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Gauging the Investment Potential of International Real Estate Markets

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  • Stephen Lee

Abstract

Investing in real estate markets overseas means venturing into the unknown, where you meet unfamiliar political and economic environments, unstable currencies, strange cultures and languages, and so although the advantages of international diversification might appear attractive, the risks of and constraints on international real estate investment must not be overlooked. However, capital markets are becoming global markets and commercial real estate markets are no exception accordingly despite the difficulties posed by venturing overseas, no investor can overlook the potential international investment holds out. However, what strategies are appropriate for capitalising on this potential? Three issues must be considered: (1) the potential of the countries real estate market in general; (2) the potential of the individual market sectors; and (3) the investment process itself. Although each step in foreign real estate investment is critical, the initial assessment of opportunities is especially important. Various methods can be used to achieve this but a formal and systematic analysis of aggregate market potential should prove particularly fruitful. The work reported here, therefore, develops and illustrates such a methodology for the 51 real estate markets analysed by Jones Lang LaSalle (JLL) in their Real Estate Transparency Index (RETI) 2004.

Suggested Citation

  • Stephen Lee, 2005. "Gauging the Investment Potential of International Real Estate Markets," ERES eres2005_238, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2005_238
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2005-238
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    Cited by:

    1. Steffen Metzner & Mareen Sawitzky, 2016. "Priorisierung von Immobilienmärkten mittels ELECTRE: Nutzung eines Outranking-Modells im taktischen Portfoliomanagement [Prioritization of real estate investment markets using ELECTRE: Outranking m," Zeitschrift für Immobilienökonomie (German Journal of Real Estate Research), Springer;Gesellschaft für Immobilienwirtschaftliche Forschung e. V., vol. 2(2), pages 121-144, October.
    2. Karsten Lieser & Alexander Groh, 2014. "The Determinants of International Commercial Real Estate Investment," The Journal of Real Estate Finance and Economics, Springer, vol. 48(4), pages 611-659, May.
    3. Elena IONASCU & Marilena MIRONIUC & Ion ANGHEL, 2019. "Transparency of Real Estate Markets: Conceptual and Empirical Evidence," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 17(154), pages 306-306.
    4. Lieser, Karsten, 2011. "Pricing of real estate specific market risks for worldwide 66 countries," IESE Research Papers D/940, IESE Business School.
    5. Lieser, Karsten & Groh, Alexander P., 2011. "The determinants of international commercial real estate investments," IESE Research Papers D/935, IESE Business School.
    6. Anelli, Debora & Tajani, Francesco, 2023. "Spatial decision support systems for effective ex-ante risk evaluation: An innovative model for improving the real estate redevelopment processes," Land Use Policy, Elsevier, vol. 128(C).

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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