Professor Anupam Nanda

Professor of Urban Economics and Real Estate

Professor Anupam Nanda

Professor Anupam Nanda

Research Division Lead
Academic Director, Centre for Intelligent Places
Real Estate & Planning
HBS 217, Whiteknights campus
+44 (0) 118 378 6339



Anupam Nanda is currently Professor of Urban Economics and Real Estate, Research Division Lead/Director of Research (for Real Estate and Planning), Academic Director of the Centre for intelligent Places at the Henley Business School, University of Reading, UK.

His academic papers have been published in several top international journals, e.g. Journal of Urban Economics, Energy Economics, Regional Studies, Energy Policy, Real Estate Economics, Applied Linguistics, Review of International Economics, World Economy, Journal of Real Estate Research, Journal of Real Estate Finance and Economics etc. His works have been sponsored by both UK and international public and private funding bodies and companies, e.g. Innovate UK/Research Councils, Real Estate Research Institute (RERI) in USA, UK Foreign and Commonwealth Office, UK Dept of Energy and Climate Change, Investment Property Forum (IPF), The Royal Institution of Chartered Surveyors (RICS) etc. Anupam has undertaken research projects or supervised doctoral works related to several countries - United States, India, China, Panama, Greece, Cyprus, UAE (Dubai), Malaysia and currently supervising doctoral studies related to EU countries and Ghana.

Anupam held positions of Associate Professor in Real Estate Economics (Oct. 2013-Jul. 2017) and Lecturer (Jan. 2010-Sep. 2013) at the University of Reading. Before joining Henley Business School, he worked with the Market Intelligence group of Deloitte & Touche in Mumbai (Apr. 2008-Nov. 2009), where his focus areas covered real estate and private equity sectors. He was at the National Association of Home Builders (NAHB) in Washington DC (Apr. 2006-Apr. 2008), as Senior Research Economist, where his responsibilities included developing and implementing housing market research studies and was a member of the team forecasting state and metro area housing markets in US. Anupam has also taught undergraduate Economics and Public Finance at the University of Connecticut.

In the media - "Superblocks: Barcelona’s car-free zones could extend lives and boost mental health", Nanda, A. The Conversation. September 13, 2019 3.04pm BST.

Qualifications & Fellowships

  • PhD in Economics, University of Connecticut, Storrs, CT, USA (2006).
  • BSc (Honours) in Economics with Mathematics and Statistics, St. Xavier’s College, Kolkata, India.
  • FRSA - Fellow of the Royal Society of Arts.
  • FRGS - Fellow of the Royal Geographical Society with IBG.
  • FRSS - Fellow of the Royal Statistical Society.
  • FHEA - Fellow of the Higher Education Academy, UK.
Other Professional Memberships
  • Royal Economic Society.
  • American Economic Association.
  • American Real Estate and Urban Economics Association.
  • Urban Economics Association.


Research Areas of interests (also for potential doctoral supervision): Dynamic Interactions, Information Asymmetry and Asset Pricing across Urban and Regional Markets; Implications of Technology and Digitalisation in Urban Environment; Economics of Place-Making; Housing Market Dynamics; Economic and Econometric Analysis of Regulation; Sustainability and Corporate Social Responsibility within Built Environment.

Teaching areas: Real Estate Economics and Investment; Economics of Housing; Quantitative Methods

Centre for intelligent Places

University of Reading Big Social Data Research Group

Post-Doctoral and Doctoral Researchers

  • Dr Steffen Heinig (PhD completed in 2019) "Essays on Sentiment: An Analysis of the Commercial Real Estate Market" (first supervisor)
  • Dr Shuai Shi (PhD completed in 2018) "The Convergence of Geo-Space and Network Space in City Region Development in China: taking the Mid-Yangtze River City Region as an example"; (second supervisor).
  • Dr Linning Zhu (PhD completed in 2016) "House Price Dynamics in Contemporary Urban China"; (second supervisor)
  • Dr Dimitra Kavarnou (PhD completed in 2015) “The Housing Markets of the Greek Islands”; Homes England. (first supervisor)
  • Dr Jia-Huey Yeh (PhD completed in 2015) “Regional House Price Dynamics in Taiwan”; Assistant Professor, Jiangxi University of Finance and Economics, PR China. (first supervisor)

Recent Major Funded Projects as Principal Investigator

  • intelligent Care and Urban Living (Personalised Urban Living Solutions - PULS) (2016-19, Innovate UK/Research Councils) (research team: PI - Nanda, A., co-Is: McCloy, R., Li, W., Liu, K.)
  • Economic Impact of Dubai Metro (2017-18, Dubai Road and Transport Authority, UAE); (research team: PI - Nanda, A., co-Is: Marra, M., Castellani, D., Li, W., Heinig, S.);
  • Liquidity in Direct Commercial Real Estate Markets (2015-16, Investment Property Forum, UK); (research team: PI - Nanda, A., co-Is: Devaney, S., Livingstone, N., McAllister, M.);

Research Publications

View a full list of Prof Anupam Nanda's Publications

  1. “Does Infrastructure Spending Lead to Price Effects in the Property Market? Evidence from Major Cities across India” (Deng, X., Nanda, A., Ong, SE) forthcoming at Regional Studies.
  2. “How does tourism penetration affect house prices? Evidence from Crete, Greece” (Kavarnou, D., Nanda, A.) forthcoming at Tourism Analysis: An Interdisciplinary Journal.
  3. “Which Factors Determine Transaction Activity Across US Metropolitan Office Markets?” (Devaney, S., McAllister, P., Nanda, A.) forthcoming at Journal of Portfolio Management.
  4. "Capitalization Rates and Transaction Activity in International Office Markets: A Global Perspective" (Devaney, S., Livingstone, N., McAllister, P., Nanda, A.) forthcoming at Global Finance Journal.
  5. "Residential Real Estate: Urban & Regional Economic Analysis" (Nanda, A.) First Edition. Abingdon, Oxon; New York, NY: Routledge, 2019.
  6. "Why do natives and non-natives have different housing outcomes? evidence from Britain" (Oladiran, O., Nanda, A., Milcheva, S.) forthcoming at International Journal of Housing Markets and Analysis.
  7. “Determinants of transaction activity in commercial real estate markets: evidence from European and Asia-Pacific countries” (Devaney, S., McAllister, P., Nanda, A.) forthcoming at Journal of Property Research.
  8. “What could work for future workplaces, beyond working?” (Hood, C., Nanda, A.) forthcoming at Corporate Real Estate Journal.
  9. "Institutional Convergence in Real Estate Markets: a Comparative Study of Brokerage Models and Transaction Costs" (Devaney, S., Livingstone, N., McAllister, P., Nanda, A.) forthcoming at Journal of Real Estate Literature.
  10. “Measuring Sentiment in Real Estate – A Comparison Study” (Heinig, S., Nanda, A.) 2018 at Journal of Property Investment and Finance 36(3).
  11. "Doing Well by Talking Good: A Topic Modelling-assisted Discourse Study of Corporate Social Responsibility" (Jaworska, S., Nanda, A.) Applied Linguistics 1-28.
  12. "Do Laws Influence the Cost of Real Estate Brokerage Services? A State Fixed Effects Approach" 2016 (Nanda, A., Clapp, J., Pancak, K.) Real Estate Economics 44(4) 918-967.
  13. "Does Real Estate Defy Gravity? An Analysis of Cross-Border Real Estate Investment Flows" 2016 (McAllister, P., Nanda, A.) Review of International Economics 24(5) 924–948
  14. "Energy Performance Ratings and House Prices in Wales: An Empirical Study" 2016 (Fuerst, F., McAllister, P., Nanda, A., Wyatt, P.) Energy Policy 92, May, 20–33
  15. “International Transmission Mechanisms and Contagion in Housing Markets” 2016 (Nanda, A., Yeh, J.) World Economy 39(7) 1005–1024.
  16. “Do Foreign Buyers Compress Office Real Estate Cap Rates?” 2016 (McAllister, P., Nanda, A.) Journal of Real Estate Research 38(4). Annual Nick Tyrrell Research Prize Winner for "Best Paper in Real Estate Investment, 2015". A practitioner version published as: "Do Foreign Buyers Compress Office Real Estate Cap Rates?" (McAllister, P., Nanda, A.) Investment Property Focus. The Journal of the Investment Property Forum, 29, Winter 2015, 2-6.
  17. “Which Factors Drive Rental Depreciation Rates for Office and Industrial Properties?” 2016 (Crosby, N., Devaney, S., Nanda, A.) Journal of Real Estate Research 38(3).
  18. “Information Content and Forecasting Ability of Sentiment Indicators: Case of Real Estate Market” 2016 (Marcato, G., Nanda, A.) Journal of Real Estate Research. 38(2)
  19. “Reflected Glory vs. Repulsive Envy: What Do the Smiths Feel About the House of the Joneses?” 2016 (Nanda, A., Yeh, J.) Asian Economic Journal. 30(3) 317–341.
  20. "Which Factors Determine Liquidity Across US Metropolitan Office Markets?" 2016 (Devaney, S., McAllister, P., Nanda, A.) published by Real Estate Research Institute (RERI), USA.
  21. "Unravelling Liquidity In International Commercial Real Estate Markets" 2016 (Devaney, S., Livingstone, N., McAllister, P., Nanda, A.) published by Investment Property Forum (IPF).
  22. “Does energy efficiency matter to home-buyers? An investigation of EPC ratings and transaction prices in England” 2015 (Fuerst, F., McAllister, P., Nanda, A., Wyatt, P.) Energy Economics 48(March): 145–156.
  23. "Does Foreign Investment Affect US Office Real Estate Prices?" 2015 (McAllister, P., Nanda, A.) Journal of Portfolio Management. 41(6): 38-47.
  24. "Big Social Data and Political Sentiment: the Tweet Stream during the UK General Election 2015 Campaign" 2015 (Di Fatta, G., Reade, J.J., Jaworska, S., Nanda, A.) Proceedings of the 8th IEEE International Conference on Social Computing and Networking (SocialCom 2015).
  25. “The Persistence of Distance: A Gravity Model of European Cross-Border Real Estate Development Flows” 2015. (Sherrin, C., McAllister, P., Nanda, A.) Journal of Financial Management of Property and Construction, 20(2) 147 -169.
  26. “Shared Ownership and Affordable Housing: a political solution in search of a planning justification?” 2015 (Nanda, A., Parker, G.) Planning Practice and Research, 30(1): 101–113.
  27. “House Price Dynamics in Panama City” 2015 (D. Kavarnou, Nanda, A.), Journal of Real Estate Literature. 23(2) 315-334.
  28. “The Impact of Cross-border Real Estate Investment on Commercial Real Estate Capitalisation Rates” 2015 (McAllister, P., Nanda, A.) published by Real Estate Research Institute (RERI), USA.
  29. “Does Infrastructure Investment Stimulate Building Supply? Case of the English regions”. 2014. (Ball, M., Nanda, A.). Regional Studies. 48(3): 425-438.
  30. “Do Responsible Real Estate Companies Outperform Their Peers?” 2014. (Cajias, M., Fuerst, F., McAllister, P., Nanda, A.) International Journal of Strategic Property Management. 18(1): 11-27.; Also a report published by The Royal Institution of Chartered Surveyors (RICS).
  31. “Which Attributes Influence the Housing Markets across the Greek Islands?” 2014 (D. Kavarnou, Nanda, A.), Journal of Real Estate Literature. 22(2). 233-260.
  32. “Spatio-Temporal Diffusion of Residential Land Prices across Taipei Regions” 2014 (Nanda, A., Yeh, J.) SpringerPlus 3:505. doi:10.1186/2193-1801-3-505.
  33. “Do Foreign Buyers Compress Office Real Estate Cap Rates?” 2014 (McAllister, P., Nanda, A.) published by DTZ Research Institute.
  34. “Spatio-Temporal Diffusion of US Metropolitan House Prices” 2014 (Nanda, A., Yeh, J.) Conference proceedings, Regional Studies Association, Winter conference, 2014. ISBN: 978-1-897721-49-0; 140-149.
  35. “Shared Ownership: Easy Wins but Hard Lessons?” 2013. (Nanda, A., Parker, G.). Town & Country Planning. 82(4): 178-182.
  36. “Household Attributes and the Future Demand for Retirement Housing”. 2013. (Ball, M., Nanda, A.). International Journal of Housing Markets and Analysis. 6(1): 45 – 62.
  37. “What Causes Commercial Properties to Depreciate?” 2013. (Crosby, N., Devaney, S., Nanda, A.), IP Real Estate, 22 November.
  38. “Modelling Causes of Rental Depreciation for UK Office and Industrial Properties”. 2013. (Crosby, N., Devaney, S., Nanda, A.). published by Investment Property Forum (IPF).
  39. “An investigation of the effect of EPC ratings on house prices”. 2013. (Fuerst, F., McAllister, P., Nanda, A., Wyatt, P.). published by Department of Energy & Climate Change, UK Government Agency.
  40. “Sectoral and Spatial Spillover Effects of Infrastructure Investment: A Case Study of Bengaluru, India”. 2013. (Nanda, A., Tiwari, P.). published by The Royal Institution of Chartered Surveyors (RICS).
  41. “The Impact of Property Condition Disclosure Laws on Housing Prices: Evidence from an Event Study Using Propensity Scores”. 2012. (Nanda, A., Ross, S.). The Journal of Real Estate Finance and Economics, 45(1): 88-109.
  42. "Housing Markets and Independence in Old Age: Expanding the Opportunities”. 2011. (Ball, M, Blanchette, R., Nanda, A., Wyatt, P., Yeh, J.).
  43. “Real Estate Brokers’ Duties to Their Clients: Why Some States Mandate Minimum Service Requirements”. 2010. (Nanda, A., Pancak, K.). Cityscape: A Journal of Policy Development and Research. 12(2): 105-126. US Department of Housing and Urban Development (HUD), PD&R.
  44. “Property Condition Disclosure Law: Why Did States Mandate ‘Seller Tell All’?” 2008. (Nanda, A.). The Journal of Real Estate Finance and Economics, 37(2): 131-146.
  45. “Which School Attributes Matter? The Influence of School District Performance and Demographic Composition on Property Values”. 2008. (Clapp, J., Nanda, A., Ross, S.) Journal of Urban Economics, 63(2): 451-466.
  46. “Examining the NAHB/Wells Fargo Housing Market Index (HMI)”. 2007. (Nanda, A.). Housing Economics. National Association of Home Builders (NAHB), Washington DC.