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 and Institutional Investors

I assess how institutional investors approach affordable housing. 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. 


Asset Pricing of Real Assets

A large portfolio of my research has used hedonic modelling and repeat sales modelling to assess how regulations, amenities and the role of investors themselves affect pricing of real estate. 

I look at the role of institutional investors such as pension funds and private funds for in pricing real assets. My research has looked at performance drivers of private funds; I have used spatial econometrics to model spatial linkages of underlying corporate assets and assess their effects on pricing.  


Topics for prospective PhD applicants

I am looking for motivated PhD applicants, who are interested in an academic career in the field of real estate finance. The students should have a background in finance or economics and good quantitative skills. Please only send applications if your research interests align with my research (see publication list). 


Teaching summary

Stani is teaching on the MSc in Real Estate Economics and Investment Analysis. 


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. Stani has a background in financial economics and has has published in leading 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, Journal of Housing Economics, Energy Economics, among others. 

Stani has presented in over 60 conferences and symposiums, including the Allied Social Sciences Association (ASSA) & American Real Estate and Urban Economics Association (AREUEA). 

Stani has led numerous research funding projects and advisory projects, working with policy makers and key stakeholders. Those include the Department for Levelling Up, Housing and Communities, the National Housing Federation, the Consortium for Southeastern Housing Associations, a number of housing associations, Kent County Council, the Welsh Government, the European Association for Public Real Estate, the Real Estate Research Institute, the Urban Land Institute, etc. 

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.