Pandemia COVID-19 a działalność podmiotów typu Real Estate Investment Trust (REIT) na wybranych rynkach nieruchomości
The COVID-19 pandemic and the activity of Real Estate Investment Trust (REIT) entities on selected real estate markets

Author(s): Anna Mazurczak
Subject(s): Politics, Economy, Business Economy / Management, Micro-Economics, Sociology, Economic policy, Economic development
Published by: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu
Keywords: rynek nieruchomości;Real Estate Investment Trust (REIT);inwestycje w nieruchomości;COVID-19;
Summary/Abstract: Purpose: The aim of the study is to assess the short- and long-term impact of the pandemic on the activity of REITs on selected global markets. Design/methodology/approach: The research tool consisted in an analysis of the available REIT market indices – FTSE NAREIT Index, and the basic capital market benchmarks, such as the S&P 500, Dow Jones and Russel 2000 indices. On this basis, it could be observed that REITs behaved in a similar way to the capital market, and the reactions of the main global REIT indices dynamically reflected the situation in which the global markets found themselves. Findings: Similar to the 2006-2008 financial crisis, REITs reacted dynamically to the global situation at the beginning of the COVID-19 pandemic. However, this effect has been short-lived so far, and the largest drops in rates of return were observed in the first stage of the pandemic, i.e. in March and April 2020. The long-term effects of COVID-19, on the other hand, relate to the verification of the perception of individual real estate market segments, reconstruction of investment strategies and the search for new directions for building property portfolios, which can be verified when the pandemic is over. Originality and value: The study is an attempt to join the international discussion devoted to the assessment of the impact of the pandemic on global economies, including real estatemarkets, regarding the functioning of REITs as one of the most common forms of indirectreal estate investment in the world.

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