The Effects of Transaction Costs, Landlord and Tenant Practices and Property Rights on Foreign Real Estate Investment

Margin

Volumn 7, Issue 3, 2013, Pages 351-370

  Fereidouni, Hassan Gholipour ^a   Al mulali, Usama ^a   Mohammed, Miswan Abdul Hakim Bin ^a  

^a UNIVERSITI TEKNOLOGI MALAYSIA   (Malaysia)

Author keywords

Foreign Real Estate Investments; Landlord and Tenant Practices; Property Rights; Transaction Costs

Indexed keywords

EID: 85002082269     PISSN: 09738010     EISSN: 09738029     Source Type: Journal    
DOI: 10.1177/0973801013491532     Document Type: Article

References (52)

1. Anop S., (2010). Determinants of foreign direct investment in real estate in European countries panel data analysis. Stockholm, Sweden: Research Engineer, Royal Institute of Technology (KTH).
2. Arnold J., Javorcik B.S., Mattoo A., (2006). The productivity effects of services liberalisation. Evidence from the Czech Republic, World Bank’s research program, World Bank, mimeo.
3. Bardhan A., Kroll C.A., (2007). Globalization and the real estate industry: Issues, implications, opportunities, Paper Prepared for the Sloan Industry Studies Annual Conference Cambridge, April 2007.
4. Berger A.N., Buch C.M., DeLong G., DeYoung R., (2004). Exporting financial institutions management via foreign direct investment mergers and acquisitions. Journal of International Money and Finance, 23(3), 333–66.
5. Bénassy-Quéré A., Coupet M., Mayer T., (2007). Institutional determinants of foreign direct investment. The World Economy, 30(5), 764–82.
6. Brown G.R., Matysiak G.A., (2000). Real estate investment: A capital market approach. Singapore: Financial Times Prentice Hall.
7. Chin W., Dent P., Roberts C., (2006). An exploratory analysis of barriers to investment and market maturity in Southeast Asian cities. Journal of Real Estate Portfolio Management, 12(1), 49–58.
8. Cordero J., Paus E., (2008). Foreign investment and economic development in Costa Rica: The unrealized potential, Working Group on Development and Environment in the Americas, Discussion paper Number 13, April 2008.
9. Cruz P.C., (2008). Housing transaction costs in Europe. Retrieved from http://www.globalpropertyguide.com/investment-analysis/Housing-transaction-costs-in-Europe (accessed 3 August 2011).
10. D’Arcy E., (2009). The evolution of institutional arrangements to support the internationalization of real estate involvements: Some evidence from Europe. Journal of European Real Estate Research, 2(3), 280–93.
11. Dunning J.H., (1977). Trade, location of economic activity and MNE: A search for an eclectic approach. In Ohlin B., Hesselborn P. O., Wijkman P. M., (Eds), The international allocation of economic activity. London: Macmillan.
12. Earley F., (2004). What explains the differences in homeownership rates in Europe? Housing Finance International, 19(1), 25–30.
13. Elsinga M., Hoekstra J., (2005). Homeownership and housing satisfaction. Journal of Housing and the Built Environment, 20(4), 401–24.
14. Faeth I., (2009). Determinants of foreign direct investment—a tale of nine theoretical models. Journal of Economic Surveys, 23(1), 165–196.
15. Falkenbach H., (2009). Market selection for international real estate investments. International Journal of Strategic Property Management, 13(4), 299–308.
16. Ford D.A., Fung H., Gerlowski D.A., (1998). Factors affecting foreign investor choice in types of U.S. real estate. Journal of Real Estate Research, 16(1), 99–111.
17. Geurts T.G., Jaffe A.J., (1996). Risk and real estate investment: An international perspective. The Journal of Real Estate Research, 11(2), 117–30.
18. Gholipour H.F., Masron T.A., (2011). The effect of tourism agglomeration on foreign real estate investment. International Journal of Strategic Property Management, 15(3), 222–30.
19. Global Property Guide (2006). Egypt’s landlords are weakly protected by law. Retrieved from http://www.globalpropertyguide.com/Middle-East/Egypt/Landlord-and-Tenant (accessed 12 February 2011).
20. Golub S.S., (2009). Openness to foreign direct investment in services: An international comparative analysis. The World Economy, 32(8), 1245–68.
21. He C., Wang J., Cheng S., (2009). What attracts foreign direct investment in China’s real estate development? The Annals of Regional Science, 46(2), 267–93.
22. He C., Zhu Y., (2010). Real estate FDI in Chinese cities: Local market conditions and regional institutions. Eurasian Geography and Economics, 51(3), 360–84.
23. Hines M.A., (2001). Investing in international real estate. United States: Greenwood.
24. Jiang D., Chen J.J., Isaac D., (1998). The effect of foreign investment on the real estate industry in China. Urban Studies, 35(11), 2101–10.
25. Jones Lang LaSalle, (2007). European capital market bulletin 2007.
26. Jones Lang LaSalle, (2009). MENA house view, Plus, September 2009, London, UK: Jones Lang LaSalle, IP, INC.
27. Jones Lang LaSalle, (2011). Global direct real estate investment volumes in 2010 surge by 50% to $316bn; set to increase another 25% in 2011. Retrieved from http://www.joneslanglasalle.eu/emea/en-gb/pages/newsitem.aspx?itemid=21011
28. Lai P.P., Fischer D., (2007). The determinants of foreign real estate investment in Taiwan. Pacific Rim Property Research Journal, 13(3), 263–79.
29. Lall P., Norman D.W., Featherstone A.M., (2003). Determinants of US direct foreign investment in the Caribbean. Applied Economics, 35(13), 1485–96.
30. Li Q., Resnick A., (2003). Reversal of fortunes: Democracy, property rights and foreign direct investment inflows in developing countries. International Organization, 57(1), 1–37.
31. Luiz J.M., Charalambous H., (2009). Factors influencing foreign direct investment of South African financial services firms in Sub-Saharan Africa. International Business Review, 18(3), 305–17.
32. Kaufmann D., Kraay A., Mastruzzi M., (2009). Governance matters VIII: Aggregate and individual governance indicators 1996–2008, World Bank Policy Research Working Paper No. 4978. Washington, D.C: World Bank.
33. Kok R., Ersoy B.A., (2009). Analyses of FDI determinants in developing countries. International Journal of Social Economics, 36(1/2), 105–123.
34. Kolstad I., Villanger E., (2008). Determinants of foreign direct investment in services. European Journal of Political Economy, 24(2), 518–33.
35. KTI (2008). The finnish property market 2008, Helsinki, Finland: KTI Finland.
36. Moshirian F., Pham T., (2000). Determinants of US investment in real estate abroad. Journal of Multinational Financial Management, 10(1), 63–72.
37. OECD Statistics (2010). OECD. Stat Extract. Retrieved from http://stats.oecd.org/Index.aspx (accessed 15 June 2011).
38. Popov D., (2010). The importance of foreign capital for the economic stability of Serbia. Transition Studies Review, 17(4), 777–89.
39. Ramasamy B., Yeung M., (2010). The determinants of foreign direct investment in services. The World Economy, 33(4), 573–96.
40. Renaud B., (1995). The real estate economy and the design of Russian housing reforms, part I. Urban Studies, 32(8), 1247–64.
41. Renaud B., (2010). Dubai’s real estate boom and bust of 2002–2008: Dynamics and policy responses. Housing Finance International, Summer, 6–17.
42. Rodríguez C., Bustillo R., (2010). Modeling foreign real estate investment: The Spanish case. Journal of Real Estate Finance and Economics, 41(3), 354–67.
43. Thien Thu T., Perera R., (2010). Consequences of the two-price system for land in the land and housing market in Ho Chi Minh City, Vietnam. Habitat International, 35(1), 30–39.
44. Topintzi E., Chin H., Hobbs P., (2008). Moving towards a global real estate index. Journal of Property Investment and Finance, 26(4), 286–303.
45. UNCTAD (2004). World investment report 2004—The shift towards services. United Nations Conference on Trade and Development, Geneva.
46. UNCTAD (2006). World investment report 2006—FDI from developing and transition economies: Implications for development. United Nations Conference on Trade and Development, Geneva.
47. UNCTAD (2007). World investment report 2007—Transnational corporations, extractive industries and development. United Nations Conference on Trade and Development, Geneva.
48. UNCTAD (2009). World investment report 2009—Transnational corporations, agricultural production and development. United Nations Conference on Trade and Development, Geneva.
49. Wei Y.D., Leung C.K., Luo J., (2006). Globalizing Shanghai: Foreign investment and urban restructuring. Habitat International, 30(2), 231–44.
50. Wu F., (2001). China’s recent urban development in the process of land and housing marketisation and economic globalisation. Habitat International, 25(3), 273–89.
51. Zhu H., (2003). The importance of property markets for monetary policy and financial stability? BIS Papers No. 21, 9–29.
52. Zhu J., Sim L., Zhang X., (2006). Global real estate investments and local cultural capital in the making of Shanghai’s new office locations. Habitat International, 30(3) 462–81.