Long-run Return Series for the European Continent: 25 Years of Dutch Commercial Real Estate

Aart Hordijk, Harry de Kroon and Marcel Theebe

Journal of Real Estate Portfolio Management, 2004, vol. 10, issue 3, 217-230

Abstract: Executive Summary. The vast majority of studies of the performance of real estate or the role of real estate in a mixed-asset portfolio are based on U.S. or U.K. return indices. For investors in Europe, these conclusions must be taken as representative for their home markets, since no return series will be long enough to perform such studies. In this study, three 25-year series were constructed for Dutch offices, retail and residential real estate in an attempt to fill this gap in data availability. Repeated-measures regression provided indices exhibiting fairly to very agreeable patterns, as visual comparisons with major economic indicators revealed.

Date: 2004
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DOI: 10.1080/10835547.2004.12089704

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