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Article
Publication date: 7 August 2017

Stanley McGreal

Abstract

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Journal of European Real Estate Research, vol. 10 no. 2
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 2 May 2017

Ion Anghel and Stanley McGreal

Abstract

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Journal of European Real Estate Research, vol. 10 no. 1
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 6 November 2017

Paloma Taltavull de La Paz and Stanley McGreal

Abstract

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Journal of European Real Estate Research, vol. 10 no. 3
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 1 August 2016

Stanley McGreal

Abstract

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Journal of European Real Estate Research, vol. 9 no. 2
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 21 July 2020

Olawumi Fadeyi, Stanley McGreal, Michael McCord and Jim Berry

Office markets and particularly international financial centres over the past decade have experienced rapid financialisation, developments and indeed changes in the…

Abstract

Purpose

Office markets and particularly international financial centres over the past decade have experienced rapid financialisation, developments and indeed changes in the post-global financial crisis (GFC) landscape. Importantly, the volume and types of international capital flows have witnessed more foreign actors and vehicles entering into the investment landscape with the concentration of investment intensifying within key financial centres. This paper examines the interaction of international real estate capital flows in the London, New York and Tokyo office markets between 2007 and 2017.

Design/methodology/approach

Using Real Capital Analytics (RCA) data comprising over 5,700 office property transactions equating to $563bn between 2007 and 2017, the direct global capital flows into the London, New York and Tokyo office markets are assessed using an autoregressive distributed lag (ARDL) approach. Further, Granger causality tests are examined to analyse the short-run interaction of international real estate capital flows into these three major office markets.

Findings

By assessing the relativity of internal to external investments in these three central business district (CBD) office markets, differences in market dynamics are highlighted. The London office market is shown to be highly dependent on international flows and the USA, the foremost source of cross-border investment on the global stage. The cointegration and causality analysis indicate that cross-border real estate investment flows in these markets (and financial centres) show both long- and short-run relationships and suggest that the London office market remains more distinct and the most reliant on international capital flows with a wider geographical spread of investment activities and investor types. In the case of New York and Tokyo, these markets appear to be driven by more domestic investment activity and capital seemingly due to subtle factors pertaining to investor home bias, risk aversion and diversification strategies between the markets in the aftermath of the GFC.

Originality/value

Given the importance of the CBD offices in London, New York and Tokyo as an asset class for institutional investors, this paper provides some insights as to their level of connection and the interaction of the international capital flows into these three major cities.

Details

Journal of Property Investment & Finance, vol. 39 no. 4
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 12 November 2019

Muhammad Jufri Marzuki, Graeme Newell and Stanley McGreal

The inception of REITs in Ireland in 2013 presented an additional property investment opportunity to Ireland’s commercial property investment landscape. Importantly, the…

Abstract

Purpose

The inception of REITs in Ireland in 2013 presented an additional property investment opportunity to Ireland’s commercial property investment landscape. Importantly, the Irish REIT market is an institutional apparatus with an objective to rejuvenate Ireland’s commercial property market. The purpose of this paper is to provide an empirical validation of the performance of Irish REITs over the period March 2015 to February 2019 across several investment measures such as risk-adjusted returns and diversification benefits.

Design/methodology/approach

Using monthly total returns in local currency, the risk-adjusted performance and portfolio diversification attributes of Irish REITs are assessed. The mean-variance framework is utilised to assess the potential added-value benefits of Irish REITs in a mixed-asset portfolio.

Findings

Irish REITs delivered the strongest average annual return performance, lower relative volatility vs the stock market and competitive overall risk-adjusted performance. The results affirm the characteristic of Irish REITs as a total return-focussed income-driven property investment asset class. The optimal asset allocation analysis shows that Irish REITs are an important ingredient in a mixed-asset investment framework, as their allocation could be scaled effectively across the portfolio risk-return spectrum.

Practical implications

Irish REITs are an emerging investment opportunity for investors seeking exposure in the strongly performing property market in Ireland in the post-Global Financial Crisis period. They are also regarded as an effective alternative conduit to private investment routes (i.e. direct property and non-listed property funds), with the added advantage of being more liquid and versatile than their private property investment counterparts. Importantly, Irish REITs fulfilled the purpose for which they were originally designed. The promising initial performance observed in this paper gives a useful context to what the future might hold for Irish REITs, given the strong interest for commercial property assets in Ireland from both local and cross-border property investors.

Originality/value

This paper is the first empirical research aimed at providing an initial empirical performance validation of Irish REITs as an effective route to commercial property exposure in Ireland. This research enables empirically validated, more informed and practical property investment decision making regarding the strategic role of Irish REITs in a portfolio.

Details

Journal of Property Investment & Finance, vol. 38 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 6 November 2017

Braam Lowies, Christa Viljoen and Stanley McGreal

The purpose of this study is to investigate the perceptions of property investors of the risks and returns associated with property crowdfunding as an investment vehicle…

Abstract

Purpose

The purpose of this study is to investigate the perceptions of property investors of the risks and returns associated with property crowdfunding as an investment vehicle. The study contributes to the understanding of alternative property investment vehicles and how it is perceived by investors.

Design/methodology/approach

The study focusses on investor perceptions in using property crowdfunding as an investment vehicle and follows a survey-based design. A questionnaire was finalised after the completion of a pilot study and was distributed to existing property crowdfunding investors via email. Inferential statistical measures were used.

Findings

The results show, to an extent, similarities to general equity-based crowdfunding studies. However, the uniqueness of property crowdfunding as an investment vehicle may explain the insignificance of the results when related to other studies. Overall, the property crowdfunding investor seems to present cautious behaviour with a conservative perception of property crowdfunding as an investment vehicle.

Practical implications

It is recommended that property crowdfunding platforms present prospective investors with more formal regulation of the property crowdfunding industry. Such a regulatory framework may lessen the current level of uncertainty presented by investors.

Originality/value

The study enhances the understanding of the role of property crowdfunding as an alternative investment vehicle in Australia. More importantly, it went some way towards enhancing the understanding of how investors perceive and behave vis-à-vis property crowdfunding as an investment vehicle.

Details

Journal of Financial Management of Property and Construction, vol. 22 no. 3
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 10 July 2018

Braam Lowies, Robert Brenton Whait, Christa Viljoen and Stanley McGreal

The purpose of this paper is to determine the profile of the typical online fractional residential property investor in Australia. This study also seeks to understand the…

Abstract

Purpose

The purpose of this paper is to determine the profile of the typical online fractional residential property investor in Australia. This study also seeks to understand the motives for engaging with and investing in alternative residential property investments.

Design/methodology/approach

This study employs a survey-based design via an online questionnaire to gather information on investor age, gender, type, education levels, time horizons and investment history and risk and return expectations. It also gathers information regarding investors’ financial literacy including tax implications of fractional property investment.

Findings

The findings of this study suggest amongst others, that fractional property investors tend to be younger, although the platform also attracts older investors including older females. The study also found that investors do not select alternative investment platforms in anticipation of super-normal investment returns. Return expectations are realistic and are based on a balance between capital growth and income.

Practical implications

This study indicates that alternative investment platforms lowers the barriers of entry into residential property for first time investors. It therefore creates opportunities to allow many first time individual investors to invest in property, often as an alternative to bank savings or investing in the stock market.

Originality/value

This study enhances our understanding of the influence of alternative investment platforms on investment decision-making. More specifically, it contrasts fractional property investment with more traditional investment opportunities to understand the motives of investors for diversifying into online investment vehicles.

Details

Journal of Property Investment & Finance, vol. 36 no. 6
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 5 December 2020

Sven Bienert, Stanley McGreal and Paloma Taltavull

Abstract

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Journal of European Real Estate Research , vol. 13 no. 3
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 1 January 2000

Gillian Kane, George Heaney and Stanley McGreal

Accessibility is now a major issue in the design and maintenance of housing estates. This paper considers the reasons why this issue has emerged and the main obstacles to…

Abstract

Accessibility is now a major issue in the design and maintenance of housing estates. This paper considers the reasons why this issue has emerged and the main obstacles to accessibility encountered by housing estate residents. Focusing on a mature estate in South Belfast, Northern Ireland, investigates the obstacles to accessibility experienced by the residents in order to produce a hierarchy of impacts. Residents were surveyed on a number of issues including location, roads and pavements, transportation, level change, wayfinding, safety and security, and public areas. It was discovered that obstacles relating to wayfinding created the greatest problems for residents; however, attitudes towards accessibility varied according to the age of the respondent. The study concludes that accessibility should be introduced estate‐by‐estate dependent on a resident profile in order to maximise resources and advocates the adoption of a co‐ordinated interagency approach.

Details

Facilities, vol. 18 no. 1/2
Type: Research Article
ISSN: 0263-2772

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