The Determinants of International Commercial Real Estate Investment

Karsten Lieser and Alexander Groh ()
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Karsten Lieser: IESE Business School - IESE Business School
Alexander Groh: EM - EMLyon Business School

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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.

Date: 2014-05-01
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Citations: View citations in EconPapers (15)

Published in Journal of Real Estate Finance and Economics, 2014, 48 (4), 611-659 p. ⟨10.1007/s11146-012-9401-0⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02313080

DOI: 10.1007/s11146-012-9401-0

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