E&Y: Global REIT Market Cap Passes $600B

The global market capitalization of real estate investment trusts has surpassed $600 billion, according to a report by Ernst & Young.The Global REIT Report 2006, prepared by Ernst & Young Australia, finds that "opportunities are surfacing all over the world" for investors seeking alternative real estate investments now that the housing market has cooled, the company said. Some lesser-known REIT markets, such as South Africa, have produced average returns of 34.2% over the past three years, E&Y said. "What we learned is that the REIT sector is well established in most major regions of the world and is fast becoming a significant factor in molding world economies and investment choices," said Ed Psaltis, an author of the report and a partner in E&Y Australia's real estate practice. Much of the growth is bring driven by rapidly expanding markets in Australia, France, Japan, Canada, the Netherlands, Singapore, and Hong Kong, E&Y reported. The company can be found online at http://www.ey.com.