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The Role of International Real Estate in Global Mixed-Asset Investment Portfolios

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  • Adrian Chua

Abstract

Executive Summary. Many studies have advocated the inclusion of real estate in mixed-asset investment portfolios. However, the majority of past studies have focused on the role of domestic real estate in domestic mixed-asset portfolios. This study goes further by considering whether the inclusion of international real estate would enhance the risk-return characteristics of an internationally diversified investment portfolio that already invests in bonds, cash, equities and gold. The study also corrects for the higher taxes, transaction costs and asset management fees incurred when investing in real estate vis-à-vis the other asset classes, as well as the impact of appraisal-smoothing on reported real estate returns. Using mean-variance portfolio optimization, the study concludes that, even after these corrections, international real estate does have a viable role to play in global mixed-asset investment portfolios.

Suggested Citation

  • Adrian Chua, 1999. "The Role of International Real Estate in Global Mixed-Asset Investment Portfolios," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 5(2), pages 129-137, January.
    • Handle: RePEc:taf:repmxx:v:5:y:1999:i:2:p:129-137
    DOI: 10.1080/10835547.1999.12089579
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    Cited by:

    1. Grant Alexander Wilson & Jason Jogia, 2024. "Examining personal financial advisors’ knowledge, client recommendations, and personal investments in private real estate and real estate investment trusts (REITs)," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(3), pages 729-744, September.

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