Stanimira Milcheva presents research at SPR/RICS Industry Conference

Stanimira Milcheva of the University of Reading presented a paper on cross-border capital flows into real estate at a joint industry conference organised by the Society of Property Researchs and RICS in October 2013. The conference entitled SPR/RICS Cutting Edge Conference: International Standards and Investment took place in the RICS headquarters in London and was attended by about 50 people from the real estate industry. The paper, which was jointly authored with Andrew Baum and Franz Fuerst from the University of Cambridge, investigated the factors explaining levels of cross-border investment into and out of different countries. They found that a strong macro-economy, well-developed financial markets and a transparent credit market were key features of the markets that attracted most inward investment, while strong financial institutions were important in explaining the propensity of countries to invest in external real estate markets. The research applied a panel estimation technique on capital flow data obtained from RCA and DTZ, and examined a wide range of possible influences on cross border investment including market transparencyand levels of investment return, but these proved less significant than the broader financial market influences which extend beyond the real estate market. Find out more about the conference here.