Skip to main content

LUP Student Papers

LUND UNIVERSITY LIBRARIES

Investeringsstöd, en investering i framtiden? - Hur värderas hyreshus med investeringsstöd i jämförelse med andra hyreshus?

Loitto, Mathilda LU (2023) VFTM01 20231
Real Estate Science
Abstract
The Swedish legislation, SFS 2016:881, provides investment support for rental properties. It is a long-term support aimed to achieve profitable and sustainable investments, primarily for a lower rent over 15 years. It is important to understand how the investment support is appraised from the perspective of appraisers and investors. This is to set the value correctly and to make profitable investments.

There are previous researches in this field, which discuss and evaluate whether the support has been suitable, if it affects decision-making concerning investment, and how appraisers tackle the support. There are also articles about subsidization and the problems it comes with regarding valuation. However, a comprehensive view is still... (More)
The Swedish legislation, SFS 2016:881, provides investment support for rental properties. It is a long-term support aimed to achieve profitable and sustainable investments, primarily for a lower rent over 15 years. It is important to understand how the investment support is appraised from the perspective of appraisers and investors. This is to set the value correctly and to make profitable investments.

There are previous researches in this field, which discuss and evaluate whether the support has been suitable, if it affects decision-making concerning investment, and how appraisers tackle the support. There are also articles about subsidization and the problems it comes with regarding valuation. However, a comprehensive view is still missing regarding how the market values the investment support. How do property owners/investors, transaction advisors, and appraisers tackle the investment support? Furthermore, when the support was decided to end, in 2021, the possibility to build this type of rental properties disappeared. In addition, the possibility to build has been greatly affected by the current economic situation.

The report aims to explain how the actors in the rental property market value the various parameters and how these differ toward rental properties built without the support. In this report, a qualitative interview study was used. The main focus to answer the aim was put on the following topics;
• Are rental properties built with the investment support attractive according to tenants and investors?
• Which is the most likely development for the rent after 15 years?
• How is the rental market affected regarding the investment support being phased out? Does the current economy have any impact on decision-making?
• Are there any similarities or differences between rental properties built with investment support and the 15 years long presumptive/assumed rent?

This study has found that the investment support is an attractive option for all parties involved, by making it affordable to build at certain locations. Property values differ, depending on location and the location’s rent concerning utility value. In general, rental properties established with investment support has a lower value compared to other rental properties This is due to a lower net operating income, as a result of a lower rent. The required yield can be adjusted downwards by 0.5 percent due to lower vacancies and turnover. The vacancy differs, but the difference is generally small, which means that rental properties with investment support do not differ significantly from other rental properties. Given the current state of the housing markets, these rental properties may be of greater interest to the various actors. There are speculations about the rental potential after 15 years, but it is generally too far in the future to take into serious consideration. The presumptive rent could be seen as the investment support opposite. As a result of a court order, in June 2022, the value of properties with the presumptive rent decreased by around ten percent. (Less)
Abstract (Swedish)
Investeringsstödet, eller Förordning om statligt investeringsstöd för hyresbostäder och bostäder för studerande (SFS 2016:881), är ett långsiktigt stöd som syftar till att få lönsamma och långsiktigt hållbara investeringar mot främst en lägre hyra hålls under 15 år. Att veta hur stödet värderas är viktigt sett ur, bland annat, fastighetsvärderares och investerares perspektiv. Detta för att kunna värdera korrekt och göra lönsamma investeringar.

Det finns tidigare studier på området som diskuterar och utvärderar huruvida det varit ett lämpligt stöd, om det påverkar investeringsbeslut och hur fastighetsvärderare hanterar stödet. Dessutom finns det artiklar där problematiken av värdering av subventioner diskuteras. Men det saknas en... (More)
Investeringsstödet, eller Förordning om statligt investeringsstöd för hyresbostäder och bostäder för studerande (SFS 2016:881), är ett långsiktigt stöd som syftar till att få lönsamma och långsiktigt hållbara investeringar mot främst en lägre hyra hålls under 15 år. Att veta hur stödet värderas är viktigt sett ur, bland annat, fastighetsvärderares och investerares perspektiv. Detta för att kunna värdera korrekt och göra lönsamma investeringar.

Det finns tidigare studier på området som diskuterar och utvärderar huruvida det varit ett lämpligt stöd, om det påverkar investeringsbeslut och hur fastighetsvärderare hanterar stödet. Dessutom finns det artiklar där problematiken av värdering av subventioner diskuteras. Men det saknas en heltäckande bild av hur marknaden värderar investeringsstödet. Hur ser fastighetsägare/investerare, transaktionsrådgivare och fastighetsvärderare på stödet? När dessutom stödet beslutades att upphöra 2021 försvann möjligheten att fortsätta bygga med denna variant av presumtionshyra. Möjligheten att bygga har även påverkats mycket med dagens ekonomiska läge.

Genom en kvalitativ intervjustudie är syftet med rapporten att förklara hur hyreshus uppförda med investeringsstöd värderas i förhållande till hyreshus upprättade utan investeringsstöd. Detta genom att förklara hur marknadens olika aktörer värdesätter de olika parametrarna på marknaden och besvara följande frågeställningar;
• Är hyreshus uppförda med investeringsstöd attraktiva enligt boende och investerare?
• Vilken utveckling är sannolik för hyran från kalkylår 16?
• Hur påverkas marknaden med hänsyn till avvecklandet av investeringsstödet? Har rådande konjunkturläge någon betydelse.

Dessutom besvaras frågan om det finns likheter och/eller skillnader mellan hyreshus upprättade med investeringsstödet och den 15 år långa presumtionshyran. Detta eftersom denna presumtionshyra är väldigt lik investeringsstödet, men att marknaden helt ställdes om i juni 2022 när Svea hovrätt bestämde att hyran endast får höjas hälften av den allmänna hyresutvecklingen.

Denna studie har kommit fram till att investeringsstödet är attraktivt för alla parter och har inneburit att det blivit lönsamt att bygga på vissa platser. Värdet skiljer sig mellan olika hus. Skillnaden beror bland annat på orten, läget och dess bruksvärdeshyra. Hyreshus upprättade med investeringsstöd har oftast ett lägre värde mot andra hyreshus som främst beror på ett lägre driftnetto, till följd av den lägre normhyran. Direktavkastningskravet kan även justeras ner något, upp till 0,5 procent, vilket beror på att hyreshusen kan ha en lägre vakans och omflyttning. Vakansen är något lägre som innebär att hyreshusen med investeringsstöd, men i vissa fall skiljer det sig endast på marginalen. Med tanke på nuläget på bostadsmarknaden skulle dessa hyreshus kunna vara mer attraktiva för de olika aktörerna. Det finns spekulationer angående hyrespotentialen, men denna är fortfarande så pass långt fram i tiden att ingen hänsyn tas. Gällande hyreshus med presumtionshyran har värdet till följd av hovrättsdomen minskat kring tio procent. (Less)
Please use this url to cite or link to this publication:
author
Loitto, Mathilda LU
supervisor
organization
alternative title
The investment support, an investment into the future? - How does the appraisal of rental properties with investment support differ towards other rental properties?
course
VFTM01 20231
year
type
H2 - Master's Degree (Two Years)
subject
keywords
Investeringsstöd, fastighetsvärdering, presumtionshyra, normhyra, avkastningskrav, direktavkastningskrav, hyrespotential, SFS 2016:881, subvention
other publication id
ISRN LUTVDG/TVLM 23/5523SE
language
Swedish
id
9124660
date added to LUP
2023-06-15 14:46:40
date last changed
2023-06-15 14:46:40
@misc{9124660,
  abstract     = {{The Swedish legislation, SFS 2016:881, provides investment support for rental properties. It is a long-term support aimed to achieve profitable and sustainable investments, primarily for a lower rent over 15 years. It is important to understand how the investment support is appraised from the perspective of appraisers and investors. This is to set the value correctly and to make profitable investments.

There are previous researches in this field, which discuss and evaluate whether the support has been suitable, if it affects decision-making concerning investment, and how appraisers tackle the support. There are also articles about subsidization and the problems it comes with regarding valuation. However, a comprehensive view is still missing regarding how the market values the investment support. How do property owners/investors, transaction advisors, and appraisers tackle the investment support? Furthermore, when the support was decided to end, in 2021, the possibility to build this type of rental properties disappeared. In addition, the possibility to build has been greatly affected by the current economic situation.

The report aims to explain how the actors in the rental property market value the various parameters and how these differ toward rental properties built without the support. In this report, a qualitative interview study was used. The main focus to answer the aim was put on the following topics;
•	Are rental properties built with the investment support attractive according to tenants and investors? 
•	Which is the most likely development for the rent after 15 years?
•	How is the rental market affected regarding the investment support being phased out? Does the current economy have any impact on decision-making?
•	Are there any similarities or differences between rental properties built with investment support and the 15 years long presumptive/assumed rent? 

This study has found that the investment support is an attractive option for all parties involved, by making it affordable to build at certain locations. Property values differ, depending on location and the location’s rent concerning utility value. In general, rental properties established with investment support has a lower value compared to other rental properties This is due to a lower net operating income, as a result of a lower rent. The required yield can be adjusted downwards by 0.5 percent due to lower vacancies and turnover. The vacancy differs, but the difference is generally small, which means that rental properties with investment support do not differ significantly from other rental properties. Given the current state of the housing markets, these rental properties may be of greater interest to the various actors. There are speculations about the rental potential after 15 years, but it is generally too far in the future to take into serious consideration. The presumptive rent could be seen as the investment support opposite. As a result of a court order, in June 2022, the value of properties with the presumptive rent decreased by around ten percent.}},
  author       = {{Loitto, Mathilda}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Investeringsstöd, en investering i framtiden? - Hur värderas hyreshus med investeringsstöd i jämförelse med andra hyreshus?}},
  year         = {{2023}},
}