Superstar returns

Saved in:

Authors and Corporations:

Osswald do Amaral, Francisco (Author), Dohmen, Martin (Author), Kohl, Sebastian (Author), Schularick, Moritz (Author)

Other Authors:

Dohmen, Martin [Author] • Kohl, Sebastian [Author] • Schularick, Moritz 1975- [Author]

Type of Resource:

E-Book

Language:

English

published:

New York, NY Federal Reserve Bank of New York [2021]

Series:

Subjects:

housing returns

housing risk

superstar cities

regional housing markets

Graue Literatur

Source:

Verbunddaten SWB
Lizenzfreie Online-Ressourcen

Description
Summary:	We study long-term returns on residential real estate in twenty-seven "superstar" cities in fifteen countries over 150 years. We find that total returns in superstar cities are close to 100 basis points lower per year than in the rest of the country. House prices tend to grow faster in the superstars, but rent returns are substantially greater outside the big agglomerations, resulting in higher long-run total returns. The excess returns outside the superstars can be rationalized as a compensation for risk, especially for higher covariance with income growth and lower liquidity. Superstar real estate is comparatively safe.
Physical Description:	1 Online-Ressource (circa 87 Seiten); Illustrationen