Price Volatility of Commercial and Residential Property

Sunny Kai Sun Kwong and Charles Leung

The Journal of Real Estate Finance and Economics, 2000, vol. 20, issue 1, 25-36

Abstract: This article studies the relative volatility of commercial and residential property prices. Empirical evidence of commercial property prices being more volatile than the prices of residential property is presented. Models are built following that of Lucas. Theoretical Statements are derived to show the exact conditions under which the observations arise. The cases of fixed supply and flexible supply are considered separately. Copyright 2000 by Kluwer Academic Publishers

Date: 2000
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Working Paper: Price Volatility of Commercial and Residential Property (1999)
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