Superstar Returns - Archive ouverte HAL Access content directly
Preprints, Working Papers, ... (Working Paper) Year :

Superstar Returns

(1) , (1) , (2) , (1, 3, 4)
1
2
3
4
Francisco Amaral
  • Function : Author
  • PersonId : 1197482
Martin Dohmen
  • Function : Author
  • PersonId : 1197483

Abstract

We study long-term returns on residential real estate in twenty-seven "superstar" cities in fifteen countries over 150 years. We find that total returns in superstar cities are close to 100 basis points lower per year than in the rest of the country. House prices tend to grow faster in the superstars, but rent returns are substantially greater outside the big agglomerations, resulting in higher long-run total returns. The excess returns outside the superstars can be rationalized as a compensation for risk, especially for higher covariance with income growth and lower liquidity. Superstar real estate is comparatively safe.
Fichier principal
Vignette du fichier
2021_amaral_dohmen_kohl_schularick_superstar_returns.pdf (5.06 Mo) Télécharger le fichier
Origin : Files produced by the author(s)

Dates and versions

hal-03881493 , version 1 (01-12-2022)

Licence

Attribution - NonCommercial - NoDerivatives - CC BY 4.0

Identifiers

  • HAL Id : hal-03881493 , version 1

Cite

Francisco Amaral, Martin Dohmen, Sebastian Kohl, Moritz Schularick. Superstar Returns. 2021. ⟨hal-03881493⟩
0 View
0 Download

Share

Gmail Facebook Twitter LinkedIn More