Browsing by Author "Aaltonen, Ilkka"

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    Econometric modelling of price formation of vacant single-family house plots
    (2010) Kotaniemi, Miika; Aaltonen, Ilkka; Insinööritieteiden ja arkkitehtuurin tiedekunta; Insinööritieteiden korkeakoulu; School of Engineering; Viitanen, Kauko
    This study focuses on vacant single-family house plots in Espoo, Finland. The aim of the study was first to create a hedonic index describing price variation in plot prices between 1989 and 2009, and second, to statistically predict the progression of the index in 2010 and 2011. The index was formed by using transaction data of 3300 single-family plot sales as research material. A number of transactions were discarded as unpresentative. The most cogent reasons for rejection of a single sale were a transaction between family members, unacceptably large or small plot size or unacceptably small or large amount of permitted building volume. After the eliminations were made, the research material consisted of 1530 transactions. The index was formed by applying MLS-regression to a linear model, where the plot price in real terms was the dependent variable. As the independent variables were used two series of dummy variables (the other capturing the yearly variation and the other the seasonal variation in the plot prices), the direct distance to the centre of Helsinki, the amount of building volume, the plot size and a dummy variable indicating, if the plot was delimited to the seashore. Ali the continuous variables were converted to logarithmic form. The model was estimated using heteroskedastic-robust test statistics. Considering the purpose of the model, its explanatory power was on a satisfactory level. The index was derived from the regression coefficients of the yearly dummy-variables. The value of the index in 2009 is 283 (1989=100). The forecasts for the index values in 2010 and 2011 were created by applying an ARIMAX (0,2, and 1) model with Finnish unemployment rate as an exogenous variable. Separate models were required for both years. The model for 2010 had tolerable explanatory power and standard deviation, but the model for 2011 lacked explanatory power and had too much deviation. Hence, the forecast for 2010 is applicable but the forecast for 2011 is not. The index values for 2010 and 2011 are 268 and 280, respectively. In this study, an index and a forecast considering vacant single-family house plot prices in Espoo between 1989 and 2010 were derived by using statistical methods. The plot prices are expected to diminish by 5 % in 2010 from the level of 2009. Statistically significant (at +5 % level) forecast for 2011 could not be derived by using the selected methods and research material.
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    Erään kantoaaltojärjestelmän käyttö keskitetyn valvonnan ohjausviestin siirrossa
    (1983) Aaltonen, Ilkka; Sähkötekniikan osasto; Teknillinen korkeakoulu; Helsinki University of Technology; Jokinen, Tapani
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    Real estate valuation service and methods: suitability for clients' needs
    (2004) Aaltonen, Ilkka; Koponen, Seppo; Hiltunen, Ari; Maanmittausosasto; Teknillinen korkeakoulu; Helsinki University of Technology; Viitanen, Kauko
    The demand for real estate valuation services is increasing. The purpose of this Master's Thesis is to try to help the commercial real estate valuation company to meet the needs of its clients. Because of the increasing demand, it is useful to find out if the common real estate valuation different values and suitability of the valuation services are satisfying the demand in the present real estate markets in Finland. The study is based on real estate related domestic and international scientific literature and articles. It contains a short overview of Finnish, Baltic and Russian real estate valuation markets and associations. The empirical study is based on 17 personal interviews and several conversations with experts. The interviewed persons are working in various companies, which own real properties. The most significant result of this study is the note that the clients of commercial real estate valuation companies would like to have more personal views of valuation experts in their valuation reports. To achieve this requirement, valuers must be experts in many fields. The traditional appraisal methods are sales comparison, income and cost approaches. According to the clients' opinion, those methods serve their purpose and are understandable, but the selection of the method should be better justified. The most essential thing is that the valuer understands the client and is able to offer services and products that meet the clients' needs.