Abstract
The purpose of this study is to investigate the effect of tourism agglomeration on foreign real estate investment (FREI). Using a panel of 19 OECD countries over a period of 10 years (1999-2008) and controlling for some relevant factors, econometric analysis indicates that tourism agglomeration is a significant determinant of FREI. The result has some implications for policymakers in order to recover their real estate sectors which were hit in recent financial crisis. Santrauka Šio tyrimo tikslas – išnagrinėti turizmo aglomeracijos poveikį užsienio investicijoms į nekilnojamąjį turtą (UINT). Pasirinkus 19 EBPO šalių imtį, stebimą 10 metų (1999–2008 m.), ir kontroliuojant kai kuriuos atitinkamus veiksnius, ekonometrinė analizė rodo, kad turizmo aglomeracija daro reikšmingą įtaką UINT. Rezultatai iš dalies reikšmingi politikos strategams, kurie siekia atgaivinti nekilnojamojo turto sektorius, paveiktus neseniai praužusios finansų krizės.
Highlights
This study focuses on the effect of tourism agglomeration on foreign real estate investment (FREI)
Gholipour et al (2010) use a multivariate cointegration approach to examine the interaction between Iranian investment in Dubai real estate sector (IIDRE) and Iranian tourism agglomeration in Dubai and conclude that in the long-run the causation runs from tourism agglomeration to IIDRE
The results show that tourism agglomeration measured by TOUR t-1 is positively associated with FREI, indicated by an estimated coefficient (0.2108) that is significant at the 10% level
Summary
This study focuses on the effect of tourism agglomeration on foreign real estate investment (FREI). From a single country viewpoint, Rodríguez and Bustillo (2008) study the determinants of FREI in Spain using an EngleGranger cointegrating regressions approach and report that tourism agglomeration, gross domestic product per capita, expected capital gains, travel costs, and housing prices are relevant factors explaining foreign real estate investment in Spain. They argue that investment in real estate by foreigners in Spain is influenced by the acquisition of information about the attractiveness of Spain as a holiday destination
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