Do Current Yields Represent Fair Value?

Alan Gardner

ERES from European Real Estate Society (ERES)

Abstract: This paper assesses the current level of yields across the UK property sectors. It discusses some of the macroeconomic issues that have impacted on yield pricing in recent years and assesses future economic prospects. It highlights some of the dynamics to be considered when pricing or forecasting yields in todayís market. Utilising the basic dividend growth model approach, it analyses the growth in actual rent passing, as opposed to estimated rental value growth, to suggest whether certain property types may be mis-priced at the present time. It also extends this analysis to the current pricing of property company shares.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2007-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2007_365

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