Димитър Благоев
Abstract: Real estate is always characterized as a safe haven asset from inflation and in uncertain economic and geopolitical times. They rank alongside investment gold as a means of preserving people's wealth over extended periods of time. At the same time, not a small part of the so-called investors consciously or unconsciously avoid the distinguishing characteristics of investing compared to speculating, namely that investments should bring us current income. However, it is of interest (both scientific and purely applied) to track the trend of changes in the rate of inflation, price and yield of/from real estate over a long period of time (e.g. 20-year period) and their comparison with other investment alternatives (investment gold and stocks), which is the main objective of the present study. To achieve this goal, the research uses data from the National Statistical Institute and other public specialized sites for real estate, the Bulgarian National Bank, the stock market, investment gold trading sites, etc. The methods of two-dimensional distributions, creeping indices and trends are applied. The potential presence of functional dependencies between the individual elements of the yield from diversified investment assets is also sought. A key question we want to answer with this research is: "Does real estate investment returns (across real estate types) beat the rate of inflation over an extended period of time, and how does it compare to alternative investment options?"
Key words: investments; value; wealth; real estate
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