Geographical Diversification of Gmina Revenue from Real Estate Market in Poland

Pricing in an illiquid real estate market

Using a repeat sales data set, this paper tests whether a single small seller can influence the selling price of their house. We find that this influence exists and that it dominates the influence of commonly-used market conditions. Since the estimated magnitude of this effect is much higher than expected, we verify the estimate using several supplementary tests. JEL: C78, D80, R21, R31

Diversification in Commercial Real Estate: Realizing Continuous Spatial Correlation

In a mean-variance state investment managers must thoroughly specify portfolio risk to obtain full diversification and select investment options on the efficient frontier. However, diversification within real estate is not as costless as other financial assets such as stocks or bonds. The local nature of real estate implies that investment managers may need to specialize for simplicity or by po...

House Price Co-Movement and Real Estate Diversification in Europe

The house price boom in major industrialized countries since the early 1990s has been unprecedented. Co-movement is a key feature of it and it has been attributed by scholars to synchronization of monetary policy, financial liberalization, integration of international financial markets, as well as global business cycle linkages. In this paper we focus on seven European countries, all members of...

Further Evidence on Real Estate Market Efficiency

This article investigates the extent to which condominium apartment prices in Vancouver, British Columbia are set in an efficient asset market. The empirical results provide strong evidence against market efficiency. A number of instruments, including lagged annual returns and a measure of the deviation of price from fundamental or intrinsic value, to some extent predict future returns. This su...

The contribution of a mature real estate market to urban regeneration: What are the prerequisites?