Foreign “Direct” and “Portfolio” Investment in Real Estate: An Eclectic Paradigm

Eric Holsapple, Terutomo Ozawa and John Olienyk

Journal of Real Estate Portfolio Management, 2006, vol. 12, issue 1, 37-47

Abstract: Executive Summary. Foreign direct investment (FDI) and foreign portfolio investment (FPI) are traditionally treated as mutually exclusive, and researchers generally focus on only one or the other. While this approach may be appropriate for some types of investments, real estate investments are often hybrids that possess characteristics of both FDI and FPI. This research synthesizes existing theories of FDI and FPI into one methodological approach in the case of investment in real estate. The authors extend John Dunning's “Eclectic Paradigm” (1977) to allow for independent and aggregate evaluation of both FDI and FPI characteristics to enhance decision making regarding foreign real estate investments. This approach is illustrated by applying it to Japanese investment in U.S. real estate. This research should prove valuable to practitioners evaluating the various influences on foreign investment in real estate.

Date: 2006
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DOI: 10.1080/10835547.2006.12089735

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