Wall Street has notched up gains also on positive US economic data and a late jump in oil prices. The Dow Jones US Real Estate Index rose 13.71% from 291.9 points on January 4 to 331.91 points on July 13. The S&P 500 Real Estate Index grew as well, by 11.89% to 210.06 points.
A stock analysis by Mergent of the top five real estate players — Apartment Investment and Management (NYSE: AIV), Boston Properties (NYSE: BXP), Duke Realty (NYSE: DRE), Prologis (NYSE: PLD), and Simon Property (NYSE: SPG) — shows strength, with the average prices of these companies up 15.77% over the period.
Duke Realty had an excellent performance in the market, with the stock adding 31.37% or US$6.56 from US$20.91 to US$27.47, with the company holding plenty of upside potential. Simon Property saw its value increase by 16.58% as the stock gained US$31.9 to end the period at a closing price of US$224.24.
The question as to whether a renewed property market mania is underway or whether another property crash is on the horizon remains rather uncertain. But what we know now is that the sector may not be out of the woods yet, but the opportunities do outnumber the pitfalls.
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