In this paper, we study the international and sectoral diversification potential in realestate portfolios. Building on a unique dataset of direct real estate markets covering 16 OECDcountries over the 1999-2018 period, we introduce a statistical test to compare country-leveland sector-level...

The special, dual nature of property as both a consumption and an investment goodmakes it salient for portfolio choice. In fact, the theoretical literature predicts a con-straint imposed by property on investment and the empirical literature has broughtevidence that this constraint, in some...

The dual nature of property as both a consumption and an investment good makes itdifficult for households to decide how much capital to allocate to it. In fact, the theoreticalliterature predicts a constraint imposed by property on investment and the empiricalliterature has brought evidence that...