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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,...
Persistent link: https://www.econbiz.de/10011153434
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....
Persistent link: https://www.econbiz.de/10011153452
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...
Persistent link: https://www.econbiz.de/10011153510
"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...
Persistent link: https://www.econbiz.de/10011153767
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...
Persistent link: https://www.econbiz.de/10011153841
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...
Persistent link: https://www.econbiz.de/10011153904
The idea of the European Union is to achieve greater harmonisation across member states through a common monetary policy, more trade in goods and services, freer capital markets and more labour market integration. These ingredients are expected to make the countries more similar with respect to...
Persistent link: https://www.econbiz.de/10011154034
ERES:conference
Persistent link: https://www.econbiz.de/10011154248
Forecasting returns for particular sectors and markets is perforce an exercise in generalities. Forecasting models use historical relationships between returns and their drivers to estimate likely future returns for an office market, for example. The risk to that forecast is defined in terms of...
Persistent link: https://www.econbiz.de/10011154257
ERES:conference
Persistent link: https://www.econbiz.de/10011154466