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European Real Estate Markets Convergence

Author

Listed:
  • Rahul Srivatsa
  • Stephen Lee

Abstract

This paper uses the concepts of beta-convergence and sigma-convergence and to evaluate empirically the hypothesis of rent and yield convergence in seven European office markets during the period 1984-2009. Because of the introduction of a single currency in January 1999, the analysis is carried out sequentially, first for the period the overall period and then the periods before and after the introduction of the single currency. The results indicates that irrespective of the time period considered there is not enough evidence of beta-convergence or sigma-convergence for rents and yields of the European office markets under review. We do however find some evidence that the introduction of the single currency in 1999 has led to increasing signs of convergence, especially in the Continental European markets.

Suggested Citation

  • Rahul Srivatsa & Stephen Lee, 2010. "European Real Estate Markets Convergence," ERES eres2010_097, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2010_097
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2010-097
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    Citations

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    Cited by:

    1. Inwon Kang & Jiwon Lee & Matthew Shin & Geon-Cheol Shin, 2014. "Brand competency as a market segmentation method for brand R&D in the Asian luxury market," Service Business, Springer;Pan-Pacific Business Association, vol. 8(1), pages 113-133, March.
    2. Jean-François Carpantier & Christelle Sapata, 2020. "The Ups and Downs of European Real Estate Markets’ Integration," Finance, Presses universitaires de Grenoble, vol. 41(2), pages 109-139.
    3. Gina Ionela Butnaru & Alina Petronela Haller, 2017. "Perspective of Sustainable Rural Tourism in the United Kingdom of Great Britain and Northern Ireland (UK): Comparative Study of β and σ Convergence in the Economic Development Regions," Sustainability, MDPI, vol. 9(4), pages 1-22, March.
    4. repec:zbw:bofitp:2012_004 is not listed on IDEAS
    5. Babecký, Jan & Komárek, Lubos & Komárková, Zlatuse, 2012. "Integration of Chinese and Russian stock markets with world markets : National and sectoral Perspectives," BOFIT Discussion Papers 4/2012, Bank of Finland, Institute for Economies in Transition.
    6. Babecký, Jan & Komárek, Lubos & Komárková, Zlatuse, 2012. "Integration of Chinese and Russian stock markets with world markets: National and sectoral Perspectives," BOFIT Discussion Papers 4/2012, Bank of Finland Institute for Emerging Economies (BOFIT).

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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