Abstract
This study affirms the negative relationship between corruption and real estate investment flows using a comprehensive set of cross-border commercial real estate investment data from 2001 to 2014. We find non-information explanations for foreign investments in corrupt countries. Foreign investments in corrupt markets are highly diversified by investor type and property type, and are independent of geographical proximity. Large foreign countries account for only a small fraction of foreign real estate investment in corrupt countries. Foreign investors form joint ventures to mitigate corruption risks. They hold real estate for a shorter period and earn lower returns in corrupt countries.
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