How Should We Estimate for Commercial Property Price Indexes
比较了基于评估、交易和股票价格的三种商业地产价格指数，发现评估价格无法准确反映市场趋势，因此使用REIT股价数据来估算指数，并揭示了评估价格导致的投资回报扭曲。
How exactly should one estimate commercial property price indexes or CPPI? Investors in property aim to maximize capital gains from price increases and income generated by the property. How are the returns on investment in property determined based on its characteristics, and what kind of market characteristics does it have? The reliability/distortion of information that can be observed on the property investment market was measured. Much of the information available on the property investment market is property price information determined by property appraisers. However, it is known that property appraisal prices are unable to appropriately reflect actual property market trends. Therefore, we use enterprise value data for REIT investment management companies comprised of REIT investment unit prices (share prices) available on capital markets. This paper compared apparaisal-based CPPI, transaction- based CPPI and Stock-based CPPI, as well as clarifying the distortion in property investment returns that are formed based on property appraisal prices.