Design and Methodology of a Real Estate Fund Index for the Czech Market

PurposeOpportunity real estate funds are an important style of real estate investing for institutional investors seeking nonlisted real estate exposure. Importantly, institutional investors have sought exposure to the China real estate market, often via opportunity real estate funds. This has been by a pure China opportunity real estate fund (100% China opportunity real estate) or by a pan-Asia opportunity real estate fund where China opportunity real estate was part of this pan-Asia opportunity real estate portfolio. Using two bespoke China opportunity real estate indices developed by the authors, this paper aims to assess the risk-adjusted performance and portfolio diversification benefits of China opportunity real estate in a mixed-asset portfolio over 2008–2020. It also highlights critical issues for institutional investors going forward to factor into their real estate investment decision-making for effective China real estate exposure.Design/methodology/approachThis paper develops two bespoke China opportunity real estate fund performance indices to assess the risk-adjusted performance and portfolio diversification benefits of China opportunity real estate funds in a mixed-asset portfolio over 2008–2020. An asset allocation diagram is used to assess the role of China opportunity real estate in a mixed-asset portfolio via both the non-listed and listed real estate investment channels.FindingsOver 2008–2020, China opportunity real estate exposure via pan-Asia opportunity real estate funds were seen to outperform pure China opportunity real estate funds. In both formats, China opportunity real estate funds were seen to have a significant role in a China mixed-asset portfolio across most of the portfolio risk spectrum; particularly compared to listed real estate exposure in China. On-going issues regarding real estate risk management in China will take on increased importance for institutional investors seeking China real estate exposure.Practical implicationsOpportunity real estate funds are an important style of real estate investing, often used by institutional investors to gain non-listed real estate exposure in a developing real estate market. This style of real estate investing has been popular with institutional investors seeking exposure to China real estate as part of the China economic growth dynamic. The results of this research highlight the importance of opportunity real estate investing in China, both via a pure China opportunity real estate fund and via a pan-Asia opportunity real estate fund. Based on this empirical analysis, China opportunity real estate exposure is seen to be more effective via a pan-Asia opportunity real estate fund than a 100% China opportunity real estate fund. A range of practical China real estate investment issues are also highlighted for the effective delivery of China real estate exposure for institutional investors going forward; this particularly relates to the on-going risk management for real estate investment in China.Originality/valueThis paper is the first empirical research analysis of the risk-adjusted performance of China opportunity real estate and its role in a mixed-asset portfolio. Using bespoke China opportunity real estate fund indices developed by the authors, this research enables empirically-validated, more informed and practical opportunity real estate investment decision-making regarding the strategic role of China opportunity real estate in an institutional investor's portfolio. It also highlights the importance of various facets of real estate risk management in China going forward.

PurposeWithin the context of ESG (Environment, Social and Governance), environmental sustainability has taken on increased global importance in recent years. Similarly, real estate investment managers in developing their global real estate investment portfolios need a fuller understanding of the ESG and environmental sustainability dimensions of these global real estate markets for more informed real estate investment decisions. Using the JLL GRETI sustainability sub-index, this paper examines the environmental sustainability transparency status of 99 global real estate markets over 2016–2020 and explores various strategic issues regarding ESG and environmental sustainability; particularly the critical issues relating to climate risk mitigation, climate resilience and zero-carbon. The current status of environmental sustainability in these 99 real estate markets is assessed, with areas for “best practice” improvement identified to the benefit of real estate investment managers; particularly the improvements needed in ESG to support real estate investment in the emerging real estate markets.Design/methodology/approachThe JLL GRETI sustainability sub-index is analysed to examine strategic issues relating to environmental sustainability transparency. 99 real estate markets are assessed globally for a range of critical ESG issues over 2016–2020. Differences between the developed and emerging real estate markets are highlighted.FindingsConsiderable variation was seen in the ESG and environmental sustainability practices, procedures and frameworks across these 99 real estate markets. This was particularly evident amongst the emerging real estate markets. Compared to the other five dimensions for real estate market transparency, environmental sustainability was seen to be well behind these other dimensions in most markets. Progress has been made in recent years, but it has been slow and steady rather than at a dynamic level. Clearly, more is needed globally to enhance the stature of environmental sustainability in the context of an increasing focus on ESG and specifically on climate risk mitigation, climate resilience and zero-carbon in real estate investment.Practical implicationsWith ESG and environmental sustainability taking on increased importance across the international real estate markets, it is important that real estate fund managers have a full understanding of the ESG and environmental sustainability status of these real estate markets where they may be considering real estate investment opportunities; this includes both the developed and emerging real estate markets. This is essential to ensure future capital raising for new funds, as well as supporting the global ESG agenda by the real estate investment community. Specific strategies are also identified for emerging real estate markets to improve their environmental sustainability practices and ESG status.Originality/valueThis is the first paper to use the JLL GRETI sustainability sub-index to assess the environmental sustainability status of 99 real estate markets globally; providing strategic insights for real estate investment managers as they develop their global real estate portfolios and more fully embrace the challenges of ESG and environmental sustainability in the real estate space going forward. Specific strategies are clearly identified for all markets to improve their environmental sustainability ratings to the benefit of both global real estate investment and the broader communities.

The Taiwan real estate market on the basis of private ownership has been developed for forty to fifty years with economic growth. During this period, Taiwan real estate market experienced three main prosperous cycles. But after 1991, due to real estate market oversupply, economic growth slowdown and domestic and international circumstance factor influence, it still has been in the long time murky condition up to now. Traditional opinions of “Holding real estate means the symptom of wealth” and keeping real estate for appreciation are questionable for investors now. The economic system of Mainland China has significant transformation since it had executed open policy in 1979. The real estate system still remains the land on the basis of public ownership, but the leasehold estates could be transferred after 1988. After that time, real estate in Mainland China becomes “the circulation commodity” which inspires the market development. It is the recent ten years that Mainland Chin real estate market has developed maturely and vigorously due to rapid economy growth. Above all, in the near future, the 2008 Olympic Games at Beijing and the 2010 World Exhibition at Shanghai will motivate the Mainland China economy and real estate market to grow faster. Especially for Shanghai, it will become the “shining pearl” in Mainland China and attract global investors’ sights. On the analysis of current development trend, Shanghai real estate market is worth investing in the few years. But Investors should have more concern about the different real estate ownership and development stage from Taiwan and Mainland China, then you can have an more exact estimate and make a right investment decision. Based on the basic environment, industrial development and the key points of real estate investment decision-making of Taiwan and Mainland China, the project with case study approach of which selected Taipei and Shanghai office buildings as research objective makes practical investment analysis. The main purposes of project are as following: 1.To compare the current circumstance of real estate investment environment in Taiwan and Mainland China, describe the trend of the market development, then generalize those factors which affect the real estate market development. 2. To analyze the investment profit by means of case study which compares with the investment process, the fixed rental income and expected appreciation of real estate. 3. To consider the Taiwan and Mainland China real estate market and monetary market, and study the feasibility of real estate investment in above areas by using the modern financial analysis tools; also analyze the different investment decision-making and find out the key points for investors’reference. The project makes four conclusions as followings: 1. Based on present Taiwan and Mainland China real estate market conditions and predicted development tendency, the Shanghai commercial real estate is a good choice of making investment in the short and middle term period if in the income approach point of view. But in the maturity of political and economic development, the stability of market trading and the estates value points of view, the Shanghai commercial real estate is more potentially risky and uncertain than Taipei. So the long-term investment profit of real estate in Taipei still cannot be negligent. 2. The reasons of the present Shanghai commercial real estate investment profit higher than Taipei are the lower real estate price and higher rental income. The case study of the project verifies the present investment value of Taiwan and Mainland China real estate. But the long- term investment profit in the above areas depends on the accurate estimate of real estate market development in the future. 3. Investors should estimate the marginal utility of the rate of return and mortgage rate, and also consider the tax shield when they make real estate investment by mortgage. 4. Long-term investors should carefully consider the local government policy, administrative rules, exchange rate risk and the estates value of real estate. These factors all sufficiently affect the investment profit.

Indirect Investment in Real Estate: Listed Companies and Funds

Nowadays in Europe, two different indirect instruments exist in order to invest in real estate; on one hand real estate investment funds and in the other listed real estate companies. With these instruments the investor not only takes position in the real estate market but also obtain different risk/return structures which may vary depending upon the instrument you use. Recently, in some European countries, real estate companies have modified their financial structure and tax position adopting the legal form of REIT (Real Estate Investment Trust) originated in USA, which change their relative position to real estate funds. In this document we will make a comparison between real estate funds and quoted real estate companies, as well as an analysis of the appearance of the REITS in Europe and its impact in the real estate industry.

Co-EditorG. Stacy SirmansCollege of BusinessFlorida State UniversityTallahassee, FL 32306 1042904-644-82 14 904-644-4077 (FAX)This section of the Journal publishes reviews on textbooks, professional books, and other scholarly books appropriate to real estate. Areas of interest include, but are not limited to, mortgage markets, real estate investments, real estate finance, asset/property management, real estate development, corporate real estate, valuation, and other areas related to real estate. If you have an interest in reviewing a particular book or if you wish to be considered as a reviewer, please contact the Co-Editor at the address noted above. A list of new books follows the book reviews; both are arranged alphabetically by author.Associate EditorsJohn D. Benjamin Mark J. EppliThe American University George Washington UniversityH. Glenn Boggs Andrea J. HeusonFlorida State University University of MiamiA. Quang Do John R. KnightSan Diego State University University of the PacificMajor, John B., with Pan, Fung-Shine (Eds.), Contemporary Real Estate Finance: Selected Readings, Prentice Hall, 1996.406 Pages.The editors have compiled an excellent selection of articles by numerous real estate experts, many of whom are noted authorities in the field of real estate. That speaks volumes about this collection of readings. The text contains twenty-seven readings of historical interest and state-of-the-art studies. These readings can be used as a supplement in upper-level undergraduate or graduate real estate finance and investment courses. It is also an ideal source of readings for undergraduate and graduate real estate seminar courses.The articles in Part 1, Introduction, focus on the development of real estate investment analysis, critical issues in real estate investment analysis and real estate portfolios. The first article, by Austin J. Jaffee and C. F. Sirmans (AREUEA, 1984), provides a review and analysis of the past, present, and future of research on real estate financial decisions. Some of the unresolved issues in real estate investment analysis such as Real Estate as an Investment, Investor Objectives, and Taxation Environment are discussed. The authors posed excellent questions for future research. It is not surprising that some of the issues remain unresolved in 1996; consequently, this article not only provides the historical development of the theory of real estate investment analysis but also presents a research agenda for the future. The timeliness and relevancy of their research agenda are reflected in subsequent articles in this text and in the body of research published since the mid- 1980s.98 BOOK REVIEWSThe second article in Part 1, Real Estate: The Whole Story by Paul M. Firstenberg, Stephen A. Ross, and Randall C. Zisler (1988), applies modern portfolio theory to real estate asset selection. The authors contend that investors should examine equity real estate investments not only on their individual merits but also for their impact on the investors overall real estate portfolio. The two modern portfolio techniques used in this paper are the capital asset pricing model (CAPM) and the arbitrage pricing theory (APT). The authors demonstrate that these techniques are just as applicable to real estate portfolio management as to security portfolio management. Their intention is to show how pension funds and other large investors can use modern portfolio techniques both to construct real estate portfolios and to allocate funds to asset categories including real estate. They begin their work by comparing total real estate returns to returns on stocks and bonds to show that real estate is an attractive asset category relative to stocks and bonds. This article provides an excellent review and application of modern portfolio theory for both undergraduate and graduate students. …

The purpose of this chapter is to determine the level of interaction between the country’s economy and the real estate marketReal estate market. That is, how changes in the economy affect the dynamics of the development of the real estate marketReal estate market and how the dynamic development of the real estate marketReal estate market affects the growth of certain sectors of the economy. The investigated trends in the real estate marketReal estate market in 2021 and the beginning of 2022 determined that, despite the pandemic and the economic crisis, the demandDemand for housing on average in Ukraine increased by 30–35% in the primary and 30% in the secondary real estate marketsSecondary real estate market. The authors investigated the peculiarities of the development of the modern real estate marketReal estate market in Ukraine. In this chapter, the authors present practical studies of the real estate marketReal estate market of Ukraine with examples of the dynamics of the development of various objects. The authors investigated the peculiarities of the development of the rental market. The rental housing market is dynamic today. The rental market affects the real estateReal estate sales market and has a significant impact on the future strategies of developers within the urban economy of each individual settlement. The chapter classifies the apartment rental market according to parameters that significantly affect prices in the studied segment. These parameters affect the market value of the real estateReal estate. As a practical implementation, an information-digital map of the dependence of the average rental price of “hotels” and 1-room, 2-room, and 3-room apartments on the locationLocation was developed using GOOGLE MAP and using the example of the city of Kharkiv. The authors proved that the housing market is developing despite the unstable economic situation, the devaluation of the hryvnia, and the decrease in the income of the populationPopulation. It is illustrated that the costCost of renting an apartment depends on the locationLocation (this factor became especially relevant in wartime), the condition of the building, the transport infrastructureInfrastructure, and the condition of the real estateReal estate object itself. This section analyzes the market of small housing as a new social phenomenon in large cities in Ukraine. It has been proven that the primary real estate marketPrimary real estate market is not sufficiently transparent in the general system of the country’s economy. It functions only in interaction with the secondary market of real estateReal estate and is developing very rapidly due to the existing high demandDemand for newly built real estateReal estate in central areas and areas located near transport highways and metro stations. In this chapter, the authors also analyzed the market value of the landLand plot, which is directly proportional to the city’s infrastructureInfrastructure.

This study aimed at determining the effects of the application of real estate investment instruments on the performance of pension fund in real estate investment financing in Nigeria with the view of making recommendations for improved investing. The two real estate investment instruments studied were Real Estate Investment Trusts (REITs) and investing in Direct Real Estate Property (DREP). Three objectives were set to achieve this aim. First, to determine the application of real estate instruments in the investing of pension fund in Nigeria. Second, to determine the performance of pension fund in real estate investment financing in Nigeria. Third, to establish the relationship between application of real estate investment instruments and performance of pension fund in real estate financing in Nigeria. Secondary data from National Pension Commission (PenCom) was used to do this research and the study period was 2012 to 2021. Data were analysed using percentages and Multiple Regression Analysis. Findings showed that, the application of the investment instruments is poor with REIT and DREP asset classes having respective averages of 0.064% and 0.009%. Findings showed that, the performance of pension fund in real estate financing is poor with the average of 13.15%. The regression result showed that, the application of REIT has negative relationship with performance while that of DREP has positive relationship with correlation coefficients of –0.543 and 0.794 respectively. Based on findings it is concluded that, REIT asset class impacted negatively on performance while DREP asset class impacted positively. For there to be improved participation of pension fund in real estate financing it is recommended that, there must be increased investments in REIT and that, the range of investments in DREP should be maintained or most pleasantly increased. For there to be improved investing, it is further recommended that more real estate investment instruments be introduced.

The paper analyses the characteristics of institutional investments in the German real estate market and refers to the study of “Institutional Investors in Real Estate” presented by Prof. Dr. Wolfgang Schaefers at the 1st World Congress of the International Real Estate Society in Anchorage (July 2001). In addition, the study identifies and evaluates current aspects and future trends in institutional investments in real estate – taking into account the specific institutional governance structure in Germany. More specifically, the paper will analyse general insights into the investment behaviour and investment criteria of German and international institutional investors in real estate as well as the volume of real estate investments. Thereafter, the study focuses on the behaviour of German institutional investors and their tendency to convert direct real estate assets into indirect real estate investments. This possible conversion is evaluated in regards to new investment forms such as mortgage/asset backed securities, real estate private equity/opportunity funds and fund of funds products as well as the likely introduction of real estate investment trusts (REITs) in Germany, but also in regard to the actual crises at the openended real estate fund market in Germany. In particular, the study focuses on the investment objectives in the different real estate markets as well as on the risk objectives and preferred vehicles and strategies for future investments in real estate. Finally the study will determine the importance of different valuation methods for real estate assets and conclude with a general outlook of future strategies and tendencies in institutional investments in real estate.

Investment in real estate is a zoning issue as the real estate market is closely related to economic development and trends in real estate market are considered to be indicators of trends in the whole economy of the country. The goal of this paper is to analyse the main aspects and considerations when investing in real estate, evaluate investment in real estate situation in different EU and non-EU countries and introduce MCDM methods that could be used for selecting a state for investment in real estate. It is identified that when investing in real estate various political, social, economic, environmental and other factors have to be taken into consideration. Analysed examples of EU (Lithuania, Romania, UK) and non-EU (Turkey, China, Russia) countries show different risks and opportunities for investments in real estate. MCDM methods are applicable to evaluate which countries are most attractive for investment in real estate. Described TOPSIS and ARAS methods could be used for assessing states as alternatives when selecting where to invest

Purpose Environment, social, governance (ESG) has taken on increased importance in real estate investment in recent years, with benchmarking ESG being critically important for more informed real estate investment decision-making. Using 60 stakeholder interviews with senior real estate executives, this paper examines the strategic issues regarding benchmarking ESG in real estate investment; specifically, identifying areas going forward where ESG benchmarks need to be improved. This includes the issues of granularity, climate resilience and climate risk, as well as an increased focus on outcomes and performance, and using best practice procedures in delivering ESG in real estate investment.Design/methodology/approachIn total, 60 stakeholder interviews were conducted with key real estate players globally to assess the use of ESG benchmarking in real estate investment at various levels (asset/fund-level, listed real estate, delivery, reporting and internal benchmarking), across regions and across different types of real estate investment players (real estate fund manager, real estate investment trust (REIT), institutional investor and real estate advisor). This enabled key strategic insights to be identified for improved ESG benchmarking practices in real estate investment going forward.FindingsThere was clear evidence of the need for improved benchmarks for ESG in real estate investment. More focus was needed on performance, outcomes and impacts, with a stronger focus on granularity around the issues of climate resilience and climate risk. Improvements in Global Real Estate Sustainability Benchmark (GRESB), as well as increased attention to Task Force for Climate-Related Financial Disclosures (TCFD) were seen as important initiatives. Clear differences were also seen in the use of these ESG benchmarks on a regional basis; with Australia and Europe seen as the world leaders. These strategic stakeholder insights regarding ESG saw the development of best practice guidelines for the more effective delivery of ESG benchmarks for more informed real estate investment decision-making, as well as a series of recommendations for improving ESG benchmarking in real estate investment.Practical implicationsESG benchmarking is a critical area of real estate investment decision-making today. By utilising stakeholder interviews, the strategic insights from key players in the real estate investment space are identified. In particular, this paper identifies how the current ESG benchmarks used in real estate investment need to be improved for a more critical assessment of climate resilience and climate risk issues at a more granular level. This enables the identification and delivery of more effective ESG best practice procedures and recommendations for improving ESG benchmarking in real estate investment going forward. These issues have clear impacts on ongoing capital raisings by investors, where benchmarking ESG is an increasingly important factor for real estate investors, tenants and real estate asset managers.Originality/valueBased on the stakeholder interview responses, this paper has identified key areas for improvement in the current benchmarks for ESG in real estate investment. It is anticipated that an increased focus on technology and the availability of more granular data, coupled with user demand, will see more focus on assessing performance, outcomes and impacts at a real estate asset-specific level and produce a fuller range of ESG metrics, more focused on climate resilience and climate risk. This will see a more effective range of ESG benchmarks for more informed real estate investment decision-making.

International real estate investment refers to any investment portfolios or strategies that include real estate from different countries. These portfolios can be mixed with other asset classes such as stocks and bonds, or invested only in real estate. Perhaps the most common reason for including international real estate assets in an investment portfolio is risk reduction through geographic diversification, although its viability and effectiveness are sometimes challenged. The chapter later provides a discussion of other arguments for and against diversification using real estate.Another important issue is how to invest in foreign real estate markets. In general, real estate can be divided into direct real estate (DRE) and indirect real estate (IRE) investment. Direct real estate refers to the direct ownership and operation of real property assets such as houses, shopping centers, hotels, and offices. Indirect real estate refers to the use of public (listed) real estate companies, private (unlisted) real estate funds, REITs, MBS, and related investments. These investments offer exposure without direct involvement in the selection, creation, and management of physical real estate. Indirect real estate should be more convenient for international investors, but this involves costs. The section on international real estate performance shows that the correlation between DRE and IRE can differ significantly within the same market, so the choice of real estate investment vehicles becomes highly important. The section on institutional settings further examines different institutional costs and constraints in international real estate investment.Although this chapter does not provide a review of all real estate markets in the world, it does cover major real estate markets. Specifically, it examines 17 real estate markets on four continents — North America, Europe, Asia, and Australia. The markets discussed are: (1) Australia, (2) Austria, (3) Canada, (4) China, (5) Finland, (6) France, (7) Germany, (8) Hong Kong, (9) Italy, (10) Japan, (11) The Netherlands, (12) Norway, (13) Singapore, (14) Sweden, (15) Switzerland, (16) the United Kingdom, and (17) the United States. The chapter excludes Spain because some data are unavailable. To make best use of available data for a consistent comparison across market, the time frame of study is 2007Q3 to 2012Q2. The Oxford Housing Indexes data available from Datastream serve as performance indicators for the DRE markets. The FTSE EPRA/NAREIT indexes represent the IRE markets, which include all types of listed real estate securities such as real estate companies and REITs. Because the FTSE EPRA/NAREIT index is unavailable in China, the Shanghai Stock Exchange Real Estate Index, which reflects the performance of major Chinese real estate companies, is used instead.

Home ownership levels accounting for more than two-thirds of all households in Turkey. Real estate is one of the leading and traditional investments for Turkish household due to several reasons. 2003-2007 period would be accepted as the boom period for Turkish economy in general and real estate sector in specific, as well. Rising residential prices, increasing the volume of residential and shopping center, growing foreign direct investment to domestic real estate market (particularly for commercial real estate investments) and growing production in social real estate market (by TOK›, Housing Development Administration of Turkey) are the pozitive signs of dynamic real estate markets in this period. In addition to this remarkable periodic market movement, there are lots of reasons for strong housing demand in Turkey (i.e. young population and inward migration, renovation investment needs, growing affordable housing and high-end apartment demand etc.) which is important for long term development for the market. Although relatively higher economic growth and strong domestic and international residential/commercial real estate demand are the positive sides, Turkish real estate market is of important deficiencies. At first, however there is no significant infrastructral problems (i.e. legislative infrastructure, secondary market know-how etc.) at the market operation, unable to work of mortgage finance is the reason of the rising cost for households, creditors and construction firms. Therefore, residential and commercial market players have no access to capital markets through various financial instruments and intermediaries. Related to this problem, highly dependence of credit markets would be a reason of finance shortage in the time of slowing economy. Secondly, however real estate is one of the important investment instruments for Turkish household (and for economic growth in general), investment enviroment is extremely weak for real estate in terms of data availability, real estate valuation process (for mortgage purposes) and consumer protection. In this context the problem of data acquisition and absence of real estate index result in transparency problem in the process of pricing, valuation and hence overall investment process. It is important to note that this non-transparent structure would hurt the process of rational decision-making in the real estate investment for all market players. On the other hand land shortage in the urban area and complexity of zoning law practices may also cause valuation problems in real estate projects and operational risks for the investors. In this paper, the author is questioning whether deficiencies will decrease the potential value of the oppurtunities of the Turkish real estate market in the short term and what kind of measures would be taken for the healty developments. In this context, in the case of Turkish real estate market, the author is also discussing the elements of potential valuation problems in the market and management of the potential local risks.

The Financialization of Latin American Real Estate Markets: New Frontiers introduces the fundamental principles of urban economics, housing, and large-scale real estate development in Latin America and equips aspiring investors and developers with the foundations for success in a unique, dynamic region. Using case studies from the Americas, this textbook provides a framework for assessing the economic, technological, social, and political forces that shape urban space, helping readers understand the aims and risks of real estate investment. Chapters on economic theory, novel financial instruments, and the regulatory environment connect real-world practice to the latest scholarly conversations in urban planning, real estate finance and development, and regional studies. Informed by the author's extensive experience as an academic and practitioner throughout the region, this distinctive resource sheds light on the relationship between financial capital and urban form, and places Latin American cities at the center of the urban economy debate. Features: Provides a thorough introduction to the mechanics of real estate markets, grounding spatial and economic theories with practical examples of the tools used to finance urban development in Latin America Centers around case studies from Mexico, Brazil, Chile, Panama, Argentina, and Colombia—some of the region's most dynamic markets Presents financial instruments such as mortgage-backed securities, collateralized debt obligations, credit default swaps, and real estate investment trusts in a global context Examines State policies and programs for housing and infrastructure in Latin America, demonstrating regional patterns and new perspectives Covers real estate finance from housing to megaprojects, exploring recent trends in infrastructure, commercial centers, and tourism with an eye toward sustainable financing practices for the future Suitable for graduate and upper-level undergraduate students of real estate, urban planning, and Latin American studies, The Financialization of Latin American Real Estate Markets: New Frontiers also serves as essential reading for professionals in international real estate finance and development.

Purpose – Real estate market transparency is an important factor in real estate investment and occupier decision making. The purpose of this paper is to assess real estate transparency over 2004-2014 to determine whether the European real estate markets have become more transparent in a regional and global context. Design/methodology/approach – Using the JLL real estate transparency index over 2004-2014, changes in real estate market transparency are assessed for 102 real estate markets. This JLL real estate market transparency index is also assessed against corruption levels and business competitiveness in these markets. Findings – Improvements in real estate transparency are clearly evident in many European real estate markets, with several of these European real estate markets seen to be the major improvers in transparency from a global real estate markets perspective. Practical implications – Institutional investors and occupiers see real estate market transparency as a key factor in their strategic real estate investment and occupancy decision making. By assessing changes in real estate transparency across 102 real estate markets, investors and occupiers are able to make more informed real estate investment decisions across the global real estate markets. In particular, this relates to both investors and occupiers being able to more fully understand the risk dimensions of their international real estate decisions. Originality/value – This paper is the first paper to assess the dynamics of real estate market transparency over 2004-2014, with a particular focus on the 33 European real estate markets in a global context to facilitate more informed real estate investment and occupancy decision making.