Naoufal appreciates to work with figures and to produce some statistical modelling. He is graduated with a Master degree in Bank and Financial Econometrics from Aix Marseille School of Economics, this master combines two areas, i.e. economic and institutional analysis of financial products, intermediaries markets, and mastery of financial econometrics methods. Year before, he was enrolled in another Master of Applied Economics of Paris 1 Panthéon-Sorbonne University, the mention Applied Economics suggests to understand and to estimate the operating procedures of markets and institutions. Currently, Naoufal Nassili is a PhD Candidate CIFRE of Paris Dauphine in partnership with BNP Paribas Real Estate and working on: “the investment opportunities in Real Estate in a context of abundance of liquidity”. This thesis is supervised by Arnaud Simon, Senior Lecturer – with habilitation to direct theses (DRM Finance), Eric Girardin, University Professor – with habilitation to direct theses (Greqam) and Kevin-Beaubrun Diant, Lecturer – with habilitation to direct theses (LEDa)


This thesis aims at explaining the real estate in an uncertain environment of non-conventional monetary policies and shocks that can occur of different natures and magnitudes. The European economic integration and the financialization of the real estate certainly brought enormous contributions for the investment in this class of asset, on the other hand, the faster propagation of the shocks and the sudden corrections of markets become serious subjects. To answer these questions, the value of REITS will be discussed in the first chapter, followed by the links between direct and indirect real estate and finally the behavior of the real estate investment through the macroeconomics dynamics.

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