Martin Hoesli and Alona Shmygel receive the Real Estate Cycles Award from the American Real Estate Society

Professor Martin Hoesli and Alona Shmygel received the Real Estate Cycles Award from the American Real Estate Society. The prize, sponsored by the Pyhrr/Born Trust for Real Estate Cycle Research, recognizes their paper “House Prices and Systemic Events Over the Last Six Centuries”.

This research offers an exceptional long-term perspective on housing market dynamics by examining how house prices have behaved across six centuries in response to major systemic events such as economic bubbles, wars, and epidemics. Their analysis highlights the differing impacts of these shocks on market stability and provides valuable insights into the resilience of real estate markets over very long historical periods.

The Real Estate Cycles Award recognizes outstanding scholarly contributions advancing the understanding of real estate cycles and the effects of systemic disruptions on property markets.

Martin Hoesli is a Professor of Real Estate Finance at the Geneva Finance Research Institute. His research focuses on real estate appraisal, real estate indexes, portfolio allocation with real estate assets, housing tenure choice decisions, and real estate vehicles.

> For more information on the awards and nominations received by the GSEM faculty, please click here.

2026