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Article

Ownership Yield and Prime Real Estate in Alpha Cities

Helyette Geman and Tara Michelle Velez
The Journal of Wealth Management Winter 2016, 19 (3) 116-130; DOI: https://doi.org/10.3905/jwm.2016.19.3.116
Helyette Geman
is a professor of mathematical finance at Birkbeck, University of London, in London, U.K., and a research professor at Johns Hopkins University in Baltimore, MD.
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Tara Michelle Velez
is a PhD candidate at Birkbeck, University of London, in London, U.K.
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Abstract

The goal of this article is twofold. First, the authors show that the price dynamics of prime real estate markets across alpha cities are more positively correlated than they are with nonprime markets in respective cities. They then argue that prime real estate is also highly related to other tangible luxury assets, including diamonds and museum-quality paintings. These features are illustrated by an analysis of structural breaks, correlations, and cointegration over the period 2003 to 2013. Results support the existence of an “ownership yield” in a world where high- (and ultra-high-) net worth individuals are growing in number and enjoy the possession of conspicuous assets.

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The Journal of Wealth Management: 19 (3)
The Journal of Wealth Management
Vol. 19, Issue 3
Winter 2016
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Ownership Yield and Prime Real Estate in Alpha Cities
Helyette Geman, Tara Michelle Velez
The Journal of Wealth Management Oct 2016, 19 (3) 116-130; DOI: 10.3905/jwm.2016.19.3.116

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Ownership Yield and Prime Real Estate in Alpha Cities
Helyette Geman, Tara Michelle Velez
The Journal of Wealth Management Oct 2016, 19 (3) 116-130; DOI: 10.3905/jwm.2016.19.3.116
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  • Article
    • Abstract
    • THE PRIME PROPERTY MARKET
    • DATA
    • EMPIRICAL RELATIONSHIPS BETWEEN PRIME AND NONPRIME REAL ESTATE
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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