Financial Efficiency and Investor Behavior on the European Real Estate Market in the Rising Inflation Environment

Rzeszut Sylwester J. (), Kowalski Michał J. () and Kazak Jan K. ()
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Rzeszut Sylwester J.: Department of Applied Mathematics, Wrocław University of Environmental and Life Sciences, ul. Norwida 25, 50-375 Wrocław, Poland
Kowalski Michał J.: Faculty of Management, Wrocław University of Science and Technology, ul. wybrzeże Stanisława Wyspiańskiego 27, 50-370 Wrocław, Poland
Kazak Jan K.: Institute of Spatial Management, Wrocław University of Environmental and Life Sciences, ul. Norwida 25, 50-375 Wrocław, Poland

Real Estate Management and Valuation, 2024, vol. 32, issue 1, 71-83

Abstract: The pandemic, followed by the Russian aggression against Ukraine, caused rapid changes in the economy. European countries experienced unprecedented price increases, which resulted in a significant increase in the cost of capital. This resulted primarily in limited access to capital and a significant reduction in investments in the real estate market. In addition, investors began to withdraw capital from investments in the real estate market to other assets, encouraged by their rising rates of return. The article presents how the indicated circumstances translated into the financial efficiency of companies from the Real Estate sector. Listed companies of the European Economic Area in the years 2019-2022 were analyzed. Changes in the main accounting measures and market measures for individual countries as well as the characteristics of real estate market participants were analyzed.

Keywords: real estate market; inflation; financial efficiency; investor behavior (search for similar items in EconPapers)
JEL-codes: E31 R39 R53 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:remava:v:32:y:2024:i:1:p:71-83:n:6

DOI: 10.2478/remav-2024-0007

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