Looks at the risk/return characteristics of real estate on the basis of both appraisal and market values. Broadens this analysis to include inflation. Makes a series of observations about the role of real estate in efficient investment portfolios. Concludes that as long as direct real estate is valued at appraisal value it is unmistakably a solid inflation hedge.
Goslings, J.H. and Petri, V.L. (1992), "The Role of Real Estate in Efficient Investment Portfolios", Journal of Property Valuation and Investment, Vol. 10 No. 1, pp. 405-412. https://doi.org/10.1108/14635789210031064
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