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Real Estate Risk and Return Expectations: Recent Survey Results

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    Abstract

    Investment and portfolio studies generally use ex post risk and return data, although expected risk and return data is what should be used. This is probably due to the dearth of such data or the difficulty and/or cost of obtaining it on a current basis. This study reports the results of a survey of major real estate investors and researchers, i.e., large life insurance companies, real estate advisors, large pension funds, and selected academics. The survey examined investment horizon, expectations about inflation, total returns on real estate, distribution between income and appreciation returns, the volatility of real estate returns, and the correlation of real estate returns with stocks returns, bond returns, and inflation. In addition, the study contains results for the above before and after the October 19, 1987, stock market crash.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol03n03/v03p031.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 3 (1988)
    Issue (Month): 3 ()
    Pages: 31-37

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    Handle: RePEc:jre:issued:v:3:n:3:1988:p:31-37

    Contact details of provider:
    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Web page: http://www.aresnet.org/

    Order Information:
    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
    Email:
    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. David Hartzell & John Hekman & Mike Miles, 1986. "Diversification Categories in Investment Real Estate," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(2), pages 230-254.
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    Cited by:
    1. Armonat, Stefan & Pfnür, Andreas, 2002. "Basel II and the German credit crunch?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35585, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    2. Barry Ziering & Elaine M. Worzala, 1997. "The Real Estate Research Interests of the Plan Sponsor Community: Survey Results," Journal of Real Estate Research, American Real Estate Society, vol. 13(2), pages 115-144.
    3. Marc A. Louargand, 1992. "A Survey of Pension Fund Real Estate Portfolio Risk Management Practices," Journal of Real Estate Research, American Real Estate Society, vol. 7(4), pages 361-374.
    4. S. Michael Giliberto, 1992. "The Allocation of Real Estate to Future Mixed-Asset Institutional Portfolios," Journal of Real Estate Research, American Real Estate Society, vol. 7(4), pages 423-432.
    5. S. Michael Giliberto, 1990. "Equity Real Estate Investment Trusts and Real Estate Returns," Journal of Real Estate Research, American Real Estate Society, vol. 5(2), pages 259-264.
    6. Armonat, Stefan & Pfnür, Andreas, 2003. "Asset allocation versus entrepreneurial decisions in real estate investment," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35582, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    7. Graeme Newell & James R. Webb, 1996. "Assessing Risk for International Real Estate Investments," Journal of Real Estate Research, American Real Estate Society, vol. 11(2), pages 103-116.

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