The Determinants of Foreign Direct Investments in Real Estate: Turkey Case
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Mustafa ÅžÄ°T: Harran University, Faculty of Tourism and Hotel Management, ÅžanlÄ±urfa, Turkey
The Journal of Social Sciences Research, 2019, vol. 5, issue 3, 789-795
The aim of this study is to investigate the key factors affecting foreign direct real estate investment (FDIRE) in Turkeyâ€™s economy. A DOLS-FMOLS estimator model was developed to investigate the determinants of FDIRE in Turkey. Data was used between 2003Q1-2018Q2. This study differs from the previous ones in that this particular topic is being researched as regards the economy of Turkey for the first time. The results showed that the most important variables affecting foreign direct real estate investment in Turkey was openness and exchange rate. Furthermore, economic growth also has a positive impact. On the other hand, interest has been found to be the most negative factor affecting investments. Moreover, the increase in building construction costs directly reduce foreign real estate investment. The results show that the gradually increasing openness of Turkeyâ€™s economy contributes to the increase in foreign investments in the real estate market.
Keywords: Foreign direct investment; Turkish economy; Real estate market; DOLS and FMOLS (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:arp:tjssrr:2019:p:789-795
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