A key reason for US capital looking for investment opportunities in Europe and European capital in the US is diversification that is exposure to different economic real estate market cycles. Indeed investors seek to exploit diverse economic trends, country characteristics and property market...

Determining the behaviour of yields remains a significant area of research in the real estate field. The last cycle reminded investors of the impact on values from the sudden and largely unpredictable yield changes. Initially, capital values took a major hit from yield rises but subsequently...

ERES:conference

Previous research has focused on the link between returns in the REIT industry, the stock market and the housing market. However, none, so far, have examined the possibility of bubble spillovers from either of the markets to the securitised real estate market. In this paper, we test for the...

One of the many lessons to be learned from the recent global financial crises (GFC) relates to the damage done to the functioning of national banking systems by non-performing real estate loans both residential and commercial. In the European context the experience of banks in Cyprus, Ireland,...

The past five years have seen an explosion in activity from high net worth private individuals investing directly in real estate reflecting the relative strong returns provided by real estate, at a time when the cost of finance has fallen providing a positive arbitrage over the property yield....

This paper seeks to determine the long-term trends of office rents and capital values for Europeís major centres. Using previously un-exploited long run datasets the paper adopts modern econometric techniques to determine whether there is a long run relationship between rents capital values and...

"Traditionally headline institutional grade real estate investment activity in Europe has focused on established financial centers. This was not surprising given the needs of investors for competitive returns, secure income streams and liquidity. However, over the last decade the fundamental...

The recent financial crisis demonstrated once again the importance of the housing market to macro-economic performance and financial stability highlighting the need to understand better the determinants of house prices in different jurisdictions. But similarly the economic swing caused by the...

Securitized real estate prices have historically shown tendencies to rise substantially and then fall quickly, which is the case with the prices of many other traded assets. These episodes of price rallies and crashes may constitute the presence of positive or negative speculative bubbles in the...