Värdering bakom lyckta dörrar - En studie av hur aktörer på den svenska fastighetsmarknaden beaktar orealiserade värdeförändringar av fastigheter

Sammanfattning: During the last two decades, the Swedish real estate market has gained significant interest among investors and it is now one of the most popular and discussed investment sectors. The Swedish real estate industry has been subject to significant value growth. Investment property values have increased as a result of declining interest rates and facilitated access to the capital market. Following the value tremendous growth in the real estate market, unrealized gains and losses due to property revaluation has gained considerable attention. Difficulties related to determining the fair value of investment property has been widely discussed and analyzed in prior studies. This thesis aims to explain how actors in the Swedish real estate market cope with these difficulties. Eight interviews have been carried out with different actors of the Swedish real estate market to gain insight into how they perceive the relevance of unrealized gains and losses. The results show that actors are aware of the difficulties related to fair value accounting of investment property and that they have developed different strategies to assess the relevance of the reported values. We argue that while reported fair values are relevant and reliable in a stable market, actors find alternative ways to drain the market for information to find reliability in times of uncertainty.