Förhållandet mellan risk och avkastning vid fastighetsinvesteringar : En jämförelse mellan kommersiella fastigheter och bostadsfastigheter

• Main Authors: Broberg, Andreas, Göransson, Calle
• Format: Others
• Language: Swedish
• Published: Högskolan i Halmstad, Akademin för ekonomi, teknik och naturvetenskap 2018
• Subjects: risk; risk assessment; commercial real estate; residential real estate; return on investment; real estate investment; risker; riskbedömning; kommersiella fastigheter; bostadsfastigheter; avkastningskrav; fastighetsinvesteringar; Business Administration; Företagsekonomi
• Online Access: http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-37707

Twice a year, NAI Svefa publishes a report containing statistics on Sweden's real estate market.The report shows that commercial real estate on average has a clearly higher rate of returncompared to residential real estate. Risk and return have a close relationship where investorswho take a higher risk also expect a higher return. This indicates that commercial properties aremore risky to hold compared to residential properties. This paper examines the risks that cancause the difference in the yield requirement between the two property types. Six risks havebeen selected, three of which count as micro risks and three count as macro risks. The microrisks consist of financial risk, liquidity risk and business risk. The macro risks consist of cyclicalrisk, interest rate risk and political risk.The study is qualitative and includes personal interviews with eight respondents from wellestablishedSwedish real estate companies. Data collection has been done through interviewswhere respondents' responses have been compiled and then compared to each other. Theinterviews show that Swedish real estate companies agree with the reasoning between risk andreturn and that risk assessment is an important part of real estate investments.The study's results show that commercial real estate companies value financial, liquidity andbusiness risk higher than real estate companies focused on residential real estate. Interest raterisk and business risk are similarly assessed in both property types. However, the political riskis valued higher by real estate companies focused on residential real estate. The study showsthat all risks are linked, which makes it difficult to identify an individual risk that individuallycontrols the rate of return. However, after the study's implementation, the cyclical risk appearsto be the risk that has the greatest impact on the difference in the yield requirement between thetwo property types.