The persistence of distance: a gravity model of European cross-border real estate development flows

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.

$285,000,000 state of Illinois general obligation bonds : $270,000,000 series A of June 2006 [and] $15,000,000 series B of June 2006.

"It is expected that the Bonds will be available for delivery through the facilities of DTC on or about June, 29, 2006."

$300,000,000 State of Illinois general obligation bonds : $285,000,000 series A of June 2006 [and] $15,000,000 series B of June 2006.

"Due: June 1, as shown herein."

An inventory of growth and resource conservation activity in Illinois /

Includes bibliographical references.

Channelization of streams and rivers in Illinois : procedural review and selected case studies /

"Printed: January 1991."

Directory of purchasing offices, Illinois state government, universities and colleges /

Cover title.

Illinois indicators of alcohol, tobacco and other drug abuse : comparisons, consequences, risk factors : executive summary.

Funding for this study was provided by a contract to the Illinois Dept. of Alcoholism and Substance Abuse from the U.S. Center for Substance Abuse Treatment as part of the State Systems Development Program (CSAT contract 270-92-0018).

Illinois inventory of greenhouse gas emissions and sinks : 1990 /

"September 1993."

Investigation of the current management agreement between the Illinois Sports Facilities Authority and the Chicago White Sox : report.

"November 1989."

Management and program audit, criminal history components, criminal justice information system, Illinois Department of Law Enforcement.

"July 1982."

Manual of horizontal and vertical control monuments : MNC Midlothian - Natalie Creeks, Cook County, Illinois.

Provides location of monuments installed by the Office of Water Resources which indicate land elevation along Midlothian and Natalie Creeks.

Management audit, Illinois State Board of Education and other state agencies providing funding to Illinois Regional Offices of Education.

"LPU Order 31353"--Colophon.

Management and program audit of the Illinois State Board of Investment and the five State retirement systems.

Mode of access: Internet.

Management audit, hiring and training custody and care staff in adult correctional centers, Illinois Dept. of Corrections.

Cover title.

Management audit of the expenditures from the Grade Crossing Protection Fund : Illinois Commerce Commission [and] Illinois Department of Transportation.

"This is our report of the Management Audit of the Expenditures from the Grade Crossing Protection Fund which is administered by the Illinois Commerce Commission but appropriated to the Illinois Department of Transportation. The audit was conducted pursuant to Legislative Audit Commission Resolution Number 123. This audit was conducted in accordance with generally accepted government auditing standards and the audit standards promulgated by the Office of the Auditor General at 74 Ill. Adm. Code-420.310. The audit report is transmitted in conformance with Section 3-14 of the Illinois State Auditing Act."--Cover letter.