Abstract
Abstract There is a wide range of factors - political, economic, legal, etc., which either limit or promote international real property transactions. It is considered that real property alienation to foreigners enhances foreign investment and economic development, however, some countries tend to limit such transactions. The current research provides a scientific view to reveal the reasons why certain countries impose different kinds of restrictions on international real property transactions. The objectives of this publication are: 1) to find out and analyse the existing arguments and reasons for limiting international real property transactions; 2) to determine the number and volume of international real property transactions in Latvia; 3) to identify the main argumentation for the current step and significant decline of international real property transactions in Latvia. Empirical analysis based on the review of scientific publications, statistical and comparative analysis of real property transactions are the main methods employed for this research.
Highlights
Openness to international investments is a strong indicator of the level of economic freedom of a nation
The authors plan to conduct a scientific survey among the stakeholders in the real property market in Latvia to find out the opinion of the real property market experts: 1) whether it is necessary to restrict foreign real property ownership; 2) what argumentation from the chapter on “Scientific Publication Review”
The main conclusions of the study can be summarized as follows: 1. The review of scientific publications eliciting the arguments to restrict real property ownership by foreigners indicated that any of the identified detailed arguments can be a sufficient reason for the fundamental restriction of real property ownership or use rights for foreigners
Summary
Openness to international investments is a strong indicator of the level of economic freedom of a nation. Real property ownership or use rights by foreigners can be restricted or limited in many ways Most often such restrictions are based on a particular historically developed national policy regarding real property ownership or use rights of the foreigners. In this research the authors consider arguments why certain countries historically have imposed particular restrictions on international real property transactions They analyse recent dynamics in real property transaction statistics in Latvia involving international investors during the period when conditions on obtaining a temporary residence permit were tightened. The authors present results of the analysis based on the available official statistics on international real property transactions, as well as the dynamics of the data regarding the issued first-time temporary residence permits based on real property investment in Latvia. Review of the scientific publications was utilised to identify the arguments used to restrict real property ownership or use rights by foreigners
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