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Real estate market attractiveness and risk management
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Helsinki University of Technology |
Master's thesis
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Maa-20
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en
Pages
114
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Abstract
Increasing cross-border activity within the global real estate market has been discovered ever since the opening of capital markets in year 2001.
Although it has to be kept in mind that international investors have however operated in US and UK already back in the 80s and 90s.
This automatically reaches the question why dissimilar attractiveness can be found among real estate markets and why foreign investors choose some markets in front of others.
During this master's thesis the fundamentals of real estate market attractiveness are being analysed from a risk management point of view.
The aim with the study is to elaborate a framework, which can explain different foreign investment activities within markets with similar economic and social structures.
In total, the market attractiveness is analysed from foreign investors' viewpoint and regarding the real estate markets in Sweden, Finland and Estonia.
Other markets are excluded.
The elaborated framework of real estate market attractiveness consists of nine different characteristics.
The four phases of risk management are used as basis for the framework.
The analysis of market attractiveness is conducted with a top-down approach, where first the urban, political, business and economic environments are analysed, then going more into details regarding real estate specific information and specific variables.
In the end different measurement tools for analysing the risk of an investment are presented.
Finally a rating from 1-5 regarding each of the nine variables of market attractiveness is presented for Sweden, Finland and Estonia.
The rating presents the development of market attractiveness since year 1997, by presenting the development of the markets from year 1997 until year 2007.