European public real estate market integration

Jian Yang (), James Kolari and Guozhong Zhu

Applied Financial Economics, 2005, vol. 15, issue 13, 895-905

Abstract: This study examines dynamic linkages among nine European public real estate markets, with particular attention to the impact of the recent establishment of the European Economic and Monetary Union (EMU). Forecast error variance decomposition results show that the real estate markets of larger EMU economies (Germany, France, Netherlands) became more integrated with other European markets after the establishment of the EMU in 1999. By contrast, increased real estate market integration is not found for some smaller EMU economies (Belgium and Spain). Also, the real estate markets of non-EMU economies (United Kingdom, Switzerland, and Denmark) exhibited either little change or less integration. The EMU has been beneficial in terms of increasing real estate market integration among EMU member countries with more advanced industrial structures.

Date: 2005
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DOI: 10.1080/09603100500187877

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