| Abstract [eng] |
The main aim of this master's thesis is to identify the factors influencing European REIT prices and analyze their effects. The master's thesis consists of the following main parts: literature review, empirical study, analysis of research results, conclusions and recommendations, references, and summary. The theoretical part examines the concept of REITs, their operating principles, and factors influencing European REIT prices. The research methodology section presents the research model, describes data analysis methods, and outlines selected macroeconomic indicators. The study focuses on the six major REIT countries (United Kingdom, France, Spain, Belgium, the Netherlands, and Germany), which dominate the market and account for about 84 percent of European REIT market capitalization. It analyzes how macroeconomic factors such as: GDP growth, inflation, and interest rates affect REIT prices. Additionally, it highlights microeconomic factors, such as real estate market trends, supply and demand dynamics, and dividend payouts. The study used multiple regression analysis. The results showed that inflation has the largest positive impact on REIT prices, while interest rates have a significant negative impact. GDP growth also positively impacts REIT prices, though less significantly than inflation. The data collected during the study were summarized in the conclusions, along with insights from the analyzed scientific literature. Based on these findings, recommendations were proposed. |
