There are about 20 countries that have REIT guidelines in placeand more are soon to come on board, he says, including Italy andSpain. Plus, the industry has many opportunities to expand, giventhat only 10% of the world's real estate is held by REITs, Ommenpoints out.

Future REIT ownership could come through new development,governments and corporations spinning of their real estate holdingsand the addition of emerging markets such as Central and EasternEurope, Africa and South America into the industry. "We thinkthere's going to be a compelling story long term," says panelistSamuel Lieber, chief executive officer and portfolio manager ofAlpine International Real Estate Equity Fund.

Investing in foreign markets isn't always easy, though, saysAmos Rogers, managing director of State Street Global Advisors,stressing that a lot of research needs to go into a venture beforefunds are allocated. "You really have to look at the country," hesays. "Who is the company that you're investing in? What is theirexpertise?"