engleski

REIT Regimes in EU Countries – Institutional Environment versus Attractiveness of Real Estate Investment Vehicles

Substantial changes in the financial regulation of indirect real estate market are highly visible in EU countries over the past decade. Recent regulation amendments enabled structuring of real estate investment vehicles exempt from taxation on entity level with the purpose of increasing investments in real estate markets Most of initiatives for establishing tax transparent real estate investment vehicles have followed United States REIT (Real Estate Investment Trust) model, with legal adaptation in order to conform with domestic law traditions and market structures. Comparison of introduced formats indicates their heterogeneity with negative consequences for European indirect real estate market development and integration. Law and finance literature suggests importance of differences in regulatory regimes but papers relating quality of legislation and performance of specific organizational formats are scarce. In this paper we argue that certain legislative provisions are key determinants of real estate investment vehicles attractiveness and consequent commercial real estate market development.

ndirect real estates investments; REIT; tax transparent investment vehicle; regulatory regimes; commercial real estate market

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