Ownership Yield and Prime Real Estate in Alpha Cities

Geman, H. and Velez, T.M. 2016. Ownership Yield and Prime Real Estate in Alpha Cities. The Journal of Wealth Management. 19 (3), pp. 116-130. doi:10.3905/jwm.2016.19.3.116

TitleOwnership Yield and Prime Real Estate in Alpha Cities
TypeJournal article
AuthorsGeman, H. and Velez, T.M.
Abstract

The goal of this article is twofold. First, the authors show that the price dynamics of prime real estate markets across alpha cities are more positively correlated than they are with nonprime markets in respective cities. They then argue that prime real estate is also highly related to other tangible luxury assets, including diamonds and museum-quality paintings. These features are illustrated by an analysis of structural breaks, correlations, and cointegration over the period 2003 to 2013. Results support the existence of an “ownership yield” in a world where high- (and ultra-high-) net worth individuals are growing in number and enjoy the possession of conspicuous assets.

JournalThe Journal of Wealth Management
Journal citation19 (3), pp. 116-130
ISSN1534-7524
Year2016
PublisherPageant Media Ltd. (“IPR Journals”)
Digital Object Identifier (DOI)doi:10.3905/jwm.2016.19.3.116
Publication dates
Published online31 Oct 2016

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On rarity premium and ownership yield in art
Geman, H. and Velez, T.M. 2015. On rarity premium and ownership yield in art. The Journal of Alternative Investments. 18 (1), pp. 8-21. doi:10.3905/jai.2015.18.1.008

Permalink - https://westminsterresearch.westminster.ac.uk/item/qv315/ownership-yield-and-prime-real-estate-in-alpha-cities


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