Tales from the Real Side: The Implications of Urban Research for Real Estate Finance in Developing and Transition Economies

Topics:
Market Studies
Tags:
Business Operations,
Real Estate
Source:
University of Wisconsin System

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Overview: In this paper, it reviewed recent research on the "real side" of housing and real estate markets, and the economy in general, and draw out their implications for housing and real estate finance in developing and transition economies. Among the points discussed are the following: Real estate markets land, infrastructure, housing, office, industrial, retail, etc. are all interconnected. While there are good reasons for some market and policy specialization, e.g. by property type, in the aggregate policymakers as well as financiers must learn to view real estate markets in a unified way. Urbanization, economic growth and development, and capital formation notably real estate are entwined processes. Demographic transitions accentuate the process. Well-developed real estate finance systems can make a particularly strong contribution at the earlier stages of development. Real estate's defining features are durability and locational fixity. Location matters; and recycling locations (redevelopment) is in the long run as critical as greenfield development. Financial systems should accommodate redevelopment as well as new investment.

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Format: PDF | Size: 118KB | Date: Dec 2000 | Pages: 35


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