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The performance of the German property market between 1989 and 1994

Matthias Thomas (Matthias Thomas is a Research Assistant at the European Business School, Oestrich‐Winkel, Germany.)

Journal of Property Valuation and Investment

ISSN: 0960-2712

Article publication date: 1 December 1995


While there are numerous indices for the German stock and bond markets, no performance index exists for the German property market, yet foreign institutional investors in particular are interested in the creation of a performance index, in order to achieve an acceptable framework for international real‐estate investment. Presents a construction method for a real‐estate performance index based on published accounting reports of open‐end real‐estate investment funds. This total return index can be disaggregated into a net cash‐flow return as well as capital growth, and could serve investors as an information tool about the German property market. This index could not only be used within the scope of performance analysis, but also for the benchmarking of real estate portfolios or decision making in portfolio management asset allocation. At the same time, this would enhance the transparency, liquidity and professionalism of the German real‐estate market.



Thomas, M. (1995), "The performance of the German property market between 1989 and 1994", Journal of Property Valuation and Investment, Vol. 13 No. 5, pp. 67-84.




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