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An Examination of the Role of Geneva and Zurich Housing in Swiss Institutional Portfolios

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  • Hoesli, M

Abstract

Swiss intitutional investors hold approximately 19% of their wealth in property, and the bulk of the allocation to property is housing. The financial reasons which are often given to motivate this investment strategy are twofold. Firstly, property returns are hypothesised to be lowly correlated with the returns on stocks and bonds, and the inclusion of property in portfolios fo financial assets should lead to diversification benefits. Secondly, property is viewed as acting as an effective hedge against inflation. The aim of this paper is to empirically investiagte these two assumptions on the basis of hedonic price indices for Geneva and Zurich apartment buildings.

Suggested Citation

  • Hoesli, M, 1997. "An Examination of the Role of Geneva and Zurich Housing in Swiss Institutional Portfolios," Papers 97.03, Ecole des Hautes Etudes Commerciales, Universite de Geneve-.
  • Handle: RePEc:fth:ehecge:97.03
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    Citations

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    Cited by:

    1. Zaleczna Magdalena & Wolski Rafał, 2010. "Polish Pension Funds Investment - is There A Place For Real Property in A Portfolio?," Folia Oeconomica Stetinensia, De Gruyter Open, vol. 9(1), pages 151-166, January.
    2. Elias Oikarinen, 2010. "Foreign Ownership of Stocks and Long-run Interdependence Between National Housing and Stock Markets—Evidence from Finnish Data," The Journal of Real Estate Finance and Economics, Springer, vol. 41(4), pages 486-509, November.
    3. Oikarinen, Elias, 2006. "Price Linkages between Stock, Bond and Housing Markets - Evidence from Finnish Data," Discussion Papers 1004, The Research Institute of the Finnish Economy.
    4. Trofimov, Ivan D. & Md. Aris, Nazaria & C. D. Xuan, Dickson, 2018. "Macroeconomic and demographic determinants of residential property prices in Malaysia," MPRA Paper 85819, University Library of Munich, Germany.
    5. Nannan Yuan & Shigeyuki Hamori & Wang Chen, 2014. "House Prices and Stock Prices: Evidence from a Dynamic Heterogeneous Panel in China," Discussion Papers 1428, Graduate School of Economics, Kobe University.
    6. Dieci, Roberto & Schmitt, Noemi & Westerhoff, Frank H., 2018. "Interactions between stock, bond and housing markets," BERG Working Paper Series 133, Bamberg University, Bamberg Economic Research Group.

    More about this item

    Keywords

    SWTIZERLAND ; HOUSING ; INVESTMENTS;

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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