Abstract
This study investigates key country-level economic factors that influence listed real estate investment trust (REIT) market capitalization across 23 countries that currently operate active REIT markets. The primary contribution of this study is to apply existing analyses that focused on the real estate market as a whole to the REIT market in order to identify the correlation, as well as significance, of each factor on REIT market volume. We find the GDP per capita, stock market capitalization, and soundness of the banking sector to be positively significant factors. Through the findings, the study can stand as a reference for academic researchers and professionals of the industry to identify country-level factors that affect respective REIT market volumes, which is essential for international diversification portfolio strategy construction. The study also suggests factors that government authorities such as legislators and licensing departments of either REIT trustees or asset management companies may wish to address and adjust to create sound REIT investment environments for their countries.
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