Ulster University Logo

European Emerging Real Estate Markets: Re-Examining Investment Attributes and Framing Opportunities

Haran, M, McCord, M, Davis, P, McCord, J, Lauder, C and Newell, G (2016) European Emerging Real Estate Markets: Re-Examining Investment Attributes and Framing Opportunities. Journal of Property Investment & Finance, 34 (1). pp. 27-50. [Journal article]

Full text not available from this repository.

URL: http://www.emeraldinsight.com/doi/full/10.1108/JPIF-04-2015-0024

DOI: 10.1108/JPIF-04-2015-0024

Abstract

The purpose of this paper is to examine European emerging real estate market dynamics and performance attributes in order to determine the extent and nature of inter-relationships between markets across the real estate cycle. The paper affords a timely update on the performance of three emerging European real estate markets, namely the Czech Republic, Hungary and Poland, following the reinstatement of lending provision for European emerging real estate investment markets in 2014. The paper employs lead-lag correlations and Grainger Causality to examine inter and intra relationships across three emerging European real estate markets, namely the Czech Republic, Hungary and Poland. Optimal portfolio analysis is undertaken to explore the role of emerging real estate markets within the confines of a multi-asset investment portfolio as well as a Pan-European real estate investment portfolio.The results demonstrate the opportunities afforded by the European emerging real estate markets in terms of both performance enhancement and risk diversification. Significantly, the findings highlight the lack of ‘uniformity’ across the European emerging markets in terms of their investment potential, with Grainger Causality confirming that the real estate markets in the Czech Republic, Hungary and Poland are not endogenous functions of one-another’s performance. The research clearly articulates the need for intricate understanding of the attributes afforded by the different emerging markets in order to fully realise the performance attributes within the confines of a Pan-European real estate investment portfolio.

Item Type:Journal article
Keywords:Real estate investment, Portfolio optimization, Emerging markets Europe, Grainger causality, Lead-lag correlation, Real estate performance
Faculties and Schools:Faculty of Social Sciences > School of Law
Faculty of Art, Design and the Built Environment
Faculty of Social Sciences
Faculty of Art, Design and the Built Environment > School of the Built Environment
Research Institutes and Groups:Built Environment Research Institute > Centre for Research on Property and Planning (RPP)
Built Environment Research Institute
ID Code:33174
Deposited By: Prof Martin Haran
Deposited On:04 Feb 2016 09:40
Last Modified:07 Dec 2017 16:08

Repository Staff Only: item control page