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The performance of the German property market between 1989 and 1994

The performance of the German property market between 1989 and 1994 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Property Valuation and Investment Emerald Publishing

The performance of the German property market between 1989 and 1994

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Publisher
Emerald Publishing
Copyright
Copyright © 1995 MCB UP Ltd. All rights reserved.
ISSN
0960-2712
DOI
10.1108/14635789510104583
Publisher site
See Article on Publisher Site

Abstract

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

Journal of Property Valuation and InvestmentEmerald Publishing

Published: Dec 1, 1995

Keywords: Germany; Investment property portfolio; Property markets; Real estate

References