International property investments - articles on market selection and effects on local markets

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dc.contributor Aalto-yliopisto fi
dc.contributor Aalto University en
dc.contributor.advisor Lindholm, Anna-Liisa, Dr.
dc.contributor.author Falkenbach, Heidi
dc.date.accessioned 2012-08-24T11:27:07Z
dc.date.available 2012-08-24T11:27:07Z
dc.date.issued 2010
dc.identifier.isbn 978-952-60-3188-0 (electronic)
dc.identifier.isbn 978-952-60-3187-3 (printed) #8195;
dc.identifier.uri https://aaltodoc.aalto.fi/handle/123456789/4799
dc.description.abstract European property investment markets have internationalised at a rapid phase during the past ten years, the globalisation having today also reached the smaller and less mature property markets. For academic research, international real estate investments are not a new phenomenon, but the research in the field has been strongly focused on identifying diversification benefits obtainable through international exposure, whereas research on the characteristics of real estate investments and their effects in the decision making for international property investments has remained more limited. This dissertation has two research aims. The first aim of this research is to increase the knowledge on market selection for international property investments, by studying the investor motivation, market selection process and criteria, as well as organisation modes for international property investments. The findings of the study indicate that even though diversification is the primary motivation for international real estate investments, the investors approach the subject of diversification conceptually as not putting all your eggs in one basket, rather than formally through mean-variance analysis. This is also reflected to the market selection criteria used for international property investments, as, instead of return correlations, market selection is based on political and country risk, general economy and expected return on property investments in the local market, as well as factors contributing to market maturity. In addition, the results indicate that investors use the organisation mode as a risk management tool for the mitigation of the barriers connected to international real estate investments, and choose the organisation mode according to their perceptions of the information barriers and the local nature of property markets. The second aim is to identify how international property investments affect the local markets by studying the changes in the Finnish commercial real estate markets. The case study on the effects of international property investments on the Finnish commercial property markets shows that internationalisation has had a profound effect on the maturity of the Finnish commercial property market. The analysis shows that the importance of market maturity in market selection and the effects of internationalisation on market maturity have created a virtuous circle, supporting the further development of the market. In addition, the findings indicate that market can also stimulate this circle by conscious activities, such as in the case of the Finnish market by decreasing the informational barriers and adapting international market practices. en
dc.format.extent Verkkokirja (305 KB, 36 s.)
dc.format.mimetype application/pdf
dc.language.iso en en
dc.publisher Aalto-yliopiston teknillinen korkeakoulu en
dc.relation.ispartofseries Kiinteistöopin ja talousoikeuden julkaisuja. A, 44 en
dc.relation.haspart [Publication 1]: Heidi Falkenbach. 2009. Diversification benefits in the Finnish commercial property market. International Journal of Strategic Property Management, volume 13, number 1, pages 23-35. © 2009 Vilnius Gediminas Technical University. By permission. en
dc.relation.haspart [Publication 2]: Heidi Falkenbach. 2009. Market selection for international real estate investments. International Journal of Strategic Property Management, volume 13, number 2, pages 299-308. © 2009 Vilnius Gediminas Technical University. By permission. en
dc.relation.haspart [Publication 3]: Heidi Falkenbach. 2010. Motivation and market selection of international investors in Finnish property market. Nordic Journal of Surveying and Real Estate Research, volume 7, number 1, pages 15-29. © 2010 by author. en
dc.relation.haspart [Publication 4]: Heidi Falkenbach. 2010. Selection of the organisation mode for international property investments. Property Management, volume 28, number 2, pages 122-130. © 2010 Emerald Group Publishing. By permission. en
dc.relation.haspart [Publication 5]: Heidi Falkenbach and Saija Toivonen. Effects of international investments on the Finnish commercial real estate market. Journal of Real Estate Literature, forthcoming. Accepted to be published 19.1.2010. © 2010 by authors and © 2010 American Real Estate Society (ARES). By permission. en
dc.subject.other Economics
dc.subject.other Real estate
dc.title International property investments - articles on market selection and effects on local markets en
dc.type G5 Artikkeliväitöskirja fi
dc.contributor.school Aalto-yliopiston teknillinen korkeakoulu fi
dc.contributor.department Maanmittaustieteiden laitos fi
dc.contributor.department Department of Surveying en
dc.subject.keyword real estate economics en
dc.subject.keyword real estate investment en
dc.subject.keyword real estate market en
dc.subject.keyword market selection en
dc.identifier.urn URN:ISBN:978-952-60-3188-0
dc.type.dcmitype text en
dc.type.ontasot Väitöskirja (artikkeli) fi
dc.type.ontasot Doctoral dissertation (article-based) en
dc.contributor.supervisor Viitanen, Kauko, Prof.


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