The Determinants of International Commercial Real Estate Investment

Karsten Lieser () and Alexander Groh ()

The Journal of Real Estate Finance and Economics, 2014, vol. 48, issue 4, 659 pages

Abstract: We examine the determinants of international commercial real estate investment using a unique set of panel data series for 47 countries worldwide, covering the period from 2000 to 2009. We explore how different socio-economic, demographic and institutional characteristics affect commercial real estate investment activity by determining both cross-sectional and time-series estimators, running augmented random effect panel regressions. We provide evidence that economic growth, rapid urbanization and compelling demographics attract real estate investment, and also demonstrate that a lack of transparency in the legal framework, administrative burdens of doing real estate business, socio-cultural challenges and political instabilities reduce international real estate allocations. Copyright Springer Science+Business Media New York 2014

Keywords: Real Estate Investment; International Asset Allocation; Real Estate Market Attractiveness; Augmented Random Effect Panel Regression; C33; C23; G11; G23; G24; O16; O18; P25; P52 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (21)

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DOI: 10.1007/s11146-012-9401-0

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