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1
Newell, Graeme. „The changing real estate market transparency in the European real estate markets“. Journal of Property Investment & Finance 34, Nr. 4 (04.07.2016): 407–20. http://dx.doi.org/10.1108/jpif-07-2015-0053.
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Purpose – Real estate market transparency is an important factor in real estate investment and occupier decision making. The purpose of this paper is to assess real estate transparency over 2004-2014 to determine whether the European real estate markets have become more transparent in a regional and global context. Design/methodology/approach – Using the JLL real estate transparency index over 2004-2014, changes in real estate market transparency are assessed for 102 real estate markets. This JLL real estate market transparency index is also assessed against corruption levels and business competitiveness in these markets. Findings – Improvements in real estate transparency are clearly evident in many European real estate markets, with several of these European real estate markets seen to be the major improvers in transparency from a global real estate markets perspective. Practical implications – Institutional investors and occupiers see real estate market transparency as a key factor in their strategic real estate investment and occupancy decision making. By assessing changes in real estate transparency across 102 real estate markets, investors and occupiers are able to make more informed real estate investment decisions across the global real estate markets. In particular, this relates to both investors and occupiers being able to more fully understand the risk dimensions of their international real estate decisions. Originality/value – This paper is the first paper to assess the dynamics of real estate market transparency over 2004-2014, with a particular focus on the 33 European real estate markets in a global context to facilitate more informed real estate investment and occupancy decision making.
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Srivatsa, Rahul, und Stephen L. Lee. „European real estate market convergence“. Journal of Property Investment & Finance 30, Nr. 5 (03.08.2012): 458–72. http://dx.doi.org/10.1108/14635781211256738.
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3
Yang, Jian, James W. Kolari * und Guozhong Zhu. „European public real estate market integration“. Applied Financial Economics 15, Nr. 13 (September 2005): 895–905. http://dx.doi.org/10.1080/09603100500187877.
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4
Haran, Martin, Michael McCord, Peadar Davis, John McCord, Colm Lauder und Graeme Newell. „European emerging real estate markets“. Journal of Property Investment & Finance 34, Nr. 1 (01.02.2016): 27–50. http://dx.doi.org/10.1108/jpif-04-2015-0024.
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Purpose – The purpose of this paper is to improve the transparency of European emerging real estate market dynamics and performance attributes in the wake of the 2007-2008 global financial crisis (GFC). The paper examines the extent and nature of inter-relationships between three emerging real estate markets namely, the Czech Republic, Hungary and Poland as well as determining the rationale for including emerging real estate markets within a Pan-European investment portfolio. The paper affords a timely update following the reinstatement of lending provision for European emerging real estate investment markets in 2014. Design/methodology/approach – The paper employs lead-lag correlations and Grainger causality to examine inter and intra relationships across three emerging European real estate markets, namely the Czech Republic, Hungary and Poland over the period 2006-2014. Optimal portfolio analysis is undertaken to explore the role of emerging real estate markets within the confines of a multi-asset investment portfolio as well as a Pan-European real estate investment portfolio. Findings – The findings demonstrate the opportunities afforded by the European emerging real estate markets in terms of both performance enhancement and risk diversification. Significantly, the findings highlight the lack of “uniformity” across the European emerging markets in terms of their investment potential, with Grainger causality confirming that the real estate markets in the Czech Republic, Hungary and Poland are not endogenous functions of one-another’s performance. Practical implications – This paper makes a considered contribution to the analytical interpretation of European emerging property market performance across the real estate cycle. The research demonstrates that the real estate markets in the Czech Republic, Hungary and Poland exhibit specific investment characteristics which differentiate them from the more developed real estate markets across Europe. Indeed emerging markets have the propensity to serve as both a risk diversifier as well as performance enhancer within the confines of a pan-European real estate investment portfolio. However, as the research clearly articulates, intricate understanding of the attributes afforded by the different emerging markets as well as the divergence in sectoral dynamics/performance is integral to portfolio allocation strategies. Originality/value – Robust academic research on Europe’s emerging real estate markets has been hampered by deficiencies in data provision. This study makes an innovative and timely contribution to redressing the research vacuum through delineated examination of the performance dynamics of three markets namely, the Czech Republic, Hungary and Poland, across the real estate cycle. The role and function of emerging markets is depicted within the confines of a Pan-European direct real estate investment portfolio at the all property level and in terms of sectoral specific allocations comprising retail, office and industrial. The explicit added value of the paper is the propensity to bench-mark the performance of emerging markets real estate markets on a like-for-like basis with developed real estate markets across Europe facilitating the exploration of the role and function of emerging real estate markets within a Pan-European investment context.
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Wilkinson, Sara Jane, und Sarah Sayce. „Decarbonising real estate“. Journal of European Real Estate Research 13, Nr. 3 (06.04.2020): 387–408. http://dx.doi.org/10.1108/jerer-11-2019-0045.
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Purpose About 27 per cent of the total UK carbon emissions are attributed to residential buildings; therefore, improvements to the energy efficiency of the stock offers great potential. There are three main ways to achieve this. First is a mandatory approach, minimum energy efficiency standards are set and applied to new and existing buildings. Option 2 is voluntary, using energy ratings that classify performance to stimulate awareness and action. Third, financial measures, incentives and taxes, are applied to “nudge” behaviours. Most westernised countries have adopted a combination of Options 2 and 3, with the belief that the market will incentivize efficient properties. The belief is voluntary measures will stimulate demand, leading to value premiums. This paper aims to seek a deeper understanding of the relationship between energy efficiency and the value of residential property in Europe and, by so doing, to determine whether stronger policies are required to realise decarbonisation. Design/methodology/approach This paper reviews the current academic literature and large-scale quantitative studies conducted in Europe, mostly using hedonic pricing analysis to seek a relationship between energy performance certificates (EPCs) and either capital or rental values. It compares these to the reported findings of three case study projects that take a variety of different research approaches, all of which have the ambition to understand market behaviours and stimulate occupier or/and owner demand for energy efficient buildings. Findings The large-scale academic study results generally show a positive relationship between observed market prices and EPCs, which are commonly taken as surrogates for efficiency; however, outcomes are variable. One large study found energy upgrades may increase value, but not to the point where costs outweigh the value gain. Other studies found high returns on investment in energy efficiency technologies. The case study projects, however, revealed a more nuanced set of arguments in terms of the relationship between energy efficiency and market behaviours. Whilst there is some evidence that energy efficiency is beginning to impact on value, it is small compared to other value drivers; other drivers, including health, well-being and private sector finance deals, may prove more powerful market drivers. Further, the empirical findings reported point towards the emergence of a “brown” discount being more likely to be the long-term trend than a green premium. It is concluded that the current levels of action are unlikely to deliver the levels of decarbonisation urgently needed. Research limitations/implications This is a desktop study of other European studies that may have collected data on slightly different variables. Practical implications This study shows that more action is required to realise decarbonisation in new and existing residential property in the European states considered. The sector offers potential for substantial reductions, and other mandatory approaches need to be considered. Originality/value This is a timely review of the current outcomes of European programmes (EPCs) adopted in several countries to increase energy efficiency in the residential sector through a voluntary mechanism. The results show that more action is needed.
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Adamuscin, A. „Investing in European market real property through reits“. Slovak Journal of Civil Engineering 18, Nr. 1 (01.03.2010): 31–42. http://dx.doi.org/10.2478/v10189-010-0001-9.
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Investing in European market real property through reitsFor institutional and private investors, investing in real estate represents an attractive form of the consignment of their money. Real estate provides a regular source of income in the form of the rent from or interest on the credit provided. At the same time, real estate is a good investment instrument, because it provides diversified contributions and security against inflation for investors. In their efforts to diversify risk, investors are expressing growing interest in investing in the whole European Union. The success of Real Estate Investment Trusts (REITs) in the U.S. also opened the door for investing in this market for small investors, which is the reason for the development of this type of investment company in the European arena. One problem concerning the development of European real estate investment funds is the unsolved issue of the harmonization of the legislation and regulatory safety measures, which would enable the creation of a common market for new investment products in Europe.
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Lux, Nicole, und Alex Moss. „Liquidity in global real estate securities markets“. Journal of Property Investment & Finance 34, Nr. 4 (04.07.2016): 321–46. http://dx.doi.org/10.1108/jpif-11-2015-0078.
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Purpose – The purpose of this paper is to test the relationship between liquidity in listed real estate markets, company size and geography during different market cycles, specifically pre-crisis (2002-2006) and post-crisis (2010-2014). Further, the study analyses the impact of stock liquidity on stock performance. In a previous study the authors examined the impact of liquidity on the valuation of European real estate shares. The result showed that there is a strong relationship between liquidity, valuation and market capitalisation post the Global Financial Crisis. Design/methodology/approach – The paper studies the linkages between regional market liquidity and company size for 60 listed real estate companies globally and determines the key drivers of company stock market liquidity pre- and post-crisis as well as the impact on stock performance. Analysis of variance is used to test cross-sectional independence in market liquidity combined with the Tukey’s post hoc test. The selected test indicators of liquidity to capture market depth and market tightness are daily stock turnover as percentage of market capitalisation and daily bid-ask spreads. Findings – Findings confirm previous studies that market liquidity factors are correlated globally over time indicating markets interdependence. However, sample groups by company size and geography form independent samples with different sample means, thus specific liquidity levels in each market may be different. First, stock turnover levels have not recovered post-crisis to pre-crisis levels in the majority of markets while spreads have continued moving downward to nearly insignificant levels in line with the rest of the equity market. Second, with regards to stock performance, the European bias previously detected is not apparent in the USA, and there is no evidence of the small cap vs large cap effect of small companies achieving superior returns, although smaller companies have outperformed in Europe and Asia in each of the last three years (2012-2014). Practical implications – The key implication is that although spread levels for smaller companies are higher, implying a slight risk premium when investing in small companies, this did not manifest into consistent superior stock market returns in the periods studied. In a mature market such as the USA or UK, liquidity levels in terms of stock turnover are higher and spreads are lower thus reducing trading costs, making them more attractive for investors. Originality/value – This research brings together previous analysis on stock market liquidity and stock performance on a global market level. It further tests the dependence of market liquidity on two key indicators, namely, geography and company size and analyses market changes with respect to liquidity pre- and post-crisis.
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Oertel, Cay, Thomas Gütle, Benjamin Klisa und Sven Bienert. „US real estate as target assets for European investors“. Journal of Property Investment & Finance 37, Nr. 4 (01.07.2019): 398–404. http://dx.doi.org/10.1108/jpif-03-2019-0039.
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Purpose The purpose of this paper is to analyze potential diversification benefits of American real estate assets for European investors. Since European real estate yields are compressed due to several reasons, including high market liquidity and low interest rates, investment managers seek opportunities to provide attractive risk-return profiles for investors. Therefore, empirical proof for improvements to risk-return profiles is highly necessary in the outlined market environment. Design/methodology/approach The empirical study uses a classic mean-variance optimization approach. In order to isolate potential diversification benefits two investment environments are compared: first, an optimization for the European investment horizon is carried out. Subsequently, the same optimization is performed for European and American assets. For both scenarios, risk-return profiles are obtained and compared. Findings Two major findings can be stated: first, higher correlations between European and American markets can be observed for the present data in comparison to older studies. Second, the mean-variance optimization of solely European and then mixed European-American portfolios show improvements in risk-return profiles for the latter. Thus, diversification benefits of American properties for European real estate investors can be confirmed. Practical implications The empirical study reveals diversification benefits for European investors. Thus, the asset allocation of European investors could be affected by allocating capital toward the USA in order to improve risk-return profiles. Originality/value The value of the paper is a precise analysis of two markets, namely Europe as well as the US. Thus, the paper isolates the practical implications for European investors, who are trying to improve risk-returns profile by allocating capital toward the USA.
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Scholz, Alexander, Stephan Lang und Wolfgang Schaefers. „Liquidity and real estate asset pricing: a pan-European study“. Journal of European Real Estate Research 7, Nr. 1 (29.04.2014): 59–86. http://dx.doi.org/10.1108/jerer-06-2013-0009.
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Purpose – Understanding the pricing of real estate equities is a central objective of real estate research. This paper aims to investigate the impact of liquidity on European real estate equity returns, after accounting for well-documented systematic risk factors. Design/methodology/approach – Based on risk factors derived from general equity data, the authors extend the Fama-French time-series regression approach by a liquidity factor, using a pan-European sample of 272 real estate equities. Findings – The empirical results indicate that liquidity is a significant pricing factor in real estate stock returns, even after controlling for market, size and book-to-market factors. In addition, the authors detect that real estate stock returns load predominantly positively on the liquidity risk factor, suggesting that real estate equities tend to behave like illiquid common equities. These findings are underpinned by a series of robustness checks. Running a comparative analysis with alternative factor models, the authors further demonstrate that the liquidity-augmented asset-pricing model is most appropriate for explaining European real estate stock returns. Research limitations/implications – The inclusion of sentiment and downside risk factors could provide further insights into real estate asset pricing in European capital markets. Originality/value – This is the first study to examine the role of liquidity as a systematic risk factor in a pan-European setting.
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RSM, Dirk, Hans ‘t und Ville INREV. „Transparency in the European Non-listed Real Estate Funds Market“. Journal of Real Estate Portfolio Management 13, Nr. 2 (01.01.2007): 107–17. http://dx.doi.org/10.1080/10835547.2007.12089771.
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MARTINS, António Miguel, Ana Paula SERRA und Francisco Vitorino MARTINS. „REAL ESTATE MARKET RISK IN BANK STOCK RETURNS: EVIDENCE FOR 15 EUROPEAN COUNTRIES“. International Journal of Strategic Property Management 20, Nr. 2 (13.06.2016): 142–55. http://dx.doi.org/10.3846/1648715x.2015.1120790.
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In countries with highly-developed financial systems bank portfolios have high exposure, directly or indirectly, to the real estate sector. Changes in the value of real estate can have a potentially significant impact on the default risk of banks and on their profitability as a result of high exposure to the real estate sector. This is especially critical during real estate crises, when bank losses tend to increase dramatically, placing the entire financial system at risk of collapse, as it was the case of the recent international subprime crisis. This article studies the sensitivity of bank stock returns to real estate returns in 15 European countries. The results indicate that bank stocks are sensitive to real estate market conditions. There is a positive relation between bank stock returns and real estate returns after controlling for general market conditions and interest rates changes.
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Schulte, Kai-Magnus. „Idiosyncratic risk and the cross-section of European real estate equity returns“. Journal of European Real Estate Research 7, Nr. 1 (29.04.2014): 29–58. http://dx.doi.org/10.1108/jerer-03-2013-0003.
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Purpose – This study is the first to examine the role of idiosyncratic risk in the pricing of European real estate equities. The capital asset pricing model predicts that in equilibrium, investors should hold the market portfolio. As a result, investors should only be rewarded for carrying undiversifiable systematic risk and not for diversifiable idiosyncratic risk. The study is adding to the growing body of countering studies by first examining time trends of idiosyncratic risk and subsequently the pricing of idiosyncratic risk in European real estate equities. The paper aims to discuss these issues. Design/methodology/approach – The study analyses 293 real estate equities from 16 European capital markets over the 1991-2011 period. The framework of Fama and MacBeth is employed. Regressions of the cross-section of expected equity excess returns on idiosyncratic risk and other firm characteristics such as beta, size, book-to-market equity (BE/ME), momentum, liquidity and co-skewness are performed. Due to recent evidence on the conditional pricing of European real estate equities, the pricing is also investigated using the conditional framework of Pettengill et al. Either realised or expected idiosyncratic volatility forecasted using a set of exponential generalized autoregressive conditional heteroskedasticity models are employed. Findings – The initial analysis of time trends in idiosyncratic risk reveals that while the early 1990s are characterised by both high total and idiosyncratic volatility, a strong downward trend emerged in 1992 which was only interrupted by the burst of the dotcom bubble and the 9/11 attacks along with the global financial and economic crisis. The largest part of total volatility is idiosyncratic and therefore firm-specific in nature. Simple cross-correlations indicate that high beta, small size, high BE/ME, low momentum, low liquidity and high co-skewness equities have higher idiosyncratic risk. While size and BE/ME are priced unconditionally from 1991 to 2011, both measures of idiosyncratic risk fail to achieve significance at reasonable levels. However, once conditioned on the general equity market or real estate equity market, a strong positive relationship between idiosyncratic risk and expected returns emerges in up-markets, while the opposite relationship exists in down-markets. The relationship is robust to firm-specific factors and a series of robustness checks. Research limitations/implications – The results show that ignoring the conditional relationship between idiosyncratic risk and returns might result in the false realisation that idiosyncratic risk does not matter in the pricing of risky (real estate) assets. Originality/value – This study is the first to examine the role of idiosyncratic risk in the pricing of European real estate equities. The study reveals differences in the pricing of European real estate equities and US REITs. The study highlights that ignoring the conditional relationship between idiosyncratic risk and returns might result in the false realisation that idiosyncratic risk does not matter in the pricing of risky assets.
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Ćetković, Jasmina, Slobodan Lakić, Marijana Lazarevska, Miloš Žarković, Saša Vujošević, Jelena Cvijović und Mladen Gogić. „Assessment of the Real Estate Market Value in the European Market by Artificial Neural Networks Application“. Complexity 2018 (2018): 1–10. http://dx.doi.org/10.1155/2018/1472957.
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Using an artificial neural network, it is possible with the precision of the input data to show the dependence of the property price from variable inputs. It is meant to make a forecast that can be used for different purposes (accounting, sales, etc.), but also for the feasibility of building objects, as the sales price forecast is calculated. The aim of the research was to construct a prognostic model of the real estate market value in the EU countries depending on the impact of macroeconomic indicators. The available input data demonstrates that macroeconomic variables influence determination of real estate prices. The authors sought to obtain correct output data which show prices forecast in the real estate markets of the observed countries.
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Devaney, Steven. „Measuring European property investment performance: comparing different approaches“. Journal of European Real Estate Research 7, Nr. 1 (29.04.2014): 112–32. http://dx.doi.org/10.1108/jerer-10-2013-0022.
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Purpose – Price indices for commercial real estate markets are difficult to construct because assets are heterogeneous, they are spatially dispersed and they are infrequently traded. Appraisal-based indices are one response to these problems, but may understate volatility or fail to capture turning points in a timely manner. This paper estimates “transaction linked indices” for major European markets to see whether these offer a different perspective on market performance. The paper aims to discuss these issues. Design/methodology/approach – The assessed value method is used to construct the indices. This has been recently applied to commercial real estate datasets in the USA and UK. The underlying data comprise appraisals and sale prices for assets monitored by Investment Property Databank (IPD). The indices are compared to appraisal-based series for the countries concerned for Q4 2001 to Q4 2012. Findings – Transaction linked indices show stronger growth and sharper declines over the course of the cycle, but they do not notably lead their appraisal-based counterparts. They are typically two to four times more volatile. Research limitations/implications – Only country-level indicators can be constructed in many cases owing to low trading volumes in the period studied, and this same issue prevented sample selection bias from being analysed in depth. Originality/value – Discussion of the utility of transaction-based price indicators is extended to European commercial real estate markets. The indicators offer alternative estimates of real estate market volatility that may be useful in asset allocation and risk modelling, including in a regulatory context.
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Prudnikov, I. A., und A. M. Rotar. „Improvment the competitiveness of the real estate agency services: 5 basic principles“. Entrepreneur’s Guide 13, Nr. 1 (21.02.2020): 175–83. http://dx.doi.org/10.24182/2073-9885-2020-13-1-175-183.
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In the context of transformation of the service sector, many statements have already been made that the market of real estate services is waiting for an imminent demise and oblivion. However, the European and American market with its «saturation» of the market shows the opposite, the market of real estate services is also transformed and varies depending on the needs of customers. If initially real estate services operated on the principle of «buy-sell», now real estate agencies can help in renting an apartment, organize cleaning of real estate, provide services for maintenance of premises, etc. The market forces many service industries to change and the market poses new challenges to its participants. The article analyzes the current state of Affairs of real estate business, as well as practical examples of its development.
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Sitek, Marcin. „RISK OF INNOVATIVE ACTIVITY ON THE REAL ESTATE MARKET“. Zeszyty Naukowe Wyższej Szkoły Humanitas Zarządzanie 20, Nr. 1 (31.03.2019): 9–20. http://dx.doi.org/10.5604/01.3001.0013.2416.
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The paper presents the risk of innovative activities in the real estate market. The aim of the paper is analysis of the investment risks within services in this market. It postulated that the risk connected with implementation of innovations in the real estate market is especially critical to this market. Secondary sources of information regarding the innovative activity on the real estate market and related risks were used to achieve the work objective, and obtained as part of the project “Support for monitoring cohesion policy ...”, furthermore results connected in the European Innovation Scoreboard 2016 and the results presented by McKinsey &Company derived from the survey of 100 biggest companies in Poland. Analysis of the results obtained in the study supported the thesis concerning the important role of the risk of innovative activities in the real estate market, which is little transparent in Poland and characterized by substantial variability of conditions.
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Moss, Alex, und Nicole Lux. „The impact of liquidity on the valuation of European real estate securities“. Journal of European Real Estate Research 7, Nr. 2 (29.07.2014): 139–57. http://dx.doi.org/10.1108/jerer-12-2013-0026.
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Purpose – The purpose of this paper is to test the hypothesis that the valuations of European real estate securities are, in part, determined by the relative liquidity in the companies’ shares. Design/methodology/approach – Six groups are derived for our sample of European listed real estate companies. They are split between the UK and Europe, and then both sets are categorised by liquidity as large, medium or small. These are then tested for market depth, market tightness and difference in valuations over the cycle 2002-2012. Intuitively, it can be expected that the stock market valuation premium for companies with greater liquidity increases post the global financial crisis. Findings – The key discriminating variable that drives companies’ liquidity and valuations is market capitalisation. For both the UK and Europe, the valuation premium of larger companies vs small companies has increased significantly since 2008 (by 20-40 per cent), which can be attributed to the increased value placed on liquidity post GFC. Research limitations/implications – The sample size is relatively small, and subject to individual company influences on stock market valuation. Practical implications – The key implications from the findings are the cost and quantum of new equity capital available to companies with superior liquidity, and the possibility of exclusion from portfolios for companies with low liquidity. Originality/value – Previous studies have focussed on returns for measuring a liquidity premium. This study focusses on relative valuations and how the liquidity premium changes throughout the cycle.
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Cohen, Viktorija, und Arūnas Burinskas. „The Evaluation of the Impact of Macroeconomic Indicators on the Performance of Listed Real Estate Companies and Reits“. Ekonomika 99, Nr. 1 (11.06.2020): 79–92. http://dx.doi.org/10.15388/ekon.2020.1.5.
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Using quarterly data from 2006:Q1 to 2019:Q3 (55 observations), this paper examines 18 Eurozone macroeconomic variables that represent monetary policy, external and construction sectors’ performance, economic growth, investment, households’ earnings, inflation and assesses their impact on the performance of the European listed real estate companies and REITs. Empirical results demonstrate that the European listed real estate market is strongly influenced by the supply side: the construction sector and the inflation of producers’ prices; while the demand side is strongly affected by the expansionary monetary policy of ECB. Furthermore, some primary findings propose that US expansionary monetary policy shocks have an effect on the European listed real estate market. This conclusion demands further thorough research.
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Hiang Liow, Kim. „Volatility interdependence in European real estate securities markets“. Journal of European Real Estate Research 6, Nr. 2 (02.08.2013): 117–38. http://dx.doi.org/10.1108/jerer-10-2012-0026.
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Burkova, Y. A. „Real Estate Investment Trusts in the Developed Countries“. MGIMO Review of International Relations, Nr. 4(37) (28.08.2014): 197–205. http://dx.doi.org/10.24833/2071-8160-2014-4-37-197-205.
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In this article, performance of239 real estate investment trusts (REITs) from 15 developed countries is analyzed according to their regional specific characteristics. This investment vehicle is rapidly spreading all over the world due to high returns it offers while being of low risk, and since the governments create special legislation. In 2013, there were around 30 countries where REITs can be created, so regional specifics of REITs' performance can be studied. USA has the oldest REITs market in the world with 133 trusts operating there. Popularity of American REITs is explained by the fact that they usually hold well diversified portfolios of property with stable income. This helped them rather successfully survive through the global economic crisis of2008-2010, but after that attracted close attention of institutional investors which has led to the creation of new bubble on the market. European REITs market has appeared recently, its development being slowed down by the recent crisis. The debt crisis and liquidity strain caused REITs lack of funds; economic downturn led to the reduction of trusts' returns, resulting in the outflow of the investment to the USA. In 2012, the recovery of the debt capital market reanimated the REITs market. REITs in the Asia-Pacific region are very risky thus offering a high riskpremium. Their returns are unstable and fluctuate in line with the global economic situation. After the crisis, REITs have been the most attractive investment vehicle on the market offering high yield.
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Heinig, Steffen, Anupam Nanda und Sotiris Tsolacos. „Which Sentiment Indicators Matter? Evidence from the European Commercial Real Estate Market“. Journal of Real Estate Research 42, Nr. 4 (01.10.2020): 499–530. http://dx.doi.org/10.1080/08965803.2020.1845562.
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Rącka, Izabela, Sławomir Palicki und Ivo Kostov. „State and Determinants of Real Estate Market Development in Central and Eastern European Countries on the Example of Poland and Bulgaria“. Real Estate Management and Valuation 23, Nr. 2 (01.06.2015): 77–90. http://dx.doi.org/10.1515/remav-2015-0017.
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Abstract In this paper, the specificity of release and transformation processes of real estate markets in two postsocialist bloc countries, i.e. Bulgaria and Poland, was diagnosed. Comparative analysis of the conditions and directions of change was used as a tool to clarify the current situation, current status and characteristics of these markets. Comparison of Poland and Bulgaria also indicates the prospects for the development of real estate markets. The article is an attempt at assessing the condition and evolutionary progress of the residential segment. The authors also selected obstacles and factors promoting the development of real estate markets in the analyzed countries. This will either enable the critical assessment of changes observed in the past, or prove helpful in the context forecasting market phenomena.
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Elaine, Worzala, und Bernasek Alexandra. „European Economic Integration and Commercial Real Estate Markets: An Analysis of Trends in Market Determinants“. Journal of Real Estate Research 11, Nr. 2 (01.01.1996): 159–81. http://dx.doi.org/10.1080/10835547.1996.12090820.
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Lang, Stephan, und Wolfgang Schaefers. „Examining the sentiment-return relationship in European real estate stock markets“. Journal of European Real Estate Research 8, Nr. 1 (05.05.2015): 24–45. http://dx.doi.org/10.1108/jerer-10-2014-0036.
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Purpose – Recent studies in the field of behavioral finance have highlighted the importance of investor sentiment in the return-generating process for general equities. By employing an asset pricing framework, this paper aims to evaluate the performance of European real estate equities, based on their degree of sentiment sensitivity. Design/methodology/approach – Using a pan-European data set, we classify all real estate equities according to their sentiment sensitivity, which is measured relative to the Economic Sentiment Indicator (ESI) of the European Commission. Based on their individual sentiment responsiveness, we form both a high- and low-sensitivity portfolio, whose returns are included in the difference test of the liquidity-augmented asset pricing model. In this context, we analyze the performance of sentiment-sensitive and sentiment-insensitive real estate equities with a risk-adjusted perspective over the period July 1995 to June 2012. Findings – While high-sensitivity real estate equities yield significantly higher raw returns than those with low-sensitivity, we find no evidence of risk-adjusted outperformance. This indicates that allegedly sentiment-driven return behavior is in fact merely compensation for taking higher fundamental risks. In this context, we find that sentiment-sensitive real estate equities are exposed to significantly higher market risks than sentiment-insensitive ones. Based on these findings, we conclude that a sentiment-based investment strategy, consisting of a long-position in the high-sensitivity portfolio and a short-position in the low-sensitivity one, does not generate a risk-adjusted profit. Research limitations/implications – Although this study sheds some light on investor sentiment in European real estate stock markets, further research could usefully concentrate on alternative sentiment proxies. Originality/value – This is the first study to disentangle the relationship between investor sentiment and European real estate stock returns.
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Bełej, Mirosław, und Sławomir Kulesza. „Modeling the Real Estate Prices in Olsztyn under Instability Conditions“. Folia Oeconomica Stetinensia 11, Nr. 1 (01.01.2012): 61–72. http://dx.doi.org/10.2478/v10031-012-0008-7.
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Abstract The paper deals with the description of the issues related to the dynamics of the real estate market in terms of sharp, unexpected changes in the housing prices which have been observed in the last decade in many European countries due to some macroeconomic circumstances. When such perturbations appear, the real estate market is said to be structurally unstable, since even a small variation in the control parameters might result in a large, structural change in the state of the whole system. The essential problem addressed in the paper is the need to define and discriminate between the intervals of stable and unstable real estate market development with special attention paid to the latter. The research aims at modeling hardly explored field of discontinuous changes in the real estate market in order to reveal the bifurcation edge. Assuming that the periods of sudden price changes reflect an intrinsic property of the real estate market, it is shown that the evolution path draws for most of the time a smooth curve onto the stability area of the equilibrium surface, and only briefly penetrates into the instability area to hop to another equilibrium state.
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Seger, Julian, Ao Li und Andreas Pfnuer. „Corporate real estate holdings and the stock market performance“. Journal of European Real Estate Research 13, Nr. 2 (13.06.2020): 181–206. http://dx.doi.org/10.1108/jerer-11-2019-0039.
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Purpose The purpose of this paper is to examine the influence of corporate real estate (CRE) holdings on firm performance. Unlike previous studies, the paper does not only consider the firms’ primary business segment but also their activities in different business fields. This is of particular interest because additional segments often have different requirements for the provision of space and thus for the ownership strategy, which could have led to a possible bias in previous studies. Furthermore, additional business areas are becoming more relevant through integrated solutions. Design/methodology/approach The study uses a balance sheet data set of companies in the six largest European economies for the period from 2000 to 2016. Germany serves as a suitable laboratory for deeper analyses. Holdings of 490 firms are regressed to the stock market performance using a two-stage approach. This procedure is repeated by considering additional business segments. Findings The analyses reveal that ownership reduces stock market performance. Additional business activities also appear to influence the relevance of ownership for firm performance. Practical implications The research shows that ownership is priced depending on its primary and additional business activities. First, this insight helps capital market players to choose the right investment strategy. Second, it provides CRE decision-makers with information on the optimal provision of real estate. Originality/value This is the first paper to examine the contribution of real estate ownership on firm performance in light of the fact that companies operate in more than one sector.
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McAllister, Patrick, und Colin Lizieri. „Monetary Integration and Real Estate Markets: The Impact of Euro on European Real Estate Equities“. Journal of Property Research 23, Nr. 4 (Dezember 2006): 281–303. http://dx.doi.org/10.1080/09599910601095266.
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Filotto, Umberto, Claudio Giannotti, Gianluca Mattarocci und Xenia Scimone. „Residential mortgages, the real estate market, and economic growth: evidence from Europe“. Journal of Property Investment & Finance 36, Nr. 6 (03.09.2018): 552–77. http://dx.doi.org/10.1108/jpif-09-2017-0060.
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Purpose The purpose of this paper is to evaluate the impact of macroeconomic condition and real estate price trend on the amount of residential loan. Design/methodology/approach The paper using a sample of 16 European Countries for the time period 2007–2015 evaluates the impact of change in the gross domestic product (GDP) growth and the inflation rate on the amount of residential loans. The analysis is performed by using a vector autoregressive (VAR) and generalized VAR approach for the full sample and for each country considered. Findings For a short-term horizon, shocks to mortgages, the house price index (HPI) and the GDP have a positive effect on the GDP, a shock to the amount of mortgages has a positive effect on the mortgage supply and a shock to the GDP has a negative effect on HPI. The main results for the long-term horizon are that a GDP shock has a positive and persistent effect on the amount of mortgages, a shock to HPI has a negative and persistent effect on mortgages and a shock to the amount of mortgages seems to have no persistent effect on the GDP or the HPI. Moreover, the analysis shows that a spillover risk among countries exists and a GDP shock in a European area has an effect on the GDP, real estate prices and residential mortgages in almost all European countries. Practical implications Results obtained show that both macroeconomic and housing prices shocks matter for the real estate lending and the effect are different in the short- and in the medium–long-term horizon. Results are also different country by country and they are affected by the level of financial development of the country. Originality/value The paper studies a lending crisis period and evaluates for the European market the impact of shock on macro-variables for mortgages focusing the attention for the first time only on residential mortgages.
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Oertel, Cay, Jonas Willwersch und Marcelo Cajias. „Do cross-border investors benchmark commercial real estate markets?“ Journal of European Real Estate Research 13, Nr. 1 (03.02.2020): 83–103. http://dx.doi.org/10.1108/jerer-10-2019-0032.
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Purpose The purpose of this study is to introduce a new perspective on determinants of cross-border investments in commercial real estate, namely, the relative attractiveness of a target market. So far, the literature has analyzed only absolute measures of investment attractiveness as determinants of cross-border investment flows. Design/methodology/approach The empirical study uses a classic ordinary least squares estimation for a European panel data set containing 28 cities in 18 countries, with quarterly observations from Q1/2008 to Q3/2018. After controlling for empirically proven explanatory covariates, the model is extended by the new relative measurement based on relative yields/cap rates and relative risk premia. Additionally, the study applies a generalized additive mixed model (GAMM) to investigate a potentially nonlinear relationship. Findings The study finds on average a ceteris paribus, statistically significant lagged influence of the proxy for relative attractiveness. Nonetheless, a differentiation is needed; relative risk premia are statistically significant, whereas relative yields are not. Moreover, the GAMM confirms a nonlinear relationship for relative risk premia and cross-border transaction volumes. Practical implications The results are of interest for both academia and market participants as a means of explaining cross-border capital flows. The existing knowledge on determinants is expanded by relative market attractiveness, as well as an awareness of nonlinear relationships. Both insights help to comprehend the underlying transaction dynamics in commercial real estate markets. Originality/value Whereas the existing body of literature focuses on absolute attractiveness to explain cross-border transaction activity, this study introduces relative attractiveness as an explanatory variable.
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Lesame, Keagile, Elie Bouri, David Gabauer und Rangan Gupta. „On the Dynamics of International Real-Estate-Investment Trust-Propagation Mechanisms: Evidence from Time-Varying Return and Volatility Connectedness Measures“. Entropy 23, Nr. 8 (14.08.2021): 1048. http://dx.doi.org/10.3390/e23081048.
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In this paper, we investigate the time-varying interconnectedness of international Real Estate Investment Trusts (REITs) markets using daily REIT prices in twelve major REIT countries since the Global Financial Crisis. We construct dynamic total, net total and net pairwise return and volatility connectedness measures to better understand systemic risk and the transmission of shocks across REIT markets. Our findings show that that REIT market interdependence is dynamic and increases significantly during times of heightened uncertainty, including the COVID-19 pandemic. We also find that the US REIT market along with major European REITs are generally sources of shocks to Asian-Pacific REIT markets. Furthermore, US REITs appear to dominate European REITs. These findings highlight that portfolio diversification opportunities decline during times of market uncertainty.
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Hui, Eddie C. M., und Ka Kwan Kevin Chan. „The European sovereign debt crisis: contagion across European real estate markets“. Journal of Property Research 30, Nr. 2 (Juni 2013): 87–102. http://dx.doi.org/10.1080/09599916.2012.724441.
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Lorenz, Felix. „Underpricing and market timing in SEOs of European REITs and REOCs“. Journal of Property Investment & Finance 38, Nr. 3 (13.12.2019): 163–80. http://dx.doi.org/10.1108/jpif-07-2019-0099.
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Purpose The purpose of this paper is to contribute to the literature on seasoned equity offerings (SEOs) by examining the underpricing of European real estate corporations and identifying determinants explaining the phenomenon of setting the offer price at a discount at SEOs. Design/methodology/approach With a sample of 470 SEOs of European real estate investment trusts (REITs) and real estate operating companies (REOCs) from 2004 to 2018, multivariate regression models are applied to test for theories on the pricing of SEOs. This paper furthermore tests for differences in underpricing for REITs and REOCs as well as specialized and diversified property companies. Findings Significant underpricing of 3.06 percent is found, with REITs (1.90 percent) being statistically less underpriced than REOCs (5.08 percent). The findings support the market timing theory by showing that managers trying to time the equity market gain from lower underpricing. Furthermore, underwritten offerings are more underpriced to reduce the risk of the arranging bank, but top-tier underwriters are able to reduce offer price discounts by being more successful in attracting investors. The results cannot support the value uncertainty hypothesis, but they are in line with placement cost stories. In addition, specialized property companies are subject to lower underpricing. Practical implications An optimal issuance strategy taking into account timing, relative offer size and the choice of the underwriter can minimize the amount of “money left on the table” and therefore contribute to the lower cost of raising capital. Originality/value This is the first study to investigate SEO underpricing for European real estate corporations, pricing differences of REITs and REOCs in seasoned offerings and the effect of market timing on the pricing of SEOs.
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Ambrasas, Gintautas, und Danielius Stankevičius. „AN ANALYSIS OF DWELLING MARKET IN VILNIUS, LITHUANIA“. International Journal of Strategic Property Management 11, Nr. 4 (31.12.2007): 243–62. http://dx.doi.org/10.3846/1648715x.2007.9637572.
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The current situation in the real estate market in Lithuania is favourable for real estate developers. Dwelling prices in Vilnius are much lower than those in other EU member‐states. However, the rate of their increase is one of the highest in the European Union. At the end of 2003, one of the causes of the purchasing boom was the anticipated rise in real estate prices, when Lithuania was gradually integrating into the European Union. The growing income of the real estate sector and high profit attracted more and more companies to real estate market. But the situation in the real estate market has changed. Therefore, to protect the investments in real estate, customers should carefully select the investment projects, paying special attention to reliability and competence of project developers. The analysis of financial indicators of six specially selected project developers made by the authors allowed them to state that not all real estate developers in the market are reliable and able to satisfy liability claims because they may face solvency problems. In some cases, indicators even warn about a threat of bankruptcy for a company. In addition to objective factors influencing the market, such as the conditions of crediting, the economic development of the state, standard of living of the population, migration, etc., some negative effects play an important role in the process of price rising. Authors analyzed the difference in price between the cheapest and most expensive dwellings in different segments of real estate market in Vilnius, Lithuania. Būsto rinkos analizė Vilniuje Santrauka Dabartine situacija nekilnojamojo turto rinkoje yra palanki nekilnojamojo turto įmonėms ‐ nekilnojamojo turto rinkos dalyviams. Būsto kainos Vilniuje yra gerokai žemesnes nei analogiško būsto kainos senosiose Europos Sąjungosšalyse narėse, o pastaraisiais metais kainų augimas ‐ vienas sparčiausiu lyginant su ES. 2003 m. kainų augimo bumas netgi buvo siejamas su įstojimo i Europos Sąjungalūkesčiais. Augančios nekilnojamojo turto rinkos pajamos ir didelis pelnas I nekilnojamojo turto rinka pritraukia vis daugiau nauju įmonių. Kad apsaugotu savo investicijas Inekilnojamąjį turtą, pirkėjai turi atidžiai rinktis investicinius projektus, ypatinga dėmesį skirdami projekto platintojukompetencijai. Autorių atlikta sesių pasirinktu įmonių, investuojančiu I Vilniaus nekilnojamojo turto rinka, lyginimas leidžia teigti, kad toli gražu ne visos analizuotos įmones pajėgios įvykdyti savo prisiimtus sutartinius įsipareigojimus. Atskiri rodikliai tam tikra prasme gali byloti ir apie įmones bankroto pavojų. Be objektyviu veiksniu, darančiu įtaka nekilnojamojo turto rinkai (tokiu kaip kreditavimo sąlygos, šalies ekonomikos plėtra, visuomenes gyvenimo būdo standartai, migracija ir pan.), įvairus nepalankūs veiksniai taip pat daro nemaža įtakakainų augimui rinkoje, todėl autoriai analizuoja skirtingu būsto segmentu kainų skirtumus Vilniaus nekilnojamojo turto rinkoje, jų kitimui darančius įtaka veiksnius ir tendencijas.
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Morri, Giacomo, und Karoline Jostov. „The effect of leverage on the performance of real estate companies“. Journal of European Real Estate Research 11, Nr. 3 (05.11.2018): 284–318. http://dx.doi.org/10.1108/jerer-01-2018-0004.
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Purpose This paper aims to investigate the impact of leverage on the total shareholder return of European publicly traded real estate vehicles in three periods: Crisis Period (2007-2009), Rebound Period (2009-2014) and the Whole Period. Design/methodology/approach Cross-sectional analysis is used and the leverage effect on the performance is controlled for seven other independent variables (local market risk premium, size, book-to-market, short-term debt, cash); moreover, regional differences are accounted for. Findings It is established that during the Crisis Period, leverage levels are negatively associated with performance: this relationship also holds throughout the Whole Period, implying that for real estate securities, the cost of financial distress is larger than the potential gain from taxation, although the economic significance of it is limited. The Fama and French (1992) three factors, including size, book-to-market and local market risk premium, are found to be relevant, which is consistent with the literature. In addition, the UK and Sweden regions are identified as significant. Originality/value Even if there is sizeable body of literature on determinants of leverage and determinants of asset returns, little work has been done on how leverage affects the returns of European real estate companies. In addition, this paper takes advantage of observations from a full economic cycle and the possible effects of the crisis period.
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Akimov, Alexey, Chyi Lin Lee und Simon Stevenson. „Interest Rate Sensitivity in European Public Real Estate Markets“. Journal of Real Estate Portfolio Management 25, Nr. 2 (03.07.2019): 138–50. http://dx.doi.org/10.1080/10835547.2020.1803694.
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Abuzayed, Bana, Nedal Al-Fayoumi und Elie Bouri. „Co-movement across european stock and real estate markets“. International Review of Economics & Finance 69 (September 2020): 189–208. http://dx.doi.org/10.1016/j.iref.2020.05.010.
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Lee, Chyi Lin, und Ming-Long Lee. „DO EUROPEAN REAL ESTATE STOCKS HEDGE INFLATION? EVIDENCE FROM DEVELOPED AND EMERGING MARKETS“. International Journal of Strategic Property Management 18, Nr. 2 (20.06.2014): 178–97. http://dx.doi.org/10.3846/1648715x.2014.925521.
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This study examines the inflation-hedging properties of European real estate stocks in developed and emerging markets over 1990 to 2011. The Fama and Schwert model and a dynamic ordinary least squares (DOLS) regression were employed to study the inflation-hedging characteristics of European real estate stocks over the short run and long run. The empirical results show little inflationhedging ability of European real estate stocks over the short run. Over the long run, developed real estate stocks provide a positive inflation hedge against expected inflation, while no similar evidence is found in the emerging markets. The findings suggest that the inflation-hedging properties of real estate stocks are related to the institutional involvement in the real estate stock markets. The finding could have profound implications to institutional investors.
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Klumbyte, Egle, und Rasa Apanaviciene. „REAL ESTATE STRATEGIC MANAGEMENT MODEL FOR LITHUANIAN MUNICIPALITIES“. International Journal of Strategic Property Management 18, Nr. 3 (18.09.2014): 279–91. http://dx.doi.org/10.3846/1648715x.2014.942407.
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Within the municipal boundaries, municipalities themselves are usually the largest real estate owners and managers. Such significant amount of real estate property could be expected to be professionally managed; however, the situation is different. According to the latest publications, only about 25% of major European cities are able to follow the quantity and value of their real estate portfolios. The Lithuanian Free Market Institute has recently introduced its first Index of Municipalities in Lithuania and states that none of the Lithuanian municipalities has developed its real estate management strategy. This paper reviews the scientific research on municipal real estate management and analyses the system of real estate management in Lithuanian municipalities. The authors of the paper collaborated with the Association of Local Authorities in Lithuania as well as the representatives of municipalities, and together they identified the main problems of real estate management. On the basis of real estate management research and practice within Lithuanian municipalities the authors of the paper present a brand new model which would help to manage municipal real estate effectively by taking into account the priorities of strategic economic and social development tendencies of the region.
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Kazak, Jan, Joost van Hoof, Małgorzata Świąder und Szymon Szewrański. „Real Estate for the Ageing Society – the Perspective of a New Market“. Real Estate Management and Valuation 25, Nr. 4 (01.12.2017): 13–24. http://dx.doi.org/10.1515/remav-2017-0026.
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Abstract Currently, one of the key challenges on a global scale is the issue of an ageing society. The UN predicts that the number of people aged 60 and over will double by 2050 and treble by 2100. In the coming years, the demand for real estate that addresses the specific needs of older people will increase both qualitatively and quantitatively. Therefore, two main questions arise: What are the architectural features of real estate required to accommodate for the needs of an ageing society? Which European Union countries seem to have the highest and lowest potential to create a segment of the real estate market focused on older people? This paper contains a research overview in the field of the built environment for older people and case studies of different policies established by public authorities from past decades. The potential for real estate for an ageing society in EU countries was determined on the basis of variables collected by the UNECE. The results also enable assumptions to be made on which factors may influence future development in this area. Due to global climate changes combined with the urbanization process and resulting deterioration of air quality, heat island effect or poor accessibility to open areas, the ageing society will have to face the problem of adapting to these new conditions. Therefore, the authors assume that this will have a significant impact on the relocation of this age group on the real estate market in the future. The conclusions of the research contribute to general discussion on new trends in the real estate market and the assessment of future investments in real estate.
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Carpantier, Jean-François, und Christelle Sapata. „The Ups and Downs of European Real Estate Markets’ Integration“. Finance 41, Nr. 2 (2020): 109. http://dx.doi.org/10.3917/fina.412.0109.
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Lang, Stephan, und Alexander Scholz. „The diverging role of the systematic risk factors: evidence from real estate stock markets“. Journal of Property Investment & Finance 33, Nr. 1 (02.02.2015): 81–106. http://dx.doi.org/10.1108/jpif-05-2014-0032.
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Purpose – The risk-return relationship of real estate equities is of particular interest for investors, practitioners and researchers. The purpose of this paper is to examine, in an asset pricing framework, whether the systematic risk factors play a significantly different role in explaining the returns of listed real estate companies, compared to general equities. Design/methodology/approach – Running the difference test of the Fama-French three-factor and the liquidity-augmented asset pricing model, the authors analyze the effect of the systematic risk factors related to market, size, BE/ME and liquidity in a time-series setting over the period July 1992 to June 2012. By applying the propensity score matching (PSM) algorithm, the authors bypass the “curse of dimensionality” of traditional matching techniques and identify a comparable control sample of general equities, in terms of the relevant firm characteristics of size, BE/ME and liquidity. Findings – The empirical results indicate that European real estate equity returns load significantly differently on the size, value and liquidity factor, while the influence of the market factor seems to be equivalent. In addition, the authors find an economically and statistically significant underperformance of European real estate equities, after accounting for the diverging role of systematic risk factors. Running the conditional time-series regression, the authors further reveal that these findings are predominately caused by the divergent risk-return behavior of real estate equities in economic downturns. Practical implications – Due to the diverging role of the systematic risk factors in pricing real estate equities, the authors provide evidence of potential diversification benefits for investors and portfolio managers. Originality/value – This is the first real estate asset pricing study to dissect the unique risk-return relationship of real estate equities by employing propensity score matching.
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Van Loon, Jannes, Stijn Oosterlynck und Manuel B. Aalbers. „Governing urban development in the Low Countries: From managerialism to entrepreneurialism and financialization“. European Urban and Regional Studies 26, Nr. 4 (28.09.2018): 400–418. http://dx.doi.org/10.1177/0969776418798673.
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Has the post-war managerial approach to urban governance in the Netherlands and Flanders been replaced by more entrepreneurial and financialized forms? In this paper, we study the transformation of urban governance in the Low Countries through city case studies of Apeldoorn (Netherlands) and Antwerp (Belgium). We show how Dutch urban governance is financialized by connecting local public finance with financialized real estate markets through municipal land banks. However, inter-municipal financial solidarity and ring-fencing municipalities from financial markets create specific continental European processes of financialization. Flemish municipalities, in contrast, have shifted from a model of laissez-faire urban development (embedded in a system of large municipal autonomy) towards entrepreneurial urban growth regimes, in which technocratic public and private actors have increased access to public financial resources, which are used to create large urban renewal projects. In Belgium, autonomous municipal real estate corporations are a crucial instrument for connecting municipal finance to the real estate market.
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Cespedes-Lopez, Maria-Francisca, Raul-Tomas Mora-Garcia, V. Raul Perez-Sanchez und Pablo Marti-Ciriquian. „The Influence of Energy Certification on Housing Sales Prices in the Province of Alicante (Spain)“. Applied Sciences 10, Nr. 20 (13.10.2020): 7129. http://dx.doi.org/10.3390/app10207129.
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This work examines the implementation of energy labelling by the residential real estate sector. First, it considers the interest by real estate sellers in not publishing energy certification information, and then, it quantifies the impact of the housing’s energy certification on the asking price. The results are compared with those obtained from other studies conducted in distinct European countries. The study’s final sample was collected, including information from 52,939 multi-family homes placed on the real estate market in the province of Alicante (Spain). One-way analysis of variance (ANOVA) was used, as well as an ordinary least squares regression model. This study highlights the fact that, in the current market, owners and sellers have no incentive to reveal the energy certification, since this permits them to sell homes with low energy ratings at prices similar to those of more energy efficient homes. In addition, it was found that homes with better energy ratings (letters A and B) are not sold at higher prices than homes with other rating letters, unlike the case of other European countries that were examined.
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Jadevicius, Arvydas. „Exchange-traded fund investing as European open-end diversified core equity real-estate funds' cash substitute“. Journal of Property Investment & Finance 38, Nr. 2 (16.03.2020): 156–60. http://dx.doi.org/10.1108/jpif-12-2019-0147.
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PurposeThe study is set to explore a viability for substituting part of cash holdings within European open-end diversified core equity (ODCE) real-estate funds with listed real-estate exchange-traded fund (ETF) alternative. Academically, this research bridges a knowledge gap within private real-estate market research.Design/methodology/approachFirst, the study investigates the correlation between ODCE and ETFs to assess series interdependence. Next, the study generates a blended ODCE and ETF portfolio and examines its performance by quantifying a) the contribution to returns and b) the diversification benefits.FindingsThe findings suggest that a 1 percent spare cash allocation to an ETF increases ODCE fund returns by few bps although the diversification benefits are more nuanced.Practical implicationsReal estate and other investment vehicles are encouraged to review their cash-holding strategies. Real estate, infrastructure or private equity vehicles could designate a small proportion of available cash to asset class-specific ETFs. These cash substitutes are likely to increase returns and could strengthen diversification, although there are some caveats. For ESG-conscious investors, sustainable ETFs and associated passive conduits with strong responsible investment characteristics could provide cash replacement alternatives at the margin.Originality/valueThe study adds additional evidence on the contested issue of blending private and public real estate.
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Lee, Chyi Lin, Simon Stevenson und Ming-Long Lee. „Futures Trading, Spot Price Volatility and Market Efficiency: Evidence from European Real Estate Securities Futures“. Journal of Real Estate Finance and Economics 48, Nr. 2 (27.12.2012): 299–322. http://dx.doi.org/10.1007/s11146-012-9399-3.
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Keivani, Ramin, Ali Parsa und Stanley McGreal. „Globalisation, Institutional Structures and Real Estate Markets in Central European Cities“. Urban Studies 38, Nr. 13 (Dezember 2001): 2457–76. http://dx.doi.org/10.1080/00420980120094614.
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Morri, Giacomo, und Andrea Artegiani. „The effects of the global financial crisis on the capital structure of EPRA/NAREIT Europe index companies“. Journal of European Real Estate Research 8, Nr. 1 (05.05.2015): 3–23. http://dx.doi.org/10.1108/jerer-04-2014-0017.
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Purpose – The purpose of this paper is to test whether the financial crisis has affected the capital structure of real estate companies in Europe and whether these impacts can be studied utilizing the variables traditionally used by the trade-off and pecking-order theories to explain the capital structure of companies. Design/methodology/approach – The study uses a fixed-effect panel regression analysis and a sample composed of companies included in the EPRA/NAREIT Europe Index. The effect of the financial crisis has been accounted for within the model by means of a dummy variable. Findings – The global financial crisis did have an impact on the capital structure of companies and the main variables traditionally used by the trade-off and pecking order theories proved to be suitable in explaining the capital structure of real estate companies. Real estate investment trusts are, on average, more leveraged than traditional real estate companies due to their special regulatory status. Research limitations/implications – The study is limited to the European market and UK companies in particular account for a large part of the sample. In addition, major regulatory differences between the various European countries are not taken into account in the model. Originality/value – Similar studies have been performed for the US and Australian market. However, the impact of the global financial crisis has not been traditionally considered in these studies.
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Mariani, Massimo, Paola Amoruso, Alessandra Caragnano und Marianna Zito. „Green Real Estate: Does It Create Value? Financial and Sustainability Analysis on European Green REITs“. International Journal of Business and Management 13, Nr. 7 (17.06.2018): 80. http://dx.doi.org/10.5539/ijbm.v13n7p80.
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Sustainability represents an innovative component of profitability for real estate finance, and among other instruments, real estate funds include a “green” component represented by certified buildings.In particular, the adopted selection criteria refer to the two European most widespread certifications: LEED and BREEAM.The objective is to demonstrate the degree of correlation between the adoption of implemented sustainable policies and financial performance. For this purpose Fama-French Five Factor Model has been applied.This work is oriented in validating the hypothesis, which states that sustainable and environmentally friendly components positively affect the performances of investment portfolios, focusing on the European property management industry. Therefore, this paper has the ambitious aim of filling the gap in current literature on REITs mainly focused on the US market.
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Foryś, Iwona, Ewa Putek-Szeląg und Beata Ziembicka. „An Attempt to Determine the Impact of Energy Intensity on the Market Value of Residential Units on the Example of Selected Buildings in Szczecin“. Real Estate Management and Valuation 28, Nr. 1 (01.03.2020): 64–79. http://dx.doi.org/10.2478/remav-2020-0006.
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AbstractEnvironmental requirements, constantly increasing energy prices as well as energy consumption by residential units and buildings have become an important factor in the decision-making processes in the real estate market. The preferences of residential unit buyers who recognize the problem of energy intensity and translate it into the transaction price have also been changing. However, amendments to the Act on real estate management and new European standards have imposed an obligation to include the certificates of energy performance of buildings and premises on real estate valuers in the valuation process. In this paper, energy intensity understood as the heating requirements of multi-family residential buildings is the basis for assessing the impact of the proposed variants on the market value of residential units. The paper analyzes the energy intensity of various types of buildings (e.g. in low and high buildings) and its impact on the market value of residential units in a selected housing estate in Szczecin, when the property valuer has access to energy performance certificates of neither the unit under valuation nor the units selected for comparison. The purpose of this study is to identify the relationship between the energy intensity and the market value of residential units. The proposed three models of real estate market value: non-classical, multiple regression and average price adjustment taking into account energy intensity, obtain results consistent with the actual transaction price at a satisfactory level. The assessment was made using standard deviation, a coefficient of variation and the average error of forecasts.
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Boitan, Iustina Alina. „Residential property prices’ modeling: evidence from selected European countries“. Journal of European Real Estate Research 9, Nr. 3 (07.11.2016): 273–85. http://dx.doi.org/10.1108/jerer-01-2016-0001.
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Purpose The purpose of this study is to contribute to the relatively narrow existing residential real estate literature by developing and validating several univariate forecasting models, to reliably anticipate future house price dynamics across several European Union (EU) countries. Design/methodology/approach The research approach relies on the time series analysis, by using the Box–Jenkins autoregressive integrated moving average (ARIMA) methodology to explore the trends of residential property prices in selected EU countries and to obtain a snapshot of the potential signs of change to be witnessed by domestic residential markets on a short time-period. The analysis has been performed distinctly for each country in the sample, to account for country-specific past and future trends as well as similarities in their house price growth rate evolutions. The models were estimated for a broad sample of quarterly observations during 1990-2015, while the forecast horizon ranged between the third quarter of 2015 and the fourth quarter of 2016. Findings The findings suggested that residential property prices’ real growth rate can be modeled through the Box–Jenkins method for France, The Netherlands, Sweden and UK. The pattern of Italy’s residential property prices’ real growth rate cannot be explained by means of univariate ARIMA models, being more suited for multivariate models. Originality/value The article subscribes to the need for timely, high-frequency and quality data about house price trends in Europe, to increase the accuracy of forecasts and prevent the appearance of bubbles on real estate market. It compares residential property prices’ dynamics across European countries to identify housing markets with similar patterns of their prices.