Sherrin, C; McAllister, P and Nanda, A (2015) The persistence of distance: A macro-level perspective on European cross-border real estate development flows. Journal of Financial Management of Property and Construction, 20(2), pp. 147-169. ISSN 1366-4387
Abstract
Purpose – This paper aims to investigate the scale and drivers of cross-border real estate development in Western Europe and Central and Eastern Europe. Design/methodology/approach – Placing cross-border real estate development within the framework of foreign direct investment (FDI), conceptual complexities in characterizing the notional real estate developer are emphasized. Drawing upon a transaction database, this paper proxies cross-border real estate development flows with asset sales by developers. Findings – Much higher levels of market penetration by international real estate developers are found in the less mature markets of Central and Eastern Europe. Analysis suggests a complex range of determinants with physical distance remaining a consistent barrier to cross-border development flows. Originality/value – This analysis adds significant value in terms of understanding cross-border real estate development flows. In this study, a detailed examination of the issues based on a rigorous empirical analysis through gravity modelling is offered. The gravity framework is one of the most confirmed empirical regularities in international economics and commonly applied to trade, FDI, migration, foreign portfolio investment inter alia. This paper assesses the extent to which it provides useful insights into the pattern of cross-border real estate development flows.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | gravity model; cross-border flows; real estate development |
| Index terms: | gravity model, methodology, real estate development, complexity, drawing, cross-border flow, real estate, placing, markets, penetration, determinant, modelling, Europe, foreign direct investment, database, migration |
| Subjects: | research methods, physical geography and landforms, concrete and cementitious materials, economic development, systems engineering, market analysis, data management, demography, risk assessment, economic analysis, analytical methods, technical documentation, real estate economics |
| Topics: | Research Practice, Geographical Context, Engineering Principles, Construction Materials, Business Strategy, Risk Management, International Construction, Design Practice, Digital Applications, Urban Studies |
| Descriptive scope: | 4 PCTA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here