Characteristics of Real Estate Investment

Colin A. Jones () and Edward Trevillion ()
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Colin A. Jones: Heriot-Watt University
Edward Trevillion: Heriot-Watt University

Chapter Chapter 4 in Real Estate Investment, 2022, pp 65-84 from Springer

Abstract: Abstract The focus of this chapter is the nature and logic of real estate investment. It begins by distinguishing direct and indirect real estate investment. A further differentiation is then made between assets that can be bought and sold relatively easily on a stock market (listed) and those that are marketed individually say through a market broker. The chapter then examines the principal real estate sectors that constitute the investment market, and their financial characteristics. The characteristics of these investments are compared with those of stock market assets. A more in-depth comparative analysis recaps the definition and use of yields and considers the yields of real estate assets relative to stock market assets, especially the gap between gilt and property yields in different countries. The wider logic of holding real estate including its role as a hedge against inflation is examined, and as a diversification tool in a multi-asset portfolio. The chapter also examines the underlying factors influencing residential investment and the growing interest in this sector as an investment medium in the UK. Finally, the chapter considers alternative forms of real estate assets including specialised private sector business accommodation and infrastructure.

Keywords: Real estate investment; Listed investments; Unlisted investments; Land use; Legal title; Stock market; Real estate markets; Investment spectrum; Yield gap; Residential investment; Alternative investments (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-00968-6_4

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DOI: 10.1007/978-3-031-00968-6_4

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