Eres : Digital Library : Works

Paper eres2010_004:
MEASURING RETURNS IN THE SWISS RENTAL MARKET : A NEW REPEATED-MEASURES INDEX

id eres2010_004
authors Constantinescu, Mihnea
year 2010
title MEASURING RETURNS IN THE SWISS RENTAL MARKET : A NEW REPEATED-MEASURES INDEX
source 17th Annual European Real Estate Society Conference in Milan, Italy
summary The real estate market is well-known for its illiquidity. The lack of regular transactions renders the measurement of returns a complicated matter. In this paper we construct an index of the Swiss residential market starting as early as 1950. Given the data sample at our disposal of roughly 1000 paired data points we focus on the repeated-measurement methodology to evaluate both an equally-weighted and a value-weighted yearly price index of rental residential property spread across all of Switzerland. We also develop an alternative of the SPAR method (Sale Price Appraisal Ratio) and compute an index based on this new method. The newly developed ISPAR method yields similar results as the repeated-measurement yet is less influenced by the sample size in the years with little data.
keywords long run index, repeated measures index construction, sale price appraisal ratio index
series ERES:conference
email constantinescu@isb.uzh.ch
more http://www.eres2010.org/index.asp?page=papers_download
content file.pdf (367,448 bytes)
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ratings
session Real Estate Risk & Portfolio Management
last changed 2010/08/04 20:47
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