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:: Volume 24, Issue 80 (quartery journal of Economic Research and Policies 2017) ::
qjerp 2017, 24(80): 241-261 Back to browse issues page
An investigation of the role of real estate in investors’ portfolio in Iran
Vahid Mahmoudi , Reza Raei , Mostafa Emamdoost *
university of tehran , psh_fardd@yahoo.com
Abstract:   (3946 Views)

One of the investment opportunities in Iran is real states, which always absorb a massive capital flow. In this study, in addition to investigating the performance of real estate market versus other investment opportunities; the effect of real states in the investors’ portfolio has been studied over a period between 1992-2013. We have considered exchange rate (dollar), Gold, stock and securities as other investment opportunities.To evaluate the effect of real estate market on investors’ portfolio, mean-variance methods have been used. In this way, efficiency frontier has drawn in two states, with and without real estate market.Results of the paper indicate that presence of real state market in the portfolios shifts the efficiency frontier up, and leads to less risk and more return on optimal portfolios. Moreover, the paper clearly indicates the weight of real states in the lower level of risk is low and weight of real states in higher level of risk is high.  

Keywords: : Investment, Mean-variance, Portfolio, Real estate.
Full-Text [PDF 1124 kb]   (3166 Downloads)    
Type of Study: Applicable | Subject: Special
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mahmoudi V, raei R, emamdoost M. An investigation of the role of real estate in investors’ portfolio in Iran. qjerp 2017; 24 (80) :241-261
URL: http://qjerp.ir/article-1-1108-en.html


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Volume 24, Issue 80 (quartery journal of Economic Research and Policies 2017) Back to browse issues page
فصلنامه پژوهشها و سیاستهای اقتصادی Journal of Economic Research and Policies
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