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Sector, Region Or Function? A Mad Reassessment Of Real Estate Diversification

Author

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  • Peter Byrne
  • Stephen Lee

Abstract

"This paper re-examines whether it is more advantageous in terms of risk reduction to diversify by sector or region by comparing the performance of the """"conventional"""" regional classification of the UK with one based on modern socio-economic criteria using a much larger real estate data set than any previous study and the MAD portfolio approach. The general conclusion of which is that property market sectors still dominate regions, however defined and so should be the first level of analysis when developing a portfolio diversification strategy. This is in line with previous research. Then when the performance of Functional groups is compared with the """"conventional"""" administrative regions the results here show that when functionally based groupings provide greater risk reduction. In particular Functional groups may be much more insightful and acceptable to real estate portfolio managers."

Suggested Citation

  • Peter Byrne & Stephen Lee, 2010. "Sector, Region Or Function? A Mad Reassessment Of Real Estate Diversification," ERES eres2010_074, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2010_074
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2010-074
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    Cited by:

    1. Marisa Gigante, 2012. "The incidence of real estate portfolio composition choices on funds performance: Evicence from the Italian market," ERES eres2012_186, European Real Estate Society (ERES).
    2. Marisa Gigante, 2011. "The impact of real estate portfolio composition on the Italian real estate funds performance," ERES eres2011_283, European Real Estate Society (ERES).

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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