Land-property markets and planning: A special case |
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Institution: | 1. CUHK Jockey Club Institute of Ageing, The Chinese University of Hong Kong, China;2. Urbanization Institute, Sun Yat-sen University, Guangzhou, China;3. Department of Real Estate and Construction, The University of Hong Kong, China;4. Department of Urban Planning and Design, The University of Hong Kong, China;1. ILS - Research Institute for Regional and Urban Development, Dortmund, Germany;2. Politecnico di Milano, Italy |
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Abstract: | Land use policy often intervenes in land-property markets. This raises a question that may have critical implications for land use policy: are these normal markets? This paper addresses that question: are land and property ordinary market goods, or do they lack some of the preconditions necessary for markets to work properly? We find that land-property has limited substitutability, due to the critical factor of location; qualified by location, land is limited and sometimes unique. These attributes make land and property investment assets risking speculation, warranting public intervention to mitigate negative social consequences. Land-property markets need market or administrative support to work, which planning provides through public and private agents. The paper reviews the different forms of planning and development control in land-property markets. |
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Keywords: | Land Property Real-estate Markets Planning Regulation |
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