Steffen Heinig

PHD Student

Steffen Heinig

Steffen Heinig

Academic Area(s): Real Estate & Planning
Supervisor(s): Professor Anupam Nanda
Research Topic(s): Sentiment Analysis in Real Estate Information

Areas of academic interest

Sentiment Analysis; Behavioural Finance; Natural Language Processing


Steffen holds a Bachelor of Arts in Real Estate Management from the University of Applied Sciences in Berlin as well as a Master of Science in Real Estate Finance and Investment of the University of Reading. His primary research interest lies in the field of behavioural finance and its linkage to real estate.

The research project is broadly divided into two parts. The first part examines the European commercial real estate market and the influence of sentiment on property yields. Following the literature a set of five different orthogonalized sentiment indicators and a sentiment indicator based on online search volume data have been constructed. The research has shown that real estate specific sentiment proxies are superior in comparison to capture the market mood. This first part of the research was awarded with the prize for the Best PhD Paper at the annual European Real Estate Society Conference in Regensburg 2016.

Due to obvious drawbacks which arise by the use of macroeconomic indirect sentiment measures, the second part of the research will focus on sentiment gained from written documents. Natural language processing techniques and opinion retrieval will be used to analyse a variety of documents.


  • Fully-Qualified Real Estate Manager certificated by the Chamber of Commerce Berlin, Germany (2009)
  • BA “Real Estate Management”, University of Applied Science Berlin, Germany (2013)
  • MSc “ Real Estate Finance & Investment”, University of Reading, UK (2014)

Research Grants

Reading Real Estate Foundation (RREF) PhD Studentship

Scholarship from the American Real Estate Society (ARES) for the annual conference in Denver (2016)

Scholarship from the European Real Estate Society (ERES) for the annual conference in Regensburg


Best Paper Award from the European Real Estate Society in 2016, Germany 2016: "Which Sentiment Indicators Matter? An analysis of the European commercial real estate market”


Working Paper 1: Which Sentiment indicators matter? A Case Study on the European Commercial Real Estate Market

Working Paper 2: Real Estate Sentiment in written documents – A UK case study