IDEAS home Printed from https://ideas.repec.org/a/spr/gjorer/v9y2023i1d10.1365_s41056-022-00062-2.html
   My bibliography  Save this article

Internationale Büroimmobilien-Investoren: Preisprämien aufgrund von Selektionsverzerrungen?
[International office investors: price premiums due to “selection bias”?]

Author

Listed:
  • Martin Jurkovic

    (Technische Universität Darmstadt)

  • Dirk Schiereck

    (Technische Universität Darmstadt
    Real Estate Management Institute der EBS)

Abstract

Zusammenfassung Oftmals wird betont, dass in der Immobilienwirtschaft nationales Wissen von hoher Bedeutung ist und sich auch in Transaktionspreisen niederschlägt. Für eine deutsche Stichprobe mit Daten zu knapp 2400 gewerblichen Immobilientransaktionen von Büroimmobilien in den sieben A‑Lagen werden sowohl Auswirkungen auf Kauf- als auch auf Verkaufspreise analysiert. Unter Verwendung von Propensity Scores wird aufgezeigt, dass internationale Investoren im Vergleich zu ähnlichen Immobilien, die von nationalen Investoren gekauft und verkauft werden, mit einem signifikanten Abschlag von ca. 14,7 % verkaufen, während ein signifikanter Preisaufschlag internationaler Käufer nur dann realisiert wird, wenn auf der Verkäuferseite ein nationaler Investor vertreten ist. Dabei beträgt das gezahlte Premium ca. 13,1 %. Internationale Käufer erzielen damit niedrigere Preise, wenn auf der Verkaufsseite ein nationaler Investor vertreten ist.

Suggested Citation

  • Martin Jurkovic & Dirk Schiereck, 2023. "Internationale Büroimmobilien-Investoren: Preisprämien aufgrund von Selektionsverzerrungen? [International office investors: price premiums due to “selection bias”?]," Zeitschrift für Immobilienökonomie (German Journal of Real Estate Research), Springer;Gesellschaft für Immobilienwirtschaftliche Forschung e. V., vol. 9(1), pages 1-29, April.
    • Handle: RePEc:spr:gjorer:v:9:y:2023:i:1:d:10.1365_s41056-022-00062-2
    DOI: 10.1365/s41056-022-00062-2
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1365/s41056-022-00062-2
    File Function: Abstract
    Download Restriction: no
    File URL: https://libkey.io/10.1365/s41056-022-00062-2?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Piet Eichholtz & Rogier Holtermans & Erkan Yönder, 2016. "The economic effects of owner distance and local property management in US office markets," Journal of Economic Geography, Oxford University Press, vol. 16(4), pages 781-803.
    2. Fidora, Michael & Fratzscher, Marcel & Thimann, Christian, 2007. "Home bias in global bond and equity markets: The role of real exchange rate volatility," Journal of International Money and Finance, Elsevier, vol. 26(4), pages 631-655, June.
    3. Tse, Yiuman, 1999. "Round-the-clock market efficiency and home bias: Evidence from the international Japanese government bonds futures markets," Journal of Banking & Finance, Elsevier, vol. 23(12), pages 1831-1860, December.
    4. Terrence Clauretie & Paul Thistle, 2007. "The Effect of Time-on-Market and Location on Search Costs and Anchoring: The Case of Single-Family Properties," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 181-196, August.
    5. Genesove, David & Mayer, Christopher J, 1997. "Equity and Time to Sale in the Real Estate Market," American Economic Review, American Economic Association, vol. 87(3), pages 255-269, June.
    6. Torben Lütje & Lukas Menkhoff, 2007. "What drives home bias? Evidence from fund managers' views," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 12(1), pages 21-35.
    7. David Genesove & Christopher Mayer, 2001. "Loss Aversion and Seller Behavior: Evidence from the Housing Market," The Quarterly Journal of Economics, Oxford University Press, vol. 116(4), pages 1233-1260.
    8. David C. Ling & Andy Naranjo & Milena T. Petrova, 2018. "Search Costs, Behavioral Biases, and Information Intermediary Effects," The Journal of Real Estate Finance and Economics, Springer, vol. 57(1), pages 114-151, July.
    9. Marco Caliendo & Sabine Kopeinig, 2008. "Some Practical Guidance For The Implementation Of Propensity Score Matching," Journal of Economic Surveys, Wiley Blackwell, vol. 22(1), pages 31-72, February.
    10. Lucia Gibilaro & Gianluca Mattarocci, 2016. "Landmark buildings and diversification opportunities in the residential market," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 9(4), pages 429-445, October.
    11. Tesar, Linda L. & Werner, Ingrid M., 1995. "Home bias and high turnover," Journal of International Money and Finance, Elsevier, vol. 14(4), pages 467-492, August.
    12. Diyarbakirlioglu, Erkin, 2011. "Domestic and foreign country bias in international equity portfolios," Journal of Multinational Financial Management, Elsevier, vol. 21(5), pages 301-329.
    13. repec:eme:ijhma0:ijhma-08-2015-0051 is not listed on IDEAS
    14. Shanaka Herath & Gunther Maier, 2010. "The Hedonic Price Method in Real Estate and Housing Market Research: A Review of the Literature," SRE-Disc sre-disc-2010_03, Institute for Multilevel Governance and Development, Department of Socioeconomics, Vienna University of Economics and Business.
    15. Yu Liu & Paul Gallimore & Jonathan Wiley, 2015. "Nonlocal Office Investors: Anchored by their Markets and Impaired by their Distance," The Journal of Real Estate Finance and Economics, Springer, vol. 50(1), pages 129-149, January.
    16. Mariassunta Giannetti & Luc Laeven, 2016. "Local Ownership, Crises, and Asset Prices: Evidence from US Mutual Funds," Review of Finance, European Finance Association, vol. 20(3), pages 947-978.
    17. Gaar, E. & Scherer, D. & Schiereck, D., 2020. "The home bias and the local bias: A survey," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 124801, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    18. Nathan Mauck & S. McKay Price, 2017. "Determinants of Foreign Versus Domestic Real Estate Investment: Property Level Evidence from Listed Real Estate Investment Firms," The Journal of Real Estate Finance and Economics, Springer, vol. 54(1), pages 17-57, January.
    19. Lucia Gibilaro & Gianluca Mattarocci, 2016. "Landmark buildings and diversification opportunities in the residential market," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 9(4), pages 429-445, October.
    20. Joshua D. Coval & Tobias J. Moskowitz, 1999. "Home Bias at Home: Local Equity Preference in Domestic Portfolios," Journal of Finance, American Finance Association, vol. 54(6), pages 2045-2073, December.
    21. Pat Mcallister & Anupam Nanda, 2016. "Do Foreign Buyers Compress Office Real Estate Cap Rates?," Journal of Real Estate Research, American Real Estate Society, vol. 38(4), pages 569-594.
    22. Ferreira, Miguel A. & Miguel, Antonio F., 2011. "The determinants of domestic and foreign bond bias," Journal of Multinational Financial Management, Elsevier, vol. 21(5), pages 279-300.
    23. Erkin Diyarbakirlioglu, 2011. "Domestic and foreign country bias in international equity portfolios," Post-Print hal-01127656, HAL.
    24. Keith Ihlanfeldt & Tom Mayock, 2012. "Information, Search, and House Prices: Revisited," The Journal of Real Estate Finance and Economics, Springer, vol. 44(1), pages 90-115, January.
    25. Peter Colwell & Henry Munneke, 2006. "Bargaining Strength and Property Class in Office Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 33(3), pages 197-213, November.
    26. John P. Harding & Stuart S. Rosenthal & C. F. Sirmans, 2003. "Estimating Bargaining Power in the Market for Existing Homes," The Review of Economics and Statistics, MIT Press, vol. 85(1), pages 178-188, February.
    27. Peter Chinloy & William Hardin III & Zhonghua Wu, 2013. "Price, Place, People and Local Experience," Journal of Real Estate Research, American Real Estate Society, vol. 35(4), pages 477-506.
    28. Douglas S. Noonan, 2007. "Finding an Impact of Preservation Policies: Price Effects of Historic Landmarks on Attached Homes in Chicago, 1990-1999," Economic Development Quarterly, , vol. 21(1), pages 17-33, February.
    29. Eichholtz, Piet & Koedijk, Kees & Schweitzer, Mark, 2001. "Global property investment and the costs of international diversification," Journal of International Money and Finance, Elsevier, vol. 20(3), pages 349-366, June.
    30. Hans R. A. Koster & Jos van Ommeren & Piet Rietveld, 2014. "Is the sky the limit? High-rise buildings and office rents," Journal of Economic Geography, Oxford University Press, vol. 14(1), pages 125-153, January.
    31. Steven Devaney & David Scofield & Fangchen Zhang, 2019. "Only the Best? Exploring Cross-Border Investor Preferences in US Gateway Cities," The Journal of Real Estate Finance and Economics, Springer, vol. 59(3), pages 490-513, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Eduard Gaar & David Scherer & Dirk Schiereck, 2022. "The home bias and the local bias: A survey," Management Review Quarterly, Springer, vol. 72(1), pages 21-57, February.
    2. Daniel Broxterman & Tingyu Zhou, 2023. "Information Frictions in Real Estate Markets: Recent Evidence and Issues," The Journal of Real Estate Finance and Economics, Springer, vol. 66(2), pages 203-298, February.
    3. Ralph B. Siebert & Michael J. Seiler, 2022. "Why Do Buyers Pay Different Prices for Comparable Products? A Structural Approach on the Housing Market," The Journal of Real Estate Finance and Economics, Springer, vol. 65(2), pages 261-292, August.
    4. Ralph Siebert & Michael J. Seiler, 2020. "Why Do Buyers Pay Different Prices for Comparable Products? Evidence from the Housing Market," CESifo Working Paper Series 8337, CESifo.
    5. Cynthia Holmes & Jia Xie, 2018. "Distortions in Real Estate Transactions with Out-of-State Participants," The Journal of Real Estate Finance and Economics, Springer, vol. 57(4), pages 592-617, November.
    6. Chongyu Wang & Tingyu Zhou, 2021. "Trade-offs between Asset Location and Proximity to Home: Evidence from REIT Property Sell-offs," The Journal of Real Estate Finance and Economics, Springer, vol. 63(1), pages 82-121, July.
    7. David C. Ling & Andy Naranjo & Milena T. Petrova, 2018. "Search Costs, Behavioral Biases, and Information Intermediary Effects," The Journal of Real Estate Finance and Economics, Springer, vol. 57(1), pages 114-151, July.
    8. Wright, Danika & Yanotti, María B., 2019. "Home advantage: The preference for local residential real estate investment," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
    9. Steven Devaney & David Scofield, 2017. "Do ‘foreigners’ pay more? The effects of investor type and nationality on office transaction prices in New York City," Journal of Property Research, Taylor & Francis Journals, vol. 34(1), pages 1-18, January.
    10. Martijn Dröes & Philip Koppels & Boris Ziermans, 2017. "Information Asymmetry, Lease Incentives, and the Role of Advisors in the Market for Commercial Real Estate," ERES eres2017_250, European Real Estate Society (ERES).
    11. Steegmans, Joep & Hassink, Wolter, 2017. "Financial position and house price determination: An empirical study of income and wealth effects," Journal of Housing Economics, Elsevier, vol. 36(C), pages 8-24.
    12. Giofré, Maela, 2013. "International diversification: Households versus institutional investors," The North American Journal of Economics and Finance, Elsevier, vol. 26(C), pages 145-176.
    13. Tianwei Yang & Derek Huo & Lennon H. T. Choy & K. W. Chau, 2023. "The Impact of Measurement and Pricing Cost on Rental Transaction Prices – Evidence from the Institutional Rental Housing Market in Beijing," The Journal of Real Estate Finance and Economics, Springer, vol. 66(1), pages 119-140, January.
    14. Lee, Junyong & Lee, Kyounghun & Oh, Frederick Dongchuhl, 2023. "International portfolio diversification and the home bias puzzle," Research in International Business and Finance, Elsevier, vol. 64(C).
    15. Badarinza, Cristian & Ramadorai, Tarun & Shimizu, Chihiro, 2022. "Gravity, counterparties, and foreign investment," Journal of Financial Economics, Elsevier, vol. 145(2), pages 132-152.
    16. Mishra, Anil V., 2016. "Foreign bias in Australian-domiciled mutual fund holdings," Pacific-Basin Finance Journal, Elsevier, vol. 39(C), pages 101-123.
    17. Baele, Lieven & Pungulescu, Crina & Ter Horst, Jenke, 2007. "Model uncertainty, financial market integration and the home bias puzzle," Journal of International Money and Finance, Elsevier, vol. 26(4), pages 606-630, June.
    18. Akshita Singh & Shailendra Kumar & Utkarsh Goel & Amar Johri, 2023. "Behavioural biases in real estate investment: a literature review and future research agenda," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-17, December.
    19. Ni, Jinlan, 2009. "The effects of portfolio size on international equity home bias puzzle," International Review of Economics & Finance, Elsevier, vol. 18(3), pages 469-478, June.
    20. Josep Maria Raya Vilchez & Aleksander Kucel, 2023. "How fiscal policy affects housing market dynamics: Evidence from Spain," Bulletin of Economic Research, Wiley Blackwell, vol. 75(2), pages 323-347, April.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:gjorer:v:9:y:2023:i:1:d:10.1365_s41056-022-00062-2. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.