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The property market, property valuations and property performance measurement

Published online by Cambridge University Press:  20 April 2012

David P. Hager  and
David J. Lord
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Extract

1.1. The Institute has discussed papers on most aspects of institutional investment in recent years, with the notable exception of property. This is not due to the lack of importance of this investment sector to pension funds and life offices, but perhaps to the greater role of actuaries (rather than surveyors) in the other investment media and to the interest in mathematical models for gilts and equities.

1.2. In this paper we have not tried to produce a mathematical model of the property market, a new valuation method for property or solutions to the extensive problems of property performance measurement and indices. We have, however, tried to pull together, in a single paper, the volumes of material on the property market and property valuation methods. We have also tried to set down some of the pitfalls of property performance measurement, which often tend to be overlooked in the relentless pursuit for more statistics in this important area.

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 112 , Issue 1 , June 1985 , pp. 19 - 60
Copyright
Copyright © Institute and Faculty of Actuaries 1985

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References

(1) Business Monitor and Financial Statistics. H.M.S.O.Google Scholar
(2) Walls, C. J. B. (1978). Property Indices. W. Greenwell & Co.Google Scholar
(3) Technical specifications of indices supplied by Ellis, Richard and Wootton, Jones Lang.Google Scholar
(4) Holbrook, J. P. Investment performance of pension funds. J.I.A. 104, 67.Google Scholar
(5) HAGER, D. P. Measurement of pension fund investment performance. J.S.S. 24, 33.Google Scholar