TAILIEUCHUNG - Gauging the Investment Potential of International Real Estate Markets

Turkey’s per capita GDP is catching up and in purchasing power parity had reached 30% of the EU-27 average in 2006. The distribution of this income is very broad, both across households and across regions. The average household income in the city of Trabzon in the north-east of Turkey was only 30% of the country average (2003) whereas incomes in Ankara and Istanbul were 65% and 85% higher than the average. The specialisation of the big cities on the service sector and the shift to the fringes of these agglomerations by manufacturing industries is set to change migration patterns | Gauging the Investment Potential of International Real Estate Markets A Paper Presented at the Annual European Real Estate Society Meeting ERES Dublin Ireland Stephen Lee Centre for Real Estate Research CRER Department of Real Estate and Planning Business School The University of Reading Reading RG6 6AW England Phone 44 118 931 6338 Fax 44 118 931 8172 E-mail Abstract Investing in real estate markets overseas means venturing into the unknown where you meet unfamiliar political and economic environments unstable currencies strange cultures and languages and so although the advantages of international diversification might appear attractive the risks of international investment must not be overlooked. However capital markets are becoming global markets and commercial real estate markets are no exception accordingly despite the difficulties posed by venturing overseas no investor can overlook the potential international investment holds out. Thus what strategies are appropriate for capitalising on this potential Three issues must be considered 1 the potential of the countries real estate market in general 2 the potential of the individual market sectors and 3 the investment process itself. Although each step in foreign real estate investment is critical the initial assessment of opportunities is especially important. Various methods can be used to achieve this but a formal and systematic analysis of aggregate market potential should prove particularly fruitful. The work reported here therefore develops and illustrates such a methodology for the over 50 international real estate markets. Keywords Market Potential Risk and Return Factors Gauging the Investment Potential of International Real Estate Markets Introduction International real estate investments are made in a foreign country s property market in order to reduce the investor s portfolio risk. Such investment risk reduction is possible because real estate markets of different countries .

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