Efficiency of investing in closed-end real estate mutual funds
https://doi.org/10.34020/1993-4386-2023-1-63-71
Abstract
Real estate investments enjoy a steady interest of private investors, meeting their requirements for risk and profitability. One of the mechanisms for investing in real estate is implemented by a closed real estate mutual investment fund (Real estate Mutual fund), the principle of which is as follows: the real estate mutual fund invests investors' funds in residential or commercial real estate; in return for their money, depositors receive shares – securities of the fund. Their cost depends on the price of the real estate managed by the Real Estate Fund.
This article presents the state of the Russian real estate market in 2022, the place of real estate funds in the market is determined. As an approach to assessing the effectiveness of investing in the real estate investment Fund, the calculation of the efficiency indicator as an index calculated on the basis of a comparative assessment of the attractiveness factors of the investment object is proposed. As a base for comparison, it is proposed to use the Moscow real estate index calculated by the Moscow Stock Exchange.
The authors have proposed an index of real estate mutual funds, which reflects the dynamics of the net asset value of the largest funds. Based on the dynamics of the index values for 2021-2022, an assessment of the risk and profitability of investing in Russian real estate funds was carried out.
About the Authors
Tamara A. Popova
Novosibirsk State University of Economics and Management
Russian Federation
Russian Federation
Tamara A. Popova – Candidate of Economic Sciences, Associate Professor of the Department of Financial Market and Financial Institutions
Novosibirsk
Darya A. Sosnovskaya
Novosibirsk State University of Economics and Management
Russian Federation
Russian Federation
Darya A. Sosnovskaya – 4th-year student of the faculty of corporate economics and entrepreneurship
Novosibirsk
References
1. Kiseleva N. P. Statistical analysis of the activity of mutual investment funds, Innovatsii i investitsii, 2022, No. 3, pp. 80–85. (In Russ.)
2. Nikonenko V. A. Mutual funds as an institution of collective investment, Journal of Economy and Business, 2020, Vol. 5-3 (63), pp. 130–133. DOI: 10.24411/2411-0450-2020-10494. (In Russ.)
3. Antonova I. S., Koptelova E. S. Factors of investment attractiveness of a closed unit real estate investment fund, Vestnik nauki Sibiri, 2015, No. 2 (17), pp. 223–234. (In Russ.)
Review
For citations:
Popova T.A., Sosnovskaya D.A. Efficiency of investing in closed-end real estate mutual funds. Siberian Financial School. 2023;(1):63-71. (In Russ.) https://doi.org/10.34020/1993-4386-2023-1-63-71
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