THE EVOLUTION OF INSTITUTIONAL ARRANGEMENTS TO SUPPORT THE INTERNATIONALISATION OF REAL ESTATE MARKET ACTIVITIES: SOME EVIDENCE FROM EUROPE

Eamonn D’Arcy

ERES from European Real Estate Society (ERES)

Abstract: Real estate in common with many other business sectors has experienced significant levels of internationalisation in its market activities over the last decade. These range from the internationalisation of key market actors such as real estate service providers and investors to the increasingly cross-border nature of a wide spectrum of real estate involvements. Such developments inevitable have profound implications for individual market structures and the range of market objectives which they accommodate. This paper sets out to examine one aspect of this process specifically the evolution of various institutional arrangements designed to support and facilitate the internationalisation of real estate activities. Using a broadly institutional economics approach to markets the paper first outlines a market rational for institutional arrangements to support the internationalisation of real estate market activities and then examines how such arrangements have evolved in the context of European real estate markets. The paper concludes with an assessment of the sustainability of the institutions which have evolved to support internationalisation in the European context and looks at the case for further supporting institutions specifically related to the areas of regulation and market risk.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2008-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2008_128

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