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Abstract
Executive Summary. In the past, real estate investment was mainly done following a best deal strategy. Empirical research in the United States on geographic diversification, however, indicates that economic diversification based on economic variables can lead to risk-return efficient frontiers that are superior to those obtained by traditional geographic diversification based on historically evolved administrative regions. For the first time, this study analyzes whether this is true for the most important real estate market, as measured by real estate investment volume, in Europe, namely the United Kingdom. Results indicate that economic strategies based on economic diversification show superior risk-adjusted returns.