Housing Policy Debate · 2022 · 16 citations · 39 references
BusinessEconomicsReal EstateForeign Direct InvestmentHousingReal Estate EconomicsCross-border Real Estate InvestmentHousing DemandHousing EconomicsHousing MarketsReal Estate Development EconomicsReal Estate MarketsCross-border Property InvestmentHousing PricesMedia AttentionResidential Land PricesResidential Property PricesResidential Property Returns
Citizenship by investment (CBI) programs have recently garnered significant academic and media attention. Turkey introduced such a program in 2017 that offers citizenship in exchange for investment in residential property. Through the program, thousands of foreigners, mainly from the Middle East and Asia, have purchased houses, particularly in Istanbul. Foreigners’ share of total houses sold in Istanbul almost sextupled and exceeded 10% of total sales. This study estimates the short-run impact of relatively wealthy foreigners on the residential property prices in Istanbul investing to buy a Turkish passport. It finds that the Turkish CBI program positively impacts house prices by 2% in the districts, which are likely to be favored most by immigrant investors.
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Birds of a Feather: Homophily in Social Networks
Miller McPherson, Lynn Smith‐Lovin, James M. Cook · Annual Review of Sociology · 2001 · 18.6K citations
Immigration and housing rents in American cities
Albert Sáiz · Journal of Urban Economics · 2006 · 573 citations