Prissättningen av bostadsrätter
Vilka faktorer påverkar priserna, vad är riktpriset för en lägenhet?
Those who have invested in apartments, i.e. tenant-ownership, within the city centre of Stockholm have gained a higher than expected return on investment due to a buoyant real estate market. During the latest twelve-month period, the prices have risen more than 20 per cent in the city of Stockholm, resulting in an increased wealth together with a higher debt burden among investors. The aim of this thesis is to investigate which factors determine the prices from a micro perspective, and to what extent. An attempt is particularly made to estimate the degree of capitalization of the monthly fees; a factor which has turned out to be important according to other studies; but also to construct pricing models in order to set target prices for apartments. The tool regression analysis has been chosen for this research. Both additive and multiplicative models are heavily used throughout the study, which includes approximately 7 000 observations collected from two broker firms specializing in Södermalm, Stockholm, where this research is concentrated on. The models capture a large part of the pricing mechanisms with statistically significant coefficients. One of the main conclusions in the study, which has evolved during the process; but also due to my prior suspicion; is that the general opinion regarding the intra-ranking in terms of attractiveness of locations in the city is wrong. Prior to this research, and my prior knowledge, this opinion had never been questioned. My findings; based on the adjusted square metre prices; alter the general perception of Södermalm from being the cheapest area in central Stockholm to actually being the second most expensive.