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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.58,Issue1,P.1-20

语言

英文

关键字

Political risk; Real estate markets; Brexit; HOUSE PRICES; IMMIGRATION; GLOBALIZATION

作者单位

[Monfared, Sam; Pavlov, Andrey] Simon Fraser Univ, Beedie Sch Business, Vancouver, BC, Canada. Monfared, S; Pavlov, A (reprint author), Simon Fraser Univ, Beedie Sch Business, Vancouver, BC, Canada. E-Mail: Ssa139@sfu.ca; Apavlov@sfu.ca

摘要

Using data from the recent referendum in Britain to leave the E.U., we document a link between political uncertainty and real estate values. Specifically, we find that real estate values in areas of London that have a high concentration of E.U. passport holders declined significantly more than the rest of the city following the Brexit vote. In addition, we find that areas with concentration of highly-educated residents also experienced a disproportionately large price decline. These findings suggest that real estate markets are forward looking, incorporate information quickly, and are segmented.