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Determinants of US investment in real estate abroadFariborz Moshirian *, Toan PhamSchool of Banking Finance, The Uni6ersity of New South Wales, Sydney, NSW 2052, AustraliaReceived 22 January 1998; accepted 22 April 1999Abstract：The purpose of this paper is to analyse and discuss those factors which are contributing tothe expansion of US FDI in real estate. The empirical results of this model of FDI in realestate show that as US foreign financial liabilities increase, there is anaccompanying increasein its FDI in real estate. This result is consistent with the study by Russekh, F., Ruffin, R.,1986. The role of foreign direct investment in US capital flows. Am. Econ. Rev. 76,1127–1130, who showed that US FDI abroad is a substitute for US financial assets.Furthermore, the empirical results indicate that as returns from the US stock market decline,there are more incentives for US investors to invest in foreign real estate. The empiricalresults also show that US financial wealth, US FDI in manufacturing and banking and USbilateral trade contribute positively to the expansion of US FDI in real estate. ? 2000Elsevier Science B.V. All rights reserved.Keywords: Real estate; Foreign direct investment; Stock market1. IntroductionSince the early 1980s, according to the World Investment Report (UnitedNations, 1997), world-wide flows of foreign direct investment (FDI) have grown atunprecedented rates, to reach a total outflow of about $420 billion in 1996. Theannual average growth rate of FDI has been 33% between 1987 and 1996 which farexceeded that of merchandise exports (12%) and nominal GDP (12%).US FDI abroad is categorised into several industries. One of the categoriesof US FDI abroad is FDI in real estate, as opposed to FDI in manufacturing,banking, etc. While it is observed that US FDI in real estate is small, it hasincreased by more than four times over the period 1985–1997. There are five majorcountries in which the US has invested in real estate. These are Canada, the