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Financial Efficiency and Investor Behavior on the European Real Estate Market in the Rising Inflation Environment

Author

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  • Rzeszut Sylwester J.

    (Department of Applied Mathematics, Wrocław University of Environmental and Life Sciences, ul. Norwida 25, 50-375 Wrocław, Poland)

  • Kowalski Michał J.

    (Faculty of Management, Wrocław University of Science and Technology, ul. wybrzeże Stanisława Wyspiańskiego 27, 50-370 Wrocław, Poland)

  • Kazak Jan K.

    (Institute of Spatial Management, Wrocław University of Environmental and Life Sciences, ul. Norwida 25, 50-375 Wrocław, Poland)

Abstract

The pandemic, followed by the Russian aggression against Ukraine, caused rapid changes in the economy. European countries experienced unprecedented price increases, which resulted in a significant increase in the cost of capital. This resulted primarily in limited access to capital and a significant reduction in investments in the real estate market. In addition, investors began to withdraw capital from investments in the real estate market to other assets, encouraged by their rising rates of return. The article presents how the indicated circumstances translated into the financial efficiency of companies from the Real Estate sector. Listed companies of the European Economic Area in the years 2019-2022 were analyzed. Changes in the main accounting measures and market measures for individual countries as well as the characteristics of real estate market participants were analyzed.

Suggested Citation

  • Rzeszut Sylwester J. & Kowalski Michał J. & Kazak Jan K., 2024. "Financial Efficiency and Investor Behavior on the European Real Estate Market in the Rising Inflation Environment," Real Estate Management and Valuation, Sciendo, vol. 32(1), pages 71-83, March.
    • Handle: RePEc:vrs:remava:v:32:y:2024:i:1:p:71-83:n:6
    DOI: 10.2478/remav-2024-0007
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    More about this item

    Keywords

    real estate market; inflation; financial efficiency; investor behavior;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • R39 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other
    • R53 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock

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