IPE Webcast Channel: (A recorder webcast on how investors measure performance in real estate, and specifically in the UK & Europe)
Link:
Performance Measurement in Real Estate
12 Jan 2011
27 Dec 2010
25 Dec 2010
Asset allocation for illiquid markets
SSRN-Comatose Markets: What If Liquidity is Not the Norm? by Aswath Damodaran
An excellent paper by Aswath Damodaran (New York University - Stern School of Business), December, 2010. He discusses the importance of accounting for "market liquidity" in valuating different asset classes including real estate and other real assets.
An excellent paper by Aswath Damodaran (New York University - Stern School of Business), December, 2010. He discusses the importance of accounting for "market liquidity" in valuating different asset classes including real estate and other real assets.
5 Dec 2010
Real Estate Data Providers in the MENA Region
The current sources of real estate data are very limited and only available at a relatively high price with private organisations (except for Mazaya real estate index). The main sources can be summarised as follows:
a. Cityscape Intelligence website:
The website covers MENA countries except for Algeria and Turkey. It provides a comprehensive database on past and current construction projects with great level of details. It also provides 'country profiles' covering many aspects such as rules and regulations, anticipated supply and demand (by real estate sector), and general overview of the market. Further, the website details the companies working within the construction industry and provides up to date research and consultancy reports provided by the key players in the industry (e.g. JLL, Colliers and DTZ and many others). Most recently, the website launched an exclusive pricing data on residential properties in major MENA cities.
The website covers MENA countries except for Algeria and Turkey. It provides a comprehensive database on past and current construction projects with great level of details. It also provides 'country profiles' covering many aspects such as rules and regulations, anticipated supply and demand (by real estate sector), and general overview of the market. Further, the website details the companies working within the construction industry and provides up to date research and consultancy reports provided by the key players in the industry (e.g. JLL, Colliers and DTZ and many others). Most recently, the website launched an exclusive pricing data on residential properties in major MENA cities.
REIDIN.com is considered to be the most informative database on emerging real estate markets, including the MENA markets. The website provides many products and services that are of benefit to domestic as well as global investors. The main tool is called REBIS.com and is concerned with providing data including:
Price Indices
Market Price Data
Macro Economic Indicators
Projects Database
Building Database
Company Database
Deals, Valuations, Listings
The website also provides a product called RETAILFocus which is a retail real estate/ shopping centres database that provides in-depth data on retail property markets across emerging countries. The database includes shopping centre and retailer Profiles, GLA, footfall, price data, news, research, upcoming retail projects, owner, developer, property manager profiles powered by analysis and comparison tools and search engine.
Another product is DUBAIFocus which is considered the first exclusive online information product tracking real estate deals and transactions in Dubai, with a comprehensive database going back to 1973. The DUBAIFocus also provides daily information on all types of land, villa and flat deals (sales, mortgage, lease, grant, inheritance, etc.) in Dubai.
The website also comprises indices for residential real estate mainly focusing on UAE (Dubai) and Turkey (7 cities, namely Istanbul, Ankara, Izmir, Kocaeli, Bursa, Adana and Antalya).
Mazaya Real Estate (a Kuwaiti listed company) has introduced in early 2007 the Mazaya Real Estate Index - the first of its kind in the Middle East. The index measures the prices of properties across the GCC, as opposed to other indices which only measure the share prices of property firms listed on the regions‘ stock exchanges. Since late 2009, the index is temporarily suspended to incorporate market realities and to be activated in the near future (Zawya, 2009).
12 Nov 2010
10 Nov 2010
Commercial Real Estate Analysis and Investments book (2006) by David Geltner and Norman Miller
Having read many text books during my PhD journey, this book though is different! I am fascinated by the level of details and depth that this book offers, as it touches on most theories, but at the same time being practical and relevant to practitioners in the commercial real estate investment industry.
The book covers almost every aspect related to real estate as well as its link to urban economics and capital markets. It provides a comprehensive set of tools and techniques to analysing real estate markets at the macro and micro levels. The book also provides a trial version of the ARGUS software, which is an important one to practitioners in the industry. Examples are provided too as demonstrations of using the software, which makes the life easy to understanding the mechanics of the software. It also provides some good examples on how to use Crystal Ball in analysing investments covering (NPV, DCF, IRR, making assumptions, forecasts, forecast charts, sensitivity charts, distribution fittings and custom distributions).
I personally recommend this book to all real estate researchers and practitioners, as it will definitely add value in every possible sense, and will worth every penny. In short, reading and practicing this book ≈ Attending an MIT Course in Real Estate Finance and Investment!!
This review is not intended to be comprehensive.
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