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The determinants of international commercial real estate investments
Ares, American Real Estate Society 2012 - 61 p.
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
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attract real estate investments and also confirm that lack of transparency in the legal framework, administrative burdens of doing real estate business, socio-cultural challenges and political instabilities of countries reduce international real estate allocations.
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