Looks at the riskreturn characteristics of real estate on thebasis of both appraisal and market values. Broadens this analysis toinclude inflation. Makes a series of observations about the role of realestate in efficient investment portfolios. Concludes that as long asdirect real estate is valued at appraisal value it is unmistakably asolid inflation hedge.
Journal of Property Valuation and Investment – Emerald Publishing
Published: Jan 1, 1992