This paper provides a contribution to the discussion on appraised values vs. transaction prices by comparing the driving factors of appraisal-based capitalization rates with those of transaction-based capitalization rates. Using a rich database of real estate transactions in Switzerland for the...

We present a citation-based analysis of the most important journals on real estate and real estate finance over a time period from 1986 to 2010. For each year, those three articles with the highest number of citations according to Google Scholar are identified. A thorough analysis of all 75...

In this paper, we quantify the effect of loan-to-value ratio (LVR) policy, as implemented in New Zealand between 2013 and 2016, in containing mortgage loan growth and credit risk at the bank level. We use the empirical strategy proposed by the BIS and find first that the effect of the LVR policy...

Home appraisals are produced for millions of residential mortgage transactions each year, but appraised values are rarely below the purchase contract price: Some 30% of appraisals in our sample are exactly at the home price (with less than 10% of them below it). We lay out a basic theoretical...

The recent financial crisis triggered the greatest recession since the 1930s and had a devastating impact on households’ wealth and on their capacity to reduce their indebtedness. In the aftermath, it became clear that there is significant room for improvement in property risk management....