Applied Global Trends in Real Estate Markets

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Applied Global Trends in Real Estate Markets

By Barkham
John Wiley & Sons April 2012

Specifications

ISBN-13
9780470655979
Publisher
John Wiley & Sons
Publication
April 2012
Format
Paperback , 288 pages
Jurisdiction
International ? Countri(es) for reference only

Details

2000 to 2010 was a remarkable decade for real estate. It started with the dot.com bubble and ended with the putative recovery from the Great Financial Crisis. The period in-between featured the world's first coordinated real estate boom and slump. This book is based on a series of briefings on the relationship between macro economic events and real estate markets in the era of globalisation that covered the period. Collectively they offer unique insights, new ideas and practical approaches to real estate economics, grounded in the day-to-day realities of investment, development and fund management operations in a leading international property company.

All the briefings are based on research conducted by a sophisticated in-house research team with expertise in macroeconomics, urban economics, financial economics and econometrics, led by a well- known specialist in the field. The topics highlight the relationship between real estate markets and global economic and political events – an area not well covered by academic journals.

A compelling introduction considers the dramatic boom and slump in real estate values that led up to the Great Financial Crisis. The briefings are then presented, grouped into broad themes: macro economics and real estate; GDP, recessions and inflation; REITs; construction; Asia; retail, offices and housing markets; the formation of investment yields. A final chapter considers the medium-term future for real estate in the context of the ongoing financial crisis.

Topics span the key sectors of office, retail and residential real estate in over 40 countries, with a focus on private sector investment, development and management. The perspective is long term, reflecting Grosvenor's unique position in real estate as a privately owned group.

The author provides a commentary on each topic, giving context to the research and the implications for strategy, drawing out two unifying themes: the effect of globalisation; and the importance of macro economics and geo-politics in real estate research.

Together, the briefings offer a penetrating analysis of real estate markets in the era of globalisation and financial crises. The era of crises is far from over, and Real Estate and Globalisation provides invaluable insights for property professionals worldwide – developers, occupiers, investment analysts and planners – on the nature of the processes that create such intense property market volatility. The book is also a unique source of guidance on practical property research for final year undergraduates and postgraduates on property courses, as well in geography, planning, architecture, and construction.

Table of Contents

Introduction: The Housing Economy and the Credit Crunch

The Irish Example

International Historical Housing Market Context

Dynamics of the Housing Market

Housing Market and the Economy

Origins and Impact of Credit Crunch

Objectives and Structure of Book

The Housing Boom, the Bust and US Housing Policy

House Prices from 1995 to Present 

Housing Reforms for the Future

Housing Bubbles and Foreclosures that Follow: The Case of Las Vegas

Data and Definition of Property Flipping

Anatomy of Boom Bust Market Dynamics

Foreclosure Activity after the Bubble Burst

Concluding Thoughts

Unemployment Risk, Homeownership and Housing Wealth: Lessons from the Bubble Aftermath in Japan

Housing Bubble and Burst in Japan

Unemployment Risk and Homeownership

Housing Wealth and Consumption

Conclusion

Appendices: Details of Statistical Analysis

The Changing Nature of Household Demand and Housing Market Trends in China

Introduction to the Housing Market

Population Growth Hypothesis

Income Growth Hypothesis

Monetary Policy Hypothesis

Conclusions

The Structural Sustainability of Home Ownership in Australia

Australia’s Housing System

Future Projections of Home Ownership and Sustainability

Conclusions

Impacts on Wealth and Debt of Changes in the Danish Financial Framework over a Housing Cycle

Dynamics of Recent Danish Housing Market Cycles

Changing Structure of Owner-Occupation

Changing Mortgage Finance and Indebtedness

The Financial Stability of Owner Occupied Households

Conclusions

Market Stability, Housing Finance and Home Ownership in Germany

Characteristics of the German Housing Market

German Housing Price Trends: An International Comparison

Housing Demand and Housing Investment

The Contribution of the Financing System

The Impact of the Financial Crisis on the German Housing Market

High Down Payment Constraints and Stability: Contradicting Aims? The role of the Savings Behaviour

Conclusion and Outlook

The Responsiveness of New Supply to House Prices: A Perspective from the Spanish Housing Market

Housing Supply Trends

Spanish Housing Market Cycle Pre and Post the Financial Crisis

Estimation of the Supply Elasticity of New Houses

Summary and Conclusion

Appendices: Details of Statistical Analysis

The UK Housing Market Cycle and the Role of Planning: the Policy Challenge following the Financial Crisis

Housing Market Context

Anatomy of the Housing Market Boom and Bust

Evolution of the Planning Framework in UK

Recent Planning Policies

The Planning Policy Consequences of the Recession and Beyond

New Planning Agenda

Conclusions

Developments in the Role of Social Housing in Europe

Looking Back:  Social Housing and the Welfare State in Europe

Outcomes

Future Development

Conclusion

Delivering Affordable Housing in the UK

Historic Social Housing Context in Scotland

Background to the Current Scottish Affordability Challenge

Assessing the Emerging Models

Concluding Discussion

The UK Private Rented Sector as a Source of Affordable Accommodation

The Private Rented Sector within the Housing System

Potential Policy Developments

Potential Attraction of Large Investors

Summary and Conclusions

Conclusions: The Challenges Ahead

The Credit Crunch

Commonalities and Challenges

The Future

Concluding Remarks

References

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