1. Transaction costs of commercial real estate: a european comparison
Ed Nozeman
ERES 2010

2. Transaction costs Content Introduction Definition and typology
The hypothesis
Methodology
Results
Recommendations

3. Transaction costs Introduction Importance Sources or causes
Preliminary questions

4. Transaction costs Definition
All expenses involved in the process of transferring ownership rights
Typology (Geltner a.o.)
Transfer tax
Agents’ fees
Legal fees
Information costs
Investors’ perspective

5. Transaction costs
The basic assumption
The higher the level of transparency the lower the transaction costs

6. Transaction costs Methodology Only transfer tax,
agents’ fees and legal fees
Relative ratios
One year data from C & W
Adaptations because of variations
Transparency data from JLL
Crossings by regression analysis technique

7. Transaction costs

8. Number of observations 22 Multiple R 0,297827607 F-test 1,849365
Transaction costs
Results :
Transparency
vs transfer tax
Number of observations 22 Multiple R 0, F-test 1,849365

9. Number of observations 22 Multiple R: 0,430172275 F-test: 0,045682503
Transaction costs
Results
Transparency vs
agents’ fee
Number of observations 22 Multiple R: 0, F-test: 0,

10. Transaction costs Results Transparency vs legal fee
lNumber of observations 14; Multiple R 0,268143; Number of observations 14; Multiple R 0, F-test: 0,

11. Transaction costs Background of tax policy per country Recommendations
for further research
Background of tax policy per country
Influencing power of lobby groups
Registration fee and extent of efficiency