Professor Lindenthal is the Grosvenor Professor of Real Estate Finance at the Department of Land Economy, University of Cambridge. His research interests are twofold: First, he analyses property investments in the very long-term, tracking rents, prices, and returns for up to 500 years. The second research line focuses on applied machine learning techniques to utilize high-dimensional “Big(ish)” data. Put differently, he uses images and other data that are too complex for spreadsheets to better understand property values, household preferences, and decisions made by very human and not always rational agents.

Professor Lindenthal is the course director for Cambridge’s postgraduate MPhil programme in Real Estate Finance. He is also a fellow at Murray Edwards College and at the Cambridge Endowment for Research in Finance. In addition, he received a JM Keynes Fellowship in Financial Economics.

Before joining the University of Cambridge, he did a postdoc at MIT’s Center for Real Estate, working on the market for virtual locations such as Internet domain names. His PhD is from Maastricht University. Professor Lindenthal has served as an expert witness for internet domain names at US courts and serves as a board member for the American Real Estate And Urban Economics (AREUA) association.

Professor Lindenthal is interested in supervising new PhD students in Real Estate Finance, preferably with a focus on new (somewhat “big”) data or, alternatively, property markets in the very long run. However, candidates might have a look at this debate first …

Key Publications

• Wan, W. and T. Lindenthal (2022). “Testing Machine Learning Systems in Real Estate”. Real Estate Economics.
• Clapp, J. and T. Lindenthal (2022). “Urban land valuation with bundled good and land residual assumptions”. Journal of Housing Economics.
• P. Eichholtz, M. Korevaar, T. Lindenthal and R. Tallec (2021). “The Total Return to Residential Real Estate”, Review of Financial Studies.
• Clapp, J., Cohen, J. and T. Lindenthal (2021). “Are Estimates of Rapid Growth in Urban Land Values an Artifact of the Land Residual Model?”. Journal of Real Estate Finance and Economics.
• Lindenthal, T. and E. Johnson (2021). “Machine Learning, Architectural Styles and Property Values”. Journal of Real Estate Finance and Economics.
• Lindenthal, T. (2020) “Beauty in the Eye of the Home-Owner: Aesthetic Zoning and Residential Property Values”. Real Estate Economics, 48(2).
• Lindenthal, T., Eichholtz P. and D. Geltner (2017). “Land Assembly in Amsterdam, 1832-2015”. Journal of Regional Science and Urban Economics.
• Lindenthal, T. (2016). “Monocentric Cyberspace: The Primary Market for Internet Domain Names“. Journal of Real Estate Finance and Economics.
• Eichholtz P. and T. Lindenthal (2014). “Demographics, Human Capital, and the Demand for Housing”. Journal of Housing Economics.
• Lindenthal, T. (2013), “Valuable Words: The Price Dynamics of Internet Domain Names“, Journal of the Association for Information Science and Technology. doi: 10.1002/asi.23012.
• Lindenthal, T., and C. Loebbecke (2014). “Pricing Quality Attributes of Internet Domain Names: A Hedonic Model of Words”, Americas Conference on Information Systems (AMCIS), Savannah, GA, USA.
• Clapp, J. M.,  Eichholtz, P. and T. Lindenthal (2013). “Real Option Value over a Housing Market Cycle”,  Journal of Regional Science and Urban Economics, 43 (6), 862-874.
• Ambrose, B., Eichholtz, P.  and T. Lindenthal (2013). “House Prices and Fundamentals: 355 Years of Evidence.” Journal of Money, Credit and Banking, 45 (2)
   

Other Publications

• J.T. Ooi, T. Lindenthal & D.C. Ling (2020). “Real Estate Finance & Investment Symposium”. Journal of Real Estate Finance and Economics 61, p313–315.
• Lindenthal, T. (2017). “Estimating Supply Elasticities for Residential Real Estate in the UK“, in: Huang, B., Cao K. and E. Silva (Eds.) Comprehensive Geographic Information Systems: Socio-economic applications. Elsevier.
• Lindenthal, T.  and P. Eichholtz (2011) “Prolonged Crisis: Housing in Germany and Berlin”. In Bardok, A., Edelstein, R., and Kroll, C., editors, Global Housing: Markets, Crises, Institutions, and Policies. John Wiley & Sons, New Jersey.
• Eichholtz P.  and T. Lindenthal. (2008) “Behoeftes en belemmeringen in de woningbouw: Een lange termijn perspectief” . In Preadvies – Agenda voor de woningmarkt. Den Haag: Koninklijke vereniging voor de Staathuishoudkunde.
• Lindenthal, T. and P. Eichholtz. (2008) “Demographic Change, Human Capital and the Demand for Housing”. Europe Real Estate Yearbook. The Hague: Europe Real Estate Publishers.
• Eichholtz, P. and T. Lindenthal. (2009)  “How much housing will we need in the future – and why is it so difficult to build it in time?”, Holland Real Estate Yearbook. The Hague: Europe Real Estate Publishers. p202-205.
• Eichholtz, P. and T. Lindenthal. (2009) “Demografische krimp en woningprijzen”. Economisch Statistische Berichten, 94(4558). p249-251

Postgraduate:

• RE01 Corporate Finance And Real Estate
• REM1 Introduction to Real Estate

Tripos

• Paper 15 Advanced Techniques in Finance and Investment for Real Estate

• Risk and return of real estate
• Big Data and applied ML
• Virtual real estate

Kahshin Leow

Jiabin Wei

Lesedi Kgaka

Wayne Wan

Matthijs Korevaar

Real Estate

CRERC