Ibbotson, Roger G.; Siegel, Laurence B. - In: Real Estate Economics 12 (1984) 3, pp. 219-242
Real estate returns, measured unleveraged, have been between those of stocks and bonds over 1960-1982. Due to appraisal smoothing and imperfect marketability, one must be careful about directly comparing measured real estate returns with those on other assets. It is likely, however, that low...