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The attractiveness of 66 countries for institutional real estate investments: A composite index approach

Author

Listed:
  • Lieser, Karsten

    (IESE Business School)

  • Groh, Alexander P.

    (EM Lyon Business School)

Abstract

We address the attractiveness of worldwide 66 countries for institutional real estate investments by the construction of a composite index. For the index' composition, we refer to the results of prior research on the parameters determining real estate investment activity on an aggregated country level. Our index reveals a country ranking that correlates reasonably with commercial real estate investments as we prove with back-tests over six years. We increase the transparency of market variables for decision-making in global real estate asset allocation and provide the key determinants that shape national real estate markets. The results highlight the strengths and weaknesses of developed, transition and emerging economies and provide guidelines for political improvements to attract international capital to spur real estate investment activity.

Suggested Citation

  • Lieser, Karsten & Groh, Alexander P., 2010. "The attractiveness of 66 countries for institutional real estate investments: A composite index approach," IESE Research Papers D/868, IESE Business School.
    • Handle: RePEc:ebg:iesewp:d-0868
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    File URL: http://www.iese.edu/research/pdfs/DI-0868-E.pdf
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    Cited by:

    1. Lieser, Karsten, 2011. "Pricing of real estate specific market risks for worldwide 66 countries," IESE Research Papers D/940, IESE Business School.

    More about this item

    Keywords

    Real Estate Investments; International Asset Allocation; Real Estate Market Attractiveness;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • P25 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Urban, Rural, and Regional Economics
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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