Diversification Principles of Real Estate Portfolios

• Autorzy: Katarzyna Śmietana
• Języki publikacji: EN

Abstrakty

EN

Diversifying an investment portfolio through the diversification of assets, which is accompanied by the dispersion of risk, is aimed at achieving an appropriate balance between the expected return and an acceptable level of investment risk. While considering the specificity of various forms of investing in property, the level of the liquidity risk of property assets and the risk of financial instruments in the real estate market, as well as the volume of the capital involved and the regional differentiation of its allocation, this paper intends to present the possible ways of diversifying the portfolio, including sectoral and geographical diversification on the assumption that investments are concentrated in metropolitan areas. The identification of investment portfolio diversification principles, including liquid assets and the real estate market, embraces this perspective on the conditions of the functioning of EU REITs, whose business goal is to manage professionally diversified real estate portfolios.(original abstract)

Słowa kluczowe

EN

Diversification; Portfolio diversification; Investment portfolio; Real estate; Investments in real estate

PL

Dywersyfikacja; Dywersyfikacja portfela; Portfel inwestycyjny; Nieruchomości; Inwestycje w nieruchomości

• Czasopismo: Real Estate Management and Valuation
• Rocznik: 2014
• Numer: vol. 22, iss. 1
• Strony: 54--60

Twórcy

autor

Katarzyna Śmietana

• University of Economics in Katowice, Poland

Bibliografia

• BACZEWSKI J., HANDS K., LATHEM Ch. R., 2003, Real Estate Investment Styles, REPORT, NATIONAL COUNCIL OF REAL ESTATE INVESTMENT FIDUCIARIES, http://www.ncreif.org/resources.aspx
• CHENG, P., ROULAC S., 2007, Measuring the effectiveness of geographical diversification, JOURNAL OF REAL ESTATE PORTFOLIO MANAGEMENT, VOL. 13, NO 1.
• DUCOULOMBIER F., 2007, I'Investissement et la Gestion du Risque Immobiliers en Europe, PUBLICATION DE L'EDHEC RISK AND ASSET MANAGEMENT RESEARCH CENTRE, web : www.edhec-risk.com
• EICHHOLTZ P., KOK N., 2007, The EU REIT and the Internal Market for Real Estate, Report for the European Landowners Organization, the European Property Federation, the Royal Institution of Chartered Surveyors, The European Group of Valuers' Associations, and the Urban Land Institute Europe.
• HOESLI M. E., LEKANDER J., 2007, Real Estate Portfolio Strategy and Product Innovation in Europe. Report. Universite de Geneve, http://archive-ouverte.unige.ch/unige:5736
• Hoesli M. E., MacGregor B.D., 2000, Property investment: Principles and practice of portfolio management, Pearson Education, Edinburgh.
• Hoesli M., Lizieri C., 2007, Real estate in the investment portfolio. REPORT, Report to the Investment Strategy Council of the Norwegian Ministry of Finance, http://centaur.reading.ac.uk/view/creators/90002838.html
• KUCHARSKA-STASIAK E., 2006, Nieruchomość w gospodarce rynkowej. Wydawnictwo Naukowe PWN, Warszawa.
• MARKOWSKI T., MARSZAŁ T., 2006, Metropolie, obszary metropolitarne, metropolizacja - Problemy i pojęcia podstawowe. Komitet Przestrzennego Zagospodarowania Kraju PAN, Warszawa.
• MAZURCZAK A., 2011, Znaczenie funduszy nieruchomości typu real estate investment trust (REIT) w rozwoju rynku nieruchomości w Polsce, Rozprawa doktorska, Uniwersytet Ekonomiczny, Poznań.
• SHILLING J.D., WURTZEBACH CH.H., 2012, Is value-added and opportunistic real estate investing beneficial? If so, why? Journal of Real Estate, Research, Vol. 34, No 4.
• Zarządzanie nieruchomościami komercyjnymi, 2006, red. nauk. I. Foryś, Poltext, Warszawa.
• Compare and contrast, Worldwide Real Estate Investment Trust (REIT). Regimes, 2011, REPORT, PWC, http://www.pwc.co.uk/real-estate/publications/worldwide-real-estate-investment-trustregimes.jhtml.
• Ustawa z dnia 27 maja 2004 r. o funduszach inwestycyjnych, Dz. U. 2004, nr 146, poz. 1546 z późn.zm./ The Act on investment funds of 27 May 2004. Official Journal of Laws 2004, No. 146, item. 1546, with subsequent amendments.

Identyfikatory

DOI

10.2478/remav-2014-0007