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


  • Lieser, Karsten

    () (IESE Business School)

  • Groh, Alexander P.

    (EM Lyon Business School)


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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    References listed on IDEAS

    1. Jun B. Kim & Paulo Albuquerque & Bart J. Bronnenberg, 2010. "Online Demand Under Limited Consumer Search," Marketing Science, INFORMS, vol. 29(6), pages 1001-1023, 11-12.
    2. Han Hong & Matthew Shum, 2006. "Using price distributions to estimate search costs," RAND Journal of Economics, RAND Corporation, vol. 37(2), pages 257-275, June.
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    More about this item


    Real Estate Investments; International Asset Allocation; Real Estate Market Attractiveness;

    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 - Economic Systems - - Socialist Systems and Transition Economies - - - Urban, Rural, and Regional Economics
    • P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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