This paper provides an analysis of the factors underlying private investment decisions concerning property development, with specific reference to urban regeneration in the French context. It is based on the results of a behavioural survey and MCA analysis of the behaviour patterns and motivations of active private investors and developers in the French commercial property markets and their involvement in French urban regeneration initiatives. The pattern of investment and development activity over the 1997-2002 French property market recovery period has been studied and a typology of actors set up, based on their investment policy for these property markets. The findings indicate that property investors in urban regeneration essentially seek speculative developments and short-term investments.

This article applies the spatiotemporal hedonic approach to the analysis of office transaction prices in the Paris property market ("i.e"., central Paris and its inner suburbs). The analysis focuses primarily on the market's two main business districts (the Central Business District and the La Défense District). We find that spatial and temporal dependence effects are strongly present in these submarkets. Additionally, we propose a hybrid method for incorporating a temporal regime switch into the spatiotemporal autoregressive model. The regime switching around 1997 ("i.e.", in the presence of temporal heterogeneity) substantially affects the significance of spatial and temporal dependences. Finally, we build a new price index that incorporates both spatiotemporal dependences and temporal heterogeneity. This index differs strongly from the usual hedonic price index. Copyright (c) 2009 American Real Estate and Urban Economics Association.

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Les marchés immobiliers européens se sont largement financiarisés dans les années 2000. La financiarisation de l’immobilier évoque la transposition au secteur immobilier, par nature localisé, du phénomène de mondialisation des capitaux et des investisseurs, ainsi que l’application des approches et techniques financières dans la gestion des actifs. En se financiarisant, l’immobilier est désormais considéré, géré et arbitré comme un actif financier. La financiarisation de l’industrie immobilière repose sur le poids considérable et croissant des investisseurs internationaux. Cet article présente les différentes étapes de la financiarisation de l’immobilier qui est apparue en France au milieu des années 1990 lors de la gestion de la crise immobilière des bureaux par les fonds d’investissement dits opportunistes, majoritairement nord-américains. Classification JEL : G01, G21, G23, N14, R30.