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Real Estate Cycles / Der Immobilienzyklus

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  • Hägg Claes

    (Företagsekonomiska Institutionen, Stockholms Universitet, S-10691 Stockholm)

Abstract

The value of a commercial property to its owner is assumed to be equal to the discounted present value of the expected net operating income of coming years. The riskless present value of a property is defined as the present value of perfectly predicted income figures discounted by a riskless rate of interest. The riskless present value is shown to have other cyclical patterns than those of the net operating income.

Suggested Citation

  • Hägg Claes, 1994. "Real Estate Cycles / Der Immobilienzyklus," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 213(6), pages 719-723, December.
    • Handle: RePEc:jns:jbstat:v:213:y:1994:i:6:p:719-723
    DOI: 10.1515/jbnst-1994-0607
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