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A long-run study of real estate risk and return

Long run real estate.


This project on real estate risk and return draws on the experience of real estate finance and financial history and makes a contribution to the understanding of the long-run performance characteristics of real estate, putting this asset class on a level playing field with stocks, bonds and collectibles where comprehensive long-run performance data already exist.

Property is a major asset class in institutional investment portfolios alongside stocks and bonds. However, in contrast to those assets, there is little empirical evidence on the long-run risk and return characteristics of property. The objective of this project is to construct a novel and unique data set on investment properties in the UK held by long-term institutional investors and to analyse its long-run performance. 

The project is led by Dr David Chambers (University of Cambridge) and Dr Eva Steiner (Cornell University). It has attracted £100k of funding including from the Isaac Newton Trust, St John’s College Cambridge, the Cambridge Endowment for Research in Finance and an individual donor.