IDEAS home Printed from https://ideas.repec.org/a/taf/jpropr/v24y2007i2p159-190.html
   My bibliography  Save this article

Contrarian Real Estate Investment in Some Asia Pacific Cities

Author

Listed:
  • Kwame Addae‐Dapaah
  • Kim Hin/David Ho
  • Yong Hua Chua

Abstract

The profitability of contrarian investment strategy (i.e. investing in value stocks) is one of the most well‐established empirical facts in the finance literature. It would appear, however, that the strategy has not been extended to real estate. Thus, the paper examines the contrarian investment strategy in relation to real estate so as to ascertain the comparative advantage(s) (in terms of performance) of ‘value’ and ‘growth’ property investments. It is found, after a case study of 11 cities in the Asia‐Pacific over the period 1994Q2 through 2004Q2, that contrarian real estate investment consistently outperformed growth property investment. The results of stochastic dominance test validate the relative superiority of ‘value’ over ‘growth’ property investment. This implies that fund managers who traditionally have been favouring prime (i.e. growth) property investment may have to reconsider their investment strategy if they want to maximize their return.

Suggested Citation

  • Kwame Addae‐Dapaah & Kim Hin/David Ho & Yong Hua Chua, 2007. "Contrarian Real Estate Investment in Some Asia Pacific Cities," Journal of Property Research, Taylor & Francis Journals, vol. 24(2), pages 159-190.
    • Handle: RePEc:taf:jpropr:v:24:y:2007:i:2:p:159-190
    DOI: 10.1080/09599910701440156
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/09599910701440156
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/09599910701440156?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
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    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:taf:jpropr:v:24:y:2007:i:2:p:159-190. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RJPR20 .

    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.