Presents empirical evidence for a sample of 48 UK property company initial public offerings over the period 1986 to 1995. Several conclusions can be drawn. First, property companies in general show a significantly positive average first day return. Second, property investment companies’...

Purpose – The purpose of this paper is to examine individual level property returns to see whether there is evidence of persistence in performance, i.e. a greater than expected probability of well (badly) performing properties continuing to perform well (badly) in subsequent periods....

Purpose – The purpose of this paper is to test the extent of convergence in rents and yields in the European real estate office market. Design/methodology/approach – The paper uses the concepts of beta‐convergence and sigma‐convergence to evaluate empirically the hypothesis of rent and...

Purpose – A number of studies have examined the convergence in European real estate markets and find that convergence is time‐varying. Additionally, the returns of some countries, notably the UK, are as equally, if not more, influenced by the real estate returns in the USA than those in...

Purpose – Italian real estate mutual funds have shown enormous growth over the past few years, however, little is known about their performance. The purpose of this paper is to correct this oversight. Design/methodology/approach – The risk‐adjusted performance, as measured by the Sharpe...

Investment risk models with infinite variance provide a better description of distributions of individual property returns in the IPD UK database over the period 1981 to 2003 than normally distributed risk models. This finding mirrors results in the US and Australia using identical methodology....

Purpose: The purpose of this paper is to examine the sensitivity of the Kuwait housing market to major local and regional geo-political and economic events. Design/methodology/approach: This paper examines the market dynamics of the housing market in Kuwait. Kuwait provides an interesting...

Purpose – The purpose of this paper is to provide technically robust indicators of housing market performance from the records held by the Ghana Land Valuation Board, through the construction of the first ever residential price and rent indices for the aggregate and disaggregate markets....

Purpose – There is a general consensus that residential submarkets exist, but the basis upon which these are specified remains the subject of debate. The purpose of this paper is to model data on different residential locations in Ghana to show how the submarkets have performed over the past...