IS THE UK REAL ESTATE MARKET CONVERGING WITH THE REST OF EUROPE?
This paper assesses whether the returns of the UK securitised real estate market are converging with those of the other countries in Europe relative to the returns in the US. Using time-varying parameter modelling techniques with monthly data over the period 1990 to 2007 we show that from 1998 the returns of the UK securitised real estate market became increasingly sensitive to perturbations in the European market relative to those in the US. However, since 2004 the returns in the UK real estate market have started to diverge from those of most countries in Europe. In other words, to all intents and purposes the UK real estate market has not converged with Europe and so diversification across Europe is still a viable investment strategy.
Year of publication: |
2008
|
---|---|
Authors: | Lee, Stephen |
Institutions: | European Real Estate Society - ERES |
Saved in:
freely available
Extent: | text/html |
---|---|
Series: | ERES. |
Type of publication: | Book / Working Paper |
Source: |
Persistent link: https://www.econbiz.de/10010800415
Saved in favorites
Similar items by person
-
The City of London Office Bias
Lee, Stephen, (2013)
-
Real Estate Portfolio Size and Risk Reduction
Devaney, Steven, (2005)
-
EUROPEAN REAL ESTATE MARKETS CONVERGENCE
Srivatsa, Rahul, (2010)
- More ...