International Diversification of Real Estate Assets-Is It Worth It? Evidence from the Literature

Authors: Patrick J. Wilson and Ralf Zurbruegg

Start Page: 257
End Page:278
Volume: 11
Issue Number: 3
Year: 2003
Publication: Journal of Real Estate Literature

Abstract: This study examines the literature on the benefits of diversifying property assets
internationally. There is no consensus on how much benefit can be derived from the
global diversification of property. In the literature there are two contrasting opinions
as to the level of integration global property markets have and the advantages there
are from holding international property assets. The findings show that there are mixed
outcomes irrespective of whether direct or indirect property assets are being examined.
This study also provides some insights into more recent developments in the literature
that might explain some of the diverse opinions that have been formed.