The determinants of international commercial real estate investments

Karsten Lieser () and Alexander P. Groh
Additional contact information
Karsten Lieser: IESE Business School, Postal: Research Division, Av Pearson 21, 08034 Barcelona, SPAIN
Alexander P. Groh: EMLYON Business School

No D/935, IESE Research Papers from IESE Business School

Abstract: We examine the determinants of commercial real estate investments using a unique set of panel data series for 47 countries worldwide, ranging from 2000 to 2009. We explore how different socio-economic, demographic and institutional characteristics affect commercial real estate investment activity through both cross-sectional and time-series analyses, running augmented random effect panel regressions. We provide evidence that economic growth, rapid urbanization and compelling demographics attract real estate investments and also confirm that lack of transparency in a country's legal framework, administrative burdens of doing real estate business, socio-cultural challenges and political instabilities reduce international real estate allocations.

Keywords: Real Estate Investments; International Asset Allocation; Real Estate Market Attractiveness (search for similar items in EconPapers)
JEL-codes: C23 C33 G11 G23 G24 O16 O18 P25 P52 (search for similar items in EconPapers)
Pages: 55 pages
Date: 2011-07-13
New Economics Papers: this item is included in nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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