RT Journal Article SR Electronic T1 Ownership Yield and Prime Real Estate in Alpha Cities JF The Journal of Wealth Management FD Institutional Investor Journals SP 116 OP 130 DO 10.3905/jwm.2016.19.3.116 VO 19 IS 3 A1 Helyette Geman A1 Tara Michelle Velez YR 2016 UL https://pm-research.com/content/19/3/116.abstract AB 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.TOPICS: Real estate, wealth management