PROPERTY INVESTMENT AND PERFORMANCE MEASUREMENT: A REPLY

Understanding the process by which valuations are derived and interpreting that information within the context of performance measurement are two areas which are likely to receive greater attention. They are essentially problems of economics. However, our knowledge of these areas is unlikely to improve unless greater emphasis is placed on empirical research. This paper draws together some well established economic principles with some empirical analysis in an attempt to supply a more meaningful interpretation of property performance.