Analýza interních a externích faktorů, které mají dopad na valuace komerčních budov v Praze

This Master thesis analyses internal and external factors affecting valuations of commercial real estate transaction in Prague. This thesis is sub-divided in 4 main parts. Firstly, a thorough theoretical explanation of valuations is provided by explaining the cash flow modelling and all the inputs and contractual aspects that are specific to real estate. Secondly, internal factors are analysed by creating a hedonic index that reflects the value of structural characteristics of buildings and their change in time. An index is created for four value drivers: transaction price, yield, Net Operating Income and capital values. Thirdly, external factors are analysed by time-series analysis in order to determine whether there is co-integration in the movement of the index and macro-economic variables. In the final part, the theoretical and practical part is combined in the Monte Carlo analysis by using one of the theoretical formulas and results of a hedonic index to compute a Present Value of the properties.