NYU Stern Logo

Chao-Hon Chen Institute for Global Real Estate Finance | Full-Time Faculty

  • Staff and Contact Information
  • News and Announcements
  • Visiting Academics
  • EB-5 Research
  • Student Research
  • Publications
  • Working Papers
  • CREFR Seminar Series
  • Social Connectedness Index
  • MBA Specialization
  • Undergraduate Track
  • MBA Real Estate Club
  • UG Real Estate Club
  • Student Research + Awards
  • Career Mentor Program
  • Internship & Placement Records
  • Exec-in-Residence Program
  • Upcoming Events
  • Past Events
  • Interviews & Modules
  • Individual & Corporate
  • Current Partners

Full-Time Faculty

VIRAL

James Vickery, Visiting Assitant Professor of Finance Professor Vickery's research is centered primarily on the study of financial institutions, as well as financial decision-making by firms and individuals, with a focus on the management of risk. In his current research, he is studying the contract design of residential mortgages and the way that risks embedded in mortgage contracts are shared between households, lenders and financial market participants. 

Home » Blog » Dissertation » Topics » Finance » Real Estate Finance » 80 Real Estate Finance Research Topics

Dissertation Help Logo

80 Real Estate Finance Research Topics

FacebookXEmailWhatsAppRedditPinterestLinkedInWelcome, ambitious students, to real estate finance research topics—a domain where academic curiosity meets the dynamic world of property markets and financial intricacies. As you select a research topic for your undergraduate, master’s, or doctoral thesis, the possibilities unfold. Navigating this landscape requires a keen eye for emerging trends, a knack for identifying unexplored areas, […]

Real Estate Finance Topics

Welcome, ambitious students, to real estate finance research topics—a domain where academic curiosity meets the dynamic world of property markets and financial intricacies. As you select a research topic for your undergraduate, master’s, or doctoral thesis, the possibilities unfold. Navigating this landscape requires a keen eye for emerging trends, a knack for identifying unexplored areas, and the enthusiasm to contribute to the ever-evolving field of real estate finance.

In this guide, we’ll traverse through a diverse spectrum of research topics that not only align with your academic pursuits but also hold the potential to make meaningful contributions to the realm of real estate finance research.

A List Of Potential Research Topics In Real Estate Finance:

  • Exploring the role of real estate derivatives in managing market risk.
  • Assessing the impact of government stimulus measures on residential property market stability.
  • Investigating the effects of government housing policies on property affordability in the UK.
  • Exploring the dynamics of real estate crowdfunding in different market conditions.
  • Analyzing the effects of environmental regulations on real estate development.
  • Exploring the role of crowdfunding platforms in real estate investment.
  • Analyzing the long-term effects of the COVID-19 pandemic on commercial real estate investment.
  • Exploring the role of artificial intelligence in property valuation and investment decisions.
  • Investigating the impact of climate change on coastal property markets.
  • Examining the impact of urbanization on residential property demand and prices.
  • Assessing the risk and return trade-offs of real estate development projects.
  • Exploring the role of behavioural biases in real estate investment decision-making.
  • Investigating the effects of supply chain disruptions on industrial and logistics property investments.
  • Analyzing the effects of the Stamp Duty Land Tax (SDLT) on residential property transactions in the UK.
  • Analyzing the effects of zoning regulations on property development and prices.
  • Analyzing the effects of demographic trends on retail property demand.
  • Assessing the relationship between sustainability regulations and property valuations in the UK.
  • Investigating the impact of technological advancements on property management practices.
  • Analyzing the effects of political uncertainty on real estate investment decisions.
  • Assessing the effectiveness of mortgage securitization in spreading risk.
  • Exploring the role of foreign investment in shaping the London property market.
  • Assessing the relationship between real estate investment and inflation hedging.
  • Exploring the factors influencing commercial property investment strategies.
  • Investigating the effects of urban regeneration projects on property values in the UK.
  • Assessing the relationship between housing supply and rental price volatility.
  • Examining the evolving landscape of real estate crowdfunding platforms: A systematic review.
  • Exploring the role of gender and ethnicity in property ownership patterns.
  • An overview of the existing research on the relationship between real estate investment and macroeconomic indicators.
  • Analyzing the effects of global economic shocks on cross-border real estate investments.
  • Assessing the relationship between property tax policies and real estate development.
  • Exploring the role of public-private partnerships in real estate financing.
  • Investigating the impact of demographic shifts on property market trends.
  • Exploring the impact of ESG considerations on UK real estate investment strategies.
  • Investigating the factors influencing foreign investment in local real estate markets.
  • Investigating the impact of health crises on real estate market dynamics.
  • A comprehensive review of real estate pricing models and their applicability in different market conditions.
  • Investigating the impact of interest-only mortgages on household financial stability.
  • Optimal Capital Structure and Financial Decision-Making in Corporate Finance.
  • A review of the impact of regulatory changes on the global REIT market performance.
  • Assessing the relationship between urban sprawl and property value appreciation.
  • Investigating the relationship between housing market stability and economic growth.
  • Investigating the effects of macroprudential policies on mortgage lending standards.
  • Analyzing the potential for increased demand in healthcare real estate following the pandemic.
  • Examining the effects of housing market fluctuations on mortgage default rates.
  • Investigating the impact of gentrification on housing affordability.
  • Examining the role of property taxes in shaping real estate investment decisions.
  • Analyzing the effects of changing consumer preferences on retail property investments after COVID-19.
  • Analyzing the impact of location on commercial property rental rates.
  • A critical review of the role of behavioural economics in explaining real estate market anomalies.
  • Investigating the impact of changing retail landscapes on commercial property values.
  • Investigating the determinants of housing affordability for first-time homebuyers.
  • Exploring the role of psychological factors in property market bubbles.
  • Analyzing the role of real estate in mixed-asset portfolio optimization.
  • Investigating the impact of housing finance innovation on market stability.
  • Exploring the role of cultural heritage preservation in real estate value.
  • Assessing the impact of Airbnb and short-term rentals on local housing markets.
  • Analyzing the relationship between rental market dynamics and tenant rights in the UK.
  • Analyzing the impact of Brexit on the UK commercial property market.
  • Assessing the risk-return profile of real estate compared to other asset classes.
  • Exploring the role of real estate in wealth accumulation and retirement planning.
  • A systematic review of the literature on the impact of technological innovations on property valuation.
  • Exploring the role of blockchain technology in property transactions and ownership.
  • Exploring the relationship between housing market cycles and investor behaviour.
  • Investigating the relationship between interest rates and housing prices.
  • Analyzing the effects of demographic ageing on commercial real estate demand.
  • Assessing the Integration of Environmental, Social Factors in Real Estate Investment: A Study of Sustainable Finance Strategies.
  • Assessing the risk factors associated with international real estate investments.
  • Assessing the relationship between housing market liquidity and investor behaviour.
  • Exploring the resilience of Real Estate Investment Trusts (REITs) during and after the pandemic.
  • A literature review on the risk factors associated with cross-border real estate investments.
  • Assessing the impact of remote work adoption on office space leasing and valuations.
  • Assessing the effectiveness of Real Estate Investment Trusts (REITs) as a portfolio diversification tool.
  • An overview and critique of different methodologies for valuing green and sustainable properties.
  • A systematic literature review on the relationship between interest rates and property prices.
  • Investigating the impact of changing transportation infrastructure on property values in the UK.
  • Investigating the impact of housing policies on residential property prices.
  • Assessing the relationship between property prices and income inequality.
  • Assessing the resilience of the UK REIT market in the face of economic uncertainties.
  • A critical analysis of the role of securitization in shaping real estate finance practices.
  • Investigating the shift in demand for suburban and urban properties in the post-COVID era.
  • Analyzing the impact of transportation infrastructure development on property values.
  • Assessing the impact of ESG (Environmental, Social, and Governance) factors on property investment performance.

In conclusion, Real Estate Finance offers a rich landscape of research possibilities across various degree levels. Whether exploring intricate mechanisms of mortgage-backed securities for undergraduate inquiry, analyzing the impact of economic trends on commercial property valuation at the master’s level, or delving into the complexities of real estate investment trusts for doctoral research, the field presents a breadth of opportunities for academic exploration. As real estate continues to play a pivotal role in global economies, these diverse research topics contribute to educational advancement and offer insights crucial for informed decision-making in the ever-evolving world of real estate finance.

Order Real Estate Finance Dissertation Now!

External Links:

  • Download Real Estate Finance Dissertation Sample For Your Perusal

Research Topic Help Service

Get unique research topics exactly as per your requirements. We will send you a mini proposal on the chosen topic which includes;

  • Research Statement
  • Research Questions
  • Key Literature Highlights
  • Proposed Methodology
  • View a Sample of Service

Ensure Your Good Grades With Our Writing Help

  • Talk to the assigned writer before payment
  • Get topic if you don't have one
  • Multiple draft submissions to have supervisor's feedback
  • Free revisions
  • Complete privacy
  • Plagiarism Free work
  • Guaranteed 2:1 (With help of your supervisor's feedback)
  • 2 Installments plan
  • Special discounts

Other Posts

  • 80 Banking and Finance Research Topics August 30, 2023 -->
  • 80 Behavioral Finance Research Topics August 26, 2023 -->
  • 80 Corporate Finance Research Topics August 25, 2023 -->
  • 80 Finance Research Topics July 28, 2023 -->
  • 80 Financial Derivatives Research Topics August 28, 2023 -->
  • 80 Financial Econometrics Research Topics August 29, 2023 -->
  • 80 Financial Economics Research Topics August 29, 2023 -->
  • 80 Financial Management Research Topics August 29, 2023 -->
  • 80 Financial Markets Research Topics August 25, 2023 -->
  • 80 Financial Risk Management Research Topics August 28, 2023 -->
  • 80 Fintech and Digital Finance Research Topics August 26, 2023 -->
  • 80 International Finance Research Topics August 26, 2023 -->
  • 80 Investment Banking Research Topics August 25, 2023 -->
  • 80 Islamic Finance Research Topics August 28, 2023 -->
  • 80 Microfinance Research Topics August 30, 2023 -->
  • 80 Personal Finance Research Topics August 25, 2023 -->
  • 80 Public Finance Research Topics August 26, 2023 -->
  • 80 Quantitative Finance Research Topics August 26, 2023 -->
  • 80 Sustainable Finance Research Topics August 28, 2023 -->

WhatsApp us

  • Research Library
  • My Knight Frank
  • South Africa
  • Chinese Mainland
  • Hong Kong SAR
  • New Zealand
  • Philippines
  • South Korea
  • Czech Republic
  • Germany - Berlin
  • Germany - Frankfurt
  • Germany - Munich
  • Netherlands
  • Switzerland
  • Saudi Arabia

Transforming Real Estate Insights: The Role of Data Science in Forecasting Capital Flows

research topics in real estate finance

Our Capital Gravity model forms the cornerstone of our Active Capital research, providing cross-border capital flow forecasts across all sector and investor types.

Applying machine learning models built on commercial real estate cross-border investment data*, our forecasts integrate a range of factors, including economic, financial, risk-based, spatial and cultural data. Amongst the economic variables, we have found that long-term government bond yields, central bank interest rates, exports, exchange rate and risks are significant contributors to explanatory power.

The forecasts are then stress-tested and calibrated across our global network of investment experts and regional research departments. 

You can hear more details on our approach in the below video.

At Knight Frank, we have been immersed in the realm of data science for over a decade; our team has been dedicated to applying advanced techniques to real-world business challenges, particularly across the dynamic landscape of real estate.

We have used data science methods to automate, support and expand our research intelligence. Whilst we use machine learning and AI in areas such as natural language, processing, content generation, recognition and pattern detection, it is in predictive modelling, including forecasting, that data science really benefit our work on real estate investment.

*Data sources include: RCA, Oxford Economics, CEPII and Damodaran Online.

  • Luxury Investment
  • The House View
  • Agriculture
  • Development
  • Residential Lettings
  • Residential Sales
  • UK Country Homes
  • Senior Living
  • Student Housing
  • Data Centres

Publications

  • The Wealth Report
  • Active Capital
  • London Report
  • Rural Report
  • Asia Pacific Horizon
  • UK Residential Investment Report
  • European Logistics
  • European Office
  • Africa Report
  • M25 & South East Office Market Report
  • Waterfront View
  • ESG Property Investor Survey
  • Asia-Pacific
  • Australasia
  • Middle East
  • United States
  • All Publications

U.S. flag

An official website of the United States government

The .gov means it’s official. Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.

The site is secure. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

  • Publications
  • Account settings
  • Advanced Search
  • Journal List
  • Springer Nature - PMC COVID-19 Collection

Logo of phenaturepg

COVID-19’s impact on real estate markets: review and outlook

Nadia balemi.

1 Swiss Institute of Banking and Finance (s/bf), University of St.Gallen (HSG), Unterer Graben 21, 9000 St. Gallen, Switzerland

Roland Füss

2 Centre for European Economic Research (ZEW), Mannheim, Germany

3 Center for Real Estate and Environmental Economics, NTNU Business School, Trondheim, Norway

Alois Weigand

As symbolized by vacant office buildings, empty shopping malls and abandoned flats in metropolitan areas, the new coronavirus disease 2019 has severely impacted real estate markets. This paper provides a comprehensive literature review of the latest academic insights into how this pandemic has affected the housing, commercial real estate and the mortgage market. Moreover, these findings are linked to comprehensive statistics of each real estate sector’s performance during the crisis. Finally, the paper includes an outlook and discusses possible future developments in each real estate segment.

Introduction

The failure to contain a new respiratory disease, named coronavirus disease 2019 or COVID-19, results in a global pandemic in March 2020. As an ultimate resort, governments worldwide respond by imposing lockdown as well as stay-at-home orders to prevent a collapse of healthcare systems. In the following months, vacant office buildings, home offices, empty shopping malls and promenades, closed restaurants, silent bars as well as clubs become symbols of social distancing and the limitation of interactions among people. Although these restrictions are effective in controlling the spread of the disease, shutdowns go in hand with a global economic crisis despite a wide range of economic support measures. Alike many industries, real estate markets, including residential and commercial real estate, as well as mortgage markets are confronted with unprecedented challenges. The number of commercial and residential property sales drops, people abandon their apartments in metropolitan areas, and households occur payment difficulties in redeeming their mortgages among others. Hence, economists and industry experts have an interest in better understanding the pandemic’s effect on real estate as well as mortgage markets and to use these insights to project the economic impact of further waves of COVID-19 in the short and long run. Especially at the end of 2020, these conclusions are valuable as many different countries, mainly in Europe, start to reimpose restrictions in order to flatten the second wave of infections.

Assessing the impact of COVID-19 on real estate markets is challenging. Pandemics arrive exogenously and due to their rarity, data availability is limited, particularly due to the low frequency of real estate time series. Furthermore, it is difficult to isolate the effect on the market as prices can be significantly affected from larger macroeconomic conditions, which are temporally and geographically constrained. Nevertheless, more than 50 scientific papers appeared from March 2020 to mid-October 2020 and address this specific question. While more than half of these studies are already published in field-specific or interdisciplinary peer-reviewed journals, the other half is at a working paper stage. Figure  1 gives an overview on the number of studies over this short time period.

An external file that holds a picture, illustration, etc.
Object name is 11408_2021_384_Fig1_HTML.jpg

This figure depicts the numeric evolution of scientific working papers (on SSRN) and articles (in SCI ranked journals) of COVID-19’s impact on real estate markets as well as mortgage markets. Observations start in March 2020 and end in mid-October 2020

This paper contributes to this recent strand of literature by providing a qualitative meta-analysis. It does so by condensing the most important papers’ findings on this topic and by relating these results to relevant market indicators. Moreover, this study provides an outlook for these heterogeneous markets and discusses possible future developments and long-lasting effects of the pandemic on real estate markets. This literature review does not assess the quality of the empirical methods used in the literature.

To successfully address this literature review’s goal, the remainder of the paper is structured as follows. The second section presents an overview of the most important developments in financial markets as well as changes in macroeconomic indicators during the crisis and illustrates how these shocks are linked to the real estate and mortgages markets. The third, fourth and fifth sections start summarizing recent empirical findings on how COVID-19 affects commercial and residential real estate as well as mortgages, respectively. If available, insights from previous pandemics or epidemics are used to support or validate respective results. The sixth section provides a market outlook before the last section concludes.

Transmission channels of the pandemic’s impact

Adapting the definition of Brodeur et al. ( 2020 ), real estate and mortgage markets can be described as a complex web of interconnected parties like households, developers, banks and investors among others. Moreover, the market is characterized by a high degree of inter-connectiveness as well as links to the overall macroeconomy and financial markets (illustrated in Fig.  2 ). Hence, before academic research is able to document the impact of COVID-19, it is essential to understand possible transmission channels between these parties considering the crisis’ most important developments.

An external file that holds a picture, illustration, etc.
Object name is 11408_2021_384_Fig2_HTML.jpg

This figure illustrates the real estate and mortgage market’s connections to the macroeconomy, financial markets and other credit markets by potential wealth and valuation effects

At the beginning of 2020, the global economy is in a good condition. Reflected by low expected delinquency rates (Bhutta et al. 2019 ), households are less vulnerable compared the period leading up to the global financial crisis and businesses as well as financial corporations hold higher reserves. However, in March 2020, economic activities have been abruptly shut down and unemployment spikes as a consequence of lockdown orders. To absorb and mitigate these massive negative shifts in the supply and demand of goods at the same time, governments increase public debt and use a broad set of monetary and fiscal policy instruments 1 such as unemployment and financial assistance programs, helicopter money, short time working benefits, mortgage forbearances, rent moratoriums for tenants and reductions in federal funds rate. Despite these measures dampening the pandemic’s effect, the global real GDP growth will still be − 5.4% (in some countries more than − 10%) in 2020 according to the OECD.

As the nexus between real estate markets and GDP growth is very persistent nowadays, 2 declining residential and commercial property prices contributed to this fall in GDP during the pandemic alongside with economic drops in various other industries. In general, these declining real estate prices can be explained by increasing capitalization rates in the following simple valuation formula of Duca et al. ( 2020 ) where a property’s value ( V ) is given by the ratio of the properties (potential) net operation cash flows ( NCF ) and the capitalization rate:

The capitalization rate increases because of higher level of expected rate of returns. For example, the low interest rates ( r f ) during the pandemic cannot compensate a higher risk premium (RP) of owner-occupying or investing in real estate. This risk premium reflects the high uncertainty in the economy during the pandemic and a shift in risk aversion. Additionally, the expected growth in (potential) future cash flows ( g ) is lower due to COVID-19 and funding liquidity ( liq funding ) dries up, increasing the capitalization rate even further. However, due to the confinement measures and the heterogeneity of real estate, these effects have different magnitudes in the case of residential and commercial real estate properties during the pandemic.

Commercial real estate sectors hit directly by the shutdown and dealing with the highest degree of uncertainty are hotel and retail properties. These buildings host businesses which have to close down entirely as they mostly provide in-person services and/or have personal points of sales. Office buildings and space for professional exchange remain vacant as well. However, businesses occupying these properties are often able to still provide their services from their employees’ home offices as they operate in industries with less need of personal contact (such as financial or professional services firms) 3 In contrast, businesses in industrial production sites continue operating in most countries with additional safety measures and at lower capacities due to limited demand.

These negative developments are expected to create higher vacancy rates in the commercial real estate sector. 4 In hand with a higher degree of uncertainty, these low growth expectations lead to a devaluation of commercial property portfolios of high net worth individuals, private equity funds, private as well as public real estate investment trusts or developers. As a consequence, these significant losses go in hand with higher leverage ratios and higher risk premium requirements for future investments. Due to decreasing property valuations, it becomes harder for commercial investor to get funding on the loan market. In addition, stock prices of listed real estate companies drop and dry up funding liquidity 5 even more. Especially, firms, including real estate securities, with less cash, more debt and limited profits before 2020 show lower stock prices during the COVID-19 pandemic (Ding et al. 2020 ).

However, these stock price drops of real estate securities are further caused by spillovers from national as well as international financial markets and overall market uncertainty. 6 Baker et al. ( 2020 ) argue that this uncertainty and increased volatility 7 around COVID-19 has an even larger magnitude than the fluctuations and unpredictability associated with the global financial crisis. Moreover, Alfaro et al. ( 2020 ) precisely document how aggregate and firm-level stock returns are impacted by unanticipated changes in the predicted number of infections.

In addition, this recession on the stock market affects the wealth of households immediately. Contrastingly, monetary and fiscal policy measures are able to largely dampen COVID-19’s effect on households’ income and, hence, on residential housing markets as well as mortgage markets. However, differences across household types are present. Low-income households or minorities 8 are more likely to be hit by unemployment or wage cuts. Workers at small firms in non-tradable sectors are more likely to be laid off (Kurmann et al. 2020 ), which may result in rent losses for landlords or defaulting mortgages. In the medium and long run, it will also be crucial to assess COVID-19’s impact on blue- versus white-collar workers, to understand changes in the housing and mortgage market.

Although real estate markets show quick signs of recovery during the summer months of 2020, documenting and quantifying the above effects in academic studies is essential. The second wave of infections and possible future waves until a COVID-19 vaccine is introduced will go in hand with similar restrictions, which reinforce the described negative effects further and, overall, make a financial crisis more likely to occur.

Commercial real estate market

Assessing COVID-19’s impact on commercial real estate is difficult. In contrast to residential housing markets, data availability is limited due to a low number of transactions and the dominance of private data providers. Due to lockdown restrictions, these low transaction volumes decrease further and an analytical problem arises when assessing direct commercial real estate during the current crisis.

Therefore, van Dijk et al. ( 2020 ) analyze the gap between supply and demand as a measure for liquidity in the commercial real estate asset market for eight major cities in the USA. Their results show substantial drops in liquidity. These drops on apartment, industrial, office and retail markets are − 14%, − 14%, − 18% and − 20%, respectively, which exceed declines in liquidity during the first four months of the global financial crisis. The reason behind the large magnitude of these effects is a supply shift. According to the authors, sellers raise their reservation prices in a situation where buyers are lowering theirs resulting in a market outcome with lower volumes and no significant price changes during COVID-19.

Figure ​ Figure3 3 illustrates a consequence of this market outcome documented by van Dijk et al. ( 2020 ). The graph compares the developments of transaction-based indices and appraisal-based indices. During the first wave of COVID-19, transaction-based indices are either stagnating or increasing as these indices are computed based on few transactions with prices similar to the months before the outbreak. In contrast, appraisal-based indices depict price drops (smaller or larger) as these indices are based on valuations of existing portfolios.

An external file that holds a picture, illustration, etc.
Object name is 11408_2021_384_Fig3_HTML.jpg

This figure compares the performance of transaction-based (Real Capital Analytics Commercial Property Price Index and NCREIF National Transaction-Based Index) to appraisal-based (Greenstreet Advisors Commercial Property Price Index and NCREIF Property Index) commercial real estate indices in the USA. The sample period spans from January 2018 to October 2020. All indices are normalized to January 2018

Ling et al. ( 2020 ) document firm-level exposure of commercial real estate assets owned by listed U.S. REITs to the growth of COVID-19 cases. In this analysis, the relevant COVID-19 growth rate is computed as a weighted average of the daily growth rates of infections in counties in which the REIT owns properties. Adjusting for returns on the S&P 500 Index and the FTSE-NAREIT All Equity REITs Index, the authors find a decrease of − 0.24% and − 0.93% point in abnormal returns after a single point standard deviation increase in COVID-19 growth in a one- and three-day window, respectively. In the study of Ling et al. ( 2020 ), REITs with portfolios focused on data center, cell towers, self-storages and warehouses produce positive abnormal returns in the early stages of the outbreak. Contrastingly, hospitality and retail REITs are performing poorly.

Hence, the results of Ling et al. ( 2020 ) show that commercial real estate sectors are affected differently by the COVID-19 crisis. To better illustrate this different impact, Fig.  4 depicts the price drops (and recoveries) of − 16% ( +  39%), − 28% ( +  13%), − 30% ( +  22%) and − 50% ( +  39%) for four different REIT indices in the industrial, office, residential, and retail sector, respectively. It is important to note that only the industrial REIT index raised above pre-crisis level after the first wave of infections.

An external file that holds a picture, illustration, etc.
Object name is 11408_2021_384_Fig4_HTML.jpg

This figure compares the performance of REIT indices in the USA with different sector focus (industrial, office, residential and retail). The sample period spans from January 2018 to October 2020. All indices are normalized to January 2018

Milcheva ( 2020 ) provides evidence of the pandemic’s impact on real estate securities internationally. The author employs a COVID-19 risk factor, linked to daily changes in confirmed global coronavirus infections, to capture the risk exposure in the assets’ risk-return relationship. The results show an average firm sensitivity of 0.6 with large differences across countries and sectors. Retail firms show the highest sensitivity (1.2), while healthcare stocks show the lowest (0.25). Furthermore, firms more exposed to COVID-19 suffer from a steeper decline in stock returns due to leverage constraints. As a consequence, the author argues that COVID-19 risk is predominantly propagated by financial constraints.

A study of Xie and Milcheva ( 2020 ) employs a difference-in-differences approach to identify the relation between COVID-19 cases and daily returns of real estate firms in Hong Kong during the very early stage of the pandemic. In particular, the authors develop a measure for a geographical COVID-19 footprint by identifying visited locations by COVID-19 patients as well as their homes. The author’s diff-in-diff setting bases on the fact that shutdown orders are only imposed in Hong Kong in a later stage of the pandemic. This allows investigating the impact of risks associated with the virus alone and to disentangle them from risks associated with actual building shutdowns. The authors’ most important finding argues in favor of a negative correlation. Real estate companies with a property within two miles from a COVID-19 case result in a 0.02% lower return one day after the case disclosure. This effect is stronger for buildings located closer and weaker for residential properties.

Housing market

Several studies analyze the impact of past pandemics or epidemics on residential housing. The insights of these academic papers provide a foundation for analysis of the housing market under COVID-19.

Housing and past pandemics

A historical-based study of Francke and Korevaar ( 2020 ) analyzes plague and cholera outbreaks in Amsterdam and in Paris during the sixteenth–seventeenth and nineteenth century, respectively. The authors document significant yearly losses for aggregate house prices of about − 6% on average until one year after an epidemic. Rents follow the same pattern. However, the decline in rents is limited to − 3% per year. Furthermore, sales prices for houses one year after an epidemic are 13% lower and the decline in house prices is 10% larger when doubling cholera mortality in a specific neighborhood. The results highlight stronger declining prices in highly affected areas (especially at the beginning of an epidemic). Lastly, the authors describe these declines as transitory shocks, as both cities could revert to their initial price path after the epidemic.

Ambrus et al. ( 2020 ) investigate the historical footprint of epidemics on cities by looking at the impact of one cholera outbreak in one residential area of London during the nineteenth century. During this epidemic, 660 residents in a 0.5-mile radius from St. James Parish died within a month. The authors show that ten years after the pandemic, rental values are 15% lower within the catchment area of the water pump that transmitted the disease. Surprisingly, compared to similar neighborhoods, the difference in house prices persists over the following 160 years as the tenant composition within the neighborhood changed. Hence, these results argue for a permanent effect on rental markets due to the exogenous character of risks of epidemics.

Wong ( 2008 ) investigates how the price of individual residential properties is affected by the SARS outbreak in Hong Kong in 2003. The epidemic results in decreasing demand for housing, rather than a decline in supply. The author confirms an average diminution of − 1% to − 3% in prices when an estate is directly affected by SARS. (Infection rates are publicly for each property and mentioned in the media.) As a consequence of the outbreak, the average total reduction in value across all estates is − 1.6%. A comparably low figure, as behavioral economic theories argue the decline in house prices should be stronger due to overreaction in cases of rare events (Viscusi 1989 ). Wong ( 2008 ) explains this absence of price overreaction in an analysis of transaction volumes. Despite the significant diminution in turnover rates, this analysis suggests that house prices do not overreact because housing market features in Hong Kong are characterized by high transaction costs, liquidity constraints and loss aversion.

Another study of Davis ( 2004 ) is based on the argument that houses located in regions with high risks must have lower prices than equivalent houses in locations with lower risk. In this perspective, the author analyzes the housing market for an isolated county in Nevada suffering from a severe and unexplained increase in pediatric leukemia. His results show how housing prices decline significantly as a response of increased health risk following the diagnoses of the leukemia cases. The decrease in property values reaches a maximum of approximately − 15% compared to the control group in a neighboring county. Furthermore, D’Lima et al. ( 2020 ) investigate and confirm the same argument as Davis ( 2004 ) by analyzing a dataset on opioid prescriptions as well as sales in Ohio during the “opioid crisis”. This health crisis refers to overuse and misuse of prescription opioids from the late 1990s. Their findings demonstrate dropping house prices around dispense locations (pharmacies and practitioners) and a negative correlation with the quantity of opioids dispensed.

Housing and COVID-19

A first decisive documentation of the impact of the COVID-19 pandemic on the housing market is the work by D’Lima et al. ( 2020 ). Based on a difference-in-differences framework, the authors investigate the effects of shutdown and reopening orders by looking at data of one million housing transactions between the 1 January 2020 and the 20 June 2020 in the USA, considering both states which impose and states which do not impose statewide shutdown measures. The results do not argue in favor of any aggregate price effect, while demonstrating evidence for a significant decrease in transaction volume.

The finding of D’Lima et al. ( 2020 ) is confirmed by Fig.  5 . The graph shows a continuous price increase of the Case/Shiller U.S. National House Price Index from January 2018 to October 2020 with almost no reaction to the COVID-19 crisis. In contrast, the high uncertainty in the market leads to a plunge on the supply side, where existing home sales decreases by more than − 30% between February and June 2020. Surprisingly, the market recovers quickly and reaches an all-time high in September 2020. In a similar way, the U.S. Housing Market Index of the National Association of Home Builders 9 drops. Besides recent transaction data, this index includes market sentiment for single-family homes and shows a pessimistic decline of − 60% followed by rebounding optimism driving up the index by +  177% to its all-time high.

An external file that holds a picture, illustration, etc.
Object name is 11408_2021_384_Fig5_HTML.jpg

This figure compares two different house price indices in the USA (left vertical axis) and relates their performance to monthly sales of existing homes from the National Association of Realtors (right vertical axis). The NAHB U.S. Housing Market Index includes a market sentiment measure, while the S&P/Case-Shiller U.S. National House Price Index is purely transaction based. The sample period spans from January 2018 to October 2020. House price indices are normalized to January 2018

On the one hand, D’Lima et al. ( 2020 ) explain the decrease in transactions by a shift in supply, as the number of daily listings decreased due to sellers’ risk aversion in light of considerable uncertainty dominating the market. Large properties are most illiquid under these conditions. Furthermore, Yoruk ( 2020 ) documents a decreasing number of new home listings as well as pending home sales in fifty major US cities in the early stage of the pandemic. On the other hand, many frictions in the housing market are due to demand side shocks as buyers are unable to conduct optimal search and properly process their biddings, while COVID-19 restriction orders are in place (D’Lima et al. 2020 ). Tanrıvermiş ( 2020 ), Bhoj ( 2020 ) as well as Jovanovic et al. ( 2020 ) document similar shifts in demand or supply of international real estate markets like Turkey, India, China, Great Britain, Serbia and Italy.

Liu and Su ( 2020 ) analyze the correlation between demand on the housing market and population density in the USA after the outbreak of COVID-19. The authors’ results illustrate how a decline in demand is stronger in more densely populated neighborhoods and central cities. Hence, the study documents a downward shift of people’s demand for density. The explanation of this effect is based on a diminishing need of living close to jobs that are telework-compatible and a decreasing utility of easy access to consumption amenities. These weaker incentives for bearing high housing costs go in hand with growing health concerns about living in high-density locations according to the authors. Furthermore, the study finds evidence for a persistent decline in demand for housing in dense areas, while the aggregate housing market seems to recover from the shock induced by COVID-19. This outcome suggests that the aversion to crowded places may preserve in the future.

A fundamental analysis of the nexus between housing stability (defined as housing tenure and security) and the success of public health strategies during COVID-19 is provided by Layser et al. ( 2020 ). The authors argue that social distancing, as the main public health tool for mitigating the COVID-19 outbreak in the USA, is a threat for housing stability as restrictions caused significant numbers of business closures as well as a rise in unemployment. Consequently, this effect will create a downward spiral: increased housing instability will undermine the public health response as social distancing becomes more difficult due to worse economic conditions. Considering increasing eviction rates, which are also likely to grow after the market rebound, this reaction is destinated to disproportionally impact racial minorities or other disadvantaged socioeconomic groups.

On a regional level, decreasing housing prices are documented by Del Giudice et al. ( 2020 ) in the Campania Region in Italy. Firstly, the authors undermine that COVID-19 affects housing markets through several channels including the closure of entire neighborhoods or cities, concerns about long-run contagion/distrust of the effectiveness of sanitation effort, general economic decline as well as specific housing market factors. Secondly, home sale declines are likely to stem from the demand side due to income and psychological (stigma) effects. Thirdly, in a short-run scenario, a housing price decrease of − 4.16% is quantified, while in the mid-run the price drop is calculated as − 6.49% until the beginning of 2021. A similar price path is projected by Allen-Coghlan and McQuinn ( 2020 ) for the Irish housing market.

Additionally, a study by Zhao ( 2020 ), takes a detailed look at the recovery of the housing market after April 2020. The author documents increasing property prices and higher housing demand due to the Federal Reserve’s unprecedented monetary easing as a part of COVID-19 fighting policies. This is confirmed by the patterns shown in Fig.  5 . In contrast to Liu and Su ( 2020 ), the study of Zhao ( 2020 ) confirms these developments in house prices as well as demand and supply patterns across urban, suburban and rural areas.

Mortgage market

A limited number of studies examine the situation on mortgage markets despite monetary easing programs of national banks have accelerated tremendously. This development is depicted in Fig.  6 for the USA, where the Federal Reserve decreased the effective federal funds rate to its all-time low value of 0.05% at the beginning of the COVID-19 pandemic. At the same time, the Federal Reserves pushes down the 30-year fixed mortgage rate to its record low by purchasing MBS worth USD 200 billion in total. However, as shown in Fig.  6 as well, the decreasing mortgage rates are compensated by mortgage lenders through charging higher fees and points.

An external file that holds a picture, illustration, etc.
Object name is 11408_2021_384_Fig6_HTML.jpg

This figure compares the development of FreddieMac’s 30-year fixed mortgages rate and 30-year mortgage fees and points as well as the Federal Reserve’s effective federal funds rate. Rates refer to the left vertical axis, while fees and points are linked to the right vertical axis. The sample period spans from January 2018 to October 2020

Capponi et al. ( 2020 ) assess the effectiveness of regulatory responses on COVID-19 in the USA. Analyzed measures include the introduction of foreclosure moratorium, possible homeowner forbearance of mortgage payments and the Federal Reserve’s MBS purchase program. The authors document the existence of a self-reinforcing feedback loop between mortgage foreclosures and growth in house prices. Hence, an increasing number of foreclosures put a downward pressure on house prices and in turn decreasing house prices lead to more foreclosures. By modeling this feedback loop, the authors confirm that regulatory responses are successful in stopping negative spillovers from foreclosures to house prices. Nevertheless, the authors conclude that the MBS purchase program needs to target low-coupon MBS more effectively to incentives refinancing as well as home buying.

In contrast to Capponi et al. ( 2020 ), Amromin et al. ( 2020 ) highlight that in case of widespread economic disruption, like the COVID-19 pandemic, large-scale regulatory measures may place considerable pressure on the housing finance system. As an example, the authors mention the extensive use of mortgage forbearance threatening the liquidity of mortgage servicers that must replace borrower payments to investors during the early stages of the COVID-19 outbreak.

Agrawal et al. ( 2020 ) focus on the performance of commercial mortgages. By observing county-level variation in mortgage performance by property type, the authors document that the delinquency rate of commercial mortgages increases on average by approximately +  3.4% for every new coronavirus case per 100 capita. In addition, the study shows no strong evidence of a decrease in delinquencies in counties with more jobs retained by the federal government’s payment protection programs relative to the local labor force. This result suggests that loans to small business do not ease the financial distress of commercial borrowers. Agrawal et al. ( 2020 ) also document within industry spillover effects at the loan level.

Another study on commercial mortgages by Griffin and Priest ( 2020 ) shows that loan valuations crucially depend on accurate loan income. However, underwritten income is commonly overstated when compared to actual property income, which in turn is highly predictive of loan distress. During the COVID-19 pandemic, the authors document appraisal aggressiveness and abnormally low capitalization rates that are related to income overstatement. Hence, the current crisis reveals “speculative” underwriting practices.

Predicting the medium- and long-term impact of COVID-19 on economic growth in general and on real estate markets in particular is difficult. Many factors contributing to a recovery or a potential deterioration are uncertain and dependent on the severity of the second or future waves of infections, the vaccine development as well as the governments’ will and available budget to finance additional fiscal and monetary stimulus packages. However, one aspect is certain, the longer the pandemic and shutdown orders last, the more severe will liquidity and capital risk in real estate markets become as disruptions in macroeconomic supply and demand increase further (Carlsson-Szlezak et al. 2020 ). Hence, the future of real estate markets is not straight forward and characterizing the shape of the recovery like Carlsson-Szlezak et al. ( 2020 ) might not be adequate or effective. 10 Therefore, in the following we discuss potential developments or trends for the different real estate sectors and mortgage markets. These trends might conflict each other and it is unclear which trends will prevail.

As mentioned, lockdown orders affect commercial real estate sectors differently. During the COVID-19 pandemic, firms protect their employees by the implementation of home offices if possible. This shift to remote work leads to a widespread assumption that firms will continue to implement and foster home offices to an increasing degree in the future. A potential development that goes in hand with past years’ megatrend of increasing employees’ working flexibility. On the one hand, a higher degree of home offices may result in less demand for office floor space in the future. On the other hand, distance rules will necessitate even more space in terms of square meters per person and enclosed space. Additionally, the longer the commuting distance of employees the more attractive remote working gets. As a consequence, metropolitan areas and cities with bad infrastructure might be more affected by the home office trend. However, as it becomes more costly for companies to retain their employees’ productivity as well as to maintain corporate culture, co-working spaces or shared office spaces may replace fixed office floor plans in the future. These new office concepts will in turn lead to the development of mixed use of urban locations. Furthermore, the changing requirements for office space together with an overaged stock of floor space and new potential green building requirements (Pike 2020 ) might affect future rental prices and expected returns in the office sector.

While the stationary or non-food retail industry has been directly hit by shutdown orders, online sales increased significantly during the COVID-19 pandemic. This change in purchasing behavior is not new and reflects an acceleration of an already existing trend. Similar to the office market, it is difficult to judge how large the pandemic’s effect on retail properties will be and how the spatial distribution of retail locations across rural, sub-urban and urban areas will look like. However, the future success of retail in cities strongly depends on an even balance of traditional retail properties and increased logistic space demanded by online retailers. In particular, the presence of storage space and show rooms of online shops will be important for a timely and climate-friendly distribution of goods to consumers. This goes in hand with a change in supply chains of local manufacturing companies as the trend to buy regional products online and to support local online shops increases. Hence, strong market adjustments in the retail sector may be expected in the future. In contrast, the future of hospitality sector is still characterized by large uncertainty as it is unclear whether travel patterns (leisure and business travel) normalizes again. As a consequence, institutional investors may avoid investments in the hospitality as well as the traditional stationary retail sector in the near future and will shift their capital into logistics and the residential sector.

COVID-19’s direct impact on the housing market is relatively small. Even though households reduce their overall spending and increase savings due to a higher economic uncertainty (due to precautionary motives and liquidity preferences), low interest rates and social distancing increases the desire for privately owned homes. Moreover, the change in the working organization toward home office as well social distancing increases the demand for more living space and privacy. As an example, there may be a higher demand for single-family homes in peripheral and rural areas or holiday apartments in tourist destination, while the demand for apartments in large cities may be reduced. Contrastingly, if people keep avoiding traveling and the use of public transportation, a trend to live closer to the place of work or to commute with private means of transportation may be another possible result. Hence, it is questionable if the out-migration from metropolitan areas persists in the future.

Nevertheless, COVID-19 will impact the housing market and the mortgage market by increasing the wealth inequality between households further. In contrast to white-collar employees, blue-collar workers and low-income households will still be more affected by unemployment and pandemic uncertainty in the future. Without government support for these individuals, an increasing share of these household will not be able to pay their rents. In the market for owner-occupied housing, the picture will be similar. Mortgages of low-income households will be more likely to default, while high-income households take up more mortgages for renovations, room extensions and larger homes to accommodate a home office for example. Simultaneously, higher property prices in the past decade lowered the collateral requirements for households. However, the longer the pandemic lasts and the more prolonged the shrinkage in consumption of high-income households will be, the higher these negative effects and their impact on the mortgage market will be. In particular, the end of the credit for investors and rent moratoriums for renters may lead to increased insolvencies of landlords, as too high debt coverage ratios and loan-to-value ratios cannot be sustained. More vacant space and income losses will be the result at real estate asset markets.

Finally, the pandemic speeds up the digitalization in all real estate markets as a catalyst for the entire economy in general and the banking and real estate sector in particular. As an example, outdated information technology in the banking sector required longer loan processing times and missing transactions hinder the property valuation during the first wave of infections. These difficulties highlight the need for digitalization and the use of artificial intelligence, machine learning, data analytics and the cooperation with Fintech firms and technology providers to facilitate existing processes. The increased use of digital channels across all real estate sectors will increase market transparency as well as market efficiency.

This paper provides an in-depth overview of the scientific papers related to the impact of the COVID-19 pandemic on real estate markets. These markets include the commercial real estate, residential property as well as the mortgage market. Cited papers mainly include studies from the USA but also expand to international markets like Hong Kong, Italy, or Ireland among others. Nevertheless, the reviewed research shows that due to the heterogeneity of real estate and varying transmission channels from initial macroeconomic shocks, all real estate markets are affected in different ways by the outbreak of the virus. Understanding these differences and their future consequences is crucial for governments, national banks, or investors in private as well as public markets. In particular, the summarized findings are valuable for various countries who are currently fighting the second wave of infections and those who have to prepare for potential future waves. In addition, future research should consider existing studies on COVID-19 and should dig deeper on possible links between real estate markets, the macroeconomy and financial markets.

Acknowledgements

The authors thank the editor Markus Schmid, Kathleen Kürschner-Rauck and Donglin He for their constructive comments and help.

Biographies

is currently a Master’s candidate in Banking and Finance at the University of St.Gallen, Switzerland, where she also works as a junior research assistant at the Swiss Institute of Banking and Finance. Her research interests include real estate finance and economics.

is Professor of Real Estate Finance at the University of St. Gallen and Member of the Board of the Swiss Institute for Banking and Finance and of the School of Finance. In addition, he is a Research Associate at the Centre for European Economic Research, Mannheim, Germany, as well as a guest professor at the NTNU Business School in Trondheim, Norway. He studied economics at the University of Freiburg, Germany, where he obtained his doctoral degree and habilitation. Roland Füss teaches courses in Statistics, Financial Econometrics, Real Estate Economics and Real Estate Finance. His main research topics are in the field of empirical asset pricing, real estate finance and economics, risk management and applied financial econometrics. His research has been published in economics and finance journals such as Journal of Financial and Quantitative Analysis , Review of Finance , Journal of Economic Dynamics and Control , Journal of Money, Credit and Banking and Real Estate Economics .

is currently a Ph.D. candidate and research assistant at the Swiss Institute of Banking and Finance. of the University of St.Gallen, Switzerland. His research interests are empirical asset pricing and alternative investments with a special focus on real estate. His research has been published in the Journal of Financial Markets and Portfolio Management .

Open Access funding provided by Universitat St.Gallen.

1 Contrastingly, rescue programs during the global financial crisis target on stabilizing the banking sector and reducing the systemic risk in the financial system. Measures applied during the COVID-19 pandemic aim at buffering the initial shock in the real economy and the losses of the respective market participants.

2 For instance, (Rogoff and Yang ( 2020 )) find that a 20% decrease in real estate activity leads up to 10% fall in GDP for today’s Chinese economy, even without any divulgation through the banking system.

3 Dingel et al. ( 2020 ) classify the feasibility of working at home across industries and cities. The authors illustrate that 37% of jobs in the USA can be reallocated remotely and these jobs correspond to 46% of the national wages. Hence, these jobs typically pay more than jobs that cannot be done at home. This is in line with Bartik et al. ( 2020 ), who find evidence that remote work in industries with better paid and better educated employees is more common compared to other industries.

4 For instance, local retail businesses shifting to online sales generate significantly less demand for retail floor space. Furthermore, service companies increasingly use telecommunication and support working from home offices. In both cases, firms will cut rental space substantially and will negotiate new leases for less space.

5 This development of real estate securities as non-pandemic-resilient stocks is in line with Pagano et al. ( 2020 ). These authors find that pandemic-resilient stocks of firms, which are less affected by social distancing, substantially outperform their peers, even after controlling for the other standard risk factors.

6 In accordance with Shiller ( 1981 ) and Campbell and Shiller ( 1988 ), Gormsen and Koijen ( 2020 ) point out that most of the variation in stock values can be traced back to changes in expected returns rather than revisions in expected future growth rates. The changes in investors’ discount rates may reflect shifts in risk aversion, sentiment, or uncertainty about long-term growth.

7 Baker et al. ( 2020 ) develop an equity market volatility (EVM) tracker which is a newspaper-based indicator that moves with the VIX and the realized volatility on the S&P 500. The authors note that by February 2020, COVID-19 infections start to dominate newspaper coverage of stock market volatility and newspaper discussions on economic policy uncertainty. In March 2020, COVID-19 developments receive attention in more than 90% of all newspaper discussions of market volatility and policy uncertainty.

8 By implementing a difference-in-differences setting, Verhaeghe and Ghekiere ( 2020 ) show how ethnic discrimination in a Belgian city’s housing market increases during the COVID-19 pandemic. The authors identify lower income levels as one possible reason for this discrimination.

9 The NAHB HMI is based on transaction prices as well as on a monthly survey of NAHB members in order to capture the sentiment in the single-family housing market. The respondents of the survey rate the market conditions for new home sales “at the present time and in the next six months as well as the traffic of prospective buyers of new homes”.

10 Carlsson-Szlezak et al. ( 2020 ) list three exemplary shapes of economic shocks: the V-shape with a significant drop in GDP and fast recovery back to the pre-crisis growth path, the U-shape with a strong drop in growth never reaching the pre-pandemic path and the L-shape with not only recovering but also further declining growth rates. Undoubtedly, the first wave of the pandemic followed a deep but short pattern. With more waves of COVID-19 infections, it is likely that the growth path of economic development shows a deep L- or U-shape.

Publisher's Note

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Contributor Information

Nadia Balemi, Email: [email protected] .

Roland Füss, Email: [email protected] .

Alois Weigand, Email: [email protected] .

  • Agrawal, S., Ambrose, B., Lopez, L., Xiao, X.: Pandemic risk factors and the role of government intervention: evidence from COVID-19 and CMBS mortgage performance. Working paper, National Singapore University (2020)
  • Alfaro, L., Chari, A., Greenland, A., Schott, P.: Aggregate and firm-level stock returns during pandemics, in real time. Working paper, National Bureau of Economic Research (2020)
  • Allen-Coghlan M, McQuinn K. Property prices and COVID-19 related administrative closures: what are the implications? Int. J. Housing Mark. Anal. 2020; 661 :1–22. [ Google Scholar ]
  • Ambrus A, Field E, Gonzalez R. Loss in the time of cholera: long-run impact of a disease epidemic on the urban landscape. Am. Econ. Rev. 2020; 110 (2):475–525. doi: 10.1257/aer.20190759. [ CrossRef ] [ Google Scholar ]
  • Amromin G, Bhutta N, Keys B. Refinancing, monetary policy, and the credit cycle. Annu. Rev. Financ. Econ. 2020; 12 :67–93. doi: 10.1146/annurev-financial-012720-120430. [ CrossRef ] [ Google Scholar ]
  • Baker, S., Bloom, N., Davis, S., Terry, S.: Covid-induced economic uncertainty. Working paper, National Bureau of Economic Research (2020)
  • Bartik, A., Cullen, Z., Glaeser, E., Luca, M., Stanton, C.: What jobs are being done at home during the COVID-19 crisis? Evidence from firm-level surveys. Working paper, National Bureau of Economic Research (2020)
  • Bhoj J. Impact of COVID-19 on real estate industry with reference to India. Int. J. Manag. Human. 2020; 4 (9):158–161. [ Google Scholar ]
  • Bhutta, N., Bricker, J., Dettling, L., Kelliher, J., Laufer, S.: Stress testing household debt. Working paper, Federal Reserve Bank of New York (2019)
  • Brodeur, A., Gray, D., Islam, A., Bhuiyan, S.: A literature review of the economics of COVID-19. Working paper, IZA Institute of Labor Economics (2020)
  • Campbell J, Shiller R. Stock prices, earnings, and expected dividends. J. Finance. 1988; 43 (3):661–676. doi: 10.1111/j.1540-6261.1988.tb04598.x. [ CrossRef ] [ Google Scholar ]
  • Capponi, A., Jia, R., Rios, D.: Foreclosures, house prices growth, and refinancing in the COVID-19 period. Working paper, Columbia University (2020)
  • Carlsson-Szlezak, P., Reeves, M., Swartz. P.: What coronavirus could mean for the global economy? Harvard Business Review, 3 (2020)
  • Davis L. The effect of health risk on housing values: evidence from a cancer cluster. Am. Econ. Rev. 2004; 94 (5):1693–1704. doi: 10.1257/0002828043052358. [ PubMed ] [ CrossRef ] [ Google Scholar ]
  • Del Giudice V, De Paola P, Del Giudice FP. COVID-19 infects real estate markets: short- and mid-run effects on housing prices in Campania Region (Italy) Soc. Sci. 2020; 9 (7):114. doi: 10.3390/socsci9070114. [ CrossRef ] [ Google Scholar ]
  • Ding, W., Levine, R., Lin, C., Xie, W.: Corporate immunity to the COVID-19 pandemic. Working paper, National Bureau of Economic Research (2020)
  • Dingel, J., Neiman, B.: How many jobs can be done at home? Working paper, National Bureau of Economic Research (2020) [ PMC free article ] [ PubMed ]
  • D’Lima, W., Lopez, L., Pradhan, A.: COVID-19 and housing market effects: evidence from U.S. shutdown orders. Working paper, Old Dominion University (2020)
  • D’Lima, W., Thibodeau, M.: Health crisis and housing market effects—evidence from the U.S. opioid epidemic. Working paper, Old Dominion University (2020)
  • Duca, J., David, L.: The other (commercial) real estate boom and bust: the effects of risk premia and regulatory capital arbitrage. J. Bank. Finance 112 , 105317 (2020)
  • Francke, M., Korevaar, M.: Housing markets in a pandemic: evidence from historical outbreaks. Working paper, University of Amsterdam (2020)
  • Gormsen, N., Koijen, R.: Coronavirus: impact on stock prices and growth expectations. Working paper, National Bureau of Economic Research (2020)
  • Griffin, J., Priest, A.: Is COVID revealing a CMBS virus?. Working paper, University of Texas (2020)
  • Jovanovic M, Durkovic A, Vucetic D, Draskovic B. The impact of COVID-19 pandemic on the real estate market development projects. Eur. Project Manag. J. 2020; 10 (1):36–49. doi: 10.18485/epmj.2020.10.1.5. [ CrossRef ] [ Google Scholar ]
  • Kurmann, A., Lalé, E., Ta, L.: The impact of COVID-19 on small business employment and hours: real-time estimates with homebase data. Working paper, National Bureau of Economic Research (2020)
  • Layser, M., De Barbieri, E., Greenlee, A., Kaye, T., Saito, B.: Mitigating housing instability during a pandemic. Working paper, University of Dallas (2020)
  • Ling, D., Wang, C., Zhou, T.: A first look at the impact of COVID-19 on commercial real estate prices: asset level evidence. Working paper, University of Florida (2020)
  • Liu, S., Su, Y.: The impact of the COVID-19 pandemic on the demand for density: evidence from the U.S. housing market. Working paper, Federal Reserve Bank of Dallas (2020)
  • Milcheva, S.: A first look at the impact of COVID-19 on commercial real estate prices: asset level evidence. Working paper, University College London (2020)
  • Pagano, M., Wagner, C., Zechner, J.: Disaster resilience and asset prices. Working paper, University of Naples (2020)
  • Pike J. The future of sustainable real estate investments in a post-COVID-19 world. J. Eur. Real Estate Res. 2020; 13 (3):455–460. doi: 10.1108/JERER-07-2020-0042. [ CrossRef ] [ Google Scholar ]
  • Rogoff, K., Yang, Y.: Peak China Housing. Working paper, National Bureau of Economic Research (2020)
  • Shiller R. Alternative tests of rational expectations models: the case of the term structure. J. Econom. 1981; 16 (1):71–87. doi: 10.1016/0304-4076(81)90076-2. [ CrossRef ] [ Google Scholar ]
  • Tanrıvermiş H. Possible impacts of COVID-19 outbreak on real estate sector and possible changes to adopt: a situation analysis and general assessment on Turkish perspective. J. Urban Manag. 2020; 9 (3):263–269. doi: 10.1016/j.jum.2020.08.005. [ CrossRef ] [ Google Scholar ]
  • van Dijk, D., Kinsella Thompson, A., Geltner, D.: Recent drops in market liquidity may foreshadow major drops in US commerical real estate markets. Working paper, MIT Center for Real Estate (2020)
  • Verhaeghe, P.-P., Ghekiere, A.: The impact of the COVID-19 pandemic on ethnic discrimination on the housing market. European Societies, pp. 1–16 (2020)
  • Viscusi W. Prospective reference theory: toward an explanation of the paradoxes. J. Risk Uncertain. 1989; 2 (3):235–263. doi: 10.1007/BF00209389. [ CrossRef ] [ Google Scholar ]
  • Wong G. Has SARS infected the property market? Evidence from Hong Kong. J. Urban Econ. 2008; 63 (1):74–95. doi: 10.1016/j.jue.2006.12.007. [ PMC free article ] [ PubMed ] [ CrossRef ] [ Google Scholar ]
  • Xie, L., Milcheva, S.: Proximity to COVID-19 cases and REIT equity returns. Working paper, University College London (2020)
  • Yoruk, B.: Early effects of the COVID-19 pandemic on housing market in the United States. Working paper, SUNY University at Albany (2020)
  • Zhao, Y.: US housing market during COVID-19: aggregate and distributional evidence. Working paper, International Monetary Fund (2020)

Browse Course Material

Course info.

  • Prof. David Geltner

Departments

  • Urban Studies and Planning
  • Sloan School of Management

As Taught In

  • Real Estate

Learning Resource Types

Advanced topics in real estate finance, course description.

Photo of New York City skyline.

Real Estate Finance Fundamentals

This short program will present critical "nuts-and-bolts" real estate finance principles and practices in a simple, understandable, and interactive manner that will demystify the real estate financing process.

Boston skyline and Zakim bridge

Associated Schools

Harvard Graduate School of Design

Harvard Graduate School of Design

What you'll learn.

Identify the methodologies used to calculate the primary components of return in income-producing real estate.

Establish reasonable financial return targets for each of these primary return components.

Determine the level of debt financing that a project is likely to achieve based upon applicable underwriting criteria

Prepare simple operating pro forma, capital cost pro forma, and sources and uses of funds statements.

Understand the most common real estate industry measures of return and the relative importance of each measure.

Understand the significance of Purchase, Operating, and Exit Cap Rates. Understand a simple Waterfall/Promote structure.

Course description

We will focus on real estate finance fundamentals that are important to either develop and/or invest in varied types of real estate assets, or to enhance your ability to understand how real estate finance fundamentals relate to your primary role as a member of a real estate development or investment team, all with emphasis on understanding how real estate value is created, measured, and managed.

Expect a lively and engaging interactive classroom experience! Key topics will include: establishing realistic financial objectives; identifying and calculating the primary components of return in income-producing real estate including cash flow, tax benefits, and futures; preparing operating and capital cost pro formas and sources and uses of funds statements; understanding debt-financing underwriting basics (net operating income, debt service coverage factors, annual constants, debt/equity ratios, and other lender underwriting requirements); appreciating the importance of achieving positive financial leverage; calculating and interpreting standard industry measures of return: Return on Total Asset Cost (Cap Rate), Cash-on-Cash Return, leveraged and unleveraged Net Present Value (NPV), and Internal Rate of Return (IRR); and Equity Multiples. Other topics will include preparing sensitivity analyses and understanding simple Waterfall/Promote structures (the priority and amount of cash flow distributions to the respective financial and operating partners in a real estate joint development or investment joint venture).

We will teach and discuss these principles that are applicable worldwide using examples drawn from a wide variety of asset classes.

You may also like

Boston skyline

Real Estate Development Fundamentals

This short program is an excellent introduction to real estate development for entrepreneurs just starting in the business or joining an existing real estate development team.

construction site

Integrated Project Management

Integrated Project Management addresses the need for holistic, effective, and efficient Project Management leadership to manage resources, the consultant team and contractors, while staying transparent and under budget.

a modern, green city

International Real Estate Strategies and Deal Negotiation

Learn the ins and outs of the real estate cycle – and to how to take advantage of expansions, recessions, and inflationary periods.

127 Real Estate Essay Topic Ideas & Examples

Looking for interesting real estate topics to write about? This field is very exciting and worth exploring!

🔥 Real Estate Topics to Write About in 2024

🏆 best real estate essay examples & topic ideas, 👍 good real estate essay topics, ⭐ simple & easy real estate essay titles, ❓ real estate research questions.

In your real estate essay, you might want to focus on its classification or compare some of its types. Another idea is to discuss the issues of management, economics, or law in the sphere of real estate. Whether you’re planning to write an argumentative essay or reflection paper, our article will help. Here you’ll find real estate research topics and questions that will suit any project. Some real estate essay examples are added to inspire you even more!

  • Housing market during the pandemic
  • Buyer demand in real estate: the trends for 2022-2024
  • Moving into a new house: things to consider
  • Why is the real estate market blooming in the pandemic?
  • Global housing market
  • Residential real estate and its types
  • Investing in real estate: what to choose in 2022?
  • The history of real estate investment
  • Commercial real estate: the new trends
  • Real estate markets: the overview
  • Real Estate and Social Media The purpose of this essay is to discuss the history of real estate and social media, the position of social media over the last years, importance of technology to improve business, the best ways to […]
  • The Impact of the Real Estate in Dubai Economy The essence of this paper, guided by this brief history of Dubai, will be to investigate and evaluate the real estate in Dubai and the way it has contributed to the economy of the emirate […]
  • Chinese Real Estate Market In this particular case, it can clearly be seen that there is an overarching system in the form of the state capitalist based economic model of China that has influenced its government to such an […]
  • Real Estate Marketing and Advertising The advertising involves all parties that are interested into the sector of real estate marketing because sellers need to sell whereas buyers need to buy and a link is the advertising as it provides sellers […]
  • Investing in Real Estate in Germany: Financial and Labour Forces to Consider The financial forces are critically important since they directly influence the viability, profitability and performance of the investment. Germany has also made it easier for international investors to conduct business in the country by incorporating […]
  • Red Book: Real Estate Valuation In the UK this control is limited to the provisions of the Estate Agents Act of 1979 and the Property Misdescriptions Act of 1991.
  • Real Estate Investment Trusts: KIMCO The backbone of KIMCO operations is in the US where the company operates the largest database of shopping stores in 44 states.
  • Escalation of real estate prices Increase in price of the existing homes also leads to the rise in the real estate prices. Increase in value of properties in certain areas is another factor that has significantly contributed to the increase […]
  • Planning, Execution and Control Capabilities in a Real-World Project – The Real Estate Projects in Dubai As one of the seven emirates of the United Arab Emirates, Dubai has cut a niche to be one of the most desirable destinations in the real estate.
  • Real Estate Business Analysis This means that the Crown Company is not new to the transactions and the way of running a business in the real estate sector, but they have to evaluate their options first.
  • Comparative studies of real estate industry: Hong Kong and Singapore Given the size of the population, the GDP, and the size of the land, one is justified to argue that land and buildings are the most significant sources of the state’s wealth and economy.
  • The Impact of Bad Planning on Customer Perception in the Dubai Real Estate Industry Research aim The aim of this research is to examine how bad planning affects the outcome of the real estate projects in Dubai, in terms of customer perception on level of satisfaction and property resale […]
  • Real Estate and Construction Sector in the UAE and the Effects of the Crises on the UAE and the Gulf Real estate and construction sector in UAE The study covers the actual effects of the crisis to the construction and real estate sector in the region which is among the key sectors in the economy […]
  • Real estate bubble in China Through the government’s intrusion to direct the prices of residential houses, the housing sector has shown signs of decelerating trend in the prices of properties.
  • New Ways of Marketing Real Estate The changing face of marketing, as a concept both in the real estate industry and beyond, can be attributed to the dynamic nature of the social and economic conditions of people as well as their […]
  • Epistemological Nature of the Knowledge and Skills Needed for Real Estate Management Real estate managers apply the concept of ideology to deal directly with tenants who belong to a certain social class and before entering into managerial contracts, real estate managers are required to understand the social […]
  • Real Estate Sector in Dubai The major private developers in Dubai include the Dubai Properties Group, DAMAC Properties, Emaar Properties, and Nakheel Properties. Despite the global economy experiencing a slump the real estate market in Dubai is still attractive to […]
  • Rent Control Effect on the Real Estate Industry The concept of rent regulation was developed in response to an argument by economic experts that the supply function in the housing market was inflexible.
  • Chinese Real Estate Bubble’ Reasons and Effects The Chinese blame the government and the cultural traditions for instilling the mindset during the real estate bubble in the country.
  • Australian Consumer Law on Real Estate Considering the piece of land that is on sale, the assessor will be lying about the characteristics, nature, and the suitability of the piece of land.
  • Real Estate: Product Purchases and the Economy In the context of the substantial price growth, inflation increases the social differentiation of the population and creates a gap between the groups of income recipients.
  • Real Estate Law “Options Contract” Call option refers to a situation where the purchaser is granted a right to purchase land from the optionor, while put option is where the property owner has the right, but not a duty to […]
  • E-business in the Real Estate In an effort to improve service delivery to its customers, the Real Estate industry has fully relied on ICT to meet the needs of the customers.
  • The Real Estate and Construction Industry in Saudi Arabia The construction of real estate in Saudi has grown at a very high rate in recent years mainly due to the increasing number of tourists visiting the country and good returns from the oil sector.
  • UAE Construction and Real Estate Sector This paper is aimed at examining the role of the construction and real estate sector in developing the economy and infrastructure of the United Arab Emirates.
  • House Prices in the Real Estate Market Increase income leads to high demand for houses; hence, leading to increase in house prices. For instance, house prices plummeted considerably between 1990 and 1992 in the UK because high interest rates made mortgages expensive.
  • Text Marketing Impact to Real Estate Market in China Another factor that has contributed to the growth of the real estate in China is the growth of the country’s economy.
  • Real Estate Text Marketing in China The general objective of this paper was to investigate consumer behavior towards the impact of text marketing to the real estate market in China.
  • Real Estate Industry in the United Arab Emirates One of the most significant aspects that should be highlighted is that the regulatory environment has improved, and it has helped to draw the attention of foreign investors.
  • American Real Estate Bubble and Its Causes Every month, the homeowner that took out the loan from the bank needs to pay back a portion of the interest on the loan as well as the added interest.
  • Real Estate Market in India The primary aim of the paper is to analyze the real estate industry in India through the example of the Urban Plus Company using Porter’s Five Forces and the PESTEL framework.
  • Real Estate Investment and Financial Stock Consequently, it is critical to discuss the role of Real Estate Investment Trusts in the economic stability and their separation from the financial market at the end of this week with the help of the […]
  • Real Estate Industry’s Macroenvironmental Analysis In analyzing the external environment of the Real Estate Industry, this report utilized two business assessment tools known as the PESTEL business model and the Five Force business model. In the real estate business, competition […]
  • Real Estate Development: Business Continuity Plan It is expected that all the Real Estate Development’s sites will implement the proposed plan and take the proposed measures in order to minimize the risks of operational disruptions and ensure a quick recovery in […]
  • Real Estate & Stock Investment and Risk Management As more and more people access mortgage and own houses, the investment in real estate has had a fair share of challenges making it not as safe as it is popularly believed.
  • Immigrants’ Effects on Texas Real Estate However, despite the restriction, immigrants are likely to come to Texas and other states in America. Highly professional newcomers contribute to the development of the economy and stimulate the real estate market to expand.
  • California Real Estate Discrimination These acts include the real estate license law, the Fair Employment and Housing Act, the Housing Financial Discrimination Act, and the Unruh Civil Rights Act among the federal laws.Mr.
  • Real Estate Industry in the UAE: Meraas Holdings Based in the capital, Dubai, the company was founded in 2007 as a way of enhancing the potential and prestige of the city of Dubai.
  • Toys “R” Us Company’s Real Estate Collapse It is evident that the company, similar to many in the retail industry, failed to accommodate the changing trends and consumer behaviors.
  • Real Estate Investment Decisions Real estate is a complex investment that requires an investor to have a good comprehension of the most significant aspects that often influence one’s ability to make decisions that are well informed and intelligent enough.
  • Housing as a Social Asset in the Real Estate Market The financial situation in a household directly reflects the well-being and social interaction of individuals. Housing physically provides a space for social interaction and the building of social support mechanisms in a community.
  • East Asian Economy Analysis: Thailand’s Real Estate Bubble Economists believe that the rise and fall in the prices of assets have a strong impact on the real economies of most countries. The change in prices reflects the nature of economic activities taking place […]
  • Real Estate Research Variables and Hypotheses It is possible to define this variable in the following way: price is the amount of money to be paid to become an owner of the house and to start living in it.
  • Real Estate Research and Survey Results This will enable researchers to develop the relation between the category of homes and the level of income. The level of measurement of this question will be ordinal.
  • Union Street Business Association Real Estate Firm’s Plan USBA plans to hire human resource firms to get the best candidates to fill the positions required to staff the organization.
  • Real Estate Contract Documents A contract is an agreement that is intended to be enforceable in a court of law; as such, it must be drafted carefully to ensure that issues that might arise are easily clarified through the […]
  • Global Financial Crisis and Real Estate Issues The central point of the argument is that the real estate market in the US and the policy called “trailer park lending” was the main reason for the worldwide economic crisis.
  • Facility Management System in Real Estate Department The primary purpose of the department investing into a modernized facility management system is to improve the quality and capabilities of the service.
  • Asbestos and Effects on Real Estate Development Because of these hazards, use of asbestos in industry is regulated in the United States to protect workers and many uses of the material are banned entirely.
  • Endangered Species Act’s Effects on Real Estate S; the ability to obtain permits, entitlement, and approvals necessary for the development of real projects, and unexpected delays in the timing thereof; and implementation of laws as Endangered Species Act.
  • Wintotal and Appraiser’s Toolbox: Real Estate Appraisal Practices The powerful analytical processor of appraisal software is a multifactor algorithm with a powerful decision-making platform, which defines the accuracy of calculations and relevance of report data.
  • Real Estate Business in Berlin. Personal Internship After the fall of the Berlin Wall in the real estate market of Germany it is possible to observe a surprising situation: prices in the east, formerly socialist territories, did not grow for a long […]
  • Real Estate Industry: Current Trends A well functioning, affordable housing system is a vital element in a nation’s infrastructure at least as important as a road and provides to the efficiency of the economy.
  • Real Estate Housing Bubble The rise in prices was mainly due to a robust growth in demand for housing along with scarce supple because of a shortage in availability of land, mostly in the urban areas, and possibly, fragile […]
  • Real Estate as an Investment The first one is from the e-zine of About.com and is titled “Is Real Estate a Good Investment” and the second article is from The New York Times publications titled “Bucking the Tide, Real Estate […]
  • Real Estate Management: Real Estate Purchase Decisions The study went further to recommend a property by the name of high-rise found on the outskirts of the city of California based on the fact that it was insured by AIG group, American largest […]
  • Ethical Dilemmas: Morgan Brown Real Estate Company In the case of the latter ethical dilemma, it would be more effective and honest for this particular company to accept the fact that favouring one client over the other could lead to a tarnished […]
  • Real Estate Branding: Effects and Functions Real estate branding is an attempt by a firm to step out of the ordinary and differentiate from a huge set of competitors.
  • MSN Real Estate: Company Analysis The real estate market is considered to be one of the most important of the United States economy. At this stage the company has three main target groups, the primary of which is of students […]
  • Real Estate Market Conditions in Sacramento Generally, the current real estate market conditions in the area of apartment sales and rent are far from equilibrium according to the real estate cycle.
  • Ethics in Real Estate Depicting the victory of ethics over immorality, Sam Foster manages to express his idea of the possibility that the real estate business, and the human life on the whole, can be ethical in their essence.
  • The Real Estate Mortgage Market and Laws in Saudi Arabia Saudi Arabia has always been one of the highest economically growing country in the world and this factor has been fuelled by the presence of petroleum.
  • Dar Al Arkan as a Real Estate Leader in Saudi Arabia Come 2007, the company had its shares listed in the country’s stock exchange market and has continued to increase its capital through this platform The recent economic boom experienced in the country has led to […]
  • Buying a Home: Trends and Strategies in the Real Estate Industry The uniqueness of the borrower coupled with rules and principles of the financier presents the need for deliberation in brokering the best deal possible.
  • Decision Theory and Real Estate Investment The models of judgment so involved in the making of the deliberate and usually rational choice may be explained by the decision theory.
  • Asset Allocation vs. Entrepreneurial Decisions in Real Estate Investment The determination of the return series in real estate markets cannot be similar to that in stocks or bonds because the earlier involves the need to manage an investment property and has a special form […]
  • Commercial Real Estate Finance And since there is a gap in the industry, if we began our efforts to design and implement such a system now, we can have a very powerful tool of competitive advantage in the market […]
  • Real Estate Development Firms and Their Aspects The goods that enter the warehouse or rather the inbound goods are safeguarded in the warehouse until the outbound process for these goods is initiated. The warehousing process involves controlling the flow of goods in […]
  • Stephenson Real Estate Recapitalization Therefore, the key aim of the paper is to analyze the opportunity of recapitalization, the necessity to issue debts and shares, as well as analyze the benefits of such recapitalization.
  • Saudi Arabian Real Estate Industry Analysis This has assured the kingdom of again in their competitive outlook at the international front, thus enjoying a better foreign real estate investment attraction over most nations in the world.
  • Real Estate Management – Analysis and Valuation The financial bubble followed the economic boom and the bubble busted when the United States financial system failed, this led to the collapse of the mortgage market and a turnaround of the home boom in […]
  • The Elements of a Contract With Regard to Real Estate The elements of a contract with regard to real estate are analyzed in this essay. Recently, I entered into a contract with the seller of a strategically located house in Nevada.
  • An Ambitious Real Estate Investment Plan The project has the potential to succeed and also fails to owe to the issues and the circumstances it is encountering.
  • AvalonBay Communities’ Real Estate Investment Trust The company provides rent apartment, office complex, and buildings for individual, organizations, government agencies, and corporate institutions in the United States.
  • Historical Development of Real Estate in Atlanta, GA Atlanta city is the capital of the state of Georgia as well as the cultural and economic capital of the Atlanta Metropolitan area and is home to 420,003 people as per the 2010 census.
  • Current Recession and the Real Estate Industry in the US The performance of the housing industry has fallen after the recession. In the United States, most industries have recovered, but the housing industry is yet to recover from the recession.
  • Buying Property in Real Estate Investment The fall in the sterling also made foreign investors to have the notion that the assets in the UK are relatively cheaper.
  • Mortgage and Finance in the Real Estate Industry The arguments that have been made in the article pertain to the refinement of rules and procedures provided to the mortgage lenders by the government for licensing, legalizing their operations, and for controlling the spread […]
  • Summary of the Interview About Real Estate With the Expert in This Area It is not always possible to stick to the plan; thus, the business model should be flexible and highly adaptive. The biggest challenge is to find clients and establish a local brand image at the […]
  • Real Estate Situation in Manhattan and American Crisis According to the encyclopedia Wikipedia, Manhattan is the commercial, financial, and cultural center of the United States and, to varying extents, of the world.
  • The Role of Real Estate: The Case of the Kingdom of Saudi Arabia There is much support from the private and public sector to support sustainability. The growth of the real estate sector contributes to the growth of the economy.
  • Exposition for the Application to Master in Construction and Real Estate Management at HTW Berlin Countries around the world have realized that the best way of managing the competitiveness of the market is to successfully government and private projects completed in time and as per the expectations.
  • Average Cost of Real Estate in the Pacific Region The objective of this test is to determine if the average sales price for the real estate prices differs from the estimated value of $275.
  • Risk Management in a Real Estate Developer Company: Evergrande Group Over the years, the company’s success has played an important role in the growth and sustainability of the Chinese economy. The company faces opportunity risks as it ventures to invest in various projects.
  • The 4122 Wycliff Real Estate Investment In this case, the purchase price is estimated to be $400,000, with a deposit of $55,500, an interest rate of 5%, and a monthly mortgage payment of $1,849.35.
  • Southeastern Land Fund Inc. vs. Real Estate World Inc. According to the Court of Appeals, a condition in a real estate sales contract allowing for the payment of earnest money should not be regarded as a provision for liquidated damages.
  • A Real Estate Strategic Plan Analysis The strategic plan of real estate companies is a significant part of the organizational assessment and formulation of priorities. Hence, it does not tackle the issues and opportunities for the growth of human resources in […]
  • How the American Dream and Subprime Loans Contributed to the Real Estate Crisis?
  • How Accurate Are Commercial Real Estate Appraisals?
  • Are Green Factors Able to Drive the Real Estate Value Up?
  • Are the Global Real Estate Markets Contagious?
  • Which Factors Attract FDI in Real Estate?
  • Where Real Estate Investing and Speculation Collide?
  • Did 1933 New Deal Legislation Contribute to Farm Real Estate?
  • What Does the Stock Market Tell Us About Real Estate Returns?
  • How Has Crowdfunding Changed Real Estate Investing?
  • Does More Excellent Energy Performance Have an Impact on Real Estate Revenues?
  • Can Real Estate Brokers Affect Home Prices Under Extreme Market Conditions?
  • Does Corporate Real Estate Value Matter for Stock Returns?
  • How Can Computer Software Help the Real Estate Appraiser?
  • Can Investors Hold More Real Estate?
  • Can Real Estate Investors Avoid Specific Risk?
  • How SEO and Blogs Can Help Boost Real Estate Sales?
  • What Are Factors That Influence Code of Ethics in Real Estate?
  • Does Real Estate Ownership Matter in Corporate Governance?
  • Does All Firms’ Productive Investment Benefit From Real Estate Price Increases?
  • What Factors Determine International Real Estate Security Returns?
  • How Are Student Loans Hurting the Real Estate Market?
  • What Are the Roles and Responsibilities of a Professional Real Estate Manager?
  • How the Commercial Real Estate Boom Undid the Banks?
  • How Does Appraisal Smoothing Bias Real Estate Returns Measurement?
  • How Directory Listing Boosts Real Estate Sales?
  • Are Green Labels More Valuable in Emerging Real Estate Markets?
  • Are Real Estate and Securities Markets Integrated?
  • Does Real Estate Transparency Matter for Foreign Real Estate Investments?
  • Are Real Estate Banks More Affected by Real Estate Market Dynamics?
  • How Amazon and Same-Day Delivery Will Effect Retail Commercial Real Estate?
  • Chicago (A-D)
  • Chicago (N-B)

IvyPanda. (2023, December 27). 127 Real Estate Essay Topic Ideas & Examples. https://ivypanda.com/essays/topic/real-estate-essay-topics/

"127 Real Estate Essay Topic Ideas & Examples." IvyPanda , 27 Dec. 2023, ivypanda.com/essays/topic/real-estate-essay-topics/.

IvyPanda . (2023) '127 Real Estate Essay Topic Ideas & Examples'. 27 December.

IvyPanda . 2023. "127 Real Estate Essay Topic Ideas & Examples." December 27, 2023. https://ivypanda.com/essays/topic/real-estate-essay-topics/.

1. IvyPanda . "127 Real Estate Essay Topic Ideas & Examples." December 27, 2023. https://ivypanda.com/essays/topic/real-estate-essay-topics/.

Bibliography

IvyPanda . "127 Real Estate Essay Topic Ideas & Examples." December 27, 2023. https://ivypanda.com/essays/topic/real-estate-essay-topics/.

  • Financial Crisis Paper Topics
  • Money Research Ideas
  • Banking Research Ideas
  • World Bank Topics
  • Urbanization Ideas
  • Private Equity Research Ideas
  • Market Segmentation Titles
  • Landfill Essay Titles
  • Homelessness Questions
  • Earthquake Essay Topics
  • Airbnb Paper Topics
  • Demographics Topics
  • Gentrification Paper Topics
  • Urban Planning Research Ideas
  • Government Regulation Titles

Put a stop to deadline pressure, and have your homework done by an expert.

155 Brilliant Real Estate Dissertation Topics You Should Use Today

real estate dissertation topics

Real estate is the land, property, buildings, underground rights below, and air rights above the ground. Being a critical driver of the economy, real estate has earned a spot in academia. College and university students pursuing business-related courses will encounter this field in the cause of their study.

However, it is not that easy to impress your professor, especially with brilliant real estate topics. The challenge of having to research in this ever-dynamic industry is fundamental to most students. With that in mind, we have compiled over 150 real estate research topics from our guru British writers for your inspiration.

Top-Notch Real Estate Dissertation Topics in UK

  • The role of real estate in reviving the U.S. economy during the recession period
  • How the construction of new buildings is a crucial pillar of gross domestic product
  • The contribution of real estate to a nation’s economic output
  • Discuss the growing condominiums, townhouses, and single-family homes in the U.S.
  • What is the function of the National Association of Home Builders?
  • How the sale of homes is becoming a leading economic indicator
  • Our real estate agents watering down the effectiveness of the industry?
  • How sellers’ agents help find buyers using digital technologies
  • The impact of buyers’ agents to effective real estate management
  • What are the limitations of the legalities involved in the real estate industry?
  • Why professionalism is vital in the practice of real estate
  • Are homebuilders becoming overenthusiastic about future sales?
  • The role of individual homeowners in advancing real estate
  • Discuss a case study of the current real estate market statistics in the U.S.
  • Is it advisable to get a mortgage when thinking of investing in real estate?

Real Estate Research Paper Topics For Higher Grades

  • Factors that contribute to the rise in the value of a particular land
  • How are interest rates and taxes demoralizing many from investing in the industry?
  • Is real estate a profitable venture?
  • Why it is advisable to buy a home over living in rentals
  • Analyze some of the technicalities involved in purchasing the stocks of homebuilders
  • The impact of the varying stock prices on the housing market
  • Evaluate the various developments in residential real estate ownership
  • What future lies in store for the real estate market?
  • Discuss the rise in the number of privately-owned housing units in the U.K.
  • The implication of a shortage in concrete, lumber, and construction workers

Hot Real Estate Topics

  • Discuss the mutual relationship existing between building costs and sales prices
  • Discuss the critical role of local housing regulators in real estate
  • Compare and contrast the sale of multifamily units versus single-family units
  • Key economic indicators for real estate investments
  • The part of consumer confidence index to real estate agents and companies
  • Why homebuyers are shrugging off the rising mortgage rates
  • Discuss the drop in home sales amid low supply during COVID-19
  • Evaluate the effectiveness of buying an existing home vis-à-vis building your own
  • The impact of bad weather and high costs on new home sales
  • Factors to consider when choosing the best residential construction company

Current Real Estate Topics

  • The future of real estate with the emerging building technologies and trends
  • Why land is a critical component of real-estate
  • Characteristics of personal property that differentiate it from real-estate
  • Discuss the distinct economic characteristics of a real estate investment
  • Why most urban centers are booming with commercial real estate
  • The impact of coronavirus on the prices of homes and rentals
  • Discuss the effects of global warming on the construction of homes
  • Why has the number of new residential construction projects shrunk in 2022
  • Why most people are shifting to the house-flipping mode of real estate investment
  • The implication of the Black Lives Matter protests on real estate

Commercial Real Estate Blog Topics

  • How employment rates are affecting real estate prices
  • Why active management and expertise are necessary for any real estate project
  • Is it advisable to invest in real estate through Real Estate Investment Trust (REIT)?
  • The role of mortgage-backed securities in triggering a global financial crisis in 2007-08
  • Why mortgage lending discrimination is still persistent in most countries
  • Trading strategies that will make you survive in the real estate industry
  • Evaluate the pooled private and public investments in the property markets
  • Profit-generating activities that one can try on land in 2022
  • A technical analysis of real estate investors using age as a variable
  • Why investing in luxury real estate may back-fire on you

The Best Real Estate Thesis Topics

  • Real estate as a pillar of the national economy in the United States
  • Long-term economic challenges likely to affect the real estate market
  • Analyze the evolution of the real estate industry over the past 50 years
  • Discuss the latest home buying and selling models in 2022
  • How to tame scammers encroaching in the real estate industry
  • Discuss economic forecasting as a critical aspect of the cynical nature of the real estate
  • How to determine the highest and best use of the commercial real estate
  • Tax shelter strategies that one can take when investing in real estate
  • Discuss the growing liabilities in real estate transactions
  • Review how different corporates hold real estate as an investment

Real Estate Management Dissertation Topics

  • Discuss how real estate management transpired from the Indians to other early settlers
  • Why a title deed is a critical component of any real estate transaction
  • How to manage real estate profits and incentives during the booming season
  • How to remain afloat in the real estate industry during a fluctuating economy
  • How the 2007 economic recession changed real estate management practices
  • Discuss the impact of real estate investments on credit unions
  • Analyze various problems associated with real estate management in the United Kingdom
  • How to manage corporate loans and funding for real estate projects
  • Practical real estate prospects that work for first-time investors
  • The role of Business schools in enhance effective real estate management

Real Estate Law Topics

  • Federal laws that guide the process of purchasing a bank-owned property
  • Discuss the effectiveness of legal debt and deficiency actions
  • Legal requirements in the foreclosure of mortgage for real estate investments
  • Environmental contamination regulations that impede real estate projects
  • Discuss building and safety code compliance regulations in the U.K.
  • How government regulation of lead paint affects the practice of real estate
  • The effectiveness of licenses, permits, and variances in real estate
  • How are impunities real estate laws on urban renewal projects?
  • Real estate laws that guide the construction of Underground storage tanks (USTs)
  • How property transfers by wills are becoming a source of conflict in societies

Custom Real Estate Topics To Write About

  • How to protect value in real estate while managing the various investment risks
  • Our real estate policy frameworks sustainable in the 21 st century?
  • Why equity markets and institutional investors are critical in real estate development
  • The impact of debt financing on real estate investors
  • How to manage risks and opportunities that arise in real estate
  • Discuss the Geography of real estate and finance
  • The impact of commercial advertising on the sale of residential homes
  • Discuss the critical pillars of real estate financing models
  • Discuss the growing use of corporate loans in real estate financing
  • The role of real estate in alleviating the problem of unemployment

Impressive Topics In Real Estate

  • How the fluctuating financial system is affecting the real estate market
  • The effects of property finance on the modern society
  • Discuss how the growth of smart cities is affecting the real estate industry
  • How business investors can help you own a home
  • Problems associated with lending in the real estate market
  • How to develop a solid customer base in real estate marketing
  • The implication of home loans to the growth and stability of a family
  • Discuss the role of insurance companies in the real estate industry
  • Various possibilities and pitfalls for aspiring real estate investors in Britain
  • How to control earning threats while assessing the worth of a property

Real Estate Topics For Discussion

  • The banking sector as the financial backbone of the real estate industry
  • Why the inability to repay loans is killing the real estate sector
  • How commercial banks can extend loan facilities to support real estate purchases
  • The development of real estate during the economic boom of the ’90s
  • The place of a solid real estate sector in a strong economy
  • The impact of government budgeting on real estate investments
  • Compare and contrast real estate investments in the USA and China
  • The critical role of real estate in improving the quality of life
  • The impact of fixed asset investments in real estate
  • Essential issues of real estate finance

Real Estate Presentation Topics

  • Discuss the relationship between residential and non-residential investments
  • Analyze the relationship between real estate investors and government agencies
  • Complying with complex real estate laws
  • Rural land issues in real estate
  • Commercial and industrial development
  • Residential neighborhood development
  • Dealing with boundary disputes
  • Dangerous materials in building
  • Homeowners and hazard insurance
  • Mortgages and home improvement loans

Latest Real Estate Finance Thesis Topics

  • Dealing with rent relief requests from commercial tenants
  • Coronavirus and real estate foreclosure sales
  • Are unlimited free credits a trap for businesses?
  • Sources of real estate finances
  • Financial models in real estate
  • Monetary funds and real estate
  • Value of finance in real estate
  • Fiscal recession and real estate
  • Business Property Estate Lending
  • Real estate Purchasing

Real Estate Investment Dissertation Topics

  • Expenditure basics
  • Commercial landlord duties
  • Cooperatives and timeshares
  • Building and safety code compliance
  • Steps in land acquisition
  • Commercial property renovation
  • Property valuation
  • Fair compensation
  • Historic preservation
  • Contamination clean up

Real Estate Master Thesis Topics

  • Liability issues
  • Safety and public health regulations
  • Eviction issues
  • Rent payment
  • Lease termination
  • Damage deposits
  • Renters insurance
  • Property inheritance
  • Home improvement loans
  • Vacation homes

For more real estate dissertation topics or papers, contact our ENL writers for a fast and cheap essay!

Get on top of your homework.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Introduction to Special Issue: Topics Related to Real Estate Market Efficiency

  • Published: 21 December 2022
  • Volume 66 , pages 197–202, ( 2023 )

Cite this article

  • Daniel Broxterman   ORCID: orcid.org/0000-0002-1542-4813 1 ,
  • Dean Gatzlaff 1 ,
  • Mariya Letdin 1 ,
  • G. Stacy Sirmans 1 &
  • Tingyu Zhou 1  

2290 Accesses

Explore all metrics

The efficiency of the real estate market is a major concern for homeowners, investors, lenders, policymakers, and researchers. Modern academic literature has mostly moved beyond an early emphasis on formal tests of informational efficiency. The Grossman and Stiglitz (The American Economic Review 70:393–408, 1980) paradox holds that perfect informational efficiency is impossible and the joint hypothesis problem implies that market efficiency is not even testable. Instead, researchers now commonly examine the speed, accuracy, and persistence of price movements in response to new information, as the allocative efficiency of a market ultimately depends on its degree of informational (and operational) efficiency. This special issue is devoted to exploring these issues.

Avoid common mistakes on your manuscript.

Focused on the theme of “Topics Related to Real Estate Market Efficiency,” the Real Estate Center at Florida State University, the Kelley A. Bergstrom Center at the University of Florida, and the Dr. P. Phillips Institute for Research and Education in Real Estate at the University of Central Florida jointly planned a research forum to discuss recent work. A call for papers solicited research on the topic covering all major sectors of the real estate market: residential and commercial, equity and debt, private and public, space and capital. In response to the call, manuscripts were received, reviewed, and selected for presentation at a symposium to be held at Florida State University from April 2 to 4, 2020. Unfortunately, the symposium was cancelled due to the COVID-19 pandemic. However, the selected papers were invited to be submitted for publication in this journal through a formal double-blind peer review process. Eight symposium papers were ultimately accepted for publication in this special issue. The papers can be fitted into four topical areas: 1) Risk Perceptions, 2) Novel (Empirical) Estimates, 3) Brokerage Markets, and 4) Related Research on REITs. A ninth paper, a survey of the literature on information frictions in real estate markets, was invited for submission and review to provide a helpful resource for researchers that compares recent results with influential earlier findings.

In the first paper, “Information Frictions in Real Estate Markets: Recent Evidence and Issues,” Daniel Broxterman and Tingyu Zhou review recent work on imperfect and asymmetric information within the private, public and brokerage markets. Empirical researchers will benefit from their coverage of fourteen proxy variables that have been used to identify asymmetric information in studies of the private markets. On the public side, their review discusses whether REITs are more transparent and suffer from fewer agency costs than traditional publicly traded firms. For brokerage, they find that recent research has been obtaining more muted results on conflicts of interest than those that appeared in a set of papers that received significant attention in the popular and academic presses. As they say, “it has been freakonomics versus econometrics, and econometrics is winning.” Lastly, we believe readers will appreciate their suggestions for future research on these and other issues.

Risk Perceptions

The two papers in this grouping analyze house prices and changes in the perceived risks of environmental accidents and natural disasters. In the first, “Past Experiences and Investment Decisions: Evidence from Real Estate Markets,” Brent Ambrose and Lily Shen examine the price dynamics of homes located near fracking wells in Pennsylvania. Because the shale boom began relatively recently, researchers can assume that information regarding a homeowner’s risk of exposure to negative fracking externalities is imperfect. Motivated by a Bayesian learning framework, they test if familiarity with risks from conventional gas drilling impacts the perception of risks associated with proximity to fracking activities: i.e., does past experience alter the value of new information. They report that houses in fracking areas with existing conventional wells sell for less than similar homes in fracking areas that lack prior drilling activity. This, the authors indicate, “suggests that despite the public fear of fracking-related environmental risks, house price dynamics reflect realized fracking risks instead of perceived threats.” They also show that while fracking accidents lower house prices, the effect disappears within two to three months if no additional accidents occur, suggesting that buyers rely heavily on recent information while discounting historical data.

In the second paper, “The Impact of Distant Hurricane on Local Housing Markets,” Lu Fang, Lingxiao Li, and Abdullah Yavas consider whether property prices in Florida are affected by Hurricane Sandy, which made landfall in New Jersey in 2012. Hurricane Sandy embodied public concerns that the effects of global climate change were exposing new areas to flood risk and increasing property risk in existing flood-prone areas. The authors examine if the arrival of this information affects market perceptions of the latter hazard by raising awareness and concerns about possible similar events in a distant, unimpacted area considered vulnerable to hurricanes. Using data from 2004 to 2014 from Miami-Dade County, they report that this major hurricane event at a distance raises home buyers’ perceptions of flood risk, relative to base expectations, but only for a short period (i.e., one-quarter). That they find no persistent effect of Sandy for the US metro area already most at risk of experiencing a hurricane impact still leaves open the possibility that property owners in other areas, especially along the northeastern seaboard, may have updated their risk perceptions based on Sandy.

Novel (Empirical) Estimates

A common method used to estimate land value in a built-up area with few vacant land sales is the land residual model, which is based on the cost approach to appraisal. In this method, the depreciated replacement cost of the improvements is subtracted from the appraised value or transaction price of a property to extract the value of the land. A critical assumption underlying the land residual model is that the values of land and structure are additively separable and evolve independent of each other. This assumption is questioned by John Clapp, Jeffrey Cohen, and Thies Lindenthal in their paper, “Are Estimates of Rapid Growth in Urban Land Values an Artifact of the Land Residual Model?” They develop an option value model which they argue improves market information (and efficiency) by producing better estimates of real estate risk, where risk is an increasing function of the land value ratio, as documented in the land leverage literature.

Land valuation, naturally, has important implications for assessment and property taxation. Furthermore, imperfect information about land values can move the market away from Pareto-efficient outcomes in the sense that transactions are typically efficient only in the presence of accurate (i.e., perfect) information. More accurate estimates of land values, such as those proposed by Clapp, Cohen, and Lindenthal, can lead to greater confidence that real estate markets allocate structure and land inputs according to their market prices and marginal productivities.

In “After the Boom: Transitory and Legacy Effects of Foreclosures,” Geoffrey Turnbull and Arno van der Vlist examine the short- and long-term effects of foreclosure information on house prices in Orange County, Florida. They use almost 20 years of data to examine the effects of nearby foreclosures on home sales during the 2016 to 2019 period. As expected, they find that recent and past foreclosures are associated with lower house prices and that the effects are mostly transitory. At, 0.4% to 0.8%, legacy effects (discounts) on surrounding prices are modest, about one-tenth the size of the marginal effect of a nearby recent foreclosure. This appears to be the first published paper to test for long-run effects of nearby foreclosures on house prices.

Brokerage Markets

The next two papers study listing strategies and brokerage networks, respectively. In “Why Disclose Less Information? Toward Resolving a Disclosure Puzzle in the Housing Market,” Xun Bian, Justin Contat, Bennie Waller, and Scott Wentland examine listings from the Richmond, VA metro area and find that only 30 to 40% contain the maximum number of photos allowed by the local MLS. Thus, the question as to why a broker would disclose less information when marketing a property is raised. To address this question, the authors turn to the theory of ordered consumer search. They argue that although reducing information in a listing tends to reduce the arrival rate by increasing uncertainty regarding the property’s condition, under-disclosing a property’s taste-specific features may increase the arrival rate. Thus, for higher priced homes which feature more customization, incomplete disclosure may be an optimal seller strategy because quality is more readily presumed. Empirical testing confirms that less information disclosure is associated with higher sale prices and shorter time on the market for higher-end home, ceteris paribus. From an efficiency standpoint, results in this paper provide a new example of sellers behaving strategically in a market where search is costly and information asymmetric.

David Scofield and Jia Xie, in “Network Formation and Effects: Observations from US Commercial Real Estate Markets,” examine whether commercial real estate brokers make transactional connections randomly or through their professional networks, in other words, do brokerage networks matter in the commercial property market? To answer this question, the authors fit a dynamic network formation model to an extensive dataset drawn from the investment sales side of the commercial brokerage market. They off three main findings. First, while there is substantial variation across geographies and property types, most sales (67%) are facilitated by networked brokerage relationships. Second reliance on network relationships is counter-cyclical, i.e., higher (lower) during periods of contraction (expansion). Lastly, firms with smaller networks are more likely to trade with firms with larger networks. These findings, interesting on their own, raise important questions for future research regarding the completeness of the information shared across public/private networks, search mechanisms, and the potential for principal-agent conflicts.

Related Research on REITs

The final two papers in this special issue present related research in the publicly traded sector. In “The Cost of Financial Flexibility: Information Opacity, Agency Conflicts and REIT At-the-Market (ATM) Equity Offerings,” George Cashman, David Harrison, Shelly Howton, and Benjamin Scheick study the effect of establishing a new equity raise channel, at-the-market-offering (ATM), on the cost of capital for REITs. ATMs provide financial managers with flexibility and control, enabling a smoothing of the typically “lumpy” issuance process. This enables managers to better match the timing of their capital raising activities with investment opportunities. Footnote 1 However, an increase in managerial control of the capital raising process could increase potential agency conflicts that may offset the flexibility and lower capital raising costs. Using a sample of ATM announcements from 2006 to 2015, the authors find REITs that raise capital through ATMs, as opposed to SEOs, face a higher cost of capital. The implied cost of capital is 130 basis points greater (per annum) during quarters in which the firm has an open ATM program. The findings in the paper suggest that the market is efficient in pricing a risk premium for ATMs, as it signals greater firm opacity and discretionary manager activity. The authors show that more informationally opaque REITs that pursue ATMs face a higher increase in capital costs than their more transparent peers, supporting the notion of an informationally efficient market.

Lastly, in “Narrative Investment-Risk Disclosure and REIT Investment,” Dongshin Kim, Dongkuk Lim, and Jonathan Wiley investigate the line between investment-risk disclosure (extracted from 10-K filings) and investment (tracked in the S&P Global Market Intelligence property database) using a sample of REIT firms. REITs are examined because they offer a sector with quantifiable asset risk, making it is easier for researchers to identify the effects of disclosure changes separate from changes in firm fundamentals. In particular, they evaluate the impact of “excess” narrative information on return volatility, trading volume, and forecast revisions surrounding annual filings. In contrast to findings in the literature for general firms, the authors do not find any statistically significant effects of investment-risk disclosure on volatilities or analyst forecast revisions. However, they report a strong positive liquidity impact—conditioned on increased investment, trading volume increases for firms with high investment-risk disclosure.

Accurate information disclosure should enhance market efficiency and the results in Kim, Lim, and Wiley on liquidity are consistent with this notion. Their finding that volatility and analyst forecast revisions are not significantly affected by this disclosure is an interesting result. It supports the notion that REITs (highly regulated, invest in a single-class asset, etc.) are relatively more transparent compared to traditional public firms, and raises questions regarding the informational content provided to analysts. This paper contributes to the debate on whether REITs have lower information asymmetries relative to non-REIT stocks.

So, what do these papers tell us about the responsiveness of the real estate market to new information? Here are a few broadly written conclusions from the papers in this issue. First, house prices, though privately negotiated, respond quickly to new information regarding indirect catastrophic events (e.g., major hurricane with an unusual track), environmental exposures (e.g., fracking boom), and disruptive market events (e.g., foreclosure wave). However, it appears that these effects are not sustained, but dimmish over time (i.e., the market’s memory may be limited). Findings suggest that it is likely that market participants may overweight recent information and underweight historical information. Second, in a market where search is costly and information asymmetric, information can be employed strategically. For example, high-end customized residential properties may benefit from limited information disclosure in their listings and the use of trading networks may provide large commercial real estate firms with bargaining advantages. Finally, REIT research indicates that corporate finance decisions are priced by an informationally efficiency market, generally consistent with the broader stock market, but that the effects of information asymmetries in the REIT market are muted relative to non-REIT stocks.

Together, the nine papers in this special issue provide a broad examination of topics related to real estate market efficiency. In addition to raising new questions, we are confident that you will enjoy the papers and find them useful in better understanding how information is synthesized in the real estate markets.

The alternative to ATMS are seasoned equity offerings (SEOs) which require outside underwriting and have higher issuance costs (5% for SEOs versus 2.2% for ATMs).

Grossman, S. J., & Stiglitz, J. E. (1980). On the impossibility of informationally efficient markets. The American Economic Review, 70 (3), 393–408.

Google Scholar  

Download references

Author information

Authors and affiliations.

College of Business, Florida State University, Tallahassee, FL, USA

Daniel Broxterman, Dean Gatzlaff, Mariya Letdin, G. Stacy Sirmans & Tingyu Zhou

You can also search for this author in PubMed   Google Scholar

Corresponding author

Correspondence to Dean Gatzlaff .

Additional information

Publisher’s note.

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Rights and permissions

Reprints and permissions

About this article

Broxterman, D., Gatzlaff, D., Letdin, M. et al. Introduction to Special Issue: Topics Related to Real Estate Market Efficiency. J Real Estate Finan Econ 66 , 197–202 (2023). https://doi.org/10.1007/s11146-022-09928-7

Download citation

Accepted : 27 October 2022

Published : 21 December 2022

Issue Date : February 2023

DOI : https://doi.org/10.1007/s11146-022-09928-7

Share this article

Anyone you share the following link with will be able to read this content:

Sorry, a shareable link is not currently available for this article.

Provided by the Springer Nature SharedIt content-sharing initiative

  • Real estate finance
  • Real estate investment
  • Real estate brokerage
  • Information frictions
  • Market efficiency
  • Information asymmetry
  • Find a journal
  • Publish with us
  • Track your research

research topics in real estate finance

New research finds female directors improve employees’ workplace experience

The new study by Dr Jiarong Li, Lecturer in Real Estate Finance at Henley Business School, finds that female directors improved internal Corporate Social Responsibility (CSR), having a significant impact on company culture.

Woman walking yellow

A new study titled Female directors and CSR- Does the presence of female directors affect CSR focus? published in the International Review of Financial Analysis has found that increased female representation on corporate boards is associated with heightened internal corporate social responsibility (CSR) initiatives.

The research analysed data from all Chinese A-share listed companies looking at 7,583 data samples from between 2007 and 2021 to compare the impact of female directors on different components of CSR—namely internal CSR targeting employees, and external CSR directed at communities, environment, etc.

On average, female directors only comprised 12% of the corporate boards that made up the sample. However, firms with above-average female representation demonstrated substantially better performance on aggregate and specifically internal CSR.

Co-author of the paper, Dr Jiarong Li, Lecturer in Real Estate Finance at Henley Business School , said:

“It’s vital parity between the genders is achieved in company director positions, which is reinforced by our findings. This research demonstrates a strong relationship between female directors and an enhancement in internal CSR engagement. This not only improves working conditions for employees, but could also have an impact on company productivity.”

Internal CSR involves activities like employee training, work-life balance, diversity programs and conflict resolution, and the study reveals female directors channel their leadership focus into initiatives that promote internal CSR.

On the other hand, no significant link was observed between female directors and external CSR initiatives such as philanthropy and environmental protection. The research suggests female directors may be more risk averse and so more focussed on internal initiatives with clearer, shorter-term impact.

Additionally, the positive impact on internal CSR intensified with the proportion of female directors till they constituted at least a third of the board. This critical mass gave females greater voice in steering strategy.

Jiarong Li

You might also like

Society needs critical thinkers, henley teams up with oracle to support innovation and enhance the future workforce, the fantastic four.

This site uses cookies to improve your user experience. By using this site you agree to these cookies being set. You can read more about what cookies we use here . If you do not wish to accept cookies from this site please either disable cookies or refrain from using the site.

  • Work & Careers
  • Life & Arts

Become an FT subscriber

Limited time offer save up to 40% on standard digital.

  • Global news & analysis
  • Expert opinion
  • Special features
  • FirstFT newsletter
  • Videos & Podcasts
  • Android & iOS app
  • FT Edit app
  • 10 gift articles per month

Explore more offers.

Standard digital.

  • FT Digital Edition

Premium Digital

Print + premium digital.

Then $75 per month. Complete digital access to quality FT journalism on any device. Cancel anytime during your trial.

  • 10 additional gift articles per month
  • Global news & analysis
  • Exclusive FT analysis
  • Videos & Podcasts
  • FT App on Android & iOS
  • Everything in Standard Digital
  • Premium newsletters
  • Weekday Print Edition

Complete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.

  • Everything in Print
  • Everything in Premium Digital

The new FT Digital Edition: today’s FT, cover to cover on any device. This subscription does not include access to ft.com or the FT App.

Terms & Conditions apply

Explore our full range of subscriptions.

Why the ft.

See why over a million readers pay to read the Financial Times.

International Edition

  • Real Estate

Real estate market in Russia - statistics & facts

Residential real estate, office market in moscow, investment in real estate, key insights.

Detailed statistics

Annual mortgage loan interest rate in Russia 2016-2021

Leading banks by volume of issued mortgages Russia in 2020

Value of foreign direct investment to the real estate sector in Russia 2010-2021

Editor’s Picks Current statistics on this topic

Current statistics on this topic.

Mortgages & Financing

Residential Real Estate

Average primary housing prices in Russia 2020-2022, by major city

Quarterly residential property prices in Russia 2000-2023, by market

Related topics

Recommended.

  • Real estate in Hungary
  • Real estate market in the UK
  • Real estate market in Germany
  • Real estate market in Europe

Recommended statistics

  • Premium Statistic Commercial real estate market size in Europe 2019-2023, by country
  • Premium Statistic Price-to-rent ratio in selected countries globally 2023
  • Premium Statistic Fastest growing housing markets worldwide 2023
  • Premium Statistic Office rent growth rates in selected cities 2021
  • Premium Statistic Luxury real estate price change worldwide 2022, by city

Commercial real estate market size in Europe 2019-2023, by country

Value of commercial real estate market in Europe from 2019 to 2023, by country (in billion U.S. dollars)

Price-to-rent ratio in selected countries globally 2023

House-price-to-rent ratio in selected countries worldwide as of 1st quarter 2023

Fastest growing housing markets worldwide 2023

Annual price growth in selected residential real estate markets worldwide in 2nd quarter 2023

Office rent growth rates in selected cities 2021

Rental growth rates of office space in selected cities worldwide from 2018 to 2021

Luxury real estate price change worldwide 2022, by city

Luxury real estate price change in selected cities worldwide in 2022

  • Premium Statistic Home ownership rate in Russia 2010-2020
  • Premium Statistic Per capita living space in Russia 2005-2022
  • Premium Statistic Quarterly residential property prices in Russia 2000-2023, by market
  • Premium Statistic Average primary housing prices in Russia 2020-2022, by major city
  • Premium Statistic Cities with the highest housing selling price in Russia 2022
  • Premium Statistic Cities with the highest apartment rental price in Russia 2022
  • Premium Statistic Housing price in the most expensive districts of Moscow 2022

Home ownership rate in Russia 2010-2020

Home ownership rate in Russia from 2010 to 2020

Per capita living space in Russia 2005-2022

Area of residential buildings per capita in Russia from 2005 to 2022 (in square meters)

Average square meter price of residential real estate in Russia from 1st quarter 2000 to 2nd quarter 2023, by type of market (in Russian rubles)

Average prices in the primary housing market of major Russian cities in August 2020 and August 2022 (in 1,000 Russian rubles per square meter)

Cities with the highest housing selling price in Russia 2022

Cities with the highest average selling price for residential real estate in Russia in May 2022 (in Russian rubles per square meter)

Cities with the highest apartment rental price in Russia 2022

Cities with the highest average rental price for residential real estate in Russia in May 2022 (in Russian rubles per square meter)

Housing price in the most expensive districts of Moscow 2022

Most expensive districts by residential housing price in Moscow, Russia as of July 2022 (in Russian rubles per square meter)

Commercial real estate

  • Premium Statistic Street retail property area of brands that left Russia 2022, by industry
  • Premium Statistic Total office stock distribution in Moscow 2021, by class
  • Premium Statistic Office vacancy rate in Moscow 2007-2022
  • Premium Statistic Take-up of office real estate in Moscow 2016-2022
  • Premium Statistic Coworking space rent in Moscow 2022, by district
  • Premium Statistic Prime office rental prices in Moscow 2020-2022
  • Premium Statistic Total density of shopping centers in Moscow Q1 2021, by district
  • Premium Statistic Shopping center vacancy rate in Moscow 2010-2023
  • Premium Statistic Shopping center vacancy rate in Saint Petersburg 2016-2022

Street retail property area of brands that left Russia 2022, by industry

Distribution of street retail property area of foreign brands that left Russia in 1st half 2022, by industry

Total office stock distribution in Moscow 2021, by class

Total office stock breakdown in Moscow (Russia) as of the 1st half of 2021, by class

Office vacancy rate in Moscow 2007-2022

Commercial office real estate vacancy rate in Moscow, Russia, from 2007 to 2022

Take-up of office real estate in Moscow 2016-2022

Commercial office real estate take-up in Moscow, Russia, from 2016 to 2022 (in 1,000 square meters)

Coworking space rent in Moscow 2022, by district

Monthly rent for a workplace in coworking spaces in Moscow in August 2022, by major district (in Russian rubles)

Prime office rental prices in Moscow 2020-2022

Average prime rent of office properties in Moscow from 1st half 2020 to 1st half 2022 (in Russian rubles per square meter per year)

Total density of shopping centers in Moscow Q1 2021, by district

Total density of shopping centers in Moscow (Russia) as of the 1st quarter 2021, by district (in square meters per 1,000 inhabitants)

Shopping center vacancy rate in Moscow 2010-2023

Vacancy rate in shopping centers in Moscow, Russia, from 2010 to 2022 with a forecast for 2023

Shopping center vacancy rate in Saint Petersburg 2016-2022

Vacancy rate in shopping centers in Saint Petersburg, Russia, from 2016 to 2022

Industrial real estate

  • Premium Statistic Class A warehouse vacancy rate in Moscow 2011-2022
  • Premium Statistic Rental rate of A class warehouses in Moscow 2013-2022
  • Premium Statistic Share of take-up of warehouses in Moscow, Russia H1 2022, by industry
  • Premium Statistic Industrial warehouse vacancy rate in Russia 2019-2022, by major city
  • Premium Statistic Average new self-storage unit size in Moscow 2016-2022

Class A warehouse vacancy rate in Moscow 2011-2022

Vacancy rate of class A warehouse properties in Moscow, Russia, from 2011 to 2022

Rental rate of A class warehouses in Moscow 2013-2022

Rental rate of A class warehouses in Moscow, Russia, from 2013 to 2022 (in Russian rubles per square meter)

Share of take-up of warehouses in Moscow, Russia H1 2022, by industry

Distribution of industrial warehousing take-up in Moscow, Russia, in 1st half 2022, by industry

Industrial warehouse vacancy rate in Russia 2019-2022, by major city

Vacancy rate of industrial warehouses in Moscow and Saint Petersburg from 1st half 2019 to 1st half 2022

Average new self-storage unit size in Moscow 2016-2022

Average size of newly opened self-storage facilities in Moscow from 2016 to 1st half 2022 (in square meters)

  • Premium Statistic Value of foreign direct investment to the real estate sector in Russia 2010-2021
  • Premium Statistic Share of investment volume for the real estate market Russia 2021, by region
  • Premium Statistic Breakdown of investment volume in real estate Moscow 2019-2021, by sector
  • Premium Statistic Investment volume in warehouse property in Russia 2006-2022
  • Premium Statistic Volume of investment in office property in Russia 2006-2022
  • Premium Statistic Volume of investment in retail property in Russia 2006-2022
  • Premium Statistic Commercial real estate investment in Russia 2009-2023
  • Premium Statistic Commercial real estate investment share in Russia H1 2022, by segment
  • Premium Statistic Industrial park investment in Russia 2021, by sector and type

Total value of foreign direct investment (FDI) to the real estate sector in Russia from 2010 to 2021 (in billion U.S. dollars)

Share of investment volume for the real estate market Russia 2021, by region

Breakdown of investment volume for the real estate market in Russia from the 1st quarter to the 3rd quarter 2021, by region

Breakdown of investment volume in real estate Moscow 2019-2021, by sector

Breakdown of investment volume in real estate in Moscow (Russia) from 2019 to the 3rd quarter 2021, by sector

Investment volume in warehouse property in Russia 2006-2022

Annual investment volume in warehouse real estate in Russia from 2006 to the 3rd quarter of 2022 (in billion Russian rubles)

Volume of investment in office property in Russia 2006-2022

Annual investment volume in office real estate in Russia from 2006 to the 3rd quarter of 2022 (in billion Russian rubles)

Volume of investment in retail property in Russia 2006-2022

Annual investment volume in retail real estate in Russia from 2006 to the 3rd quarter of 2022 (in billion Russian rubles)

Commercial real estate investment in Russia 2009-2023

Investment in commercial real estate in Russia from 2009 to 1st quarter 2023 (in billion Russian rubles)

Commercial real estate investment share in Russia H1 2022, by segment

Distribution of investment in the commercial real estate in Russia in 1st half 2022, by segment

Industrial park investment in Russia 2021, by sector and type

Investment in Greenfield and Brownfield industrial parks in Russia in 2021, by sector (in billion Russian rubles)

  • Premium Statistic Mortgage loan interest rate in Russia monthly 2019-2023
  • Premium Statistic Annual value of mortgage loans in Russia 2015-2021
  • Premium Statistic Value of loans granted for real estate activities in Russia 2010-2023
  • Premium Statistic Mortgage loan annual growth rate in Russia 2012-2021
  • Premium Statistic Annual mortgage loan interest rate in Russia 2016-2021
  • Premium Statistic Overdue mortgage credit share in Russia 2015-2024
  • Premium Statistic Leading Russian regions by mortgage loan volume in 2022

Mortgage loan interest rate in Russia monthly 2019-2023

Average weighted mortgage loan interest rate in Russia from January 2019 to September 2023

Annual value of mortgage loans in Russia 2015-2021

Annual value of mortgage loans issued in Russia from 2015 to 2021 (in trillion Russian rubles)

Value of loans granted for real estate activities in Russia 2010-2023

Total value of loans granted in the real estate activities sector in Russia from January 2010 to January 2023 (in billion Russian rubles)

Mortgage loan annual growth rate in Russia 2012-2021

Year-over-year mortgage loans volume growth in Russia from 2012 to 2021

Average weighted mortgage loan interest rate in Russia from 2016 to 2021

Overdue mortgage credit share in Russia 2015-2024

Share of overdue loans in the mortgage portfolio in Russia from 2015 to 2024

Leading Russian regions by mortgage loan volume in 2022

Leading regions by mortgage loan volume in Russia as of May 2022 (in billion Russian rubles)

Further reports Get the best reports to understand your industry

Get the best reports to understand your industry.

  • Real estate investments on the European market
  • Real estate in Italy
  • Residential real estate in Europe
  • Real estate market in Poland

Mon - Fri, 9am - 6pm (EST)

Mon - Fri, 9am - 5pm (SGT)

Mon - Fri, 10:00am - 6:00pm (JST)

Mon - Fri, 9:30am - 5pm (GMT)

Ecosystem Kalinka

Luxury real estate in Russia, Europe, Asia and Middle East for a comfortable life and profitable investment. Our team — it is an association of market professionals, innovations and digital technologies, traditions and continuous development.

In the premium real estate market

Share of the moscow market, clients, including the forbes list, objects in the company's database., market experts work in the company, cumulative revenue, company turnover per year, the most expensive penthouse sold, ekaterina rumyantseva.

CEO of Kalinka Ecosystem

research topics in real estate finance

Our Mission: Tradition & Innovation

research topics in real estate finance

Pre–sale preparations

  • Examination of competitors' sales
  • Securing our sales plan
  • Creation of a sales office
  • Product training for brokers
  • Development of efficient financial instruments
  • Developing sales incentives

research topics in real estate finance

  • Implementation of sales plan
  • Premium brokerage/ brokers school
  • Own client base
  • Sales funnel management
  • Mortgage broker services
  • Legal support
  • Monitoring of all stages of implementation

research topics in real estate finance

After–sales service

  • Working with accounts receivable
  • Informing the customer about the project status
  • Working with customer reviews
  • Loyalty programs
  • Recommendation deals

research topics in real estate finance

International recognition

European property awards real estate.

official airline partner

Virgin Atlantic

PROPERTY CONSULTANCY RUSSIA

2013 – 2014

research topics in real estate finance

in association with

2014 – 2015

research topics in real estate finance

Rolls–Royce motor cards

BEST REAL ESTATE AGENCY MARKETING RUSSIA

research topics in real estate finance

The Telegraph

REAL ESTATE AGENCY MOSCOW

2016 – 2017

research topics in real estate finance

Awwards Winner

2017 – 2018

research topics in real estate finance

2018 – 2019

research topics in real estate finance

BEST REAL ESTATE AGENCY SINGLE OFFICE MOSCOW

2019 – 2020

research topics in real estate finance

Rolls–Royce

2021 – 2022

research topics in real estate finance

Best real estate company for high price category real estate according to the magazine «Novyy Adres»

First place in the Forbes rating № 4 (25). Leader in the number of closed deals in the segment of high-budget real estate according to the survey of NVM Business Consulting.

First place in the real estate market records award in the category of «Professional pride» with the project «Dvoryanskoye Gnezdo».

Only Russian company to win in three «International Property Awards» nominations.

Best real estate agency in Russia according to the «Premio Internazionale Le Fonti» award. Winner of two «International Property Awards» nominations.

Best real estate agency in Russia according to the «International Property Awards» with the presence of representatives of The Daily Telegraph.

First place in the «European Property Awards» in «Real Estate Agency Marketing for Russia». A high appraisal of an important part of the company’s work — management of marketing and sales of real estate developers.

First place in the «European Property Awards» in «Real Estate Agency for Moscow, Russia»

Best company in both Real estate and Marketing according to the «European Property Awards»

research topics in real estate finance

Solutions for developers, investors and buyers

Urgent buyout of distress-assets, apartments trade-in, accurate assessment with ai, investors club, apartments for sale, investing in redevelopment.

«Working daily with buyers and sellers of real estate. We know everything, from the customer’s first call up to the final sales.»

Ekaterina Rumyantseva,

our own full-time team of analysts and investment advisors

Created and implemented more than 200 consulting projects, analysis of the target group behavior utilizing a modern crm system, analysis of 1,000 customer requests and 300 transactions per year, own real estate database, updated daily, purchase and support of related databases, data on real estate lots in “closed sales”, information about the actual transaction sum and bargaining, kalinka realty.

Buying, selling and renting real estate

Kalinka Consulting

Complex solutions for developers

Kalinka Legal services

Legal support and audit

Kalinka Design

Professional selection of architects and designers

Kalinka analytics

Reviews of the real estate market in Moscow and MO

Kalinka Media

Current webinars and  situation in market

Kalinka International

Profitable investment. Citizenship and residence permit

30% of real estate transactions are not done after the purchase decision has been made. That’s why we maintain a constant dialogue with the buyer, lawyers, mortgage brokers and designers, to study the needs and implement the solution.

research topics in real estate finance

Our Partners

research topics in real estate finance

  • AB Development
  • ANT Development
  • Capital Group
  • Central Properties
  • Insigma Development

research topics in real estate finance

Investment companies

  • Capital Partners
  • Hines International
  • Absolut Bank
  • VTB Capital
  • Gazprombank
  • Sberbank Capital
  • Otkritie Capital

research topics in real estate finance

Design and architecture

  • Andrew Martin
  • Artistic Design
  • Aukett Swanke
  • Candy & Candy
  • Helene Benhamou
  • Jade Jagger
  • Kelly Hoppen

research topics in real estate finance

Kalinka International (UAE, Turkey)

Programs for any purpose:

  • Visa-free travel
  • Life and business abroad
  • Tax residency
  • Cross-border movement under restrictions
  • Education and career of children abroad

Kalinka Dubai

  • Buying property in the UAE
  • Sightseeing tours of the best residential complexes in Dubai
  • Capital transfer (urgent purchase of ready-made companies in the UAE, opening an account)
  • Long stay apartments
  • Yacht charter
  • School education
  • Restaurants, shopping, household matters
  • Flight organization.
  • Assistance with international itinerary planning

Simplified visa system

No income tax, high return on investment, full ownership.

The Ritz-Carlton Residences

Collection of luxury residences

UAE, Dubai, Dubai International Financial Center, Al Sukuk Street, 9/1

The complex is located on the coast of the picturesque bay of Dubai Creek, where the world-famous Ras Al Khor flamingo and wildlife sanctuary is located. A unique location among mangrove forests, small lagoons and lakes combines peace and tranquility with the advantages of a large metropolis.

Rent – Start of sales.year

DAMAC Lagoons

Family low-rise residential complex

UAE, Dubai, Dubai Land, El Hebia Fift

Family low-rise residential complex in the spirit of the Mediterranean cities in the depths of Dubai. Convenient location allows you to get to large shopping centers, business clusters and offices of international companies in 20 minutes. Nearby are medical facilities, schools, an equestrian club, golf courses and the Dubai Sports City multifunctional complex.

Rent – year

DAMAC Cavalli Tower

UAE, Dubai, Dubai Media City

Elite residential complex on the west coast of Dubai, in the prestigious Al Sufuh area.

Atlantis The Royal Resort & Residences

Complex in the center of the Palm Jumeirah crescent

UAE, Dubai, Jumeirah, Palm JumeirahUnited Arab Emirates, Dubai, Jumeirah, Palm Jumeirah

Luxury residential complex in the center of the crescent of the Palm Jumeirah in Dubai. The developed infrastructure of the man-made island is impressive: gourmet restaurants, modern fitness studios, luxurious wellness clubs, shops and boutiques in Nakheel Mall. Well-maintained walking and jogging paths stretch along the many kilometers of beaches with snow-white sands.

Canal-front luxury serviced apartments

UAE, Emirate of Dubai, Zabeel, Business Bay

Luxury canal-front serviced apartments in the heart of Dubai.

W Residences Dubai Downtown

Complex in the prestigious Downtown area

UAE, Dubai, Zabeel, Burj Khalifa

Elite residential complex in the prestigious Downtown area, in the center of Dubai.

Kalinka Turkey

  • Elite real estate
  • New buildings and secondary offers
  • Investment property
  • Sightseeing tours
  • Second Citizenship by Investment Program

Get a selection of foreign investment offers

Moscow exclusive properties, 6 unique projects, popular areas of moscow, secure business transactions, developed infrastructure.

Sociocultural cluster with modern apartment buildings

Zvenigorodskaya 2nd st., 12

The residential quarter is located on an area of 4.5 hectares, 200 meters from the Ulitsa 1905 Goda metro station, surrounded by parks: Krasnaya Presnya, Krasnogvardeyskie Prudy, the December Uprising Park and the Presnensky Childrens Park

Poklonnaya 9

Premium apartment house

Poklonnaya st., 9

he complex is located in a prestigious location in the west of the capital. Panoramic windows offer magnificent views of Victory Park, Sparrow Hills and Moscow City towers.

Victory Park Residences

Elite family residences in the west of the capital

Brothers Fonchenko st., vl. 3

he complex is surrounded by green parks and iconic sights of the city. Panoramic windows offer magnificent views of Poklonnaya Gora, the Triumphal Arch and City skyscrapers.

Capital Towers

Residential skyscrapers 500 meters from Moscow City

Krasnopresnenskaya emb., 14, building 1

A 10-minute walk from the metro stations "International" and "Vystavochnaya", a little further - the platform of the MCC "Business Center" and "Testovskaya" of the first Moscow diameter. For motorists, convenient exits to the Third Ring Road and the Garden Ring are located 6 minutes from the complex.

Neva Towers

Complex on the territory of the business center Moscow-City

Krasnogvardeisky 1st pr-d, 17-18

Panoramic windows offer direct views of the legendary Ukraina Hotel, the Government House and the embankments of the Moscow River. Residents have access to the entire infrastructure of the business district within a 10-minute walk. Afimall shopping center, multiplex cinema, cafes and restaurants, fitness studios, beauty salons and viewing platforms.

Club city on the river

Volokolamskoe sh., vl. 71/12

Moskvoretsky Park is a 5-minute walk away. In 10 minutes by car - the parks Shodnya, Pokrovskoe-Streshnevo and Stroginsky. A grandiose sports infrastructure is planned on the territory of the peninsula: more than 30 types of activities in one location and three yacht clubs in the neighborhood.

Community participation

research topics in real estate finance

PR and Media

Kalinka is in the TOP-3 in terms of citation in  the media in the elite real estate market and in the TOP-5 of business class and investment segment. Monthly number of publications mentioning Kalinka  — 250-300. Main sources: RBC, Forbes, Vedomosti, Kommersant, BFM, Elitnoe.ru. Joint analytics and press releases with leading Moscow developers: Insigma, AEON, Level Group and others. The Kalinka press service is always open to the media: journalists can be sure of comments, interviews and expert opinions. We promptly respond to requests and help the editors in the preparation of objective and high-quality materials.

research topics in real estate finance

A fifth of the entire interior improvement in the premium segment is created in the area of Minskaya Street

According to research of the Kalinka Ecosystem, the total area of internal landscaping in 40 projects on the premium real estate market in Moscow is 43.5 hectares.

research topics in real estate finance

Russians remain the leaders in buying Turkish real estate

Russians still occupy the first place in the demand for real estate in Turkey among foreigners. However, compared to 2022, there is a decrease in demand from our fellow citizens by 17%.

research topics in real estate finance

"Obydensky No. 1" became the best-selling club house in Moscow

According to a study of the Kalinka ecosystem, sales in 11 club houses started in the capital in 2023. The leader in sales was the club house "Obydenskiy No. 1", in other projects clients purchased on average four times fewer apartments.

research topics in real estate finance

The Kalinka ecosystem has summed up the results of its first year of operation in the UAE.

research topics in real estate finance

The Kalinka ecosystem has strengthened its top management team.

In two regional divisions of the company - Kalinka Turkiye and Kalinka Middle East - new sales directors have been appointed.

research topics in real estate finance

Kalinka Middle East has received several awards from a leading developer in Abu Dhabi.

The company won in several nominations as a developer of Aldar Properties and has been included among the best real estate agencies in Abu Dhabi.

Stay up to date with the latest news

We promise to send only interesting and important articles.

research topics in real estate finance

CEO of International consulting company Kalinka

Alexey <br>Chumalov

Alexey Chumalov

General manager of Kalinka Moscow

Alexander <br>Shibaev

Alexander Shibaev

General manager of Kalinka Middle East

Yulia <br>Kovaleva

Yulia Kovaleva

City real estate manager

Polina<br> Medelyanovskaya

Polina Medelyanovskaya

Denis <br>Trusov

Denis Trusov

Dmitry <br>Mezhinsky

Dmitry Mezhinsky

Mikhail<br> Dolgov

Mikhail Dolgov

Head of Country Property Department

IMAGES

  1. 20 Research Topics on Real Estate Finance

    research topics in real estate finance

  2. 20 Research Topics on Real Estate Finance

    research topics in real estate finance

  3. 51 Real Estate Dissertation Topics & Ideas In 2023

    research topics in real estate finance

  4. Figure1: Challenges & opportunities in real estate financing. Sourced

    research topics in real estate finance

  5. 155 Outstanding Real Estate Dissertation Topics in 2023

    research topics in real estate finance

  6. What is Real Estate Finance and Investment

    research topics in real estate finance

VIDEO

  1. How to Become a Real Estate Investor #shorts

  2. Real Estate Finance Hacks in 2024 #michiganrealtor #realestate #finance #realestatetips #2024

  3. [Real Estate Finance Test] [Chapter 8: Real Estate Cycles & Economic Theories] Q.227

  4. Real Estate Finance Essentials: Chart of Accounts & Bookkeeping Strategies

  5. [Real Estate Finance Test] [Chapter 10: Loan Underwriting Process] Q.255

  6. Become Real Estate Wealthy (For beginners)

COMMENTS

  1. 2135 PDFs

    Science topic M S Maharaj Chong Liu Ingmar R. Prucha Abhishek Nirwan Abhishek Nirwan Explore the latest full-text research PDFs, articles, conference papers, preprints and more on REAL...

  2. Recent trends in real estate research: a comparison of ...

    Three out of the four articles of this special issue address this topic, while the fourth is related to the field of real estate finance. To put these topics in relation to the working papers currently presented at real estate conferences, we analyze the titles of the last papers discussed at annual meetings of the American Real Estate Society ...

  3. Journal of Real Estate Research

    JRER is committed to publishing the highest quality analytical, empirical, and clinical research useful to business decision-makers in the fields of real estate development, economics, finance, investment, law, management, marketing, secondary markets, and valuation. Theoretical papers without testable or policy implications are discouraged.

  4. Real estate and real estate finance as a research field—an

    1 The relevance of real estate and real estate finance With the global economy still suffering from the financial crisis which came to its peak in the middle of 2008, it seems no longer necessary to emphasize the importance of real estate and real estate finance from a factual point of view.

  5. Home

    The Journal of Real Estate Finance and Economics provides a forum for the publication of this research. Coverage includes urban economics, housing, regional science and public policy. Officially cited as: J Real Estate Finance Econ Editor-in-Chief A. Yavas, B. W. Ambrose, J. B. Kau, R. K. Pace, C. F. Sirmans Impact factor 1.9 (2022)

  6. Center for Real Estate Finance Research

    Researches real estate finance and policy, including new contract design in the mortgage space (home equity, shared appreciation mortgages), and on models of mortgage valuation and default. Recent research focuses on the Federal Housing Administration and its accounting rules.

  7. 80 Real Estate Finance Research Topics

    A List Of Potential Research Topics In Real Estate Finance: Exploring the role of real estate derivatives in managing market risk. Assessing the impact of government stimulus measures on residential property market stability. Investigating the effects of government housing policies on property affordability in the UK.

  8. Journal of Housing Economics

    The journal covers the broad spectrum of topics and approaches that constitute housing economics, including analysis of important public policy issues. Research Areas Include: • Housing markets • Public policy • Real estate • Finance • International studies • Spatial models • Demographics and mobility • Law and regulation

  9. (PDF) A Review of Domestic and Foreign Research on Real Estate

    Discover the world's research 2018 Real Estate Finance & Investment Symposium Article Full-text available Apr 2022 J R Estate Finance Econ Thies Lindenthal David C Ling Joseph T.L. Ooi...

  10. JRFM

    Real estate economics and finance is one of the hot topics in business study and research. I am writing to invite you to submit academic articles regarding this area. Topics include but are not limited to: Real estate sustainability Homeownership Home sales Land use and real estate market Carpark/hotel/shopping malls studies Housing prices

  11. R E , 1973-2010: at -j C

    This research compares Real Estate Economics, the Journal of Real Estate Finance and Economics, and the Journal of Real Estate Research in terms of their intellectual contribution to the real estate discipline. The 25 topics of real estate research identified by Winson-Geideman and Evangelopoulos (2013) are used as a basis for a comparison

  12. Transforming Real Estate Insights: The Role of Data Science in

    Our Capital Gravity model forms the cornerstone of our Active Capital research, providing cross-border capital flow forecasts across all sector and investor types.. Applying machine learning models built on commercial real estate cross-border investment data*, our forecasts integrate a range of factors, including economic, financial, risk-based, spatial and cultural data.

  13. COVID-19's impact on real estate markets: review and outlook

    His main research topics are in the field of empirical asset pricing, real estate finance and economics, risk management and applied financial econometrics. His research has been published in economics and finance journals such as Journal of Financial and Quantitative Analysis , Review of Finance , Journal of Economic Dynamics and Control ...

  14. Advanced Topics in Real Estate Finance

    Advanced Topics in Real Estate Finance Course Description This half-semester course introduces and surveys a selection of cutting-edge topics in the field of real estate finance and investments. The course follows an informal "seminar" format to the maximum degree possible, with students expected to take considerable initiative.

  15. Real Estate Finance Fundamentals

    Key topics will include: establishing realistic financial objectives; identifying and calculating the primary components of return in income-producing real estate including cash flow, tax benefits, and futures; preparing operating and capital cost pro formas and sources and uses of funds statements; understanding debt-financing underwriting ...

  16. Journal of Real Estate Finance and Economics

    Topics in Real estate investment trust were tackled in line with various other fields like Leverage (finance), Asset (economics), Profitability index and Equity (finance). The studies on Econometrics discussed can also contribute to research in the domains of Value (economics), Valuation (finance) and Residual.

  17. 127 Real Estate Essay Topics to Research & Write about

    Here you'll find real estate research topics and questions that will suit any project. Some real estate essay examples are added to inspire you even more! 🔥 Real Estate Topics to Write About in 2024 Housing market during the pandemic Buyer demand in real estate: the trends for 2022-2024 Moving into a new house: things to consider

  18. 155 Outstanding Real Estate Dissertation Topics in 2023

    Do My Assignment 155 Brilliant Real Estate Dissertation Topics You Should Use Today Real estate is the land, property, buildings, underground rights below, and air rights above the ground. Being a critical driver of the economy, real estate has earned a spot in academia.

  19. Commercial Real Estate 2024 Outlook: The Year Of Preparation

    According to Bloomberg, there sits an excess of $218.1 billion in total potential distressed commercial real estate encompassing office, industrial, retail, apartment, hotel and other CRE. As for ...

  20. The Future Of Real Estate: Fintech 50 2024

    The effects of the Federal Reserve's dramatic interest rate hikes, which began in March 2022, can be seen clearly in both real estate activity and our 2024 Fintech 50 list.In 2023, home sales ...

  21. Introduction to Special Issue: Topics Related to Real Estate Market

    A call for papers solicited research on the topic covering all major sectors of the real estate market: residential and commercial, equity and debt, private and public, space and capital.

  22. New research finds female directors improve…

    Co-author of the paper, Dr Jiarong Li, Lecturer in Real Estate Finance at Henley Business School, said: "It's vital parity between the genders is achieved in company director positions, which is reinforced by our findings. This research demonstrates a strong relationship between female directors and an enhancement in internal CSR engagement.

  23. PDF MIBC Moscow-City

    MIBC MOSCOW- CITY JUNE 2016 RESEARCH Supply Today 11 buildings comprising office premises are delivered with 905,5 thousand ... Banking/ Finance/ Investment Oil and energy industry B2B* TMT** Non-profit organisations Real estate/ Construction Manufacturing FMCG*** Pharmaceutical VTB Group Transneft 33% 78% 87% 14% 14% 9% 7% 9% 6% 4% 4% ...

  24. Bad property debt exceeds reserves at largest US banks

    US banks now hold $1.40 in reserves for every dollar of delinquent commercial real estate loans, down from $2.20 a year ago, according to the FDIC data, and the lowest cover banks have had to ...

  25. Beginnings of Real Estate Brokerage in Moscow

    A well-functioning real estate brokerage industry helps create an. efficient housing market in which differences in prices reflect. Beginnings of Real Estate Brokerage in Moscow 634. real ...

  26. Real estate market in Russia

    Currently, Russia's real estate market is facing a decline in demand for new properties due to rising consumer prices. Therefore, the government provides financial support for mortgages. In July ...

  27. About Kalinka Group

    Ecosystem Kalinka. Luxury real estate in Russia, Europe, Asia and Middle East for a comfortable life and profitable investment. Our team — it is an association of market professionals, innovations and digital technologies, traditions and continuous development. Download presentation.

  28. FinCEN Proposes New Residential Real Estate Reporting ...

    On February 7, 2024, the US Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") issued a Notice of Proposed Rulemaking on certain US residential real estate ...

  29. FAU Experts: Commercial Real Estate Exposures Could Lead to Bank

    Sinking demand for office space in the commercial real estate market could lead to bank failures in parts of the country, according to two finance experts at Florida Atlantic University.. The combination of rising interest rates, high office vacancies due to remote work, as well as lowering returns on investment in these buildings has exposed vulnerabilities in the banking system as hundreds ...