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A property derivative is a financial derivative whose value is derived from the value of an underlying real estate asset. In practice, because real estate assets fall victim to market inefficiencies and are hard to accurately price, property derivative contracts are typically written based on a real estate property index. In turn, the real estate property index attempts to aggregate real estate market information to provide a more accurate representation of underlying real estate asset performance. Trading or taking positions in property derivatives is also known as synthetic real estate. Property derivatives usually take the form of a total return swap, forward contract, futures, or can adopt a funded format where the property derivative is embedded into a bond or note structure. Under the total return swap or forward contract the parties will usually take contrary positions on the price movements of a property index. See Exotic derivative. The only index used for writing property derivative contracts in the UK are the various property indices published by the Investment Property Databank (IPD). The IPD Annual Index covers approximately 12,000 directly held UK property investments, market revalued in December 2014 at just over £179 billion equivalent to 49% of the UK investment market. IPD indices have also been used in a number of other countries such as Australia, France, Germany, Italy, Japan and Switzerland as the basis for commercial property derivatives. In the United States commercial property utilizes the National Council of Real Estate Investment Fiduciaries (NCREIF) property index the NPI. There are two main residential real estate indices in the United States which trade - Radar Logic's RPX, and the main index - S&P/Case-Shiller Home Price Indices (see Case-Shiller index). ==Uses == Property derivatives provide the investor with the ability to: *Gain or reduce exposure to the property market. *Hedge a current position in the physical assets. *Change the composition of a portfolio quickly, i.e., switch out of Retail property and into Industrial. *Speculate on the property market All of these objectives can be achieved without having to transact in physical property; synthetic real estate. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Property derivative」の詳細全文を読む スポンサード リンク
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