Winston T.H. Koh () (School of Economics and Social Sciences, Singapore Management University, 469 Bukit Timah Road, Singapore 259756) Edward H.K. Ng () (Department of Finance and Banking, NUS Business School, National University of Singapore, 10 Kent Ridge Crescent, Singapore 117592)
Additional information is available for the following
registered author(s):
Real estate investments are typically characterized by high degrees of leverage and long-loan tenures. In perfect capital markets, leverage has no impact on the investment decision apart from tax considerations. However, the mortgage financing market is imperfect in many countries. In the presence of market imperfections, an optimal holding period exists for real property investments. We provide a simple rule to calculate the optimal holding period to compare the required rate of return with the leveraged rate of return on equity.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Contact details of provider: Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA Email: Web page: http://www.asres.org/
Order Information: Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA Email: Web: http://www.asres.org/
For technical questions regarding this item, or to correct its listing, contact: (IRER Graduate Assistant/Webmaster).
Find related papers by JEL classification: L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.: