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Internationale Büroimmobilien-Investoren: Preisprämien aufgrund von Selektionsverzerrungen?
[International office investors: price premiums due to “selection bias”?]

Author

Listed:
  • Martin Jurkovic

    (Technische Universität Darmstadt)

  • Dirk Schiereck

    (Technische Universität Darmstadt
    Real Estate Management Institute der EBS)

Abstract

Zusammenfassung Oftmals wird betont, dass in der Immobilienwirtschaft nationales Wissen von hoher Bedeutung ist und sich auch in Transaktionspreisen niederschlägt. Für eine deutsche Stichprobe mit Daten zu knapp 2400 gewerblichen Immobilientransaktionen von Büroimmobilien in den sieben A‑Lagen werden sowohl Auswirkungen auf Kauf- als auch auf Verkaufspreise analysiert. Unter Verwendung von Propensity Scores wird aufgezeigt, dass internationale Investoren im Vergleich zu ähnlichen Immobilien, die von nationalen Investoren gekauft und verkauft werden, mit einem signifikanten Abschlag von ca. 14,7 % verkaufen, während ein signifikanter Preisaufschlag internationaler Käufer nur dann realisiert wird, wenn auf der Verkäuferseite ein nationaler Investor vertreten ist. Dabei beträgt das gezahlte Premium ca. 13,1 %. Internationale Käufer erzielen damit niedrigere Preise, wenn auf der Verkaufsseite ein nationaler Investor vertreten ist.

Suggested Citation

  • Martin Jurkovic & Dirk Schiereck, 2023. "Internationale Büroimmobilien-Investoren: Preisprämien aufgrund von Selektionsverzerrungen? [International office investors: price premiums due to “selection bias”?]," Zeitschrift für Immobilienökonomie (German Journal of Real Estate Research), Springer;Gesellschaft für Immobilienwirtschaftliche Forschung e. V., vol. 9(1), pages 1-29, April.
    • Handle: RePEc:spr:gjorer:v:9:y:2023:i:1:d:10.1365_s41056-022-00062-2
    DOI: 10.1365/s41056-022-00062-2
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    References listed on IDEAS

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