This paper examines the literature to date on the benefits of diversifying property assets internationally. Currently, there is no consensus on how much benefit can be derived from diversifying property portfolios globally. This is contrary to other financial assets where there seems to be common ground supporting holding international assets. In the real estate literature, there are two contrasting opinions as to the level of integration global property markets have and the advantages there are from holding international property assets. Specifically, this paper shows there are mixed outcomes irrespective of whether direct or indirect property assets are being examined, and this often depends on what type of statistical procedures are being applied. This study also provides some insights into more recent developments in the literature that might explain some of the diverse opinions that have been formed, these primarily being the inter-temporal instability of correlation coefficients and the impact that structural breaks can have upon statistical analyses.

本文考察了迄今为止有关国际房地产资产多元化的好处的文献。目前，对于分散全球房地产投资组合能带来多少好处，人们还没有达成共识。这与其他金融资产相反，后者似乎有支持持有国际资产的共同点。在房地产文献中，关于全球房地产市场的一体化程度和持有国际房地产资产的优势存在两种截然不同的观点。具体地说，本文表明，无论直接或间接的房地产资产是否被审查，结果都是混合的，这通常取决于所采用的统计程序类型。本研究还提供了一些关于最近文献发展的见解，这些发展可能解释一些已经形成的不同观点，这些主要是相关系数的跨时间不稳定性和结构突变可能对统计分析产生的影响。