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Determinants of Real Estate FDI on the Swedish Market
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
2017 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesisAlternative title
Determinanter för Utländska Direktinvesteringar på den Svenska Fastighetsmarknaden (Swedish)
Abstract [en]

Foreign direct investments, FDI, have been increasing a lot the latest years and a significant part of the total investments made are allocated to the real es-tate industry. This paper is investigating the impact of several di˙erent macro variables on foreign direct investment allocated to real estate at the Swedish market. The objective of the thesis is to investigate what factors that a˙ects the inflow of FDI, i.e. are there any factors that can be used as indicators for an attractive market seen from a foreign investor perspective? This is done by regression analysis on a data set containing monthly data with 146 observa-tions, where the levels of foreign direct investments is the dependent variable and the di˙erent factors are the independent variables. The variables used in the regression are chosen based on earlier findings regarding their impact on FDI, but applied on a developed country. The variables are di˙erent ma-jor macroeconomic variables such as lagged transaction volume, stock market performance, inflation, currency level, interest rate and unemployment. The findings of the regression are that both lagged transaction volume and level of unemployment are significant variables on a 1% and 5% level respectively. The results suggest that investors tend to invest in hot markets and follow each other, plausibly that smaller investors shadows pioneers on the specific market. Level of unemployment was found significant with a negative sign, meaning that when unemployment levels are decreasing, the transaction volume will increase. Seeing decreasing unemployment as a factor for a prospering country, it is plausible that the parameter has an impact on the real estate transaction volume. Variables not found support for are stock performance, inflation, currency levels and interest rate.

Abstract [sv]

Utländska direktinvesteringar har ökat markant de senaste åren och en sig-nifikant del av dessa investeringar I fastigheter. Den här rapporten undersöker inverkan av olika makrofaktorer på nivån av utländska direktinvesteringar på den svenska marknaden. Målet med rapporten är att undersöka om några av dessa faktorer kan användas som indikatorer för hur attraktiv den svenska fastighetsmarknaden är för utländska investerare. Det här har undersökts med hjälp av regressionsanalys på data som samlats på månadsbasis med 146 ob-servationer. Den beroende variabeln är nivån av utländska direktinvesteringar och de oberoende variablerna är de olika makrofaktorerna. De oberoende vari-ablerna är valda baserat på tidigare forskning, variabler som börsutveckling, BNP, nivå på arbetslöshet, laggad investeringsvolym med flera. Resultatet av regressionen visar att laggad investeringsvolym och nivån på arbetslöshet är signifikanta på 1% respektive 5% nivå. Resultatet implicerar att investerare föl-jer varandra, alternativt att de baserar beslut på samma faktorer när de väljer att investera. Arbetslösheten verkar ha någon slags implikation på framtida nivåer av utländska investeringar. Variablerna som inte var signifikanta var börsutveckling, inflation, växelkurs samt reporänta.

Place, publisher, year, edition, pages
2017. , p. 49
Keyword [en]
FDI, Real Estate, Investments, Determinants
Keyword [sv]
Utländska direktinvesteringar, Fastigheter, Investeringar, Deter-minanter
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-211142Local ID: TRITA-FOB-ByF-MASTER-2017:13Archive number: 471OAI: oai:DiVA.org:kth-211142DiVA, id: diva2:1127816
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Available from: 2017-07-19 Created: 2017-07-19 Last updated: 2017-07-19Bibliographically approved

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