European Real Estate Markets

Cover......Page 0
Contents......Page 10
List of Figures......Page 12
List of Tables......Page 18
List of Abbreviations......Page 21
Introduction......Page 24
1 The Residential Sector......Page 31
Population......Page 32
Characteristics of European households......Page 41
Housing stock......Page 45
Housing production......Page 50
House transactions and prices......Page 56
Housing policies in Europe......Page 63
2 Commercial Real Estate......Page 73
The European commercial real estate stock and markets......Page 74
Offices......Page 78
Shopping centres......Page 92
Industrial properties......Page 98
3 Direct Property Investment......Page 105
Characteristics of direct property investment......Page 106
Risk–return profile of direct property investment, all-property......Page 108
Volatility of income returns and capital growth......Page 116
Risk and return on direct property investment by property asset class......Page 117
Total real estate returns and macroeconomic variables......Page 127
Direct investment versus equities and bonds in the United States......Page 130
Property derivatives......Page 131
4 Indirect Investment in Real Estate: Listed Companies and Funds......Page 136
Listed real estate companies......Page 137
REITs in North America, Asia-Pacific and Africa......Page 143
Investment characteristics: types of assets and debts......Page 146
Real estate investment funds in Europe......Page 149
National characteristics of real estate funds......Page 152
Direct and indirect real estate investment......Page 164
5 Real Estate Financing: Residential Mortgage Markets......Page 175
Description of the European mortgage markets......Page 176
Mortgage market volume......Page 177
Household indebtedness......Page 188
Characteristics of mortgage loans......Page 191
Movements towards the European integration of mortgage markets......Page 193
White Paper on the Integration of EU Mortgage Credit Markets......Page 196
6 Financial Institutions' Funding for Mortgage Lending Purposes......Page 202
Mortgage bonds......Page 204
Mortgage bond issuance......Page 210
Mortgage-backed securities......Page 211
Mortgage bonds versus mortgage-backed securities......Page 218
Collateralized debt obligations (CDOs)......Page 219
CDOs in euros......Page 224
Harmonization initiatives in the European secondary mortgage markets......Page 226
B......Page 229
C......Page 231
D......Page 233
E......Page 234
F......Page 236
G......Page 238
H......Page 240
I......Page 241
L......Page 243
M......Page 244
N......Page 246
P......Page 248
R......Page 250
S......Page 252
U......Page 255
Z......Page 257