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Increasing cross-border ownership of real estate: Evidence from Norway

Author

Listed:
  • Annette Alstadsæter

    (NMBU and EU Tax Observatory)

  • Andreas Økland

    (NMBU)

Abstract

This paper is the first to estimate the full extent of foreign-owned commercial and residential real estate in a country, including both direct and indirect ownership. We utilise unique Norwegian administrative data with reliable market value estimates and country-level ownership information. Overall, 2 percent of Norwegian real estate assets were foreign-owned in 2017, while this share amounts to 10 percent for assets owned by Norwegian corporations. Foreign ownership has increased over the last decade, and ownership from tax havens even more rapidly. Ownership from neighbouring countries and Luxembourg is especially large.

Suggested Citation

  • Annette Alstadsæter & Andreas Økland, 2022. "Increasing cross-border ownership of real estate: Evidence from Norway," Working Papers 008, EU Tax Observatory.
    • Handle: RePEc:dbp:wpaper:008
    as

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    File URL: https://www.taxobservatory.eu//www-site/uploads/2022/12/EU-Tax-Observatory_WP8_ForeignOwners-NorwegianRealEstate_December2022.pdf
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    References listed on IDEAS

    as
    1. Menkhoff, Lukas & Miethe, Jakob, 2019. "Tax evasion in new disguise? Examining tax havens' international bank deposits," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 176, pages 53-78.
    2. Filipa Sá & Tomasz Wieladek, 2015. "Capital Inflows and the U.S. Housing Boom," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(S1), pages 221-256, March.
    3. Steven Devaney & David Scofield & Fangchen Zhang, 2019. "Only the Best? Exploring Cross-Border Investor Preferences in US Gateway Cities," The Journal of Real Estate Finance and Economics, Springer, vol. 59(3), pages 490-513, October.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

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    JEL classification:

    • R39 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance

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