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Urban regeneration and property investment performance

Author

Listed:
  • Alastair Adair
  • Jim Berry
  • Stanley McGreal
  • Norman Hutchison
  • Craig Watkins
  • Kenneth Gibb

Abstract

Investors need to have confidence in the maturity of the market in terms of transparency of returns and risks. Information on property returns is normally available for prime markets whereas urban regeneration locations to varying degrees are characterized by an opaque rather than a transparent market, inadequate information on returns and risks, barriers to the availability of finance and uncertainty regarding the liquidity of assets. This paper presents findings of an empirical investigation into the development of a total returns index designed to measure investment performance of property in regeneration areas. Results show that over the long-term returns for regeneration property exceed national and local benchmarks. This finding has important policy considerations for regeneration and messages for the property investment sector.

Suggested Citation

  • Alastair Adair & Jim Berry & Stanley McGreal & Norman Hutchison & Craig Watkins & Kenneth Gibb, 2003. "Urban regeneration and property investment performance," Journal of Property Research, Taylor & Francis Journals, vol. 20(4), pages 371-386, December.
    • Handle: RePEc:taf:jpropr:v:20:y:2003:i:4:p:371-386
    DOI: 10.1080/0959991042000181994
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    Cited by:

    1. Chin Tiong Cheng & Gabriel Hoh Teck Ling & Yee-Siang Gan & Wai Fang Wong & Kong Seng Lai, 2021. "Revisiting Investability of Heritage Properties through Indexation and Portfolio Frontier Analysis," Risks, MDPI, vol. 9(5), pages 1-16, May.
    2. Thierry Theurillat & Jose Corpataux & Olivier Crevoisier, 2008. "Property Sector Financialization: The Case of Swiss Pension Funds (1992--2005)," European Planning Studies, Taylor & Francis Journals, vol. 18(2), pages 189-212, December.
    3. Shaleen Singhal & Jim Berry & Stanley McGreal, 2009. "A Framework for Assessing Regeneration, Business Strategies and Urban Competitiveness," Local Economy, London South Bank University, vol. 24(2), pages 111-124, March.
    4. Ingrid Nappi-Choulet, 2006. "The Role and Behaviour of Commercial Property Investors and Developers in French Urban Regeneration: The Experience of the Paris Region," Urban Studies, Urban Studies Journal Limited, vol. 43(9), pages 1511-1535, August.
    5. Christian Livi & Pedro Araujo & Olivier Crevoisier, 2012. "Les territoires de l'innovation "durable": des milieux locaux à la communication "responsable". Les cas du photovoltaïque et de la finance durable en Suisse occidentale," GRET Publications and Working Papers 05-12, GRET Group of Research in Territorial Economy, University of Neuchâtel.
    6. Catherine Jackson & Craig Watkins, 2007. "Supply-Side Policies and Retail Property Market Performance," Environment and Planning A, , vol. 39(5), pages 1134-1146, May.
    7. Rianne Van Melik, 2009. "Visualising The Effect Of Private‐Sector Involvement On Redeveloped Public Spaces In The Netherlands," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 100(1), pages 114-120, February.
    8. Thierry Theurillat, 2011. "La ville négociée : entre financiarisation et durabilité," Géographie, économie, société, Lavoisier, vol. 13(3), pages 225-254.
    9. Thierry Theurillat & Olivier Crevoisier, 2013. "The Sustainability of a Financialized Urban Megaproject: The Case of Sihlcity in Zurich," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 37(6), pages 2052-2073, November.
    10. Zhi Dong & Tien Foo Sing, 2021. "Do Investors Overreact for Property and Financial Service Sectors?," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 20(1), pages 79-123, April.
    11. Nikolaos Triantafyllopoulos, 2024. "Investigating Energy Renovation of Multi-Owner Buildings and Real Estate Market Issues in a Degraded Greek Urban Area," Sustainability, MDPI, vol. 16(7), pages 1-33, March.

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