Research Grants

Marie Skłodowska-Curie Fellowship

Foreign Real Estate Investment, Housing Affordability, and Regulations: A Comparative Political Economy Analysis of 50 Countries
Funded by EU Commission, 2025
Summary: The rapid influx of global capital into residential real estate has significantly reshaped housing markets, particularly in global cities, where foreign investment has driven up property prices and rents, exacerbating housing affordability challenges. Despite its economic benefits, Foreign Real Estate Investment (FREI) often makes homeownership less attainable for local residents, leading to varied government responses. While some case studies have explored this issue on a localized level, a large-scale, comparative analysis remains absent. This project addresses this gap by investigating the impact of FREI on housing affordability and homeownership across 50 countries, using a comparative political economy approach. The study will analyze divergent regulatory approaches and evaluate their effectiveness in managing FREI’s effects on housing markets. Using advanced econometric methods like Vector Autoregression (VAR) and Instrumental Variable (IV) models, and developing two original datasets—Foreign Real Estate Investment Index (FREI) and Foreign Real Estate Investment Regulation Index (FREIR)—this research will provide a comprehensive analysis of the complex interactions between foreign investment, housing market dynamics, and regulatory frameworks. The findings will offer critical insights for policymakers to develop strategies that balance the benefits of foreign investment with the need for affordable housing.

Rubicon Fellowship

Financialization of Rental Housing: A Historical Comparative Global Study
Funded by Dutch Research Council (NWO), 2024
Summary: This research project aims to thoroughly analyse the global trend of Financialization of Rental Housing (FINRENT) in OECD countries and select emerging economies. Employing a historical-comparative approach, the study seeks to understand its developments, patterns, and consequences. The main goal is to propose effective regulations that can mitigate its negative impact on tenants. The project begins by tracing the historical development of FINRENT, evaluating how widespread it has become, and examining the drivers of its development in different countries. It then investigates the strategies employed by institutional investors to enter and expand in the local rental housing market. Meanwhile, the study looks at how these investors interact with government authorities through a political economy lens. Additionally, the research examines how FINRENT influences tenants’ experiences, particularly its connection to affordability, secure tenancy, and housing quality. Ultimately, the project aims to provide practical policy suggestions for local governments to counteract the downsides of FINRENT, while considering the unique circumstances of each country. The outcomes of this study contribute not only to the theoretical understanding of housing financialization but also align with the United Nations’ Sustainable Development Goals framework by ensuring citizens’ rights to adequate and affordable housing.