The long cycle in real estate

From: The Journal of Real Estate Research | Date: January 1, 1997| Author: | Copyright information

The Long Cycle in Real Estatet

Abstract. The experience of the 1985-1993 boom/bust in real estate has left industry players nervous about when it might happen again. This study examines the possible causes and the periodicity of such major real estate cycles. A search of the literature for return evidence from this century suggests that there was only one other period of negative total returns for national real estate-the late 1920s and early 1930s. The evidence suggests that both periods of negative returns were caused by excessive levels of new construction, induced by an unusual rise in ...

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