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Swiss Real Estate > MAS - Swiss Real Estate Markets > Flashcards

MAS - Swiss Real Estate Markets Flashcards

1
Q

Where are the most secondary residences?

A

in Zürich

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2
Q

How high is the Swiss GDP?

A

800 billion

GDP per head is one of the highest worldwide

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3
Q

How’s the current vacancy?
- Cond
- SFH
- Rental

A
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4
Q

Why did RE value doubled?

A

because of the decrease of the yields (average location)

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5
Q

How’s the evoluation of yields in top location?

A
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6
Q

How’s the evolution of RE markets from 1980 to 2016?

A

Boom, doom, bust and boom
1980 - 1989: 1. Boom (speculation that prices could only go up)
1990 - 1998: Correction (inflation & oilprice shock)
1999 - 2016: 2. Boom

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7
Q

What is a structural break?

A
  • an unexpected shift in a time series that leads to a long-term change in trend
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8
Q

What happens if interest rise with the housing costs?

A

housing costs increase as well

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9
Q

What happens if interest rises with the yields expectations?

A

yields expectations increase

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10
Q

What happens if housing costs increase with the demand for housing?

A

the demand for housing decreases

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11
Q

Do market values of investment properties have an effect on demand for investments?

A

No, the price is not relevant, the important thing is the yield.

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12
Q

What happens to supply if housing demand rises?

A

supply increases (in the short run nothing happens because supply is fixed).

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13
Q

What happens if foreign GDP growth declines to the immigration?

A

immigration increases

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14
Q

What happens if the domestic GDP grows with the demand for workspaces?

A

demand for workspaces increases

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15
Q

What happens to the house incomes if domestic GDP decreases?

A

house incomes decreases too

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16
Q

What happens if there is an increase in yield expectation to the market values?

A

market values of investment properties decrease

17
Q

Macro-location, Top Down approach

18
Q

Macro-location: what belongs to the Region

A
  • population growth
  • transport infrastructure (best in Zürich 90%, then Genf 80%, Bern 58%, Baden 40%, Lausanne 35% and Luzern 31% = accessibility to public transport)
  • industry structure
19
Q

Macro-location: what belongs to the commune (Gemeinde)?

A
  • population growth
  • jobs
  • transport infrastructure (number of jobs accessible within 30 min, private transport vs. public transport)
  • taxes
20
Q

Utility function and location choice

How do HH choose a location?
How do HH choose a certain apartment?

21
Q

There are different segmentation of demand in construction

A
  • social stratum (soziale Schicht), low to high
  • Stage in life, young single, young couple - family
  • Lifestyle, traditional - individualized
22
Q

Segmentation of demand: Stage in life

23
Q

What’s the prospective Model? And what inputs belong into the model?

A

The Prospective Model provides a long-term forecast of demand for residential and office space at the communal level, taking account of the individual commune’s hh and business structure as well as potential availability.

24
Q

What belongs to the Micro-location?

A
  • neighborhood analysis
25
Q

Hedonic pricing models: What determines the utility of an apartment? What qualities of an apartment determine it’s price?

A

Location
- Macro
- Micro
- Within the building

Size
- Number of rooms
- Floorspace/ size of plot

Standard
- Materials
- facilities

age/condition

-> to construct an hedonic model information on these factors is needed + information on price

26
Q

Hedonic models by FPRE
Where do they get the data?
How frequent will it be uptdated?
Who are the customers?

A

Data:
- transaction data on 16’000 SFH and 20’000 CON
- 26’000 rental contracts for apartments

Update frequency:
- quarterly

Customers:
- 1’200 users
- banks, real estate agents, real estate developers

27
Q

Sustainability: What are the drawbacks of existing labels?

A
  • portfolios/ Properties that are rated with different systems are almost impossible to compare
  • most rating systems need a lot of information that owners do not (yet) collect by default
  • existing labels have limited regional scope and sometimes only apply to certain types of buildings
  • the majority of existing labels are for-profit-systems that want to earn money -> having a property rated can be expensive
28
Q

What is REMMS?

A

REMMS = Real Estate Meta-monitoring on Sustainability
- REMMS is not a label
- non-profit association, members in clude Federal Office of Housing, academics, banks, investors
- independent and neutral
- all types of real estate
- available for all types of owners
- all pillars of sustainability as well as governance are rated
- digital
- no need for additional information
- open system

-> REMMS provides owners with a quick and cheap method to bench-mark their property / portfolio

Swiss Real Estate (4 decks)

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