estates plus analyze and explain the actor?s roles in the valueprocess and how their particular interests can affect the final valuation in different situations. Methodology: The study is characterized by a qualitative method containing a pilot interview and several personal interviews with auditors, estimators, and real estate companies.

When single-family lots are valued for development of new residential areas,the valuation is influenced by several factors. The valuation is a matter ofdefinition that varies according to its interpreter. Previous research conductedin other countries, has identified a number of value-influencing factors. Thesefactors are the basis for this study.The study's purpose is to highlight the value-influencing factors thatcustomers value and are looking for in the choice of single-family lots. Thestudy also seeks to determine if there is an unknown difference between howprofessionals and clients value single-family lots.The study showed that the value factors considered important for customersand also professionals are consistent and applicable with the factors reportedfrom previous research.

Skogsfastighetsmarknaden var tidigare reglerad så att priserna på fastigheterna inte alltid kunnats anse som marknadsvärden. När marknaden sedan avreglerades under början av 1990-talet steg fastighetspriserna kraftigt. Utvecklingen var intressant då den faktor som tidigare varit den starkast prispåverkande faktorn, virket och värdet av detta, inte alltid följde samma utveckling som fastighetspriserna vilket lett till ett gap.Detta gap har i forskningen kommit att kallats den icke-monetära nyttan, en del som inte genererade några pengar likt skogen. Tidigare forskning har fastställt att denna nytta kan bestå av äganderätt-, affektions-, natur- och rekreationsvärden samt att dessa nyttor varierar kraftigt mellan olika köpare, och hur de värderar dem. Hur en värderare då ska fastställa ett marknadsvärde när en sådan stor del av värdet utgörs av en kraftigt varierande faktor är väldigt intressant.Denna studie har därför utrett hur värderare tar hänsyn till dessa icke-monetära nyttor i sin bedömning av marknadsvärde på skogsfastigheter.

AbstractA master thesis in business administration 30 hp, Jönköping International Business School, Spring semester 2012.Authors: Sarah Henningsson & Jim BörefeltSupervisor: Urban ÖsterlundTitle: Commercial real estate investment ? Factors from an investor perspectiveBackground and problem: In this study, we focused on the real estate investor and the factors and issues that may arise and affect real estate investment decisions. It has been put in relation to the other parties in the process of assessing and affecting real estate investment decision. The parties that we studied are real estate investors, banks, brokers and Appraisers.Purpose: This study aims to describe and explain the factors that affect commercial real estate investments for investors, credit assessment conducted by the bank and valuation made by the broker and appraiser.Delimitations: We have chosen to limit the study to commercial real estates including residential, retail and office properties, industrial properties and combinations thereof. Agriculture buildings and forestry plots are not examined.

AbstractA master thesis in business administration 30 hp, Jönköping International Business School, Spring semester 2012.Authors: Sarah Henningsson & Jim BörefeltSupervisor: Urban ÖsterlundTitle: Commercial real estate investment ? Factors from an investor perspectiveBackground and problem: In this study, we focused on the real estate investor and the factors and issues that may arise and affect real estate investment decisions. It has been put in relation to the other parties in the process of assessing and affecting real estate investment decision. The parties that we studied are real estate investors, banks, brokers and Appraisers.Purpose: This study aims to describe and explain the factors that affect commercial real estate investments for investors, credit assessment conducted by the bank and valuation made by the broker and appraiser.Delimitations: We have chosen to limit the study to commercial real estates including residential, retail and office properties, industrial properties and combinations thereof. Agriculture buildings and forestry plots are not examined.