Real Estate Investments: the Case of the Italian Market

Claudio Porzio and Gabriele Sampagnaro

Chapter 3 in New Drivers of Performance in a Changing Financial World, 2009, pp 30-50 from Palgrave Macmillan

Abstract: Abstract With reference to the Italian market, in this chapter we discuss the results of an empirical survey that considers the size of real estate weight in a mixed-asset portfolio. The absence of data for the Italian public market has forced us to restrict the survey only to the impact of private segment inclusion in a portfolio invested in stocks and bonds (both short and long term). Although the Italian real estate public market officially started in 1994 with the institution of the specialized closed fund (‘fondi comuni di investimento immobiliari’, Law 86/1994), the illiquidity of the market and the limited number of listed funds determine the lack of a meaningful literature about the role of such investment’s channel as portfolio diversifier. Previous studies on the public market from a portfolio approach point of view have referred only to the inclusion in an asset-mixed portfolio of Italian real estate company’s shares and ABS derived from domestic properties securitization.

Keywords: Real Estate; Portfolio Optimization; Efficient Frontier; Real Estate Market; Real Estate Investment Trust (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-59481-4_3

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DOI: 10.1057/9780230594814_3

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