We apply the stock flow model for the German residential rental market using a data set that includes the overwhelming majority of nomenclature of territorial units for statistics (NUTS) 3 regions for the 2004-2007 period. Aside from proving conditional rental price convergence, we have detected...

Restrictions on new constructions and modernisations occur in almost all countries and numerous regulations apply in Germany. This article outlines regulations regarding the protection of historical buildings, restoration law and preservation statutes and describes compensatory subsidies...

In late 2005, a number of German open ended funds suffered significant withdrawals by unit holders. The crisis was precipitated by a long term bear market in German property investment and the fact that these funds offered short term liquidity to unit holders but had low levels of liquidity in...

Germany has attracted substantial real estate investments from abroad within the last years. Furthermore, German investors have also invested again a higher percentage of their capital earmarked for real estate at home. Therefore it has to be examined whether the German real estate returns have...

Restrictions on new constructions and modernisations occur in almost all countries and numerous regulations apply in Germany. This article outlines regulations regarding the protection of historical buildings, restoration law and preservation statutes and describes compensatory subsidies...

This paper analyzes whether predominantly non-listed corporations in the residential property industry systematically adjust their capital structure to changing financing requirements. Since previous research almost exclusively focused on listed companies, little is known about the...

Real estate investments have become international. Therefore also the returns have to be judged in an international comparative context. The question arises whether the returns of the German real estate market have justified the investments by domestic and foreign investors? The answer is: Yes...

Purpose: The purpose of this paper is to examine the changing risk structure of German open-end funds using semi variance based performance measures. Design/methodology: The analysis focuses on an appropriate benchmark and compares classical performance measures with LPM based measures....

In 2009 the Frankfurt based Eurex traded the first property future. Eurex is the international derivatives exchange and is jointly owned by Deutsche Börse AG and SWX Swiss Exchange. Consequently, returns on commercial property are now available in an exchange environment within Europe. The...

German open-ended real estate funds have net asset values that sum up to €120 bln invested in Germany and abroad. To increase transparency in this dominant investment sector within Germany, IPD has extended the available performance fund indices and now publishes a fund indicator covering the...