The Attractiveness of 66 Countries for Institutional Real Estate Investments

Posted: 16 Dec 2011

See all articles by Karsten Lieser

Karsten Lieser

eXapital Capital Advisors

Alexander Peter Groh

EMLYON Business School

Date Written: December 16, 2011

Abstract

This paper uses a composite index to examine the attractiveness of 66 countries worldwide for institutional real estate investments. The index construction is based on the parameters found in prior research that determine real estate investment activity on an aggregated country level. The index reveals a country ranking that correlates reasonably with commercial real estate investments, as proven by back-tests over six years. The findings increase the transparency of market variables for decision-making in global real estate asset allocation and provide the key determinants that shape real estate markets within countries. The results also highlight the strengths and weaknesses of developed, emerging, and challenged economies.

Keywords: real estate investments, international asset allocation, real estate market attractiveness

JEL Classification: G11, G23, G24, O16, O18, P25, P52

Suggested Citation

Lieser, Karsten and Groh, Alexander Peter, The Attractiveness of 66 Countries for Institutional Real Estate Investments (December 16, 2011). Journal of Real Estate Portfolio Management, Vol. 17, No. 3, 2011, Available at SSRN: https://ssrn.com/abstract=1973515

Karsten Lieser (Contact Author)

eXapital Capital Advisors ( email )

Germany

Alexander Peter Groh

EMLYON Business School ( email )

23 Avenue Guy de Collongue
Ecully, 69132
France

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