Convergence in European Real Estate Markets: Theoretical Perspectives and Empirical Evidence
||Convergence in European Real Estate Markets: Theoretical Perspectives and Empirical Evidence
||8th European Real Estate Society Conference (26-29 June 2001) Alicante, Spain
||This paper examines the concept and investigates the evidence of convergence in European real estate investment markets. The fact that the term ‘convergence’ has been described as suffering from “meaning-overload” has meant that outside the real estate literature its characteristics and causes have generated a substantial debate (Quah, 1996, p.1). Since conceptual foundations shape empirical investigation, clarity in definition and denotation is important. Hence the paper examines a number of facets of convergence. Particular attention is paid the concepts of b-convergence and s-convergence, their implications for patterns of growth and co-movement and the well-developed methodological critique of convergence empirics. Given the manifest relevance of national and regional economic growth to real estate performance, empirical research on regional economic convergence within the EU is critically reviewed. Given the linkages of real estate investment markets to wider capital markets, empirical research on capital market integration within the EU is also considered. Whilst acknowledging the limitations of real estate data for many EU markets, a number convergence tests are applied to the available data.
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||Institutional aspects on Property market
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