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2015 | OriginalPaper | Buchkapitel

4. The Real Estate Investment

verfasst von : Benedetto Manganelli

Erschienen in: Real Estate Investing

Verlag: Springer International Publishing

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Abstract

The chapter deals with the characteristics of the investment property. The specific risks associated with the investment property are shown, as well as the advantages and disadvantages compared to other types of investment. The meaning of investment value is explained in general and, with reference to real estate investment, the parameters that affect this value are identified.

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Fußnoten
1
While on the stock market, data on returns and trading are widespread minute by minute, the price index and therefore the information on revenues from investment property is updated according to estimates on a weekly, monthly or semi-annual basis. This causes a leveling out of the performance of these indexes and makes it seem as though the real estate returns are less volatile than what they are shown to be, through a more frequent updating of the values. However, such comparisons, though flawed, are essential for decision-making in the management of a portfolio. In the United States, the strong involvement of institutional investors in the real estate business has greatly contributed to the development of methods for comparison between different types of performance. In any case, the success of these techniques is subject to the update rate of the data.
 
2
Fraser (1985) asserts that the importance of the liquidity factor is mitigated by the fact that the transactions are less frequent than those of the securities market; likely, however, the low frequency of the negotiations was due to reduced liquidity. On the issue of liquidity and how this feature of the housing market is related to the labor market and geographical mobility; see also Head and Lloyd-Ellis (2012).
 
Literatur
Zurück zum Zitat Baum, A., & Crosby, N. (2008). Property investment appraisal (3e). Blackwell. Baum, A., & Crosby, N. (2008). Property investment appraisal (3e). Blackwell.
Zurück zum Zitat Fraser, W. D. (1985). Gilt yelds and property’s target return. Estates Gazzette, 273, 1291–1294. Fraser, W. D. (1985). Gilt yelds and property’s target return. Estates Gazzette, 273, 1291–1294.
Zurück zum Zitat Head, A., & Lloyd-Ellis, H. (2012). Housing liquidity, mobility, and the labour market. Review of Economic Studies, 79(4), 1559–1589.CrossRef Head, A., & Lloyd-Ellis, H. (2012). Housing liquidity, mobility, and the labour market. Review of Economic Studies, 79(4), 1559–1589.CrossRef
Zurück zum Zitat Manganelli, B., & Tajani, F. (2010). Come le variabili macroeconomiche influenzano il mercato immobiliare italiano. Rivista del Consulente Tecnico, 3, 21–37. Manganelli, B., & Tajani, F. (2010). Come le variabili macroeconomiche influenzano il mercato immobiliare italiano. Rivista del Consulente Tecnico, 3, 21–37.
Zurück zum Zitat Sirota, D. (2013). Essentials of real estate investment, (10th edn.). Kaplan. Sirota, D. (2013). Essentials of real estate investment, (10th edn.). Kaplan.
Metadaten
Titel
The Real Estate Investment
verfasst von
Benedetto Manganelli
Copyright-Jahr
2015
DOI
https://doi.org/10.1007/978-3-319-06397-3_4