Real Estate Issues – serie

This book is the first to evaluate the organisation, behaviour and performance of six major East Asian real estate markets. It offers a unique analysis of the growth and transformation of the real estate sector across East Asia.  The authors examine the interactions between volatility in the sector and the overall stability of the economy, in particular during the Asia financial crisis of 1997-98, and the global financial crisis of 2008-09. draws on the best available theoretical and empiricalliterature   applies analytic tools in the context of East Asianinstitutions and policies   helps understand factors affecting resilience andstability in East Asian real estate markets.

This book provides a comparative account of the process of urban regeneration and examines the factors influencing these processes, as well as the consequences of their implementation. Through a mixture of theoretical discussion and a series of case studies a thorough examination is made of the extent to which these different European old industrial conurbations are facing similar problems.

This book presents for the first time an interdisciplinary view of property development and property developers. Fourteen contributor are brought together here from leading researchers and respected practitioners, including property analysts, economists, geographers, planners and sociologists. This rounded picture of property research explores: * the development of quantitative and qualitative research methods * theories ranging from mainstream economics to social constructivism * the inter-relationships between the economic and the social, and between individuals and organisations and their environments Development and Developers highlights the benefits of different research approaches and methods, demonstrating how a more inclusive, multidisciplinary view of property research will connect to wider debates in urban studies.

The location of new housing development has become one of the most intractable controversies of modern times. This book provides a powerful critique of the growing tendency to reduce the debate on the development of new housing to a mere choice between greenfield and brownfield locations. It calls for full account to be taken of such factors as the structure and organisation of the housebuilding industry, supply and demand pressures in the housing market, the contested nature of sustainability and the political character of the planning process if a truly effective housing land policy is to be devised. Drawing on theories from economics and political science, this book will provide an important reference point on the institutional context within which residential development takes place and on the concerns of planning authorities, environmentalists, housebuilders, and their customers in relation to the apparent choice between greenfield and brownfield development.

This book is a timely assessment of 20 years of progress in the field of housing economics and its application to policy and practice. Two decades on from the publication of Duncan Maclennan's influential Housing Economics, 16 leading housing experts - both academics and policy makers from across the world - now honour Maclennan's contributions. The chapters here present a contemporary survey of key issues in housing, from urban housing markets and sub-market modelling, to the economics of social housing, the basis for housing planning, economic analysis of neighbourhoods, and the connections between academic work and policy development. For students, researchers and practitioners in housing, urban economics and social policy, Housing Economics and Public Policy: . provides up to date and comprehensive reviews of major areas of the housing economics literature . sheds light on the economic, social and spatial processes that affect housing . includes discussion of major areas of cutting edge housing economics research and identifies continuing gaps . presents a synthesis of housing economics research on both sides of the Atlantic . assesses the impact of theory on policy and practice

Temporary urban uses – innovative ways to transform cities or new means to old ends?The scale and variety of temporary – or meanwhile or interim – urban uses and spaces has grown rapidly in response to the dramatic increase in vacant and derelict land and buildings, particularly in post-industrial cities. To some, this indicates that a paradigm shift in city making is underway. To others, alternative urbanism is little more than a distraction that temporarily cloaks some of the negative outcomes of conventional urban development. However, rigorous, theoretically informed criticism of temporary uses has been limited. The book draws on international experience to address this shortcoming from the perspectives of the law, sociology, human geography, urban studies, planning and real estate.It considers how time – and the way that it is experienced – informs alternative perspectives on transience. It emphasises the importance, for analysis, of the structural position of a temporary use in an urban system in spatial, temporal and socio-cultural terms. It illustrates how this position is contingent upon circumstances. What may be deemed a helpful and acceptable use to established institutions in one context may be seen as a problematic, unacceptable use in another. What may be a challenging and fulfilling alternative use to its proponents may lose its allure if it becomes successful in conventional terms. Conceptualisations of temporary uses are, therefore, mutable and the use of fixed or insufficiently differentiated frames of reference within which to study them should be avoided. It then identifies the major challenges of transforming a temporary use into a long-term use. These include the demands of regulatory compliance, financial requirements, levels of expertise and so on. Finally, the potential impacts of policy on temporary uses, both inadvertent and intended, are considered. The first substantive, critical review of temporary urban uses, Transience and Permanence in Urban Development is essential reading for academics, policy makers, practitioners and students of cities worldwide.

Real estate activity across national boundaries (investment, development and asset management) is firmly established as a major component of global economic activity. International Real Estate provides the understanding of real estate strategies and transactions that cross national boundaries. International organizations lament the narrow perspective of professionals in the real estate field, which stems from training that takes a parochial rather than international view of the practices and processes of real estate markets. This book takes an explicitly international perspective to the decision-making process leading to final 'accept' or 'reject' investment decisions. It will be the first to adopt an institutional approach that directly addresses the problems of how to identify and avoid the main pitfalls of cross-border investment in real estate. The key to understanding international real estate comes from understanding the impact on investment and management decisions of differences in the formal and informal 'rules of the game'. The authors define the key feature of international real estate as the institutions that frame, facilitate or impede investment in land and buildings across national boundaries.

The book explains why the real estate and construction industries are organised in the ways they are and then relates those characteristics to long-term market behaviour. It covers market dynamics - supply and demand; the interaction of property development and construction – and examines institutions and market structures. Real estate development and construction tend to be separate subjects in the literature. But construction is an inevitable part of any property development process and so has a major influence on the institutional structure of development. Markets & Institutions in Real Estate & Construction argues that these structures are best explained as a series of modern economic theories, based on competition and current production technologies. offers focus and breadth, and deal with controversial debates economic arguments made accessible through a non-technical writing style presents long-run international comparison of property market behaviour reflects internationalisation of property and construction markets

The book's aim is to draw together the economics literature relating to planning and set it out systematically. It analyses the economics of land use planning and the relationship between economics and planning and addresses questions like: What are the limits of land use planning and the extent of its objectives?; Is the aim aesthetic?; Is it efficiency?; Is it to ensure equity?; Or sustainability?; And if all of these aims, how should one be balanced against another?

The book draws together the economic literature relating to the supply of land for development. The standard view appears to be that the owners of land have no interest other than to allow their land to be used for the activity which would yield the highest income. But in reality this is not so and the book's aim is to demonstrate this, to set out the reasons and to show the economic effects of the fact that landowners have other motives. The book covers the supply of land for urban development and shows how land has characteristics which differentiate it from other factors of production which will also affect its supply for some uses, e.g. land is fixed in location and its price and value are inseparable from where it is.New light is cast on the market for land (by concentrating on the supply side), and on land use planning (by taking an economic viewpoint).

The focus of this book is on how public policy - and especially the planning system - both shapes and reflects the essential characteristics of land and property markets. It challenges the common misconceptions that property markets operate in isolation from public policy and that planning permission is the only significant form of state intervention in the market. Planning, Public Policy & Property Markets contends that effective state-market relations in land and property are critical to a prosperous economy and a robust democracy, especially at a time when development aims to be sustainable and environmental protection needs to be matched by urban and rural regeneration. The book thus reflects an increased realisation among academics and practitioners of the importance of theoretical integration and ‘joined-up’ policy-making. Its rounded perspective addresses a significant weakness in the academic literature and will encourage broader debate and a more pluralist agenda for property research. Prominent contributors present important new research on different market sectors and policy arenas, including regeneration and renewal, housing growth, housing planning, transport and economic competitiveness, while the editors specifically draw out more general lessons on the dynamic nature of the state/property market relationship in a modern economy. This book will encourage all those involved in property research who strive for theoretical and practical connectivity to demonstrate that, just as property market operations cannot be analysed without understanding state processes, policy decisions cannot be taken without an appreciation of how the market operates.

An evaluation of the most enduring privatisation of the Thatcher era …Written in an accessible style, this is a key reference for students and researchers in housing and planning; geography; and social policy. The book analyses the operation and impact of the right to buy policy (RTB). It includes a critique of the Housing Act and the 2001 Housing (Scotland) Act. The enactment of these changes under a Labour government affirms the continuance of the RTB. The authors take stock of its profound effect on housing policy, reversing the growth in social housing developed over the twentieth century, transforming the nation's tenure structure and revolutionising the UK housing system. The Right to Buy: analysis and evaluation of a housing policy begins with an examination of the policy background to the establishment of the RTB and the main features of the legislation. This is followed by chapters that review its take-up and the pattern of sales and their impact on social housing; a chapter examining the financial aspects of the RTB from the viewpoints of tenants, local authorities and central government; one looking at the impact of the RTB via subsequent re-sales on the open market and on the private rented sector; and a chapter drawing on the information already reviewed to consider the potential of the RTB to create sustainable and diverse communities. In the final chapters the international experience of parallel policies are considered and the future take-up of the RTB is assessed in the light of recent reforms together with alternatives.

Urban sprawl is one of the most important types of land-use changes currently affecting Europe. It increasingly creates major impacts on the environment (via surface sealing, emissions by transport and ecosystem fragmentation); on the social structure of an area (by segregation, lifestyle changes and neglecting urban centres); and on the economy (via distributed production, land prices, and issues of scale). Urban Sprawl in Europe: landscapes, land-use change & policy explains the nature and dynamics of urban sprawl. The book is written in three parts. Part I considers contemporary definitions, theories and trends in European urban sprawl. In part II authors draw upon experiences from across Europe to consider urban sprawl from a number of perspectives: Infrastructure-related sprawl, such as can be seen around Athens;Sprawl in the post-socialist city, as typified by Warsaw, Leipzig and Ljubljana;Decline and sprawl, where a comparative analysis of Liverpool and Leipzig shows that sprawl is not confined to expanding cities;Sprawl based on the development of second homes as found in Sweden, Austria and elsewhere.In part III a formal qualitative model of sprawl is developed. Policies for the control of urban sprawl and the roles of different stakeholders are considered. Finally, a concluding chapter raises questions about the nature and dynamics of these new urban landscapes and their sustainability.

British Housebuilders is the first comprehensive account of the corporate history of the twentieth-century speculative housebuilding industry - the firms that `supplied` those houses and the entrepreneurs who created those firms.The transition from the local housebuilders of the 1930s, through the regional diversification of the 1960s, to the national housebuilders of today is charted via a series of industry league tables. The rationale for the growth in national firms is analysed. The conventional explanation of economies of scale is rejected: instead, the stock market is found to play a key role both in facilitating acquisitions and in demanding growth from its constituent companies. The supply-side analysis also addresses the frequent corporate failures: succession issues, lack of focus and the 1974 and 1990 recessions have played their part in equal measure. British Housebuilders provides the first opportunity to review the evidence drawn from a century of speculative housebuilding; it is only with this historical perspective that sound judgements can be made on the corporate role in housebuilding.

The financial deregulation of the last quarter century has meant large flows of funds around the world seeking the highest risk-adjusted return for investors. Real estate is now established as an important asset class and advances in information technology provide the necessary tools to complement global developments in real estate finance and investment.A variety of investment vehicles have emerged, and Real Estate Finance in the New Economy examines these along with financing and risk in the context of globalization, deregulation and an increasingly integrated international world economy by exploring questions like: How have real estate financial structures evolved as economies grow and become internationalised?What role do economic change and financial systems play in the development of real estate investment?Are the risks associated with the 'new economy' really new?What is the future direction for real estate financing?The authors develop an economic framework for discussions on individual financial products to examine how real estate financial structures change with economic growth and internationalisation and also to show how developments in real estate finance impact economic growth.

This book takes a cross-disciplinary and cross-cultural look at mass appraisal expertise for property valuation in different market conditions, and offers some cutting- edge approaches. The editors establish an international platform and present the scientific debate as well as practical feasibility considerations. Heretic and orthodox valuation methods are assessed based on specific criteria, partly technical and partly institutional. Methodological evaluation is approached using two types of criteria: operational concerns about how to determine property value differentials between spatial and functional units of real estate in a valid and reliable way (technical criteria); and the kind of market circumstances being operated in (institutional criteria). While technical criteria are relatively well-researched, there is little theoretically informed work on the connection between country context and selection of property appraisal methods. The book starts with an examination of current mass property appraisal practices, presenting case studies from widely differing markets - from the American and Dutch, where regression-based methods have been used successfully for some time; to the Eastern European and other emerging economies, where limitations have to be compensated by focusing on the modelling assumptions. The second part of the book looks at sophisticated modelling approaches, some of which represent combinations of elements from two or more techniques. Whatever the exact modelling approach, the requirements are always high for the quality of the data and suitability of the method. In the final section, methods are evaluated and compared according to technical criteria and against institutional contexts.With its exceptionally wide coverage of valuation issues, Mass Appraisal Methods: an international perspective for property valuers addresses property valuation problems common to different countries and approaches applicable in both developed and emerging economies.

Urban design enables better places to be created for people and is thus seen in Urban Design in the Real Estate Development Process as a place-making activity, rather than the application of architectural aesthetics. Urban design policy can change the 'decision environment' of developers, financiers, designers and other actors in the real estate development process to make them take place-making more seriously. This book reports diverse international experience from Europe and North America on the role and significance of urban design in the real estate development process and explores how higher quality development and better places can be achieved through public policy.The book is focused on four types of policy tool or instrument that have been deployed to promote better urban design: those that seek to shape, regulate or provide stimulus to real estate markets along with those aim to build capacity to achieve these. Urban design is therefore seen as a form of public policy that seeks to steer real estate development towards policy-shaped rather than market-led outcomes. The editors set the examples, case studies and evidence from international contributors within a substantive discussion of the impact of urban design policy tools and actions in specific development contexts.Contributions from leading urban design theorists and practitioners explore how: Masterplanning and infrastructure provision encourage high quality designDesign codes reconcile developers' needs for certainty and flexibilityClear policy combined with firm regulation can transform developer behaviourIntelligent parcelisation can craft the character of successful new urban districtsPowerful real estates interests can capture regulatory initiativesStimulus instruments can encourage good designDevelopment competitions need careful managementDesign review can foster developer commitment to design excellenceSpeculative housebuilders respond in varied ways to the brownfield design challengePhysical-financial models could help in assessing the benefits of design investmentUrban design can add value to the benefit of developers and cities as a whole.

Urban regeneration is a key focus for public policy throughout Europe. This book examines social sustainability and analyses its meaning and significance – an area of research which has, until now, been comparatively neglected.  The authors offer a comprehensive European perspective to identify best practice in sustainable urban regeneration in five major cities in Spain, Italy, Netherlands, Germany, and the UK. Urban Regeneration & Social Sustainability: best practice from European cities examines the extent to which social sustainability is incorporated within urban regeneration projects in the EU, but also investigates how local authorities, developers, investors and other key stakeholders approach sustainability. The book covers the recent economic recession and the growth of responsible investment (RI) and corporate responsibility (CR) agendas of investors and developers. It also provides a thorough analysis of the current metrics and tools used by the public, private and NGO sectors to implement, measure and monitor social sustainability. A range of urban regeneration models and vehicles are reviewed, with a particular emphasis on public private partnerships (PPPs) and EU structural funds, and a new framework for assessing social sustainability is described.City-specific case studies examine regeneration projects in which institutional arrangements, financial products and tools, monitoring and measurement systems for social sustainability and stakeholders’ participation in PPPs have delivered successful urban regeneration.This comprehensive, systematic and authoritative overview of both the scholarly literature and current best practice across Europe makes the book essential reading for researchers and post-graduate students in sustainable development, real estate, geography, urban studies and urban planning, as well as consultants and policy advisors in urban regeneration and the built environment. Provides a comprehensive European perspective, comparing case studies across five cities and identifying best practice in sustainable urban regeneration by focusing on social sustainabilityDefines and shows how social sustainability (a key aspect in sustainable development) can be assessed, measured and monitored within urban regeneration projectsTakes a real estate ‘institutional’ focus by examining the role of key stakeholders within the property development industry and the public sectorExamines detailed studies of urban regeneration projects in Spain (Sant Adria de Besos), Italy (Turin), Netherlands (Rotterdam), Germany (Leipzig), and the UK (Cardiff)Sets the research in the context of the recent economic recession and the growth of responsible investment (RI) and corporate responsibility (CR) agendas of investors and developersIs based on a major three year independent, funded programme of research through the European Investment Bank’s EIBURS programme.

This timely book addresses key challenges faced by policy makers and the house-building industry in a post-credit crunch world. It examines the implications for households, the housing market, the economy, as well as for government's policy choices. Challenges of the Housing Economy: an international perspective brings together experts from around the world to examine recent housing market trends. The contributions reveal common long-term trends in housing markets worldwide. Despite differences in supply conditions and the role of planning, there is a trend toward rising house prices that has created significant barriers to home ownership for young households while increasing the wealth of older generations. The financial crisis had a differential impact on housing markets but in many countries where mortgage finance became severely constrained, house prices fell and there was a dramatic fall in housing construction. The falls in house prices in these countries have ostensibly improved affordability but the housing markets have been dominated by the lowering of loan to values applicable to new mortgages which has further raised the hurdles to potential first-time purchasers.At the same time as young households are increasingly rationed out of owner-occupation, public sector expenditure cut-backs in many countries result in limited new social housing. Instead, value for money imperatives will mean new funding models for affordable housing that require greater use of public-private partnerships. The private rented sector could potentially meet the demand for the new generation of long-term renters. However, there are doubts - in the UK at least - that this sector will be able to expand significantly or provide an appropriate type and standard of housing.This is an essential advanced text for students and researchers of land economy and land management; property and real estate; housing policy; and urban studies.

Winner of the Royal Town Planning Institute award for research excellenceThis critical examination of the development and implementation of planning gain is timely given recent changes to the economic and policy environment.The book looks both at the British context as well as experience in other developed economies and takes stock of how the policy has evolved. It examines the rationale for planning gain, how it has delivered substantial funds for infrastructure and affordable housing and, in the light of this, how it might continue to play a role in the funding of these.  It also draws on overseas experience, for example on impact fees and public sector land assembly.  It looks at lessons from the past for future policy, both for Britain and for countries overseas.Mechanisms to tap development value are also a global phenomenon in developed market economies - whether through formal taxation or negotiated contributions.  As fiscal austerity becomes an increasingly challenging issue, ‘planning gain’ has grown in importance as a potential source of funding for infrastructure and new affordable housing, with many countries keen to examine, learn from, and adapt the experience of others. a critical commentary of planning gain as a policytimely post credit crunch analysisaddresses recent planning policy changes

This book provides evidence on how housing finance markets developed across Europe. The objective of the text is to bring together up to date material from across Europe which will help to clarify (i) how national housing finance markets have dealt with the challenges of deregulation and privatisation since the 1980s,(ii) how the financial crisis has impacted on the structure of the industry and the range of financial instruments available, (iii) how governments and the EU have responded to increasing risks and higher indebtedness in most West European countries and the need to grow new finance  markets in Eastern Europe, and (iv) how changing  housing finance markets impact on the capacity to provide adequate affordable housing into the future.

The growing literature on comparative European housing policy has played a major part in developing our understanding of the way housing in provided in different countries, and in the way the interaction between the stat, market and civil society is conceptualized. However, much of this analysis is rooted without question in the welfare states of northern Europe – there has been almost no research published in English on the provision of housing in southern Europe. Such research as exists deals with specific feature of housing policy, invariably in a single country. There is probably a better understanding of the housing systems of the former communist countries than those of southern Europe.

To operate effectively in today’s dynamic global real estate markets, it is essential to understand the complex processes that underpin them. This up-to-date work, which brings together contributions from industry and academic experts from around the world, is a valuable corollary to effective investment decision-making within the property sector and will be of interest to post-graduate property students, researchers and practising real estate investors. Recent years have seen some rapid developments in the global scale and structure of real estate markets. Such transformations have been paralleled by significant changes in the financial structures, and processes that serve these markets, including sophisticated new investment and finance structures and products. Examples of these include the real estate investment trusts (REIT) products that have been developed in USA, Europe and Asia, the range of unlisted products emerging in UK and Europe, and the innovative financing structures being developed in many countries.Global Trends in Real Estate Finance addresses this emerging complexity and sophistication in contemporary real estate markets by discussing the history, merits and implications of a range of products and processes. Also examined are the changes in the practices and environment needed to ensure the success of these property products, including increased disclosure, corporate governance, market transparency and improved skills base.Chapters are written by leading international contributors, both academic and practitioner. The context is explicitly international, with a focus on UK, Europe, Asia, Australia and the USA. The aim is to identify specific market areas to describe the key innovations, rather than simply providing a description of various geographical markets.