Can we trust the message from real estate equity prices?

Trends in real estate equity prices point to gains in IPD all-property capital values for 2011 as a whole of about 10%. That is far too optimistic. But to the extent that real estate equities are being used as a substitute for direct property investment in a supply-constrained market, this is surely another sign that the falls in capital values that some are still forecasting for 2011 will be avoided.

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