Bostadsrättspriser i Sverige : En paneldatastudie över bestämmandefaktorer för bostadsrättspriser utveckling i Sverige 2000-2020

Sammanfattning: Background: The last decades there has been a significant increase in tenant-owned real estate prices in Sweden, which has increased the risk exposure to price fluctuations in the society. Most studies have examined how the determining factors have affected the price development. Few studies have on the contrary examined how regulatory measures and quantitative easing have affected real estate prices and whether there is a conflict of objectives between market operations. Purpose: The purpose of this essay is to analyze which macroeconomic factors affect the average price per square meter for Sweden’s real estate market between 2000-2020. We will analyze whether the central bank of Sweden’s new monetary policy quantitative easing has affected the price per square meter for Sweden’s real estate market. We also investigating whether there is a conflict of objectives between quantitative easing and implemented regulatory measures on real estate prices. Completion: An econometric panel data study has been constructed to be able to analyze the impact of explanatory variables over time. The choice if explanatory variables has been made o the basis of theoretical conjunction based on several theories and previous research. The model has been adjusted for risks that may arise from a combination between panel data and time series analysis.  Conclusions: The result indicate that debt to equity ratio, disposable income, loan to value ratio, amortization, construction, quantitative easing and the policy rate have affected the average price per square meter for Sweden’s real estate market between 2000-2020. The regulatory measures have a negative effect on real estate prices, apart from the variable capital requirement which is non-significant in the model. Quantitative easing based the result presents a positive effect on real estate prices. Therefore, we argue that there occurs a conflict of objectives between the mentioned effects, expansionary monetary policy and regulatory measures. Keywords: Real estate prices, Expansionary monetary policy, Regulatory measures, Quantitative easing, Debt to equity ratio.