Abstracts for Vol.
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The second major section of the study presents the basic theory of cycles, examines the nature and dynamics of real estate cycles, identifies the many different types of interdependent cycles that affect real estate performance and presents strategies for dealing with multiple interrelated cycles. Successful cycle strategies that achieve above-market returns over the long run are dependent on this understanding, good market timing and a degree of contrarianism. Eight cycle models are presented in the third major section of the study. The final major topics addressed are the key strategic and decision implications for investors and portfolio managers, and a proposed cycles research agenda for the future. We develop a theoretical real estate cycles model linking economic fundamentals to real estate income and value.