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The Interaction Between Foreign Real Estate Investment and Tourism: The Iranian Case in Dubai

Mexican corporations that do not accept foreign investment (by stipulating as such in their by- laws) may acquire real property in the Prohibited Zone for any purpose. In contrast, while a Mexican company that allows foreign investment may also purchase real property within the Prohibited Zone, it can do so for non-residential purposes only, and provided that the corporation’s by-laws demand adherence to the Calvo Clause and that the corporation notifies the Secretary of Foreign Relations (SRE). Even more restrictive, foreign individuals and corporations cannot purchase real property located in the Prohibited Zone under any circumstance, but may purchase real property. | World Applied Sciences Journal 10 Special Issue of Tourism Hospitality 40-44 2010 ISSN 1818-4952 IDOSI Publications 2010 The Interaction Between Foreign Real Estate Investment and Tourism The Iranian Case in Dubai Hassan Gholipour Fereidouni 2Tajul Ariffin Masron 3AnahitaMalekmohammadi and 4Ai-Yee Ooi 1Hassan Gholipour Fereidouni PhD Student in Finance School of Management Universiti Sains Malaysia USM 11800 Penang Malaysia 2Tajul Ariffin Masron Senior Lecturer School of Management Universiti Sains Malaysia USM 11800 Penang Malaysia 3Anahita Malekmohammadi PhD Student in Tourism Development School of Housing Building and Planning Universiti Sains Malaysia USM 11800 Penang Malaysia 4Ai-Yee Ooi PhD Student in Finance School of Management Universiti Sains Malaysia USM 11800 Penang Malaysia Abstract The empirical relationship between the evolution of tourism and foreign real estate investment is established in the literature however the direction of causality between these two variables is less clear. The purpose of this study is to empirically investigate the pattern of causality between foreign real estate investment and tourism within the context of Iranian investment in Dubai real estate sector IIDRE and Iranian tourism in Dubai. By applying multivariate cointegration approach the findings indicate that in the long-run the causation runs from tourism to IIDRE. It means that accumulation of Iranian knowledge about attractiveness of Dubai as a holiday destiny is an important factor explaining IIDRE. The results also suggest that there is a bidirectional short-run causal relationship between these variables. The results have some important implications for Iranian and Dubai policymakers. Key words Real estate Tourism Iranian Dubai Multivariate cointegration INTRODUCTION Previous studies established that foreign real estate investment is affected by the tourism. What is much less clear is the direction of causality between these two variables given that causal .