The Determinants of International Commercial Real Estate Investment

被引：58

作者：

Lieser, Karsten ^{[1
]}

Groh, Alexander Peter ^{[2
]}

机构：

[1] IESE Business Sch, Int Ctr Financial Res, Barcelona 08034, Spain

[2] EMLYON Business Sch, F-69134 Ecully, France

来源：

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS | 2014年 / 48卷 / 04期

关键词：

Real Estate Investment; International Asset Allocation; Real Estate Market Attractiveness; Augmented Random Effect Panel Regression; MARKET; REGRESSION;

D O I：

10.1007/s11146-012-9401-0

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：611 / 659

页数：49

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