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Property investor behaviour: qualitative analysis of a very large transaction

Listed author(s):
  • Peter Ö. hman
  • Bo Söderberg
  • Stig Westerdahl
Registered author(s):

    We study property investment decision-making from a behavioural perspective on the very micro level. We do this by analysing an extraordinary large real estate transaction that took place in the Swedish property market 2008. In an open-bid transaction the properties of the corporation Vasakronan AB was sold for SEK 41.1 billion (equal to some EUR 4.4 billion). By applying a qualitative empirical approach we are able to obtain a deep understanding of the processes of data-collection, property and market analysis, securing of financing and investment decision-making that takes place within real estate companies as they produce a bid for the portfolio offered. Our investigation is a case study, but the scale and complexity of the transaction secure it contains all, or most, critical moments in a general property investment decision-making process. By so doing, we approach the investment property market in a way that is so far under-researched. Managers in both the purchasing company and the company with the second highest bid were interviewed. Interviews were carried out one person at a time. The interviewees were encouraged to speak freely most of the time, but we also supplied an interview guide with a number of themes as well as certain specific questions. The interviews are transcribed. The results, along with citations, are reported under headings that correspond to the main sub-processes of the investment decision-making. Detailed information about this remarkable transaction itself is revealed, but general insights are also gained about certain important market institutions rarely revealed by official records and reports from the players and authorities in the property market. Findings of the study are put in perspective by relating to normative property investment textbooks as well as earlier empirical surveys of investment behaviour in the property market.

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    Paper provided by European Real Estate Society (ERES) in its series ERES with number eres2012_376.

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    Date of creation: 01 Jan 2012
    Handle: RePEc:arz:wpaper:eres2012_376
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    1. N. Gregory Mankiw & Ricardo Reis, 2002. "Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve," The Quarterly Journal of Economics, Oxford University Press, vol. 117(4), pages 1295-1328.
    2. David M. Geltner, 1993. "Estimating Market Values from Appraised Values without Assuming an Efficient Market," Journal of Real Estate Research, American Real Estate Society, vol. 8(3), pages 325-346.
    3. Paul Gallimore & Adelaide Gray, 2002. "The role of investor sentiment in property investment decisions," Journal of Property Research, Taylor & Francis Journals, vol. 19(2), pages 111-120, January.
    4. Heidi Falkenbach, 2009. "Market selection for international real estate investments," International Journal of Strategic Property Management, Taylor & Francis Journals, vol. 13(4), pages 299-308, October.
    5. Sascha Marcel Donner, 2010. "Risk management in the aftermath of Lehmann Brothers -- Results from a survey among German and international real estate investors," Journal of Property Research, Taylor & Francis Journals, vol. 27(1), pages 19-38, May.
    6. Catherine Jackson & Craig Watkins, 2011. "Planning Policy and Retail Property Investment in the UK," Urban Studies, Urban Studies Journal Limited, vol. 48(11), pages 2321-2338, August.
    7. Jonsson, Sten & Macintosh, Norman B., 1997. "CATS, RATS, AND EARS: Making the case for ethnographic accounting research," Accounting, Organizations and Society, Elsevier, vol. 22(3-4), pages 367-386.
    8. Vivek Sah & Paul Gallimore & John Sherwood Clements, 2010. "Experience and real estate investment decision‐making: a process‐tracing investigation," Journal of Property Research, Taylor & Francis Journals, vol. 27(3), pages 207-219, July.
    9. Chris Manning & Stephen E. Roulac, 2001. "Lessons from the Past and Future Directions for Corporate Real Estate Research," Journal of Real Estate Research, American Real Estate Society, vol. 22(1/2), pages 7-58.
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