Real Estate Valuation and Investment [Elektronische Ressource] / Martin Wersing. Betreuer: Axel Werwatz

Real Estate Valuation and Investment vorgelegt von Diplom-Kaufmann Martin Wersing aus Berlin Von der Fakultät VII – Wirtschaft und Management der Technischen Universität Berlin zur Erlangung des akademischen Grades Doktor der Wirtschaftswissenschaften Dr. rer. oec. genehmigte Dissertation Promotionsausschuss: Vorsitzender: Prof. Dr. Frank Heinemann Berichter: Prof. Axel Werwatz, Ph.D. Berichter: Prof. Dr. Wolfgang Härdle Tag der wissenschaftlichen Aussprache: 25.05.2011 Berlin 2011 D83 AbstractReal estate investments are among the most important investment deci-sions during the life of many private households. This is particular true forresidential real estate investments, such as purchasing a single-family house.Uncertainties about future house prices imply that it is difficult to assess thefuture value of one of the most important sources of wealth for many house-holds. To our understanding of households’ investment decisions it is thusessential to measure real estate price risk. A fundamental problem of mea-suring real estate price risk is the valuation of residential real estate assets.This dissertation empirically analyzes valuation approaches for single-familyhouses, the measurement of market-wide movements in the price of housing,and the extent to which real estate price risk affects a household’s investmentdecisions into residential real estate.