Legal Foundations of REITs: Lessons for Developing REIT Markets

Fiona Toliva, Rachael Daisy Mirembe, Tony Hernandez and Dogan Tirtiroglu

AfRES from African Real Estate Society (AfRES)

Abstract: The legal systems of different countries influence the regulations and characteristics of Real Estate Investment Trusts (REITs). This paper examines, mainly qualitatively, the details of the legal framework that defines the REIT form in developed and developing countries and seeks to identify the ideas and practices that can offer the most benefit to countries like Uganda and other African countries. Using purposive along with qualitative approaches of interviews and focus groups as well as studying legal documents, we find that the differences in REIT laws and regulations in different countries can be explained by the socioeconomic and cultural differences between them, which in turn affects REIT performance in terms of market entry and returns. Thus, formulating tailored legal points could enhance economic efficiency and the growth of REITs.

Keywords: culture; legal systems; performance; regulation; REITs (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2024-01-01
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