Global – Page 38 – The Property Chronicle
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Is UK commercial property fair value?

Assessing value is no easy task, even in normal times. But we believe that assessing the relative value of commercial property against a range of alternative asset classes, including government and corporate bonds, and equities, is a useful approach. To do this, we consider current property pricing in the context of its relationship with alternative […]

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Is higher inflation round the corner?

The global monetary and fiscal stimulus implemented since the coronavirus erupted has been sizable, and policy-makers have acted with unprecedented speed. While it is recognised that this stimulus was necessary, the resulting increases in government debt and central bank liquidity have given rise to concerns that an upsurge in global inflation may be around the […]

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What would Lincoln do?

On 12 October 1864, Chief Justice Roger Taney, author of the Dred Scott decision, passed away. Abraham Lincoln (finally!) had the opportunity to replace that man. There was never a doubt that Lincoln would nominate a successor. On the other hand, there was no purpose in immediately naming a successor. The Senate was in recess […]

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Valuing REITs in a time of turbulence

Ordinary valuation methods prove inaccurate when the measures they’re based on are in such a state of flux – it’s time to turn to a different methodology. In ordinary circumstances (anyone remember those halcyon days of steady state equilibrium?) the task of valuing a REIT was relatively straightforward. All that was required was a forecast […]

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Housing value worldwide: what’s happening?

Considering that the present crisis is likely to burst inflated bubbles, it’s especially relevant to look at overvalued assets now. The first chart below compares the current housing market in various countries around the world. Using data from the OECD Economic Outlook, I estimated how much housing is overvalued in terms of house prices relative […]

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Technology and the next normal

The ‘next normal’ – the same as the last normal but has just arrived more quickly than expected. Like so many events, it’s a case of expediting existing trends not starting new ones. Retailers that have been living off low interest rate loans and haven’t changed their business models post the Amazon Age are now […]

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It’s time to value value

‘New’ economy stocks have surged over the past five years, but unfashionable value may be about to have its moment in the sun. US internet shares have been roaring ahead, particularly in recent months. The coronavirus crisis has accelerated the shift towards online retail and smart communications, and these are the most obvious winners. It […]

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