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MODELLING CENTRAL AND EASTERN EUROPEAN COMMERCIAL REAL ESTATE MARKETS:A PANEL DATA APPROACH

George Matysiak and Fotis Mouzakis

ERES from European Real Estate Society (ERES)

Abstract: The purpose of this study is to examine the relative performance of European commercial real estate markets, with an emphasis on the three largest evolving markets for the recent new entrants to the EU in May 2005 namely, Poland, the Czech Republic and Hungary. Employing a panel data oriented approach, we examine the profiles of yield and rental movements with reference to the more mature markets in western Europe. The real estate data is based on constructed composite measure of yields and rental growth, which extract information from country data obtained from several sources. Country specific financial and macroeconomic time-series data likely to influence yields and rental growth are employed in the analysis. A number of hypotheses about the relative performance of the CEE countries relative to their western counterparts are investigated, including tests for heterogeneity in market structures across countries and over time.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2006-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2006_268

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