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Kersten Schenck (1991)
Open‐end German Property FundsJournal of Property Finance, 2
M.‐L. Downie, K.‐W. Schulte, M. Thomas
Germany
H. Bulwien
Der Markt für Immobilienanlagen
R. Barkham, D. Geltner (1994)
Unsmoothing British valuation‐based returns without assuming an efficient marketJournal of Property Research, 11
C. Lizieri, S. Satchell (1992)
The Variance of Property Returns: Some Problems of Time‐Weighted MeasuresJournal of Property Valuation and Investment, 10
G. Brown (1991)
Property Investment and the Capital Markets
W. Bals
Die ökonomische Position von Anteilinhabern offener Immobilienfonds – eine Analyse
Piet Eichholtz, David Hartzell (1996)
Property shares, appraisals and the stock market: An international perspectiveThe Journal of Real Estate Finance and Economics, 12
While there are numerous indices for the German stock and bond markets, no performance index exists for the German property market, yet foreign institutional investors in particular are interested in the creation of a performance index, in order to achieve an acceptable framework for international real‐estate investment. Presents a construction method for a real‐estate performance index based on published accounting reports of open‐end real‐estate investment funds. This total return index can be disaggregated into a net cash‐flow return as well as capital growth, and could serve investors as an information tool about the German property market. This index could not only be used within the scope of performance analysis, but also for the benchmarking of real estate portfolios or decision making in portfolio management asset allocation. At the same time, this would enhance the transparency, liquidity and professionalism of the German real‐estate market.
Journal of Property Valuation and Investment – Emerald Publishing
Published: Dec 1, 1995
Keywords: Germany; Investment property portfolio; Property markets; Real estate
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