Hendershott, Patric H.; Turner, Bengt - In: Journal of Property Research 16 (1999) 2, pp. 109-122
Using data on 403 property transactions in Stockholm in the early 1990s, we illustrate how a microdata base can be used to compute 'constant-quality' cap rate series. We show a wide disparity between apartment and commercial series so calculated and series computed as simple averages of...