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Real Estate Capital Flows and Transitional Economies

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Author Info

  • Steven Laposa

    (The University of Reading Business School & PricewaterhouseCoopers)

  • Colin Lizieri

    ()
    (Department of Real Estate & Planning, University of Reading)

Abstract

Foreign real estate capital was a major source of financing domestic property market office construction in Central Europe after the fall of the Berlin Wall in 1989. During the 1990s, over 800 office buildings were either newly constructed or refurbished in Budapest, Prague and Warsaw. The primary focus of this analysis is explaining the spatial construction and redevelopment patterns of the post-1989 office buildings in these cities. Secondarily, we analyze the correlation of foreign direct investment flows to annual construction of office buildings. We seek to explain the location of new or refurbished office buildings in the central business district (CBD) or in non-CBD locations in terms of the effect of time, size of property and other variables, and test whether there is a positive correlation relationship of foreign direct investment flows and new office construction or refurbishment. Integrating relevant foreign direct investment (FDI), economic geography and property theories in the research, the authors attempt to bridge existing gaps in the literature.

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File URL: http://www.henley.reading.ac.uk/rep/fulltxt/1205.pdf
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Bibliographic Info

Paper provided by Henley Business School, Reading University in its series Real Estate & Planning Working Papers with number rep-wp2005-12.

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Length: 27 pages
Date of creation: 2005
Date of revision:
Handle: RePEc:rdg:repxwp:rep-wp2005-12

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Web page: http://www.henley.reading.ac.uk/
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Related research

Keywords: Transitional Economies; Office Construction; Foreign Direct Investment; Capital Flows;

References

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  1. Stijn Claessens & Luc Laeven, 2003. "Financial Development, Property Rights, and Growth," Journal of Finance, American Finance Association, vol. 58(6), pages 2401-2436, December.
  2. Glaeser, Edward Ludwig & Kallal, Hedi D. & Scheinkman, Jose A. & Shleifer, Andrei, 1992. "Growth in Cities," Scholarly Articles 3451309, Harvard University Department of Economics.
  3. William C. Wheaton & Raymond G. Torto, 1988. "Vacancy Rates and the Future of Office Rents," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 430-436.
  4. Patric H. Hendershott & Edward J. Kane, 1992. "CAUSES AND CONSEQUENCES OF THE 1980s COMMERCIAL CONSTRUCTION BOOM," Journal of Applied Corporate Finance, Morgan Stanley, vol. 5(1), pages 61-70.
  5. Mauro, Paolo, 1995. "Corruption and Growth," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 681-712, August.
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Cited by:
  1. Lieser, Karsten & Groh, Alexander P., 2011. "The determinants of international commercial real estate investments," IESE Research Papers D/935, IESE Business School.

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