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Is Property Investment A Successful Hedge Against Inflation – Data From Bulgaria

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  • Blagovest Iliev

Abstract

Real estate and its impact to the wider economy was in the centre of the global financial crisis from 2007/2008. Nonetheless, its inflation hedging characteristics as an investment asset are of strong interest to economists and asset managers. The performance of real estate assets in various economic environments has been subject to analyses which indicate that residential properties most successfully hedge their value against inflation. This paper includes a review of different countries’ housing markets and studies the development of the Bulgarian housing market and its performance against inflation after the recovery from the global financial crisis.

Suggested Citation

  • Blagovest Iliev, 2022. "Is Property Investment A Successful Hedge Against Inflation – Data From Bulgaria," INTERNATIONAL SCIENTIFIC AND PRACTICAL CONFERENCE "CONSTRUCTION ENTREPRENEURSHIP AND REAL PROPERTY", University of Economics - Varna, issue 1, pages 192-199.
    • Handle: RePEc:vrn:emccon:y:2022:i:1:p:192-199
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    References listed on IDEAS

    as
    1. Ali Anari & James Kolari, 2002. "House Prices and Inflation," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 30(1), pages 67-84.
    2. Krajewska, Małgorzata & Szopińska, Kinga & Siemińska, Ewa, 2021. "Value of land properties in the context of planning conditions risk on the example of the suburban zone of a Polish city," Land Use Policy, Elsevier, vol. 109(C).
    3. Monika Piazzesi & Martin Schneider, 2009. "Inflation and the price of real assets," Staff Report 423, Federal Reserve Bank of Minneapolis.
    4. repec:arz:wpaper:eres2009-304 is not listed on IDEAS
    5. Piazzesi, Monika & Leombroni, Matteo & Rogers, Ciaran & Schneider, Martin, 2020. "Inflation and the Price of Real Assets," CEPR Discussion Papers 14390, C.E.P.R. Discussion Papers.
    6. Guan Li & Liping Wang & Cifang Wu & Zhongguo Xu & Yuefei Zhuo & Xiaoqiang Shen, 2022. "Spatial Planning Implementation Effectiveness: Review and Research Prospects," Land, MDPI, vol. 11(8), pages 1-20, August.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Bulgaria; Hedging; Housing investment; Inflation;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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