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The Attractiveness of 66 Countries for Institutional Real Estate Investments: A Composite Index Approach


Karsten Lieser


Allianz Real Estate

Alexander Peter Groh


EMLYON Research Centre for Entrepreneurial Finance; EMLYON Business School

July 1, 2010

IESE Business School Working Paper No. 868

Abstract:     
We address the attractiveness of 66 countries around the world for institutional real estate investments by constructing 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 well 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.

Keywords: Real Estate Investments, International Asset Allocation, Real Estate Market Attractiveness

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

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Date posted: October 15, 2010 ; Last revised: November 9, 2010

Suggested Citation

Lieser, Karsten and Groh, Alexander Peter, The Attractiveness of 66 Countries for Institutional Real Estate Investments: A Composite Index Approach (July 1, 2010). IESE Business School Working Paper No. 868. Available at SSRN: http://ssrn.com/abstract=1692165 or http://dx.doi.org/10.2139/ssrn.1692165

Contact Information

Karsten Lieser (Contact Author)
Allianz Real Estate ( email )
Seidlstrasse 24-24a
Munich, 80335
Germany
Alexander Peter Groh
EMLYON Research Centre for Entrepreneurial Finance ( email ) ( email )
23 Avenue Guy de Collongue
Ecully, 69132
France
EMLYON Business School ( email ) ( email )
23 Avenue Guy de Collongue
Ecully, 69132
France
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