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[References: p. 907 (14 tit.)]

Closed-end real estate investment fund iscurrently one of the most popular instruments of collectiveinvestments in Russia. In this article, we have designed afactor score method to evaluate the investmentattractiveness of closed-end real estate investment funds asthe objective of the research. The method differs fromothers in three elements of attractiveness evaluation: thereal estate market, asset management company, and assetportfolio. We suggest evaluating each element by theappropriate factors. In the research, all the factors aregrouped and systemized as variable-based and attributebasedfactors in the three elements of investmentattractiveness. The evaluation is based on the expertscores and factor criteria. Results of the research show thedifferences between preferences of conservative, moderateand aggressive investors when they invest in closed-endinvestment fund. The desighed method serves for differenttypes of investors to express their attitude to a specific realestate closed-end fund.