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Description of Real Estate Investment

Periodic worldwide economic turmoil over the last few decades has created an environment in which the degree of risk of investment assets is now an important factor in their evaluation. Real Estate Investment: A Capital Market Approach is the first text to examine the effect of such changes on real estate markets, taking an in-depth look at three major areas of financial and economic importance within the real estate profession: * The time value of money and the valuation of cash flows * Risk and return in real estate * Portfolio management Real Estate Investment: A Capital Market Approach is aimed primarily at students on both undergraduate and postgraduate courses in property investment or finance and MBA real estate specialists. The text is also of interest to fund managers, property researchers and professional investment valuers.

Title Information

ISBN:

9780130200631

Pages:

736 pages

Format:

Paperback

Product Code:

12940

Publisher:

Pearson Education (US)

Published:

10/12/1999

Edition:

1st Edition

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About Gerald R. Brown and George A. Matysiak

Gerald Brown is currently Professor of Real Estate Investment & Finance and Director of Real Estate Research at the National University of Singapore. He has also held chairs in both the UK and New Zealand.

He was the first professor of Property at Auckland University where he established a Real Estate Research Unit. Professor Brown has undertaken a number of consultancy projects and has published numerous papers in international academic and professional journals on real estate investment, risk analysis and performance measurement. He is the author of Property Investment and the Capital Markets and is currently joint editor of the Journal of Property Investment and Finance. He is on the editorial board of a number of international refereed academic journals and has held a number of visiting positions at overseas universities.George Matysiak is Director of Property Research at Business Strategies and a Senior Research Fellow at the City University Business School, London. He has previously held positions as a senior research analyst at Prudential Portfolio Managers in the UK and as a pension consultant. He has acted as consultant on real estate modelling and forecasting as well as other investment aspects to both UK and overseas clients. He is an active researcher and has published on valuation accuracy, property performance measurement and portfolio investment aspects in academic and professional journals.

He is a member of the editorial boards of the Journal of Property Research and the Journal of Property Investment and Finance.

Contents of Real Estate Investment

Introduction.
Part 1- The time value of money and the valuation of cash flows.
1. Valuation and financial theory- bridging the gap.
2. Valuing cash flows.
3. Simple freehold valuation models.
4. Simple leasehold models.
5. Mortgages and amortisation.
6. The term structure of interest rates.
7. Valuations and prices.
8. Investment decision techniques.

Part 2- Risk and return in real estate.
9. Distribution characteristics of real estate returns.
10. Risk, return and diversification.
11. Constructing property portfolios.
12. Valuation smoothing. Part 3- Portfolio management.
13. The efficiency of the property market.
14. Hedging against inflation.
15. Developing a portfolio strategy.
16. Performance measurement.
17. Quantitative techniques.
18. Some unanswered questions.

Index.