A survey of institutional investors' attitudes and perceptions of residential property: the Swiss, Dutch and Swedish cases

This paper provides evidence about institutional investors' attitudes and perceptions of residential property as an investment asset group in three European countries (Switzerland, the Netherlands and Sweden). These countries stand out, with an extraordinarily large institutional residential ownership, in fact, residential institutional allocation represents about 6%, 2% and 3% of the total institutional investment in the Switzerland, Netherlands and Sweden respectively. Housing is the most important institutional property asset type in Switzerland and the Netherlands, comprising over 52% and 50% of their institutional property portfolios respectively. ln Sweden residential property plays an important, but not dominant role in the domestic institutional property portfolios, representing about 21 % of the institutional property holdings. Using a postal survey of representatives of pension funds, insurance companies, property investment and asset management companies the study analyses the attractiveness of residential property in terms of institutional investment goals. The survey examines the institutional investors' perceptions of housing investment, namely with respect to its returns, volatility, inflation hedging, liabilities matching and correlation with shares, bonds and non-residenfial property. Additionally, the survey looks at the institutional investors' experiences regarding the private rented sector

Avaliação de activos imobiliários

Neste trabalho iremos caracterizar, sumariamente, o mercado imobiliário e abordar as principais metodologias de avaliação de activos imobiliários. Apesar do investimento imobiliário representar uma parcela muito significativa do investimento global de um país, tem sido, comparativamente com o investimento em activos financeiros, muito pouco estudado. A título exemplificativo, e para os Estados Unidos da América, o valor total do mercado imobiliário, em meados dos anos 80, foi de 4.5 triliões de dólares, enquanto que o mercado accionista e obrigacionista rondou, no seu conjunto, 3.5 triliões de dólares

TEXTOS INÉDITOS DE JOAQUIM DE CARVALHO SOBRE TEIXEIRA DE PASCOAES

TEXTOS INÉDITOS DE JOAQUIM DE CARVALHOSOBRE TEIXEIRA DE PASCOAE

Loss Aversion in Consumer’s Behaviour and Short-Term Housing Price Dynamics

Este artigo incorpora o fenómeno de aversão às perdas, observado no comportamento dos consumidores, no estudo da dinâmica de curto prazo dos preços das habitações. Os resultados obtidos vêm ao encontro da literatura existente sobre a eficiência do mercado habitacional, que sugere que os “booms” verificados nos preços das habitações resultam de expectativas míopes em relação à evolução desses preços, mais do que de alterações significativas nos fundamentais do mercado. O contributo principal deste artigo é o de propor uma explicação para o que, na ausência de choques importantes nos fundamentais, desencadeia este comportamento míope e consequente evolução irracional dos preços. A nossa conclusão essencial é que a psicologia dos investidores assume um papel fundamental mesmo na fase inicial dos ciclos habitacionais. Especificamente, a aversão às perdas no comportamento dos consumidores significa que uma simples inversão no ciclo de rendimento pode ser suficiente para iniciar ou terminar um período de rápida expansão dos preços das habitações. Evidência empírica obtida no mercado habitacional de Lisboa é consistente com esta hipótese e sugere a importância de testes quantitativos deste efeito a um nível não agregado.This paper incorporates loss aversion in consumer’s behaviour into the study of short-term housing price dynamics. Our findings are in line with previous literature that suggests that housing price booms are driven primarily by myopic price expectations, rather than by huge changes in fundamentals. Our main contribution is to provide an explanation for what triggers those irrational dynamics even in the absence of relevant changes in the fundamentals. We argue that even in the initial stages of each price cycle the role of the investor’s psychology is determinant. Loss aversion in consumer’s behaviour suggests that a simple reverse in the income cycle might be enough to start or burst a housing price boom. Empirical evidence from the housing market in Lisbon is robustly consistent with this hypothesis and suggests the importance of testing these effects further at a non-aggregate level

Institutional investment in residential property : the Swiss, Dutch and Swedish cases

EThOS - Electronic Theses Online ServiceGBUnited Kingdo

What motivates international homebuyers? Investor to lifestyle ‘migrants’ in a tourist city

In the aftermath of the economic crisis, Lisbon has ascended on to the urban tourism and international property market with a velocity that is transforming the city. Investor immigration programmes and fiscal policy have met their objective of attracting wealthy third country and intra-EU migrants to invest in housing in the city. To date, there is a dearth of empirical and theoretical analyses that explicate the motivations and aspirations of international overseas residential investors. Situated at the intersection of the literature on investment and lifestyle migration, and based on 20 in-depth interviews with experts in the intermediary elite economy, our objective is to understand buyer motivations and the current attraction of the city. We present our results in the form of a typology of new transnational urban homeowners revealing complex forms of mobility that intersect in the city. Our results reveal the continued importance, both directly and indirectly, of lifestyle motivations related with quality of life, culture, amenities and climate. Yet, economic motivations are the most significant, even if diverse, among the residential investor typologies with some seeking a safe haven and others geoarbritage or income optimization. Moreover, our results suggest that the success of government incentives (immigrant investor programmes or tax exemptions) to attract foreign second home buyers are dependent on prospects of city economic growth, rent legislation and the perceived attractiveness of the city/region for tourists making them difficult to replicate across contexts.info:eu-repo/semantics/publishedVersio

Resguard de 1962-04-19 a José Ferrater Mora des de Inhambane (Moçambic)

Ferrater agraeix a Kline les gestions que ha fet amb l'editor de The Library of Living Philosophers, Lewis E. Hahn, per proposar-lo per a un volum d'homenatge. Ferrater li explica que ja ha acabat la seva primera novel.la, Claudia, mi Claudia (hi ha possibilitats que se'n faci una versió anglesa), que està treballant en una nova edició de La filosofía actual i que té al cap la idea d'escriure un llibre sobre estètic