Global Real Estate Markets: Cycles And Fundamentals

Bradford Case, William Goetzmann and K. Rouwenhorst

Yale School of Management Working Papers from Yale School of Management

Abstract: The correlations among international real estate markets are surprisingly high, given the degree to which they are segmented. While industrial, office and retail properties exist all around the world, they are not economic substitutes because of locational specificity. In addition, the broad securitization of real estate property companies has, until recently, lagged that of other types of companies. Never-the-less, international property returns move together in dramatic fashion. In this p

Date: 1999-04-01, Revised 2001-01-01
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