Land markets and land market regulation: progress towards understanding

Cheshire, Paul; Sheppard, Stephen

doi:10.1016/j.regsciurbeco.2004.03.001

Cited by 48 publications

(32 citation statements)

References 28 publications

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“…However, during 1955However, during -2002, when the effects of regulations on the new construction started to become more apparent, the real price of residential land increased by a factor of 11. In contrast, the real house prices increased by only 3.4 times over the same period (Cheshire and Sheppard 2004).…”

Section: Recent Studies In Pakistanmentioning

confidence: 93%

Urban Land and Housing Markets in the Punjab, Pakistan

Dowall

Ellis

2009

Urban Studies

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Well-functioning urban land and housing markets are critical success factors for achieving robust economic growth. This paper provides an overview of urban land and housing market performance in Punjab Province of Pakistan. It describes the characteristics of well-functioning markets and argues that the Punjab’s present markets are not performing adequately. In fact, there exists a range of impediments to efficient urban land and housing market performance: excessive public land ownership, inadequate infrastructure services, weak property rights, pervasive public- and private-sector rent seeking, counter-productive urban planning policies and regulations, costly sub-division and construction regulations, limited financing for property development and acquisition, rent controls and inadequate property-tax-based revenue-generating mechanisms. The paper concludes by suggesting that a prioritised comprehensive reform agenda is needed to improve urban land and housing market performance in Punjab Province. The analytical and conceptual approach used to research this paper is based on standard neo-classical economics. Therefore, the paper does not address broader political economy or structural issues. Consequently, the paper’s contribution should be viewed as limited in scope.

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Section: Recent Studies In Pakistanmentioning

confidence: 93%

Urban Land and Housing Markets in the Punjab, Pakistan

Dowall

Ellis

2009

Urban Studies

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“…In other words, the general population mirrors the preferences of the earlier rich, but not precisely. The underlying rationale is that since demand for residential space both inside and outside of the home is elastic with income, as [14] show, increases in general wealth add pressure to the competition for land. An increase in competition drives land prices upward since, countrywide, only limited adjustment may be possible on the supply-side of the land market due to a Ricardian-like limitation of the supply of land for development.…”

Section: Introductionmentioning

confidence: 99%

How Green Do We Want to Live in 2100? Lessons Learned from the Homes of the Present-Day Rich

Daams

Sijtsma

2017

Buildings

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This study explores the extent to which rich Dutch households live green, in the form of green surrounding homes directly and nearby public green. The authors interpret this 'greenness' as a signal of how green the wider population wishes to live in the long-term as it grows wealthier over time. In our analyses of property transaction data on the 2009-2012 residential market, we focus on 2303 properties that sold for at least 1 million Euros, the 'properties of the rich'. Results indicate that the rich live relatively green: on average, and depending on local degrees of urbanization, the parcels of million Euro properties are up to 7.0 times larger than parcels of lower priced properties. We find too, that the rich live closer to public green spaces than the more general population does, especially if such green is highly appreciated by a wide public. Furthermore, the rich are found to live in either very highly urban locations or in the least urban locations-if these are nearby cities. We perform basic long-term land-use forecasts of demand for residential space across local property markets, and findings suggest that preference for green living will increase over time. Our results especially show that how well these green preferences are accommodated by existing residential structures may become increasingly problematic as and if we grow wealthier over time. Our findings may foster long ongoing research and policy debate on urban planning.

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“…Indeed, while the investigation of regional elasticity differences and its determinants has concentrated on the U.S. and U.K., a very densely populated country, there does not appear to be similar examinations using regional level data for a country such as Finland. Therefore, the statement by Cheshire and Sheppard (2004) according to which "understanding the variety of ways in which housing supply responds to land use regulation, and empirical measurement of the magnitude of these responses is an important area for future research" still holds today.…”

Section: Introductionmentioning

confidence: 99%

Regional variation in the elasticity of supply of housing, and its determinants: The case of a small sparsely populated country

Oikarinen

Peltola

Valtonen

2015

Regional Science and Urban Economics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in ABSTRACTPrevious empirical investigations provide evidence of substantial regional variation in the supply elasticity of housing, and show that the elasticity and its variation across cities within the U.S. are significantly influenced by regulatory supply constraints, city level population, population density, and geographic constraints. This paper studies empirically if these findings apply to a country that is notably different from the U.S. with respect to its population density, typical city size, geographic and cultural coherence, and regulatory constraints, i.e., Finland. Based on data for the period 1987-2011, our findings are largely in line with those reported for the U.S. The results support the theoretical models indicating that the supply elasticity is largely a local phenomenon, i.e., dependent mainly on city specific factors rather than the abundance of undeveloped land at the country level. The long-term supply elasticity substantially varies across Finnish cities. The city size, zoning policies, and geographic constraints are found to be the most important factors causing regional elasticity differences, accounting for some 80% of the elasticity variation.JEL Classification: R31, R52

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Land markets and land market regulation: progress towards understanding

Cited by 48 publications

References 28 publications

Urban Land and Housing Markets in the Punjab, Pakistan

Urban Land and Housing Markets in the Punjab, Pakistan

How Green Do We Want to Live in 2100? Lessons Learned from the Homes of the Present-Day Rich

Regional variation in the elasticity of supply of housing, and its determinants: The case of a small sparsely populated country

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