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Value-add or not? Assessing value in European real estate markets

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Listed:
  • Simon Kinnie
  • Craig Wright

Abstract

With the backdrop of heightened economic volatility emanating from the on-going euro zone problems, investors are naturally cautious and have been seeking shelter in relatively expensive safe haven assets. Is this a sensible strategy given that a lot of these assets look overpriced on some measures? Are investors likely to miss near trough of the cycle ìvalueî in some sectors? How do you assess value in the current market, particularly as investorís classic proxy for the risk free rate, the respective country government bond yield, looks to be very far from risk free in some markets? The analysis seeks to answer these questions and also assesses where value lies in the current market. Furthermore, historical analysis of the UK market examines whether value has been rewarded throughout the cycles. The analysis covers the period 1981 to 2011.

Suggested Citation

  • Simon Kinnie & Craig Wright, 2012. "Value-add or not? Assessing value in European real estate markets," ERES eres2012_389, European Real Estate Society (ERES).
  • Handle: RePEc:arz:wpaper:eres2012_389
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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