Property Cycles, Speculative Bubbles and the Gross Income Multiplier
We address in this study the question of whether significant price increases occurring during the up-phase of the property cycle can in part be explained by speculative bubble. The findings indicate that the Swedish market for income real estate may have been partly driven by a speculative bubble during the 1980â€™s. The conclusion is based on an analysis of panel data where the state of the property cycle is mirrored by the value of the Gross Income Multiplier.
Volume (Year): 18 (1999)
Issue (Month): 1 ()
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- Waldo L. Born & Stephen A. Pyhrr, 1994. "Real Estate Valuation: The Effect of Market and Property Cycles," Journal of Real Estate Research, American Real Estate Society, vol. 9(4), pages 455-486.
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