A property cycle can be seen as a logical sequence of recurrent events reflected in demographic, economic and emotional factors that affect supply and demand for property subsequently influencing the property market.
The first recorded pioneer of studying property cycles was Homer Hoyt (1895–1984) in 100 years of real estate values in Chicago (1933). It is widely recognised that property (along with other forms of investment) follows a predictable cycle. The property cycle has three recognised recurring phases of boom, slump, and recovery. The cycle follows a consistent pattern which can be accurately assessed by following the trends of a collective basket of Key Driver (as outlined below).
Read more about Property Cycle: Property Cycle Phases
Famous quotes containing the words property and/or cycle:
“The charming landscape which I saw this morning is indubitably made up of some twenty or thirty farms. Miller owns this field, Locke that, and Manning the woodland beyond. But none of them owns the landscape. There is property in the horizon which no man has but he whose eye can integrate all parts, that is, the poet. This is the best part of these men’s farms, yet to this their warranty-deeds give no title.”
—Ralph Waldo Emerson (1803–1882)
“The Buddha, the Godhead, resides quite as comfortably in the circuits of a digital computer or the gears of a cycle transmission as he does at the top of a mountain or in the petals of a flower.”
—Robert M. Pirsig (b. 1928)