JOS LUIS SU REZ is Professor of Financial Management at IESE Business School, Spain. His areas of specialization include creating value for shareholders, formulation and implementation of financial policies, capital structure and dividends, managing international activities, especially in Latin America, capital budgeting, financing, risk management, and managing real estate companies and assets.

• PART I: THE RESIDENTIAL SECTOR Population Characteristics of European Households Housing Stock Housing Production House Transactions and Prices Housing Policies in Europe PART II: COMMERCIAL REAL ESTATE The European Commercial Real Estate Stock and Markets Offices Shopping Centres Industrial Properties PART III: DIRECT PROPERTY INVESTMENT Characteristics of Direct Property Investment Real Estate Investment Benchmarks and Indices Risk-return Profile of Direct Property Investment, All-property Income Return and Capital Growth Volatility of Income Returns and Capital Growth Risk and Return on Direct Property Investment by Property Asset Class International Diversification Across Europe Total Real Estate Returns and Macroeconomic Variables Direct Investment Versus Equities and Bonds in the United States Property Derivatives Property Derivatives Transactions in the United States PART IV: INDIRECT INVESTMENT IN REAL ESTATE, LISTED COMPANIES AND FUNDS Listed Real Estate Companies REITs in North America, Asia-Pacific and Africa Real Estate Investment Funds in Europe Direct and Indirect Real Estate Investment PART V: REAL ESTATE FINANCING, MORTGAGE MARKETS Description of the European Mortgage Markets Household Indebtedness Characteristics of Mortgage Loans Movements Towards the European Integration of Mortgage Markets PART VI: FINANCIAL INSTITUTIONS' FUNDING FOR MORTGAGE LENDING PURPOSES Mortgage Bonds Mortgage-backed Securities Collateralised Debt Obligations, CDO Harmonisation Initiatives in the European Secondary Mortgage Markets

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