The Bartlett School of Sustainable Construction

Prof Stanimira Milcheva

Prof Stanimira Milcheva

Professor of Real Estate Finance

The Bartlett School of Sustainable Construction

Faculty of the Built Environment

Joined UCL
30th Jun 2017

Research summary

Affordable Housing

I assess the vehicles for the affordable housing provision. From an institutional investor’s point of view, while being a form of real estate, affordable housing is closely linked to public finance and should be viewed rather as social infrastructure, the provision of which has been enabled via public subsidies and grants. I have provided advisory related to evaluating housing policy in the UK. I also have expertise on public-private funding models working at the intersection of institutional investors and public sector financing.

Real Assets - The role of institutional investors for markets and asset pricing

I look at the role of institutional investors such as pension funds and private funds for market microstructure. I am assessing the role of real estate as an asset class looking both at housing and commercial real estate. Having a background in macroeconomics and monetary policy, I now use micro-level datasets at the property or loan level to assess real estate and housing market dynamics. I work on the intersection of finance, real estate and housing, housing policy, regulation and economics. 

Spatial Modelling

I have extensive track record in spatial econometrics. My main research has merged spatial modelling with asset pricing to provide better understanding of location-specific spillovers.  

Prospective PhD applicants

I am looking for motivated PhD applicants in the field of real estate finance with a background in finance or economics and good analytical skills. My research areas are summarized above. 

Teaching summary

The Economics of Speculative Property Development (BSCPM0006).

Infrastructure as an Asset Class (BSCPM0019).

Financial Economics of Real Estate (BCPM0096).


Higher Education Academy
Doctorate, Fellowship of the Higher Education Academy | 2015
Universitat Regensburg
Doctorate, Doctor of Philosophy | 2013
University of Mannheim
First Degree, Diplom | 2009


Stanimira Milcheva is a professor in Real Estate Finance at the University College London. Previously, she worked at Henley Business School at the University of Reading and at the University of Regensburg. Stani studied Economics at the University of Mannheim and did her PhD at the University of Regensburg.
Stani's research interest is in real estate investment and finance, affordable housing, and infrastructure finance.
She has published in highly ranked and field journals, including the Journal of Corporate Finance, the Journal of Banking and Finance, Regional Science and Urban Economics, the Journal of Real Estate Finance and Economics, the Journal of Macroeconomics among others. She regularly presents at the Allied Social Sciences Association (ASSA) & American Real Estate and Urban Economics Association (AREUEA). SHe is often invited to present research at specilised real estate symposiums. Stani is a fellow at ESCP and the Centre for Finance at UCL. Stani has been awarded various prizes for research including winner of the Asian Real Estate Society Royal Institution of Chartered Surveyors (RICS) Best Paper Award, best research output for 'Thinking out the Box' by the Homer Hoyt Institute, best research output by Cushman and Wakefield, and best research output by the University of Reading Research Endowment Trust Fund.