EconPapers    
Economics at your fingertips  
 

The Ups and Downs of European Real Estate Markets’ Integration

Jean-François Carpantier () and Christelle Sapata

Finance, 2020, vol. 41, issue 2, 109-139

Abstract: National real estate markets are usually considered to be segmented from each other. The benefits of international diversification in real estate markets have been shown to be greater than those in equity or bond markets. New developments in Europe (the single market, monetary union and post-crisis coordination of macroprudential policies) are expected to increase integration and reduce these benefits. We study the time-varying degree of integration of European real estate markets over the period 1971-2017 by estimating the explanatory power of a multi-factor linear model. We find that the integration has been relatively stable over time, with a temporary rise during the 2008 financial crisis. We also note that the integration dynamics within Europe have not become stronger than with non-European countries. The data do not detect stable regional clusters of integration. The international diversification of real estate investments still matters.

Keywords: real estate investments; multifactor models; international diversification benefits; convergence (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=FINA_412_0109 (application/pdf)
http://www.cairn.info/revue-finance-2020-2-page-109.htm (text/html)
restricted

Related works:
Working Paper: The Ups and Downs of European Real Estate Markets’ Integration (2019) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:finpug:fina_412_0109

Access Statistics for this article

More articles in Finance from Presses universitaires de Grenoble
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().

 
Page updated 2022-05-17
Handle: RePEc:cai:finpug:fina_412_0109