The REIT Appetite for Residential Investments

Nigel Almond

ERES from European Real Estate Society (ERES)

Abstract: One of the recommendations from the Barker Review into the supply of housing in the UK has been to promote the use of greater institutional investment in the residential market as a means of not only increasing and improving the supply of property, but also to increase flexibility in the housing market through increasing supply in the private rented sector. The subsequent Government consultation paper on the creation of REITs in the UK made specific mention of residential as a segment of the market which could potentially benefit from such a structure. REITs have emerged across the globe over recent years as a means of increasing investment and liquidity into property markets. While they predominantly invest in commercial property, there are also examples of vehicles investing in the residential sector, with the US a prime example of how successful these vehicles can be for the market. Based on a detailed analysis of markets elsewhere, the paper considers the prospects for the creation of residential REITs in the UK. The paper will review the structure of markets, and in particular undertake a more detailed analysis of the US market as a means of understanding the performance of the sector. Based on this analysis and comparisons with the UK market, and the prospects for alternative investor routes, the paper will assess the likely success of a residential focussed REIT in the UK.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2005-01-01
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