Real Estate Price Indices and Price Dynamics: An Overview from an Investments Perspective
Name
Real-Estate-Price-Indices-Price-Dynamics_Geltner.pdf
Size
284.75 KB
Format
Adobe PDF
Checksum (MD5)
029290180445e3db731bd3fc4042d283
Author(s)
Geltner, David M
Date Issued
December 2015
Journal
Annual Review of Financial Economics
Publisher
Annual Reviews
Citation
Geltner, David. “Real Estate Price Indices and Price Dynamics: An Overview from an Investments Perspective.” Annual Review of Financial Economics 7, 1 (December 2015): 615–633 © 2015 Annual Reviews
Version
Original manuscript
Abstract
This article reviews the state of the art in real estate price indexing and the state of knowledge about real estate price dynamics, with a focus on investment property, or income-generating commercial property. Investment properties form a large component of the national wealth and of capital markets and represent a major investment asset class. They are characterized by various types of heterogeneity, including among assets, markets, and data sources, making the study of real estate pricing uniquely challenging. Yet in recent decades, urban economists and econometricians have pioneered major new price indexing methodologies that, combined with new types of data sources, are shedding light on the nature of commercial property price dynamics, revealing both important commonalities and unique differences compared with equities and fixed-income securities pricing. Keywords: commercial property; real estate; price indexing; price dynamics; asset markets
MIT Department
Massachusetts Institute of Technology. Department of Urban Studies and Planning
Terms of Use
Creative Commons Attribution-Noncommercial-Share Alike
Persistent DSpace Link
DOI of Published Version
https://doi.org/10.1146/ANNUREV-FINANCIAL-111914-041850
