Discussion of Securitisation and the Commercial Property Cycle
نویسنده
چکیده
The paper starts from an insightful observation. That is, compared with residential property, the commercial property market has experienced a much milder cycle in the 2000s. This conclusion is well founded. First, compared with the 50 per cent to 75 per cent price drop in the residential market, commercial property prices declined by only 25 per cent from the 2007 peak. More importantly, prices had recovered to the 2007 level by the end of 2011, whereas the residential market has stayed at its lows. The second piece of evidence is based on property (over)supply. The supply of commercial properties has been growing consistently below 4 per cent, and the growth rate of the existing stock has been 1.6 per cent since the 1990s. This is barely enough to cover depreciation. I agree with the authors that there exist structural differences between the two markets and their price movements. This is a point worth making because many analysts, including some well-known ones, believe that a boom and bust in the commercial property market occurred parallel to the one in the housing market.
منابع مشابه
A Comparative Study on Patent Attorney in the Islamic Republic of Iran and the World Intellectual Property Organization (WIPO)
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