We construct an annual land value database at the meshblock (MB) level for the Greater Auckland region. The database provides a resource for research work that requires land values (per hectare) across the region. The data is based on valuation records sourced from Quotable Value New Zealand...

In pricing real estate with indifference pricing approach, market incompleteness is shown to significantly alter the conventional pricing relationships between real estate and financial asset. Specifically, we focus on the pricing implication of market comovement because comovement tends to be...

In pricing real estate with indifference pricing approach, market incompleteness significantly distorts the conventional pricing relationships between real estate and financial asset. In this paper, we focus on the pricing implication of market comovement because comovement tends to be stronger...

Understanding risk-adjusted returns in real estate investment are crucial, but little is known about the risk-adjusted returns for direct real estate. This paper examines risk-adjusted total returns by developing an extended capital asset pricing model (CAPM) to investigate whether direct real...

This paper examines how differences in climate across space influence the value of New Zealandagricultural land. We use the Ricardian approach to price the climate, using property valuationdata from 1993 to 2018. We apply the ‘spatial first differences’ method, which comparesdifferences in...