It is noteworthy to mention that the NCREIF property index is used for the measurement of investment performance of a real estate property only when it has actually been sold. Therefore, the statement given above is true.
The sale of a real estate may be done at a price, which is completely different from that of its actual market value. This difference in the sale is the amount of surplus or deficit that the owner of such property incurs.
An NCREIF index is used for calculating the performance of a real estate property over the historic data, and is based on the sale values of the property(s) in the past.
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