We show that a proper assessment of the linkages between real estate markets and the economy requires state of the art modelling techniques, which treat economic variables endogenously and allow for a number of long run relationships. We therefore use a long run structural modelling approach,...

This article aims to investigate the similarity of public and private real estate returns and risks over the relatively long horizon using data for the U.S and the U.K. The results show evidence of a one-to-one relationship between publicly traded REIT performance and privately traded direct...

This paper reviews methods that can be used to value illiquid investments, with a particular focus on private equity and real estate. We discuss the traditional valuation methods, in particular the net present value (NPV) rule, and show in what circumstances these can lead to suboptimal...

We use the Adjusted Present Value (APV) method with Monte Carlo simulations for real estate valuation purposes. Monte Carlo simulations make it possible to incorporate the uncertainty of valuation parameters, in particular of future cash flows, of discount rates and of terminal values. We use...

We use the Adjusted Present Value (APV) method with Monte Carlo simulations for real estate valuation purposes. Monte Carlo simulations make it possible to incorporate the uncertainty of valuation parameters, in particular of future cash flows, of discount rates and of terminal values. We use...

A comparative study of perceptions concerning the environmental quality of residential real estate in Switzerland based on empirical data collected in three different linguistic regions is presented. Responses by homeowners in the Geneva, Zurich and Lugano areas to questionnaires involving...

Purpose – To address formally the issue of uncertainty in valuing real estate. Design/methodology/approach – Monte Carlo simulations are used to incorporate the uncertainty of valuation parameters. The probability distributions of the various parameters are constructed using empirical data...

Purpose – This paper aims to review major changes on real estate markets in Europe and to analyse the impacts of such changes. Design/methodology/approach – The paper provides an overview of the various equity real estate investment vehicles available to investors, with particular focus on...

The aim of the paper is to investigate locational attributes of commercial real estate which are defined in terms of a collection of qualitative appreciations by office users in the Geneva region in Switzerland. The empirical analysis of these environmental quality appreciations was carried out...