Real Estate Price Indices and Price Dynamics: An Overview from an Investments Perspective
本文综述了房地产价格指数编制方法及价格动态研究现状，聚焦于投资性商业地产，揭示了其与股票和固定收益证券定价的异同，对投资者和学者有参考价值。
This article reviews the state of the art in real estate price indexing and the state of knowledge about real estate price dynamics, with a focus on investment property, or income-generating commercial property. Investment properties form a large component of the national wealth and of capital markets and represent a major investment asset class. They are characterized by various types of heterogeneity, including among assets, markets, and data sources, making the study of real estate pricing uniquely challenging. Yet in recent decades, urban economists and econometricians have pioneered major new price indexing methodologies that, combined with new types of data sources, are shedding light on the nature of commercial property price dynamics, revealing both important commonalities and unique differences compared with equities and fixed-income securities pricing.