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An analysis of the determinants of cross-border real estate development flows

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Bushnell, C., McAllister, P., Nanda, A. and Ro, S., (2012) An analysis of the determinants of cross-border real estate development flows. Working Papers in Real Estate & Planning. 06/12. Working Paper. University of Reading, Reading. pp20.

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Abstract/Summary

This paper investigates the scale and drivers of cross-border real estate development in western and central and eastern Europe (CEE). Drawing upon existing literature on the integration of international real estate markets, we make some inferences on expected patterns of cross-border real estate development from this literature review. The paper draws upon a transactions database in order to assess the penetration of national markets by international real estate developers. The determinants of cross-border transaction flows are modeled as a function the range of economic and real estate variables. Whilst western European markets tend to be dominated by local developers, much higher levels of market penetration by international real estate developers are found in the less mature markets of central and eastern Europe. Empirical modelling based on gravity model specifications reveal the importance of size of the economies, distance between countries, extent of globalization and EU membership as significant determinants of cross-border real estate development flow.

Item Type:Report (Working Paper)
Divisions:Henley Business School > Real Estate and Planning
ID Code:29537
Uncontrolled Keywords:Real Estate development, Cross-border flows, Gravity model
Publisher:University of Reading
Publisher Statement:The copyright of each working paper remains with the author. If you wish to quote from or cite any paper please contact the appropriate author; in some cases a more recent version of the paper may have been published elsewhere.

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