Inaugural Lecture by Francisco Amaral
“When Shelter Becomes Strategy: Housing as an Asset” on 15 December 2025
Prof. Francisco Amaral holds a Ph.D. in Economics from the University of Bonn and is a research fellow at the Kiel Institute for the World Economy (IfW Kiel). He is also a co-founder of the German Real Estate Index (GREIX), a project dedicated to enhancing transparency in the German housing market.
Francisco Amaral has been appointed Assistant Professor of Real Estate Finance at our Department of Finance as of 1 October 2024.
Inaugural Lecture
On Monday, 15 December 15, Prof. Francisco Amaral gave his inaugural lecture on the topic “When Shelter Becomes Strategy: Housing as an Asset.”
The event was opened by Prof. Dr. Harald Gall, Dean of the Faculty of Business, Economics, and Informatics at the University of Zurich. In his welcome address, the dean emphasized the high social and economic importance of real estate research: Housing and real estate markets not only shape individual life decisions, but also have a direct impact on prosperity, equal opportunities, financial stability, and urban development.
Top-level research for the real estate industry
He underscored the strategic importance of the professorships in real estate economics and finance for the University of Zurich, highlighting that, in Prof. Francisco Amaral, UZH is gaining a scholar of exceptional international standing with the potential to leave a lasting mark on the field. With his expertise in financial and real estate markets, Prof. Francisco Amaral contributes to the scientific analysis of real estate economic issues and the acquisition of practical insights.
- Time: Monday, 15 December 2025, 5:00 PM until 5:45 PM
- Location: Universität Zürich, Rämistrasse 71, 8006 Zürich, KOL-G-201 Aula
- Recording
Housing as an Asset
In his inaugural lecture, “When Shelter Becomes Strategy – Housing as an Asset,” Prof. Francisco Amaral demonstrated why housing is simultaneously a basic need, an investment good, and a central component of the financial system.
Using international long-term data, he made it clear that the returns, risks, and prices of residential real estate vary greatly from place to place. A key finding of the research presented was that large “superstar” cities often experience higher price increases, but do not necessarily achieve higher overall returns due to lower rental yields. Prof. Amaral also showed how price uncertainty and market liquidity – such as longer selling times outside urban centers – explain risks and contribute to differences in returns.
More information:
Research Highlight: New Research Reveals Surprising Patterns in Housing Investment by Francisco Amaral: "Superstar Returns? Spatial Heterogeneity in Returns to Housing"
Interview with Francisco Amaral: "Sustainable Real Estate at the intersection of urban economics, finance, and sustainability"
Partners:
Together with theCenter for Urban & Real Estate Management (CUREM) and its industry partners EBP, UBS, and Wüest Partner, the professorship contributes to the economic, social, and ecological sustainability of the built environment and strengthens Zurich's position as an international center for cutting-edge research and practical teaching in the real estate industry.
Photos by Biravin Kalathevan and Caroline Krajcir (https://www.carolinekrajcir.com/)
