EUROPEAN REAL ESTATE MARKETS CONVERGENCE
||Srivatsa, Rahul; Lee, Stephen
||EUROPEAN REAL ESTATE MARKETS CONVERGENCE
||17th Annual European Real Estate Society Conference in Milan, Italy
||This paper uses the concepts of beta-convergence and sigma-convergence and to evaluate empirically the hypothesis of rent and yield convergence in seven European office markets during the period 1984-2009. Because of the introduction of a single currency in January 1999, the analysis is carried out sequentially, first for the period the overall period and then the periods before and after the introduction of the single currency. The results indicates that irrespective of the time period considered there is not enough evidence of beta-convergence or sigma-convergence for rents and yields of the European office markets under review. We do however find some evidence that the introduction of the single currency in 1999 has led to increasing signs of convergence, especially in the Continental European markets.
||European real estate markets, Beta, Sigma Convergence
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||Indirect Real Estate Investment (2)
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