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Research impact has taken on increased importance at both a micro- and macro-level and is a key factor today in shaping the careers of real estate researchers. This has seen a range of research impact metrics become global benchmarks when assessing research impact at the individual academic level and journal level. Whilst recognising the limitations of research impact metrics, this paper uses these research impact metrics to identify the leading research impact researchers in real estate, as well as the leading real estate journals in the real estate impact space. The nexus between research quality and research impact is also articulated. As well as focusing on research quality, strategies are identified for the effective incorporation of research impact into a real estate researcher's agenda to assist their research careers; particularly for Early Career Researchers in real estate.

The research impact profile of over 150 real estate researchers and 22 real estate journals was assessed using Google Scholar and Publish or Perish. Using the research impact metrics of the h-index, total citations and i10, the leading high impact real estate researchers as well as the high impact real estate journals are identified.

Based in these research impact metrics, the leading real estate researchers in impactful real estate research are identified. Whilst being US focused, there is clear evidence of increasing roles by ERES, AsRES and PRRES players. The leading real estate journals in the impact space are identified, including both real estate-specific journals and the broader planning/urban policy journals, as well as being beyond just the standard US real estate journals. Researcher career strategies are also identified to see both research quality and research impact included as balanced elements in a real estate researcher's career strategy.

With research impact playing an increased role in all real estate researchers' careers, the insights from this paper provide strong empirical evidence for effective strategies to expand the focus on the impact of their real estate research agendas. This sees a balanced strategy around both research quality and research impact as the most effective strategy for real estate researchers to achieve their research career goals.

Research impact has taken on increased importance globally and is an important factor in shaping real estate researchers' careers. Using research impact metrics, this is the first paper to rigorously and empirically identify the leading research impact players and journals in real estate, as well as identifying strategies for the more effective inclusion of impact in real estate researchers' agendas.

The article analyzes the effects of the coronavirus disease 2019 (COVID-19) pandemic on commercial real estate prices, with a particular focus on European markets.

The authors start by highlighting caveats to bear in mind when referring to direct real estate indices. The authors then analyze the behavior of commercial real estate prices during the pandemic, emphasizing differences across property types. For that purpose, the authors use data for both direct and listed real estate and further discuss changes in the main factors affecting commercial real estate pricing. The article then turns to discussing the likely trajectory of commercial real estate prices in the future.

The authors report that retail and hospitality properties and to a lesser extent office buildings have been affected the most by COVID-19, while the residential and industrial sectors have been less affected by the crisis. The authors maintain that the future trajectory of prices will vary across sectors and that the type and location of assets will become increasingly important in their valuation.

This paper provides for a better understanding of the behavior of commercial real estate prices during the COVID-19 pandemic.

The purpose of this paper is to analyze papers that have been published in the Journal of European Real Estate Research since its inception in 2008.

The author analyzes papers published from 2008 to 2019 in the Journal of European Real Estate Research by authors’ country of affiliation, by country of study and by theme.

The Journal of European Real Estate Research publishes papers from scholars from an increasing number of countries, in particular in Central and Eastern Europe. Papers that provide a comparative analysis of countries constitute the largest category of contributions. The three most popular themes remain housing, valuation and investment/portfolio management. However, the dynamics of the three categories differ notably.

This paper provides for a clearer understanding of key dimensions of real estate research in Europe.

Using data spanning 145 years for Sweden, the authors investigate the benefits of holding multi-family properties for investors who aim to hedge wage growth.

The authors assess the risk-adjusted excess return that results from adding multi-family properties to a mixed-asset portfolio that aims to track wage growth. The authors also analyse the macroeconomic determinants of asset returns. Finally, the authors test whether a causal relationship exists between the growth rate of real wages and that of real net operating income.

The benefits from holding multi-family properties are the greatest for low-risk allocation approaches. For more risky strategies, the role of real estate is more muted, and it varies greatly over time. Holding real estate was most beneficial during the first two decades of the 21st century. Multi-family properties are found to be the only asset class to be positively related to wage growth. The authors show that the net operating income acts as the transmission channel between wages and property returns.

The paper assesses whether the growing interest of pension funds for multi-family properties is warranted in the context of a portfolio that aims to track wage growth.

Using long term data makes it possible to use a rolling windows approach and hence to consider multiple outcomes for an allocation strategy over a typical investment horizon. This permits to assess the dispersion of performance across several periods rather than just one as is commonly done in the literature. The results show that the conclusions that would be drawn from looking at the past two or three decades of data differ substantially from those for earlier time periods.

The study aims to analyze the effects of the Covid-19 pandemic on house prices.

The authors start by discussing the possibility that house price indexes may not fully incorporate the effects of the pandemic as of yet. Against the background of the pandemic, the authors then analyze economic and behavioral effects affecting house prices. The authors also discuss how the linkages between tourism and house prices have been affected. The authors further present evidence of an emerging shift in preferences from urban locations to more peripheral ones.

The authors report variance in the evolution of house prices across countries at the onset of the pandemic, with locations depending heavily on tourism showing slower price appreciation while appreciation has firmed in other places. The authors argue that the resilience of house prices is not only because of the low-interest rate environment and government efforts to support firms and households, but also behavioral factors. In some locations, the price of condominiums has declined relative to the price of detached houses. This could indicate that wealthier households are seeking more space and larger units as a result of the crisis. There is also evidence of a downward pressure on rents, leading to increased price–rent ratios in the USA.

By considering both economic and behavioral factors, this paper provides for a better understanding of the resilience and realignment of house prices at the onset of the Covid-19 pandemic.

The article aims to analyze the behavior of commercial real estate prices in Europe, with a focus on the post-coronavirus disease 2019 (COVID-19) pandemic period. The authors use national and city-level data for the various commercial real estate sectors in ten countries, as well as listed real estate data, to assess any differences across property type and space.

The authors analyze the behavior of commercial real estate prices after the COVID-19 pandemic, emphasizing differences across property types. For that purpose, the authors use national and city-level direct real estate data for the ten largest countries in terms of market capitalization, as well as listed real estate data. The article then turns to discussing the likely trajectory of commercial real estate prices in the future.

The recent rise in interest rates and geopolitical instability have affected prices differently across sectors. Industrial properties benefited from the pandemic, although prices declined significantly in 2022. Residential properties continued their upward price trend and have been the best-performing property type during the last two decades. Retail real estate continued its downward price trajectory. Thus far, office markets do not appear to be significantly affected by structural changes in the sector. The data for listed real estate markets in Europe suggest that markets bottomed out in early 2023.

This paper provides for a better understanding of the behavior of commercial real estate prices in Europe since the COVID-19 pandemic. The authors assess whether the effects found during the COVID-19 crisis were temporary or long-lasting. Also, many economic and political uncertainties have emerged since the beginning of the Ukraine war in February 2022, and it is important to analyze the effects of such uncertainties on commercial real estate prices.

Opportunity real estate funds are an important style of real estate investing for institutional investors seeking nonlisted real estate exposure. Importantly, institutional investors have sought exposure to the China real estate market, often via opportunity real estate funds. This has been by a pure China opportunity real estate fund (100% China opportunity real estate) or by a pan-Asia opportunity real estate fund where China opportunity real estate was part of this pan-Asia opportunity real estate portfolio. Using two bespoke China opportunity real estate indices developed by the authors, this paper aims to assess the risk-adjusted performance and portfolio diversification benefits of China opportunity real estate in a mixed-asset portfolio over 2008–2020. It also highlights critical issues for institutional investors going forward to factor into their real estate investment decision-making for effective China real estate exposure.

This paper develops two bespoke China opportunity real estate fund performance indices to assess the risk-adjusted performance and portfolio diversification benefits of China opportunity real estate funds in a mixed-asset portfolio over 2008–2020. An asset allocation diagram is used to assess the role of China opportunity real estate in a mixed-asset portfolio via both the non-listed and listed real estate investment channels.

Over 2008–2020, China opportunity real estate exposure via pan-Asia opportunity real estate funds were seen to outperform pure China opportunity real estate funds. In both formats, China opportunity real estate funds were seen to have a significant role in a China mixed-asset portfolio across most of the portfolio risk spectrum; particularly compared to listed real estate exposure in China. On-going issues regarding real estate risk management in China will take on increased importance for institutional investors seeking China real estate exposure.

Opportunity real estate funds are an important style of real estate investing, often used by institutional investors to gain non-listed real estate exposure in a developing real estate market. This style of real estate investing has been popular with institutional investors seeking exposure to China real estate as part of the China economic growth dynamic. The results of this research highlight the importance of opportunity real estate investing in China, both via a pure China opportunity real estate fund and via a pan-Asia opportunity real estate fund. Based on this empirical analysis, China opportunity real estate exposure is seen to be more effective via a pan-Asia opportunity real estate fund than a 100% China opportunity real estate fund. A range of practical China real estate investment issues are also highlighted for the effective delivery of China real estate exposure for institutional investors going forward; this particularly relates to the on-going risk management for real estate investment in China.

This paper is the first empirical research analysis of the risk-adjusted performance of China opportunity real estate and its role in a mixed-asset portfolio. Using bespoke China opportunity real estate fund indices developed by the authors, this research enables empirically-validated, more informed and practical opportunity real estate investment decision-making regarding the strategic role of China opportunity real estate in an institutional investor's portfolio. It also highlights the importance of various facets of real estate risk management in China going forward.

The purpose of this paper is to investigate the accuracy and volatility of different methods for estimating and updating hedonic valuation models.

The authors apply six estimation methods (linear least squares, robust regression, mixed-effects regression, random forests, gradient boosting and neural networks) and two updating methods (moving and extending windows). They use a large and rich data set consisting of over 123,000 single-family houses sold in Switzerland between 2005 and 2017.

The gradient boosting method yields the greatest accuracy, while the robust method provides the least volatile predictions. There is a clear trade-off across methods depending on whether the goal is to improve accuracy or avoid volatility. The choice between moving and extending windows has only a modest effect on the results.

This paper compares a range of linear and machine learning techniques in the context of moving or extending window scenarios that are used in practice but which have not been considered in prior research. The techniques include robust regression, which has not previously been used in this context. The data updating allows for analysis of the volatility in addition to the accuracy of predictions. The results should prove useful in improving hedonic models used by property tax assessors, mortgage underwriters, valuation firms and regulatory authorities.

Against the background of initiatives, which have taken place to foster real estate research in Europe, this article seeks to analyse important dimensions of that research.

The article investigates the evolution from 2000 to 2015 in the proportion of papers published by authors with a European affiliation in the three main international real estate journals (Real Estate Economics, Journal of Real Estate Finance and Economics and Journal of Real Estate Research). Then, focusing on papers with at least one European author and/or concentrating on Europe, the article analyses papers published from 2008 to 2015 in the two main European real estate journals (Journal of European Real Estate Research and Journal of Property Research) by authors’ country of affiliation, by country of study and by theme. Finally, we analyse links between author’s country of affiliation and country of study and theme, respectively.

The results show that the proportion of papers published by European authors in the three main international real estate journals has increased during the 2000-2015 period. The author's analyses of papers published in the two European real estate journals suggest that UK-based researchers are the most prolific. There is also a strong “home bias” in that authors largely focus on the country in which they are based. The interest in housing and valuation increased markedly during the period. Finally, the article reports linkages between country of affiliation and theme.

This paper should provide a much clearer understanding of several aspects of real estate research in Europe.

The purpose of this paper to provide a discussion of the empirical evidence and contributing factors of the synchronization of house prices globally.

The author reviewed the main studies on house price synchronization and conducted an empirical analysis using OECD house price indices. A discussion of the contributing factors of synchronization, with a focus on the demand and supply dimensions is provided, and synchronization across both countries and cities is examined.

Housing markets globally have become more synchronized; this is particularly clear for cities. The sustained demand for places that are attractive for financial motives and for lifestyle and sometimes climate along with the fact that such places tend to be supply-constrained is likely to lead to more synchronization across markets.

The conclusions are important for investors seeking to diversify their housing holdings internationally. The discussion should also benefit policy-makers.

To date, very scarce evidence exists on the synchronization of house prices globally. By surveying the results contained in previous studies and providing a thorough discussion of the possible drivers of house price synchronization, this study contributes to a better understanding of this important topic.