Komparace pronájmu nemovitostí a investování do nemovitostních fondů

Abstract

The topic of the thesis is the Comparison of Real Estate Renting and Property Fund Investing. The goal of the thesis is compare investment options and subsequntly to select the best one. Investment options are real estate renting and property fund investing. The monitored period is divided into 2007-2012 for the funds in the Czech republic and 2003-2012 for the funds in the United Stetes. The theoretical part contains a desription of the property, the real estate market, real estate valuation and collective investment schemes. Further portfolio, performance measurement portfolio, Real Estate Investment Trust and indicators of capital market are defined. Methods of multi-criteria decision making are also broken down here. In the practical part, there is the real estate market analyzed on the basis of data on the impact of economic development of mortgage loans,indices of construction of flats in houses and apartment buildings, and the development price indices of house and flats and international comparison through the house price index and construction production index. Then, the mortgage loan using methods of multi-criteria decision making is selected and real estate appraisal by yield method with eternal Rent is, done. The analysis of funds is made on the basis of realized profit, rate of return, total expense ratio, indicators of capital market and development the value of the unit. In addition, through the Sharpe and Treynor ratio. Also, the comparison on the basis of valution of property, mentioned ratios and investment and iclude a summary are made.