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International property portfolio strategies: Problems and opportunities

Colin Lizieri (Reader in International Real Estate Markets and Deputy Head of the Department of Property Valuation and Management, City University Business School.)
Louise Finlay (Research Analyst at AMP Asset Management, London, UK.)

Journal of Property Valuation and Investment

ISSN: 0960-2712

Article publication date: 1 March 1995



Formal portfolio selection strategies based on modern portfolio theory have increasingly been applied to real estate markets, despite the difficulties posed by the characteristics of property as an investment asset. As markets have “gone global”, so portfolio theory has been used to define international property portfolio strategies. Suggests that many of these studies are flawed, in that they neglect both methodological developments in portfolio theory and, critically, the economic fundamentals that drive property markets. This can lead to the adoption of investment strategies that create portfolios with a high exposure to risk. Outlines alternative approaches to global real estate investment.



Lizieri, C. and Finlay, L. (1995), "International property portfolio strategies: Problems and opportunities", Journal of Property Valuation and Investment, Vol. 13 No. 1, pp. 6-21.




Copyright © 1995, MCB UP Limited