Empirical evidence on the ownership and liquidity of real estate tokens

Financial Innovation

Research

Laurens Swinkels¹ 

[1] Erasmus Universiteit Rotterdam, Erasmus School of Economics, Rotterdam, Netherlands;

关键词: Blockchain;    Cryptocurrency;    Real estate;    Tokenization;    G1;    G12;    G23;    G32;    K25;    O33;    R30;    R31;   

DOI  :  10.1186/s40854-022-00427-5

 received in 2022-01-11, accepted in 2022-11-17,  发布年份 2022

来源: Springer

【 摘 要 】

To better understand the potential and limitations of the tokenization of real asset markets, empirical studies need to examine this radically new organization of financial markets. In our study, we examine the financial and economic consequences of tokenizing 58 residential rental properties in the US, particularly those in Detroit. Tokenization aims at fragmented ownership. We found that the residential properties examined have 254 owners on average. Investors with a greater than USD 5,000 investment in real estate tokens, diversify their real estate ownership across properties within and across the cities. Property ownership changes about once yearly, with more changes for properties on decentralized exchanges. We report that real estate token prices move according to the house price index; hence, investing in real estate tokens provides economic exposure to residential house prices.

【 授权许可】

CC BY   
© The Author(s) 2023

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