Listed versus Unlisted Real Estate Investments

Garay, Urbi

Listed versus Unlisted Real Estate Investments

Garay, U. “Listed versus Unlisted Real Estate Investments.” In Kazemi, H.; Black, K.; and D. Chambers (Editors), Alternative Investments: CAIA Level II, Chapter 17, Wiley Finance, 3rd Edition, 2016, pp. 423-449.

34 Pages Posted: 28 Aug 2020

See all articles by Urbi Garay

Urbi Garay

Instituto de Estudios Superiores de Administración (IESA)

Date Written: February 1, 2016

Abstract

This chapter examines the main unlisted real estate funds available (openend funds and closed-end funds), as well as the most important listed real estate funds (REITs and ETFs based on real estate indices). The chapter also analyzes the extent to which analysis of publicly traded real estate may be used to provide information on the risks and returns of private real estate, and offers an empirical analysis of the differences between the returns of listed (market-based) real estate and those of private (appraisal-based) real estate.

Keywords: Real estate, listed, unlisted, alternative investments

JEL Classification: G11, G12, G14

Suggested Citation: Suggested Citation

Garay, Urbi, Listed versus Unlisted Real Estate Investments (February 1, 2016). Garay, U. “Listed versus Unlisted Real Estate Investments.” In Kazemi, H.; Black, K.; and D. Chambers (Editors), Alternative Investments: CAIA Level II, Chapter 17, Wiley Finance, 3rd Edition, 2016, pp. 423-449., Available at SSRN: https://ssrn.com/abstract=3657618