European Business Schools Librarian's Group
IESE Research Papers,
IESE Business School
No D/935: The determinants of international commercial real estate investments
Karsten Lieser () and Alexander P. Groh
Additional contact information
Karsten Lieser: IESE Business School, Postal: Research Division, Av Pearson 21, 08034 Barcelona, SPAIN
Alexander P. Groh: EMLYON Business School
Abstract: We examine the determinants of commercial real estate investments using a unique set of panel data series for 47 countries worldwide, ranging from 2000 to 2009. We explore how different socio-economic, demographic and institutional characteristics affect commercial real estate investment activity through both cross-sectional and time-series analyses, running augmented random effect panel regressions. We provide evidence that economic growth, rapid urbanization and compelling demographics attract real estate investments and also confirm that lack of transparency in a country's legal framework, administrative burdens of doing real estate business, socio-cultural challenges and political instabilities reduce international real estate allocations.
Keywords: Real Estate Investments; International Asset Allocation; Real Estate Market Attractiveness
JEL-codes: C23; C33; G11; G23; G24; O16; O18; P25; P52
55 pages, July 13, 2011
Full text files
DI-0935-E.pdf
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