Real Estate Issues

The movement away from traditional rented approaches to meeting the housing needs of those on modest incomes has taken on new momentum in the latest economic cycle. This book answers some of the questions around affordable housing and low cost home ownership, and whether these intermediate tenures have the potential to play a longer term role in achieving sustainable housing markets. The editors clarify the principles on which the development of affordable housing and intermediate tenures has been based; analyse the policy instruments used to implement these ideas; and make a preliminary assessment of their longer tem value to households and governments alike. Making Housing More Affordable: the role of intermediate tenures brings together an evidence base for researchers and policy makers as they assess past experience and work to understand future options. The book draws mainly on experience of the intermediate housing market in England but also on examples of policies that have been implemented across the world. It clarifies both the challenges and the achievements of governments in providing a well operating intermediate market that can help meet the fundamental goal of 'a decent home for every household at a price within their means'. The first section outlines the principles and practice of intermediate housing and examines the instruments and mechanisms by which it has been provided internationally. The next section estimates who might benefit from being in intermediate housing and projects the take-up of different products in the future. Section III examines the supply side and Section IV introduces some case studies of who gets what. The final section looks at how effectively the intermediate market operates over the economic cycle.

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 design • Design codes reconcile developers' needs for certainty and flexibility • Clear policy combined with firm regulation can transform developer behaviour • Intelligent parcelisation can craft the character of successful new urban districts • Powerful real estates interests can capture regulatory initiatives • Stimulus instruments can encourage good design • Development competitions need careful management • Design review can foster developer commitment to design excellence • Speculative housebuilders respond in varied ways to the brownfield design challenge • Physical-financial models could help in assessing the benefits of design investment • Urban design can add value to the benefit of developers and cities as a whole.

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.

Urban regeneration is a key focus for public policy throughout Europe. This book examines social sustainability and analyses its meaning. The authors offer a comprehensive European perspective to identify best practices in sustainable urban regeneration in five major cities in Spain, Italy, Netherlands, Germany, and the UK. This authoritative overview of the scholarly literature 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.

This is the first book that looks at how offices and office markets in cities have changed over the last 30 years. It analyses the long-term trends and processes within office markets, and the interaction with the spatial economy and the planning of cities. It draws on examples around the world, and looking forward at the future consequences of information communication technologies and the sustainability agenda, it sets out the challenges that now face investors. The traditional business centres of cities are losing their dominance to the brash new centres of the 1980s and 1990s, as the concept of the central business district becomes more diffuse. Edge cities, business space and office parks have entered the vocabulary as offices have also decentralised. The nature and pace of changes to office markets set within evolving spatial structures of cities has had implications for tenants and led to a demand for shorter leases. The consequence is a rethink of the traditional perception of property investment as a secure long term investment, and this is reflected in reduced investment holding periods by financial institutions. Office Markets & Public Policy analyses these processes and policy issues from an international perspective and covers: • A descriptive and theoretical base encompassing an historical context, a review of the fundamentals of the demand for and supply of the office market and offices as an investment. Embedded within this section is a perspective on underlying forces particularly the influence of technological change. • A synthesis of our understanding of the spatial structure and dynamics of local office markets at the city level. • An assessment of the goals and influence of planning policies, and the evaluation of policies designed toward the long term sustainability of cities as services centres. This goes beyond standard real estate and urban economics books by assessing the changing shape of urban office markets within a spatial theoretical and policy context. It will be a useful advanced text for honours and postgraduate students of land economy; land management; property and real estate; urban planning; and urban studies. It will also be of interest to researchers, property professionals, policy-makers and planning practitioners.

As real estate investment trusts continue to grow exponentially in Asia and Europe - being already well established in the USA and Australasia - a comprehensive guide to the issues involved in REIT property investment decision making is badly needed. This book draws together the most recent developments in REIT management from academic research and professional practice. It is based on current, original academic research, including structured interviews with the managers of a wide range of different types of REITs as well as the research and publications of others, together with the author's 25 years experience in REIT management. It provides a theoretically robust and practically relevant up to date guide to the property investment decision making process for REITs. Presenting new insights, the author breaks the REIT property investment decision making process down into three phases comprising six stages with 30 sequential steps. Each chapter focuses on one stage of the property investment decision making process and introduces the key people in the REIT management team relevant to the activities in that chapter. The theory and principles are considered and illustrated by application to Super REIT, a $15bn diversified REIT. Global Real Estate Investment Trusts: People, Process and Management fuses not only how REITs should undertake property investment decision making - based on how it is undertaken and the underlying property theory, capital market theory and finance theory - but also why each part of the decision making process is important. This book provides the first sole-authored scholarly work specifically on REITs as a business enterprise and REIT property investment decision making as an holistic and cyclical process. The focus is on principles, making it relevant in each of the four major REIT markets around the world: USA, Europe, Asia and Australasia. An essential book for REIT managers and all those practising professionals involved in the REIT industry - including property practitioners, researchers, lawyers, accountants, bankers and directors around the world.

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.

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.

Does planning in contested cities inadvertedly make the divisions worse? The 60s and 70s saw a strong role of planning, social engineering, etc but there has since been a move towards a more decentralised 'community planning' approach. The book examines urban planning and policy in the context of deeply contested space, where place identity and cultural affinities are reshaping cities. Throughout the world, contentions around identity and territory abound, and in Britain, this problem has found recent expression in debates about multiculturalism and social cohesion. These issues are most visible in the urban arena, where socially polarised communities co-habit cities also marked by divided ethnic loyalties. The relationship between the two is complicated by the typical pattern that social disadvantage is disproportionately concentrated among ethnic groups, who also experience a social and cultural estrangement, based on religious or racial identity. Navigating between social exclusion and community cohesion is essential for the urban challenges of efficient resource use, environmental enhancement, and the development of a flourishing economy. The book addresses planning in divided cities in a UK and international context, examining cities such as Chicago, hyper-segregated around race, and Jerusalem, acting as a crucible for a wider conflict. The first section deals with concepts and theories, examining the research literature and situating the issue within the urban challenges of competitiveness and inclusion. Section 2 covers collaborative planning and identifies models of planning, policy and urban governance that can operate in contested space. Section 3 presents case studies from Belfast, Chicago and Jerusalem, examining both the historical/contemporary features of these cities and their potential trajectories. The final section offers conclusions and ways forward, drawing the lessons for creating shared space in a pluralist cities and addressing cohesion and multiculturalism. • Addresses important contemporary issue of social cohesion vs. urban competitiveness • focus on impact of government policies will appeal to practitioners in urban management, local government and regeneration • Examines role of planning in cities worldwide divided by religion, race, socio-economic, etc • Explores debate about contested space in urban policy and planning • Identifies models for understanding contested spaces in cities as a way of improving effectiveness of government policy

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 empirical literature • applies analytic tools in the context of East Asian institutions and policies • helps understand factors affecting resilience and stability in East Asian real estate markets.

This 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 policy • timely post credit crunch analysis • addresses 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.

All countries aim to improve housing conditions for their citizens but many have been forced by the financial crisis to reduce government expenditure. Social housing is at the crux of this tension. Policy-makers, practitioners and academics want to know how other systems work and are looking for something written in clear English, where there is a depth of understanding of the literature in other languages and direct contributions from country experts across the continent. Social Housing in Europe combines a comparative overview of European social housing written by scholars with in-depth chapters written by international housing experts. The countries covered include Austria, Denmark, England, France, Germany, Hungary, Ireland, The Netherlands and Sweden, with a further chapter devoted to CEE countries other than Hungary. The book provides an up-to-date international comparison of social housing policy and practice. It offers an analysis of how the social housing system currently works in each country, supported by relevant statistics. It identifies European trends in the sector, and opportunities for innovation and improvement. These country-specific chapters are accompanied by topical thematic chapters dealing with subjects such as the role of social housing in urban regeneration, the privatisation of social housing, financing models, and the impact of European Union state aid regulations on the definitions and financing of social housing.