Showing 1 - 10 of 33
The often used housing price-to-income and housing price-to-rent ratios are problematic in housing market analysis and may result in misleading conclusions. Instead, the no-arbitrage condition of housing market is a theoretically sound basis to evaluate if housing prices are misaligned....
Persistent link: https://www.econbiz.de/10005342838
The aim of this study is to examine whether securitized real estate returns reflect direct real estate returns or general stock market returns. In contrast to previous research, which has generally relied on overall real estate market indices and neglected the potential long-term dynamics, our...
Persistent link: https://www.econbiz.de/10010834643
Price of a dwelling consists of the physical structure together with the value of land upon which the house is build. Similarly, the growth rate of the price of a house is the weighted average of increase in the value of the structure and appreciation of land. The price of the structure is...
Persistent link: https://www.econbiz.de/10010834727
The housing market no-arbitrage relation states the asset market equilibrium relationship between housing prices and rents. However, the theory gives neither the adjustment speed towards the equilibrium relationship nor the reaction magnitudes of housing prices and rents to changes in the user...
Persistent link: https://www.econbiz.de/10010834792
The aim of this study is to examine whether securitized real estate returns reflect direct real estate returns or general stock market returns. In contrast to previous research, which has generally relied on overall real estate market indices and neglected the potential long-term dynamics, our...
Persistent link: https://www.econbiz.de/10010834818
Contemporaneous correlation between the returns of direct and indirect real estate investments is generally found to be weak. However, direct and securitized real estate returns are expected to be cointegrated over the long run, since securitized real estate returns are derived from direct real...
Persistent link: https://www.econbiz.de/10010834954
This study uses a unique dataset of the Finnish housing market to investigate the hypothesised link between energy efficiency and house prices. It explores the following research questions: 1) Does the energy efficiency rating of a dwelling have an independent impact on its price and if so, how...
Persistent link: https://www.econbiz.de/10010835114
We use sector level REIT and transaction-based direct real estate data for the period 1994-2010 to provide a clearer understanding of the dynamic relations between public and private real estate returns. We add leverage to private returns to make the private data more comparable with the REIT...
Persistent link: https://www.econbiz.de/10010835165
This article provides new empirical evidence on the dynamics of price movements and transaction volume in the housing market using data from Finland. While the previous related literature studies the reactions of sales volume and prices to an interest rate shock only, we investigate the...
Persistent link: https://www.econbiz.de/10008466891
Using data for the 1978-2008 period, this study presents evidence for cointegration between securitized (NAREIT) and direct (NCREIF) total return indices. Cointegration between the indices indicates that REITs and direct real estate are substitutable in the portfolio of a long-horizon...
Persistent link: https://www.econbiz.de/10008479292