| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15657 |
| DP15657 The Rate of Return on Real Estate: Long-Run Micro-Level Evidence | |
| David Chambers; Christophe Spaenjers; Eva Steiner | |
| 发表日期 | 2021-01-11 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Real estate—housing in particular—is a less profitable investment in the long run than previously thought. We hand-collect property-level financial data for the institutional real estate portfolios of four large Oxbridge colleges over the period 1901–1983. Gross income yields initially fluctuate around 5%, but then trend downward (upward) for agricultural and residential (commercial) real estate. Long-term real income growth rates are close to zero for all property types. Our findings imply annualized real total returns, net of costs, ranging from approximately 2.3% for residential to 4.5% for agricultural real estate. |
| 主题 | Economic History ; Financial Economics |
| 关键词 | Real estate Income growth Income yields Property prices Long-run returns |
| URL | https://cepr.org/publications/dp15657 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544669 |
| 推荐引用方式 GB/T 7714 | David Chambers,Christophe Spaenjers,Eva Steiner. DP15657 The Rate of Return on Real Estate: Long-Run Micro-Level Evidence. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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