Journal of European Real Estate ResearchTable of Contents for Journal of European Real Estate Research. List of articles from the current issue, including Just Accepted (EarlyCite)https://www.emerald.com/insight/publication/issn/1753-9269/vol/16/iss/3?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestJournal of European Real Estate ResearchEmerald Publishing LimitedJournal of European Real Estate ResearchJournal of European Real Estate Researchhttps://www.emerald.com/insight/proxy/containerImg?link=/resource/publication/journal/fc0cad2dd4a62cf8e288e368f8496c7e/urn:emeraldgroup.com:asset:id:binary:jerer.cover.jpghttps://www.emerald.com/insight/publication/issn/1753-9269/vol/16/iss/3?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestEditorial: The asymmetry of real estate market responseshttps://www.emerald.com/insight/content/doi/10.1108/JERER-12-2023-072/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestEditorial: The asymmetry of real estate market responsesEditorial: The asymmetry of real estate market responses
Paloma Taltavull
Journal of European Real Estate Research, Vol. 16, No. 3, pp.325-327]]>
Editorial: The asymmetry of real estate market responses10.1108/JERER-12-2023-072Journal of European Real Estate Research2023-11-24© 2023 Emerald Publishing LimitedPaloma TaltavullJournal of European Real Estate Research1632023-11-2410.1108/JERER-12-2023-072https://www.emerald.com/insight/content/doi/10.1108/JERER-12-2023-072/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
A reconceptualisation of the housing cycle based on household upgrading desireshttps://www.emerald.com/insight/content/doi/10.1108/JERER-11-2022-0037/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe paper sets out a conceptualisation of the housing cycle centring on households' desire to upgrade their housing consumption. The paper begins by studying house price trends and cycles in OECD countries since 2000 to identify housing cycle patterns. It then assesses existing theories partly in relation to these patterns. It then proposes a new conceptualisation of the housing cycle. The paper finds the central role of supply lags in housing cycles is not warranted. Instead, a demand cycle generated by upgrading desires better explains an initial boom followed by a slow recovery. The paper challenges existing orthodoxy on housing cycle dynamics and proposes an alternative perspective.A reconceptualisation of the housing cycle based on household upgrading desires
Colin Jones
Journal of European Real Estate Research, Vol. 16, No. 3, pp.328-339

The paper sets out a conceptualisation of the housing cycle centring on households' desire to upgrade their housing consumption.

The paper begins by studying house price trends and cycles in OECD countries since 2000 to identify housing cycle patterns. It then assesses existing theories partly in relation to these patterns. It then proposes a new conceptualisation of the housing cycle.

The paper finds the central role of supply lags in housing cycles is not warranted. Instead, a demand cycle generated by upgrading desires better explains an initial boom followed by a slow recovery.

The paper challenges existing orthodoxy on housing cycle dynamics and proposes an alternative perspective.

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A reconceptualisation of the housing cycle based on household upgrading desires10.1108/JERER-11-2022-0037Journal of European Real Estate Research2023-10-19© 2023 Emerald Publishing LimitedColin JonesJournal of European Real Estate Research1632023-10-1910.1108/JERER-11-2022-0037https://www.emerald.com/insight/content/doi/10.1108/JERER-11-2022-0037/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Commercial real estate prices in Europe after COVID-19https://www.emerald.com/insight/content/doi/10.1108/JERER-09-2023-0031/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe article aims to analyze the behavior of commercial real estate prices in Europe, with a focus on the post-coronavirus disease 2019 (COVID-19) pandemic period. The authors use national and city-level data for the various commercial real estate sectors in ten countries, as well as listed real estate data, to assess any differences across property type and space. The authors analyze the behavior of commercial real estate prices after the COVID-19 pandemic, emphasizing differences across property types. For that purpose, the authors use national and city-level direct real estate data for the ten largest countries in terms of market capitalization, as well as listed real estate data. The article then turns to discussing the likely trajectory of commercial real estate prices in the future. The recent rise in interest rates and geopolitical instability have affected prices differently across sectors. Industrial properties benefited from the pandemic, although prices declined significantly in 2022. Residential properties continued their upward price trend and have been the best-performing property type during the last two decades. Retail real estate continued its downward price trajectory. Thus far, office markets do not appear to be significantly affected by structural changes in the sector. The data for listed real estate markets in Europe suggest that markets bottomed out in early 2023. This paper provides for a better understanding of the behavior of commercial real estate prices in Europe since the COVID-19 pandemic. The authors assess whether the effects found during the COVID-19 crisis were temporary or long-lasting. Also, many economic and political uncertainties have emerged since the beginning of the Ukraine war in February 2022, and it is important to analyze the effects of such uncertainties on commercial real estate prices.Commercial real estate prices in Europe after COVID-19
Martin Hoesli, Richard Malle
Journal of European Real Estate Research, Vol. 16, No. 3, pp.340-358

The article aims to analyze the behavior of commercial real estate prices in Europe, with a focus on the post-coronavirus disease 2019 (COVID-19) pandemic period. The authors use national and city-level data for the various commercial real estate sectors in ten countries, as well as listed real estate data, to assess any differences across property type and space.

The authors analyze the behavior of commercial real estate prices after the COVID-19 pandemic, emphasizing differences across property types. For that purpose, the authors use national and city-level direct real estate data for the ten largest countries in terms of market capitalization, as well as listed real estate data. The article then turns to discussing the likely trajectory of commercial real estate prices in the future.

The recent rise in interest rates and geopolitical instability have affected prices differently across sectors. Industrial properties benefited from the pandemic, although prices declined significantly in 2022. Residential properties continued their upward price trend and have been the best-performing property type during the last two decades. Retail real estate continued its downward price trajectory. Thus far, office markets do not appear to be significantly affected by structural changes in the sector. The data for listed real estate markets in Europe suggest that markets bottomed out in early 2023.

This paper provides for a better understanding of the behavior of commercial real estate prices in Europe since the COVID-19 pandemic. The authors assess whether the effects found during the COVID-19 crisis were temporary or long-lasting. Also, many economic and political uncertainties have emerged since the beginning of the Ukraine war in February 2022, and it is important to analyze the effects of such uncertainties on commercial real estate prices.

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Commercial real estate prices in Europe after COVID-1910.1108/JERER-09-2023-0031Journal of European Real Estate Research2023-11-17© 2023 Emerald Publishing LimitedMartin HoesliRichard MalleJournal of European Real Estate Research1632023-11-1710.1108/JERER-09-2023-0031https://www.emerald.com/insight/content/doi/10.1108/JERER-09-2023-0031/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Choosing annuities for a home reversion: the case of the French viager markethttps://www.emerald.com/insight/content/doi/10.1108/JERER-01-2023-0004/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe authors analyzed annuitization preferences when retired people extract cash from their homes. Based on 2,608 viager (home reversion) transactions, the authors study the relations between annuitization, negotiation, cash extraction, age, gender and marital status. A database comprising 2,608 transactions is used. The three-stage least squares (3SLS) and moderation models are implemented, with a focus on potential adverse selection issues. The authors found that difficulties in selling a property generally result in increased annuitization. The single men's group endures gender inequality, suffering from limitations in their possibility to extract wealth and annuitize, as well as an additional price discount during negotiation. Young single men, as compared to young single women and young couples, must consent to a substantial price reduction if they prefer a high down payment and limited price reductions if they prefer annuities. Elderly single men, as compared to young single men, have less capacity to negotiate, a concern that is reinforced when they prefer annuities. Among the home equity conversion products, the academic real estate literature has intensely analyzed the reverse mortgage. The viager is distinct from a mortgage in that it consists of the true sale of a property without bank involvement. This product deserves reinforced attention in an aging continental Europe. It exists in numerous countries (France, Belgium, Germany, Italy, Spain, etc.).Choosing annuities for a home reversion: the case of the French viager market
Jean-Baptiste Coulomb, Fabrice Larceneux, Arnaud Simon
Journal of European Real Estate Research, Vol. 16, No. 3, pp.359-380

The authors analyzed annuitization preferences when retired people extract cash from their homes. Based on 2,608 viager (home reversion) transactions, the authors study the relations between annuitization, negotiation, cash extraction, age, gender and marital status.

A database comprising 2,608 transactions is used. The three-stage least squares (3SLS) and moderation models are implemented, with a focus on potential adverse selection issues.

The authors found that difficulties in selling a property generally result in increased annuitization. The single men's group endures gender inequality, suffering from limitations in their possibility to extract wealth and annuitize, as well as an additional price discount during negotiation. Young single men, as compared to young single women and young couples, must consent to a substantial price reduction if they prefer a high down payment and limited price reductions if they prefer annuities. Elderly single men, as compared to young single men, have less capacity to negotiate, a concern that is reinforced when they prefer annuities.

Among the home equity conversion products, the academic real estate literature has intensely analyzed the reverse mortgage. The viager is distinct from a mortgage in that it consists of the true sale of a property without bank involvement. This product deserves reinforced attention in an aging continental Europe. It exists in numerous countries (France, Belgium, Germany, Italy, Spain, etc.).

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Choosing annuities for a home reversion: the case of the French viager market10.1108/JERER-01-2023-0004Journal of European Real Estate Research2023-09-05© 2023 Emerald Publishing LimitedJean-Baptiste CoulombFabrice LarceneuxArnaud SimonJournal of European Real Estate Research1632023-09-0510.1108/JERER-01-2023-0004https://www.emerald.com/insight/content/doi/10.1108/JERER-01-2023-0004/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
International diversification and European firm value: the role of operating efficiencyhttps://www.emerald.com/insight/content/doi/10.1108/JERER-07-2023-0025/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to investigate the impact of international diversification on the value and operating efficiency of European real estate firms. The study is conducted using a panel fixed effects regression model to estimate the relationship of international diversification with firm value and operating efficiency. International diversification is mainly measured via the negative of the Herfindahl–Hirschman Index (HHI) using property-level data. Firm value and operating efficiency are proxied by financial ratios observed annually from 2002 to 2021 at the firm level. The results demonstrate that international diversification has a negative effect on firm value. Additionally, it lowers operating efficiency by weakening a firm's ability to generate operating earnings from its assets. By examining whether the reduction in operating efficiency is due to the rental income channel or the capital gains channel, the authors find strong statistical evidence that international diversification negatively impacts capital gains. International diversification is negatively associated with net gains from property valuations (unrealized capital gains) and net profits from property disposals (realized capital gains). The empirical analysis is limited to Europe. This paper extends the geographical diversification literature. While existing literature focuses on domestic diversification within the United States, this paper explores the effects of international diversification on European real estate firms. To the extent of the authors' knowledge, this is the first paper to examine the impact of geographical diversification on capital gains.International diversification and European firm value: the role of operating efficiency
Islam Ibrahim, Heidi Falkenbach
Journal of European Real Estate Research, Vol. 16, No. 3, pp.381-397

This study aims to investigate the impact of international diversification on the value and operating efficiency of European real estate firms.

The study is conducted using a panel fixed effects regression model to estimate the relationship of international diversification with firm value and operating efficiency. International diversification is mainly measured via the negative of the Herfindahl–Hirschman Index (HHI) using property-level data. Firm value and operating efficiency are proxied by financial ratios observed annually from 2002 to 2021 at the firm level.

The results demonstrate that international diversification has a negative effect on firm value. Additionally, it lowers operating efficiency by weakening a firm's ability to generate operating earnings from its assets. By examining whether the reduction in operating efficiency is due to the rental income channel or the capital gains channel, the authors find strong statistical evidence that international diversification negatively impacts capital gains. International diversification is negatively associated with net gains from property valuations (unrealized capital gains) and net profits from property disposals (realized capital gains).

The empirical analysis is limited to Europe.

This paper extends the geographical diversification literature. While existing literature focuses on domestic diversification within the United States, this paper explores the effects of international diversification on European real estate firms. To the extent of the authors' knowledge, this is the first paper to examine the impact of geographical diversification on capital gains.

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International diversification and European firm value: the role of operating efficiency10.1108/JERER-07-2023-0025Journal of European Real Estate Research2023-11-09© 2023 Islam Ibrahim and Heidi FalkenbachIslam IbrahimHeidi FalkenbachJournal of European Real Estate Research1632023-11-0910.1108/JERER-07-2023-0025https://www.emerald.com/insight/content/doi/10.1108/JERER-07-2023-0025/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Islam Ibrahim and Heidi Falkenbachhttp://creativecommons.org/licences/by/4.0/legalcode
The underestimated global warming potential of refrigerant losses in retail real estate: the impact of CO2 vs CO2ehttps://www.emerald.com/insight/content/doi/10.1108/JERER-06-2023-0021/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper investigates the impact of CO2 vs CO2 “equivalents” (CO2e) by analyzing fugitive emissions, with a particular focus on Fluorinated gases (F-gases), arising from refrigerant leakages in buildings. F-gases are an especially powerful set of GHGs with a global warming potential hundreds to thousands of times greater than that of CO2. The significant impact of CO2e is tested by means of an empirical study with current consumption data from German food retail warehouses. This evaluation involves the analysis of the Carbon Risk Real Estate Monitor's country- and property-type specific pathway, coupled with a paired samples t-test to examine the hypotheses. The assessment is undertaken by evaluating the type of gas and the amount of leakage reported in the baseline year, subsequently converting these values to CO2e units. On average, F-gases account for 40% of total building emissions and nearly 45% of cumulative emissions until 2050. In light of ongoing climate change and the rising number of Cooling Degree Days (CDDs), it becomes imperative to assess both the environmental and economic impact of F-gases and to transition toward environmentally friendly refrigerants. The analysis sheds light on the seldom-addressed threats posed by CO2e emissions stemming from refrigerant losses. By identifying these threats, investors can devise strategies to mitigate potential future costs and carbon risks.The underestimated global warming potential of refrigerant losses in retail real estate: the impact of CO2 vs CO2e
Chiara Kuenzle, Julia Wein, Sven Bienert
Journal of European Real Estate Research, Vol. 16, No. 3, pp.398-416

This paper investigates the impact of CO2 vs CO2 “equivalents” (CO2e) by analyzing fugitive emissions, with a particular focus on Fluorinated gases (F-gases), arising from refrigerant leakages in buildings. F-gases are an especially powerful set of GHGs with a global warming potential hundreds to thousands of times greater than that of CO2.

The significant impact of CO2e is tested by means of an empirical study with current consumption data from German food retail warehouses. This evaluation involves the analysis of the Carbon Risk Real Estate Monitor's country- and property-type specific pathway, coupled with a paired samples t-test to examine the hypotheses. The assessment is undertaken by evaluating the type of gas and the amount of leakage reported in the baseline year, subsequently converting these values to CO2e units.

On average, F-gases account for 40% of total building emissions and nearly 45% of cumulative emissions until 2050. In light of ongoing climate change and the rising number of Cooling Degree Days (CDDs), it becomes imperative to assess both the environmental and economic impact of F-gases and to transition toward environmentally friendly refrigerants.

The analysis sheds light on the seldom-addressed threats posed by CO2e emissions stemming from refrigerant losses. By identifying these threats, investors can devise strategies to mitigate potential future costs and carbon risks.

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The underestimated global warming potential of refrigerant losses in retail real estate: the impact of CO2 vs CO2e10.1108/JERER-06-2023-0021Journal of European Real Estate Research2023-10-27© 2023 Emerald Publishing LimitedChiara KuenzleJulia WeinSven BienertJournal of European Real Estate Research1632023-10-2710.1108/JERER-06-2023-0021https://www.emerald.com/insight/content/doi/10.1108/JERER-06-2023-0021/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Recycling English town centres – from retail to healthcare: surveys, views and next stepshttps://www.emerald.com/insight/content/doi/10.1108/JERER-01-2023-0002/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestMany town centres in England exhibit high retail property vacancies and require regeneration. Several alternatives for the replacement of town centre retail (TCR) have been suggested, one of which is healthcare. The healthcare sector in England is in distress, with the National Health Service (NHS) tackling extensive patient waiting lists, whilst operating from an ageing estate. This paper is an introductory study that uses seven carefully selected personalised surveys to raise academic awareness of the importance and potential of integrating healthcare into town centres and calls for large-scale research to establish the statistical validity of the reported observations. This study is developed from an interpretative standpoint. Through semi-structured interviews with key stakeholders specific to retail-to-healthcare conversions, this study reports stakeholders' perspectives on opportunities and limitations for such conversions to give direction for large statistical research in the future. All participants support the integration of healthcare into town centres and agreed that diagnostic services, mental health support and primary care services are appropriate for provision within town centres. The participants advocate large-scale change in town centres in England, with integrated healthcare co-located with complementary services to fit with wider regeneration plans. Participants prefer adaptation of existing buildings where technically feasible and emphasise the importance of obtaining the buy-in of other stakeholders whilst expressing concerns about the uncertainty of capital funding availability. This is the first study to analyse the practice of retail-to-healthcare conversions in town centres. These are still rare in England and projects are complex. The market experience is limited, and thus, the literature is scarce. This study fills this void and provides a starting point for future quantitative research in this area and informs the new town-planning policies.Recycling English town centres – from retail to healthcare: surveys, views and next steps
Grazyna Aleksandra Wiejak-Roy, Gavin Hunter
Journal of European Real Estate Research, Vol. ahead-of-print, No. ahead-of-print, pp.-

Many town centres in England exhibit high retail property vacancies and require regeneration. Several alternatives for the replacement of town centre retail (TCR) have been suggested, one of which is healthcare. The healthcare sector in England is in distress, with the National Health Service (NHS) tackling extensive patient waiting lists, whilst operating from an ageing estate. This paper is an introductory study that uses seven carefully selected personalised surveys to raise academic awareness of the importance and potential of integrating healthcare into town centres and calls for large-scale research to establish the statistical validity of the reported observations.

This study is developed from an interpretative standpoint. Through semi-structured interviews with key stakeholders specific to retail-to-healthcare conversions, this study reports stakeholders' perspectives on opportunities and limitations for such conversions to give direction for large statistical research in the future.

All participants support the integration of healthcare into town centres and agreed that diagnostic services, mental health support and primary care services are appropriate for provision within town centres. The participants advocate large-scale change in town centres in England, with integrated healthcare co-located with complementary services to fit with wider regeneration plans. Participants prefer adaptation of existing buildings where technically feasible and emphasise the importance of obtaining the buy-in of other stakeholders whilst expressing concerns about the uncertainty of capital funding availability.

This is the first study to analyse the practice of retail-to-healthcare conversions in town centres. These are still rare in England and projects are complex. The market experience is limited, and thus, the literature is scarce. This study fills this void and provides a starting point for future quantitative research in this area and informs the new town-planning policies.

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Recycling English town centres – from retail to healthcare: surveys, views and next steps10.1108/JERER-01-2023-0002Journal of European Real Estate Research2023-07-11© 2023 Emerald Publishing LimitedGrazyna Aleksandra Wiejak-RoyGavin HunterJournal of European Real Estate Researchahead-of-printahead-of-print2023-07-1110.1108/JERER-01-2023-0002https://www.emerald.com/insight/content/doi/10.1108/JERER-01-2023-0002/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The risk-adjusted performance and drivers of French healthcare propertyhttps://www.emerald.com/insight/content/doi/10.1108/JERER-04-2022-0014/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestHealthcare property has become an important alternate property sector in recent years for many international institutional investors. The purpose of this paper is to assess the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French healthcare property in a French property portfolio and mixed-asset portfolio over 1999–2020. French healthcare property is seen to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. Drivers and risk factors for the ongoing development of the direct healthcare property sector in France are also identified, as well as the strategic property investment implications for institutional investors. Using annual total returns, the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French direct healthcare property over 1999–2020 are assessed. Asset allocation diagrams are used to assess the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. The role of specific drivers for French healthcare property performance is also assessed. Robustness checks are also done to assess the potential impact of COVID-19 on the performance of French healthcare property. French healthcare property is shown to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. French direct healthcare property delivered strong risk-adjusted returns compared to French stocks, listed healthcare and listed property over 1999–2020, only exceeded by direct property. Portfolio diversification benefits in the fuller mixed-asset portfolio context were also evident, but to a much lesser extent in a narrower property portfolio context. Importantly, this sees French direct healthcare property as strongly contributing to the French property and mixed-asset portfolios across the entire portfolio risk spectrum and validating the property industry perspective of healthcare property being low risk and providing diversification benefits in a mixed-asset portfolio. However, this was to some degree to the loss or substitution of traditional direct property exposure via this replacement effect. French direct healthcare property and listed healthcare are clearly shown to be different channels in delivering different aspects of French healthcare performance to investors. Drivers of French healthcare property performance are also shown to be both economic and healthcare-specific factors. The performance of French healthcare property is also shown to be different to that seen for healthcare property in the UK and Australia. During COVID-19, French healthcare property was able to show more resilience than French office and retail property. Healthcare property is an alternate property sector that has become increasingly important in recent years. The results highlight the important role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio, with French healthcare property having different investment dynamics to the other traditional French property sectors. The strong risk-adjusted performance of French direct healthcare property compared to French stocks, listed healthcare and listed property sees French direct healthcare property contributing to the mixed-asset portfolio across the entire portfolio risk spectrum. French healthcare property’s resilience during COVID-19 was also an attractive investment feature. This is particularly important, as many institutional investors now see healthcare property as an important property sector in their overall portfolio; particularly with the ageing population dynamics in most countries and the need for effective social infrastructure. The importance of French direct healthcare property sees direct healthcare property exposure accessible to investors as an important alternate real estate sector for their portfolios going forward via both non-listed healthcare property funds and the further future establishment of more healthcare REITs to accommodate both large and small institutional investors respectively. The resilience of French healthcare property during COVID-19 is also an attractive feature for future-proofing an investor’s portfolio. This paper is the first published empirical research analysis of the risk-adjusted performance, diversification benefits and performance dynamics of French direct healthcare property, and the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of French direct healthcare property in a portfolio; particularly where the strategic role of direct healthcare property in France is seen to be different to that in the UK and Australia via portfolio replacement effects. Clear evidence is also seen of the drivers of French healthcare property performance being strongly influenced by healthcare-specific factors, as well as economic factors.The risk-adjusted performance and drivers of French healthcare property
Graeme Newell, Muhammad Jufri Marzuki
Journal of European Real Estate Research, Vol. ahead-of-print, No. ahead-of-print, pp.-

Healthcare property has become an important alternate property sector in recent years for many international institutional investors. The purpose of this paper is to assess the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French healthcare property in a French property portfolio and mixed-asset portfolio over 1999–2020. French healthcare property is seen to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. Drivers and risk factors for the ongoing development of the direct healthcare property sector in France are also identified, as well as the strategic property investment implications for institutional investors.

Using annual total returns, the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French direct healthcare property over 1999–2020 are assessed. Asset allocation diagrams are used to assess the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. The role of specific drivers for French healthcare property performance is also assessed. Robustness checks are also done to assess the potential impact of COVID-19 on the performance of French healthcare property.

French healthcare property is shown to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. French direct healthcare property delivered strong risk-adjusted returns compared to French stocks, listed healthcare and listed property over 1999–2020, only exceeded by direct property. Portfolio diversification benefits in the fuller mixed-asset portfolio context were also evident, but to a much lesser extent in a narrower property portfolio context. Importantly, this sees French direct healthcare property as strongly contributing to the French property and mixed-asset portfolios across the entire portfolio risk spectrum and validating the property industry perspective of healthcare property being low risk and providing diversification benefits in a mixed-asset portfolio. However, this was to some degree to the loss or substitution of traditional direct property exposure via this replacement effect. French direct healthcare property and listed healthcare are clearly shown to be different channels in delivering different aspects of French healthcare performance to investors. Drivers of French healthcare property performance are also shown to be both economic and healthcare-specific factors. The performance of French healthcare property is also shown to be different to that seen for healthcare property in the UK and Australia. During COVID-19, French healthcare property was able to show more resilience than French office and retail property.

Healthcare property is an alternate property sector that has become increasingly important in recent years. The results highlight the important role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio, with French healthcare property having different investment dynamics to the other traditional French property sectors. The strong risk-adjusted performance of French direct healthcare property compared to French stocks, listed healthcare and listed property sees French direct healthcare property contributing to the mixed-asset portfolio across the entire portfolio risk spectrum. French healthcare property’s resilience during COVID-19 was also an attractive investment feature. This is particularly important, as many institutional investors now see healthcare property as an important property sector in their overall portfolio; particularly with the ageing population dynamics in most countries and the need for effective social infrastructure. The importance of French direct healthcare property sees direct healthcare property exposure accessible to investors as an important alternate real estate sector for their portfolios going forward via both non-listed healthcare property funds and the further future establishment of more healthcare REITs to accommodate both large and small institutional investors respectively. The resilience of French healthcare property during COVID-19 is also an attractive feature for future-proofing an investor’s portfolio.

This paper is the first published empirical research analysis of the risk-adjusted performance, diversification benefits and performance dynamics of French direct healthcare property, and the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of French direct healthcare property in a portfolio; particularly where the strategic role of direct healthcare property in France is seen to be different to that in the UK and Australia via portfolio replacement effects. Clear evidence is also seen of the drivers of French healthcare property performance being strongly influenced by healthcare-specific factors, as well as economic factors.

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The risk-adjusted performance and drivers of French healthcare property10.1108/JERER-04-2022-0014Journal of European Real Estate Research2024-03-18© 2024 Emerald Publishing LimitedGraeme NewellMuhammad Jufri MarzukiJournal of European Real Estate Researchahead-of-printahead-of-print2024-03-1810.1108/JERER-04-2022-0014https://www.emerald.com/insight/content/doi/10.1108/JERER-04-2022-0014/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
The added value of environmental certification in the Dutch office markethttps://www.emerald.com/insight/content/doi/10.1108/JERER-04-2023-0010/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines the relationship between environmental building certification Building Research Establishment Environmental Assessment Method (BREEAM-NL) and office rents in the Dutch office market. A hedonic price model was used to assess the impact of BREEAM certification on office rents. The study is based on 4,355 rent transactions in the period 2015 to mid-2022, in which 331 transactions took place in certified office buildings and 4,024 transactions in non-certified office buildings. The results provide empirical evidence on quantitative economic benefits of BREEAM-certified offices in the Netherlands. After controlling for all important office rent determinants, the results show a rental premium for certified office buildings of 10.3% on average. The green premiums highly differ across submarkets and vary between 5.1 and 12.6% in the five largest Dutch cities. Additionally, the results show significant positive correlation between BREEAM-NL label score and rents, whereby better performing buildings generally command higher rents. The study contributes to the current literature on green building economics by providing, as one of the first, empirical evidence on the existence of financial benefits for BREEAM-certified office buildings in the Dutch office market.The added value of environmental certification in the Dutch office market
Rens van Overbeek, Farley Ishaak, Ellen Geurts, Hilde Remøy
Journal of European Real Estate Research, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examines the relationship between environmental building certification Building Research Establishment Environmental Assessment Method (BREEAM-NL) and office rents in the Dutch office market.

A hedonic price model was used to assess the impact of BREEAM certification on office rents. The study is based on 4,355 rent transactions in the period 2015 to mid-2022, in which 331 transactions took place in certified office buildings and 4,024 transactions in non-certified office buildings.

The results provide empirical evidence on quantitative economic benefits of BREEAM-certified offices in the Netherlands. After controlling for all important office rent determinants, the results show a rental premium for certified office buildings of 10.3% on average. The green premiums highly differ across submarkets and vary between 5.1 and 12.6% in the five largest Dutch cities. Additionally, the results show significant positive correlation between BREEAM-NL label score and rents, whereby better performing buildings generally command higher rents.

The study contributes to the current literature on green building economics by providing, as one of the first, empirical evidence on the existence of financial benefits for BREEAM-certified office buildings in the Dutch office market.

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The added value of environmental certification in the Dutch office market10.1108/JERER-04-2023-0010Journal of European Real Estate Research2024-01-22© 2023 Rens van Overbeek, Farley Ishaak, Ellen Geurts and Hilde RemøyRens van OverbeekFarley IshaakEllen GeurtsHilde RemøyJournal of European Real Estate Researchahead-of-printahead-of-print2024-01-2210.1108/JERER-04-2023-0010https://www.emerald.com/insight/content/doi/10.1108/JERER-04-2023-0010/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Rens van Overbeek, Farley Ishaak, Ellen Geurts and Hilde Remøyhttp://creativecommons.org/licences/by/4.0/legalcode
Factors influencing investment into PropTech and FinTech – only new rules or a new game?https://www.emerald.com/insight/content/doi/10.1108/JERER-04-2023-0011/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestMany studies have analysed the impact of various variables on the ability of companies to raise capital. While most of these studies are sector-agnostic, literature on the effects of macroeconomic variables on sectors that established over the last 20 years like property technology and financial technology, is scarce. This study aims to identify macroeconomic factors that influence the ability of both sectors and is extended by real estate variables. The impact of macroeconomic and real estate related factors is analysed using multiple linear regression and quantile regression. The sample covers 338 observations for PropTech and 595 for FinTech across 18 European countries and 5 deal types between 2000–2001 with each observation representing the capital invested per year for each deal type and country. Besides confirming a significant impact of macroeconomic variables on the amount of capital invested, this study finds that additionally the real estate transaction volume positively impacts PropTech while the real estate yield-bond-gap negatively impacts FinTech. For PropTech and FinTech companies and their investors it is critical to understand the dynamic with mac-ro variables and also the real estate industry. The direct connection identified in this paper is critical for a holistic understanding of the effects of measurable real estate variables on capital investments into both sectors. The analysis fills the gap in the literature between variables affecting investment into firms and effects of the real estate industry on the investment activity into PropTech and FinTech.Factors influencing investment into PropTech and FinTech – only new rules or a new game?
Andreas Joel Kassner
Journal of European Real Estate Research, Vol. ahead-of-print, No. ahead-of-print, pp.-

Many studies have analysed the impact of various variables on the ability of companies to raise capital. While most of these studies are sector-agnostic, literature on the effects of macroeconomic variables on sectors that established over the last 20 years like property technology and financial technology, is scarce. This study aims to identify macroeconomic factors that influence the ability of both sectors and is extended by real estate variables.

The impact of macroeconomic and real estate related factors is analysed using multiple linear regression and quantile regression. The sample covers 338 observations for PropTech and 595 for FinTech across 18 European countries and 5 deal types between 2000–2001 with each observation representing the capital invested per year for each deal type and country.

Besides confirming a significant impact of macroeconomic variables on the amount of capital invested, this study finds that additionally the real estate transaction volume positively impacts PropTech while the real estate yield-bond-gap negatively impacts FinTech.

For PropTech and FinTech companies and their investors it is critical to understand the dynamic with mac-ro variables and also the real estate industry. The direct connection identified in this paper is critical for a holistic understanding of the effects of measurable real estate variables on capital investments into both sectors.

The analysis fills the gap in the literature between variables affecting investment into firms and effects of the real estate industry on the investment activity into PropTech and FinTech.

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Factors influencing investment into PropTech and FinTech – only new rules or a new game?10.1108/JERER-04-2023-0011Journal of European Real Estate Research2024-03-14© 2024 Andreas Joel KassnerAndreas Joel KassnerJournal of European Real Estate Researchahead-of-printahead-of-print2024-03-1410.1108/JERER-04-2023-0011https://www.emerald.com/insight/content/doi/10.1108/JERER-04-2023-0011/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Andreas Joel Kassnerhttp://creativecommons.org/licences/by/4.0/legalcode
Turkey, the second home for Iranians: push and pull motivations in Turkish housing markethttps://www.emerald.com/insight/content/doi/10.1108/JERER-06-2023-0019/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad. This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad. For this purpose, the trend of housing price growth in Iran and Turkey was compared. The review of the 11-year trend of rates shows that housing prices in both countries have been continuously rising, and these prices have undoubtedly experienced increasing shocks in Iran. For further analysis, 13 main variables leading to the repulsion of investment in Iran's housing market and 15 variables shaping the attractiveness of investment in Turkey were identified in this sector. Thirty experts subsequently ranked the significant variables based on a closed-end questionnaire using quantitative strategic planning matrix. Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.” Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.” From a theoretical standpoint, foreign investment is in support of Turkey and harmful to Iran because the Turkish government is bolstering investment attractiveness to bring increased capital inflows into this country. Practically speaking, Turkey has aimed to create a rational framework for investors by strengthening and changing its economic system, as well as amending existing constitutions in this domain. Nevertheless, Iran resists any changes in its economic system and legislation. Therefore, a wide range of attractiveness and repulsion variables has led to the migration of Iranian investors to Turkey. In the present study, such variables are illuminated.Turkey, the second home for Iranians: push and pull motivations in Turkish housing market
Safar Ghaedrahmati, Ebrahim Rezaei
Journal of European Real Estate Research, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad.

This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad. For this purpose, the trend of housing price growth in Iran and Turkey was compared. The review of the 11-year trend of rates shows that housing prices in both countries have been continuously rising, and these prices have undoubtedly experienced increasing shocks in Iran. For further analysis, 13 main variables leading to the repulsion of investment in Iran's housing market and 15 variables shaping the attractiveness of investment in Turkey were identified in this sector. Thirty experts subsequently ranked the significant variables based on a closed-end questionnaire using quantitative strategic planning matrix. Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.”

Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.”

From a theoretical standpoint, foreign investment is in support of Turkey and harmful to Iran because the Turkish government is bolstering investment attractiveness to bring increased capital inflows into this country. Practically speaking, Turkey has aimed to create a rational framework for investors by strengthening and changing its economic system, as well as amending existing constitutions in this domain. Nevertheless, Iran resists any changes in its economic system and legislation. Therefore, a wide range of attractiveness and repulsion variables has led to the migration of Iranian investors to Turkey. In the present study, such variables are illuminated.

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Turkey, the second home for Iranians: push and pull motivations in Turkish housing market10.1108/JERER-06-2023-0019Journal of European Real Estate Research2024-03-14© 2023 Emerald Publishing LimitedSafar GhaedrahmatiEbrahim RezaeiJournal of European Real Estate Researchahead-of-printahead-of-print2024-03-1410.1108/JERER-06-2023-0019https://www.emerald.com/insight/content/doi/10.1108/JERER-06-2023-0019/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The market reaction of real estate companies to the announcement of the Russian–Ukrainian invasionhttps://www.emerald.com/insight/content/doi/10.1108/JERER-12-2022-0038/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to investigate the market reaction in the real estate market to the announcement of Russia’s invasion of Ukraine. This study uses the event study method to assess the market reaction to the announcement that Russia is invading Ukraine. The sample in this study comprises 2,325 companies in the real estate market. We also conduct a cross-sectional analysis to determine the influence of the North Atlantic Treaty Organization (NATO) members and company characteristics on market reactions during the invasion. The global market reacts significantly negative toward Russia’s invasion of Ukraine. This indicates that the war poses a high geopolitical risk that prompts financial markets down. The authors also demonstrate that emerging and frontier markets react significantly negative to the invasion before and after its announcement. Meanwhile, developed markets tend to react only before the invasion is announced. Furthermore, we find that the NATO members react more strongly than other markets. This result implies that war prompts investors to flee from the stock exchange, while the deeper the country’s involvement, the more investors worry about the risks. This study is the first to discuss the market reaction to the Russian invasion of Ukrainian, specifically in the real estate market.The market reaction of real estate companies to the announcement of the Russian–Ukrainian invasion
Rizky Yudaruddin, Dadang Lesmana
Journal of European Real Estate Research, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to investigate the market reaction in the real estate market to the announcement of Russia’s invasion of Ukraine.

This study uses the event study method to assess the market reaction to the announcement that Russia is invading Ukraine. The sample in this study comprises 2,325 companies in the real estate market. We also conduct a cross-sectional analysis to determine the influence of the North Atlantic Treaty Organization (NATO) members and company characteristics on market reactions during the invasion.

The global market reacts significantly negative toward Russia’s invasion of Ukraine. This indicates that the war poses a high geopolitical risk that prompts financial markets down. The authors also demonstrate that emerging and frontier markets react significantly negative to the invasion before and after its announcement. Meanwhile, developed markets tend to react only before the invasion is announced. Furthermore, we find that the NATO members react more strongly than other markets.

This result implies that war prompts investors to flee from the stock exchange, while the deeper the country’s involvement, the more investors worry about the risks.

This study is the first to discuss the market reaction to the Russian invasion of Ukrainian, specifically in the real estate market.

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The market reaction of real estate companies to the announcement of the Russian–Ukrainian invasion10.1108/JERER-12-2022-0038Journal of European Real Estate Research2024-02-09© 2024 Emerald Publishing LimitedRizky YudaruddinDadang LesmanaJournal of European Real Estate Researchahead-of-printahead-of-print2024-02-0910.1108/JERER-12-2022-0038https://www.emerald.com/insight/content/doi/10.1108/JERER-12-2022-0038/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited