The Relationship Between Macroeconomic Factors and the Price of Tenant-Owned Real Estate in Premier Urban Areas:

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This thesis analyzes the relationship between macroeconomic factors, such as interest rates and asset prices, and the price of tenant-owned real estate in Sweden’s three major cities, Stockholm, Gothenburg and Malmoe. We use the average price per square meter as the dependant variable, which is analyzed in a trend-stationary model covering monthly observations for the time period April 2003 to January 2007. We find that the short term interest rate has a weak positive relationship to prices, whereas the longer maturity interest rate has a weak negative impact on prices, implying that households are perhaps more concerned about the long-term interest rate forecasts rather than the current levels. It seems like the overall state of the economy and price developments in the stock market...