Pandemic Risk Exposure: Impacts of COVID-19 Virus on Real Estate Investments

21 Pages Posted: 2 Feb 2023

See all articles by Giorgio Stefano Bertinetti

Giorgio Stefano Bertinetti

Ca Foscari University of Venice - Department of Management

Licia Ferranna

Ca Foscari University of Venice; CMCC - Centro Euro-Mediterraneo sui Cambiamenti Climatici

Gloria Gardenal

Ca Foscari University of Venice - Department of Management

Date Written: January 26, 2023

Abstract

The pandemic caused by the Covid-19 virus has severely impacted the real estate industry. The research investigates the relationship between the spread of the virus and REITs performances in Europe, considering the role played by localization and diversification of properties in the real estate portfolios. The results show that Covid-19 had heterogeneous impacts depending on property types. Moreover, risks associated to Covid-19 may be described by synthetic indexes that represent the degree of vulnerability of economic activities carried out in the real estates.

Note:
Funding Information: The research is financed by the "Hybrid Sustainable Worlds" POR FESR 2014-2020 Veneto Region, Action 1.1.4, Resolution of the Regional Council n. 822 of June 23, 2020 “Call for support for Research and Development projects carried out by regional innovative networks and industrial districts", ID n. 10290827.

Declaration of Interests: The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.

Keywords: Covid-19, commercial real estates, REITs, vulnerability, abnormal returns

JEL Classification: G1, I10, D80, R10, R30

Suggested Citation

Bertinetti, Giorgio Stefano and Ferranna, Licia and Gardenal, Gloria, Pandemic Risk Exposure: Impacts of COVID-19 Virus on Real Estate Investments (January 26, 2023). Department of Management, Università Ca' Foscari Venezia Working Paper No. 1, Available at SSRN: https://ssrn.com/abstract=4338527 or http://dx.doi.org/10.2139/ssrn.4338527

Giorgio Stefano Bertinetti

Ca Foscari University of Venice - Department of Management ( email )

San Giobbe, Cannaregio 873
Venice, 30121
Italy

Licia Ferranna (Contact Author)

Ca Foscari University of Venice ( email )

CMCC - Centro Euro-Mediterraneo sui Cambiamenti Climatici ( email )

via Augusto Imperatore, 16
Lecce, I-73100
Italy

Gloria Gardenal

Ca Foscari University of Venice - Department of Management ( email )

San Giobbe, Cannaregio 873
Venice, 30121
Italy

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