In this paper, we study the international and sectoral diversification potential in realestate portfolios. Building on … statistical test to compare country-leveland sector-level diversification potential. This new diversification test provides … for real estate investments broadly reveal that international diversificationdominates sectoral diversification …

the first application of stable distributions to real estate portfolio returns provides evidence that diversification … diversification effects in property portfolios, and only to a certain time-dependent extent. The results have strong implications for …

selection. This helps to create an international diversification strategy for direct real estate. We use constrained cross …