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This book examines the relationship between the property market and urban economy. The stimulus for this work was provided by the seemingly ever-accelerating process of urban economic change and the noticeable failure of existing studies to adequately explore the pivotal role that the property market plays in this process. Drawing on institutional economics, the central argument of the book is that the property market as an institution is a mediator through which urban economic potential can be realised and served. In developing this argument, the book provides a critical realist ontological framework that advances understanding of the institutional structure of the economy and the complex interrelation between the institutional environment and human agency, as well as a holistic theoretical framework of urban economic change, where appropriate emphasis is placed on the specific mechanisms, processes and dynamics through which the built environment is provided. Arvanitidis also explores an institutional conceptualisation of property market efficiency, defined in terms of the ability of the market institution to adapt its structure and to provide outcomes that the economy requires. To inform empirical research on the developed concepts, the book also offers a generic analytical approach specifying appropriate research methods and techniques for investigation along with a specific research design providing an operational framework that translates developed theory into empirical practice. The book’s primary contribution therefore lies in its delineation of a holistic research programme to conceptualise the property market as an institution and to explore its role within the urban economy.
This up-to-date, highly-accessible book presents a unique combination of both economic theory and real estate applications, providing readers with the tools and techniques needed to understand the operation of urban real estate markets. It examines residential and non-residential real estate markets--from the perspectives of both macro- and micro-economics--as well as the role of government in real estate markets.
This Second Edition arms real estate professionals with a comprehensive approach to the economic factors that both define and affect modern urban areas. The text considers the economics of cities as a whole, instead of separating them. Emphasis is placed on economic theory and empirical studies that are based in economic theory. The book also explores the policy lessons that can be drawn from the use of economics to understand urban areas. Real estate professionals will find new coverage of urban areas around the world to provide a global perspective.
This new text provides a rigorous analysis of real estate markets. Three main sections cover: microeconomics of property markets the macroeconomics of commercial property the financial economics of property Global empirical examples illustrate the theories and issues. This often complex area is made accessible: each chapter contains a boxed summary and questions for self-testing or discussion.
Urban Economy: Real Estate Economics and Public Policy analyses urban economic change and public policy in a more practical way than a typical urban economics book. The book has a distinctive framework that considers the underlying reasons, and the consequences of urban change for real estate investors and policy makers. Part One covers the basics of urban economics and real estate markets, including housing and commercial. Part Two looks at the reformulation of urban systems and the reasons why. It then considers the consequences for real estate markets and investment of decentralisation forces and emerging technology. The issues that arise for urban public policy are then discussed, notably transport policies, public finance and sustainability, before a chapter examining housing neighbourhood and housing market dynamics and a shift from spatial change to regeneration. Part Three reverses the dominant perspective of Part Two to assess the effectiveness of how property led policies can positively influence a local economy and urban regeneration. The chapters consider several important policy questions and constraints and draw on a number of case studies that illustrate the benefits and drawbacks. The book includes chapter objectives, self-assessment questions, chapter summaries, learning outcomes, case studies, global data and statistics and is a new textbook for core courses in urban economics and real estate economics on global Real Estate, Planning and related degree courses.
Based on the work of Karl "Chip" Case, who is renowned for his scientific contributions to the economics of housing and public policy, this is a must read during a time of restructuring our nation's system of housing finance.
Urban and Regional Planning Series, Volume 3: The Economics of Urban Areas focuses on the importance of economic considerations in the functioning of urban systems. The publication first elaborates on the economic dimension of urbanization, nature of economic analysis, urban policy and planning implications, and use of economic models. The text then examines the economic basis of urban areas, urban real property market, and urban land-use patterns. Discussions focus on differences in land-use patterns between urban areas, generalized pattern of urban land use, determination of real property prices, nature of urban land and property values, and the nature and function of the urban real property market. The book takes a look at urban location decisions, urban growth, and level of urban economic activity. Topics include urban growth versus fluctuations in urban economic activity, planning and redevelopment, economics of redevelopment, factor influencing expansion patterns and choice of residential location, and determination of urban land-use patterns. The manuscript also examines the size and spacing of urban areas and urban economic growth. The publication is a valuable source of data for researchers interested in the economics of urban areas.
Residential Real Estate introduces readers to the economic fundamentals and emerging issues in housing markets. The book investigates housing market issues within local, regional, national and international contexts in order to provide students with an understanding of the economic principles that underpin residential property markets. Key topics covered include: Location choice in urban areas Housing supply and demand Housing finance and housing as an asset class Demographic shifts and implications for housing Sustainable homes and digitalisation in housing Drawing on market-level information, readers are encouraged to recognise the supply and demand drivers and modelling of dynamic housing markets at various spatial scales and the implications of trends within an urban and regional context, e.g. urbanisation, ageing population, migration, digitalisation. With research-based discussions and coverage of relevant literature, this is an ideal textbook for students of residential real estate, property and related business studies courses at UG and PG levels, as well as a reference book with research topics for researchers. This book will also be of interest to professionals and policymakers.
Originally published in 1993, Urban Land and Property Markets in the Netherlands provides a detailed explanation of how the land and property markets of the Netherlands work. This book describes the scene extensively and goes deeper to explain the situation in the Netherlands, with commercial real estate being regarded internationally as mature, and offering good safe investment prospects while other aspects of the land and property markets are unique to that country. The constitutional, economic and social contexts are described and current public policies are explained as they affect property development.
Originally published in 1993, Urban Land and Property Markets in Germany describes the complex network of regulations and practices governing the operation of the German markets. The book outlines the constitutional structure and framework of the social, economic and geographical context in which the markets operate. The main sections of the book address the legal structures of property, planning, and tax, the registration procedures and transaction charges, market processes, who does what, and what professional titles or other actors in the process to look out for. The book also looks at the development of land and property markets, as one of the most intractable problems faced by post-communist regimes of eastern Europe.