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The Attractiveness of 66 Countries for Institutional Real Estate Investments: A Composite Index ApproachKarsten LieserAllianz Real Estate; IESE Business School Alexander Peter GrohEMLYON Business School May 1, 2011 International Conference of the French Finance Association (AFFI), May 11-13, 2011 Abstract: We address the attractiveness of 66 countries worldwide for institutional real estate investments through the construction of a composite index. For the index's 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 proven 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, developing and emerging economies and provide guidelines for political improvements to attract international capital to spur real estate investment activity.
Number of Pages in PDF File: 63 Keywords: Real Estate Investments, International Asset Allocation, Real Estate Market Attractiveness JEL Classification: G11, G23, G24, O16, O18, P25, P52 working papers seriesDate posted: May 10, 2011 ; Last revised: May 19, 2011Suggested CitationContact Information
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