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Real Estate Asset Allocations and International Real Estate Markets



In this paper we examine the institutional real estate ownership patterns of life insurance companies for 10 countries over the period 1986-96. The countries included are ustralia, Austria, Belgium, France, Italy, the Netherlands, Spain, Sweden, the United Kingdom, and the United States. We find that most institutional investors worldwide have shifted out of real estate assets and into stocks and bonds over the last decade. We then investigate whether this behavior is the result of changing investor perceptions or a shift in stock market apitalization. To test this hypothesis, the paper derives measures of ex ante real estate returns following previous empirical work in finance. The results indicate that only a small proportion of what is driving institutional investors' real estate portfolio decisions is actually explained by changing investor perceptions and lagged unexpected excess returns.

Suggested Citation

  • Gregory H. Chun, 1998. "Real Estate Asset Allocations and International Real Estate Markets," International Real Estate Review, Asian Real Estate Society, vol. 1(1), pages 17-44.
  • Handle: RePEc:ire:issued:v:01:n:01:1998:p:17-44

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    Cited by:

    1. Martin Hoesli & Jon Lekander & Witold Witkiewicz, 2004. "New International Evidence on Real Estate as a Portfolio Diversifier," Journal of Real Estate Research, American Real Estate Society, vol. 26(2), pages 161-206.

    More about this item


    Institutions; International Investment; Portfolio Diversification;

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services


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