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Adafin, J, Rotimi, J O B and Wilkinson, S (2015) Why do the design stage elemental cost plan and final tender sum differ in New Zealand?. Journal of Financial Management of Property and Construction, 20(02), 116-31.

Carmichael, D G and Karantonis, J P (2015) Construction contracts with conversion capability: a way forward. Journal of Financial Management of Property and Construction, 20(02), 132-46.

Enshassi, A, El-Rayyes, Y and Alkilani, S (2015) Job stress, job burnout and safety performance in the Palestinian construction industry. Journal of Financial Management of Property and Construction, 20(02), 170-87.

Harada, S (2015) Bidding for private finance initiative projects: an analysis. Journal of Financial Management of Property and Construction, 20(02), 188-202.

Holt, G D, Akintoye, A and Davis, P T (2015) Editorial: Analysis of papers published in the Journal of Financial Management of Property and Construction 2010-2015. Journal of Financial Management of Property and Construction, 20(02), 106-15.

Sherrin, C, McAllister, P and Nanda, A (2015) The persistence of distance: A macro-level perspective on European cross-border real estate development flows. Journal of Financial Management of Property and Construction, 20(02), 147-69.

  • Type: Journal Article
  • Keywords: gravity model; cross-border flows; real estate development
  • ISBN/ISSN:
  • URL: https://doi.org/10.1108/JFMPC-10-2014-0020
  • Abstract:
    Purpose – This paper aims to investigate the scale and drivers of cross-border real estate development in Western Europe and Central and Eastern Europe. Design/methodology/approach – Placing cross-border real estate development within the framework of foreign direct investment (FDI), conceptual complexities in characterizing the notional real estate developer are emphasized. Drawing upon a transaction database, this paper proxies cross-border real estate development flows with asset sales by developers. Findings – Much higher levels of market penetration by international real estate developers are found in the less mature markets of Central and Eastern Europe. Analysis suggests a complex range of determinants with physical distance remaining a consistent barrier to cross-border development flows. Originality/value – This analysis adds significant value in terms of understanding cross-border real estate development flows. In this study, a detailed examination of the issues based on a rigorous empirical analysis through gravity modelling is offered. The gravity framework is one of the most confirmed empirical regularities in international economics and commonly applied to trade, FDI, migration, foreign portfolio investment inter alia. This paper assesses the extent to which it provides useful insights into the pattern of cross-border real estate development flows.