Evidence of Cycles in European Commercial Real Estate Markets and Some Hypotheses
This paper seeks to achieve four objectives. First, it provides some contextual material concerning the performance of the UK real estate market relative to stocks and bonds over a long period. Second, it provides UK ? and some non-UK European - evidence of the tendency for property demand, supply, prices, and returns to fluctuate around their long term trends or averages. Third, it briefly examines some hypotheses, which suggest institutional contributions to property cycles in European markets. Fourth, it suggests some reasons why the future may not be as cyclical as the past.