Markets & institutions in real estate & construction

282 Pages·2006·0.917 MB·English

by  Michael Ball

Markets & Institutions in
Real Estate & Construction
Michael Ball
Professor of Urban and
Property Economics,
The University of Reading

Markets & Institutions in
Real Estate & Construction

Markets & Institutions in
Real Estate & Construction
Michael Ball
Professor of Urban and
Property Economics,
The University of Reading
© 2006 Michael Ball
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First published 2006 by Blackwell Publishing Ltd
ISBN-10: 1-4051-1099-6
ISBN-13: 978-1-4051-1099-0
Library of Congress Cataloging-in-Publication Data
Ball, Michael.
Markets & institutions in real estate & construction / Michael Ball. – 1st ed.
p. cm.
Includes bibliographical references and index.
ISBN-13: 978-1-4051-1099-0 (pbk. : alk. paper)
ISBN-10: 1-4051-1099-6 (pbk. : alk. paper)
1. Real estate business. 2. Real estate business – Europe. 3. Construction
industry. I. Title: Markets and institutions in real estate and construction.
II. Title.
HD1375.B24 2006
333.33 – dc22
2006001144
A catalogue record for thi s title is available from the British Library
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The Royal Institution of Chartered Surveyors is the mark of
property professionalism worldwide, promoting best prac-
tice, regulation and consumer protection for business and
the community. It is the home of property-related know-
ledge and is an impartial advisor to governments and global
organisations. It is committed to the promotion of research
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and property markets worldwide.
Real Estate Issues
Series Managing Editors
Stephen Brown RICS
John Henneberry Department of Town & Regional Planning,
University of Sheffield
David Ho School of Design & Environment, National University of
Singapore
Elaine Worzala Real Estate Institute, School of Business Administration,
University of San Diego
Real Estate Issues is an international book series presenting the latest thinking into
how real estate markets operate. The books have a strong theoretical basis – provid-
ing the underpinning for the development of new ideas.
The books are inclusive in nature, drawing both upon established techniques for real
estate market analysis and on those from other academic disciplines as appropriate.
The series embraces a comparative approach, allowing theory and practice to be put
forward and tested for their applicability and relevance to the understanding of new
situations. It does not seek to impose solutions, but rather provides a more effective
means by which solutions can be found. It will not make any presumptions as to the
importance of real estate markets but will uncover and present, through the clarity of
the thinking, the real significance of the operation of real estate markets.
Books in the series
Adams & Watkins Greenfields, Brownfields & Housing Development
Adams, Watkins & White Planning, Public Policy & Property Markets
Allen, Barlow, Léal, Maloutas & Padovani Housing & Welfare in Southern Europe
Ball Markets and Institutions in Real Estate & Construction
Barras Building Cycles & Urban Development
Beider Housing, Neighbourhood Renewal & Community Engagement
Ben-Shahar, Leung & On g Mortgage Markets Worldwide
Buitelaar The Cost of Land Use Decisions
Byrne and See Ong Real Estate Investment
Couch, Dangschat, Leontidou & Petschel-Held Urban Sprawl
Couch, Fraser & Percy Urban Regeneration in Europe
Dixon, McAllister, Marston & Snow Real Estate & the New Economy
Evans Economics & Land Use Planning
Evans Economics, Real Estate & the Supply of Land
Guy & Henneberry Development & Developers
Jones & Murie The Right to Buy
Leece Economics of the Mortgage Market
McGough & Tsolacos Property Market Analysis & Forecasting
Monk & Whitehead Affordable Housing & the Property Market
Newell & Sieracki Property Investment & Finance
O’Sullivan & Gibb Housing Economics & Public Policy
Seabrooke, Kent & How International Real Estate
Wellings British Housebuilders

Contents
1 Prologue 1
2 An introduction to the analysis of markets and institutions
in real estate and construction 6
3 House price cycles: evidence from recent European
experience 33
4 Improving housing markets 50
5 Restructuring housing provision in Central and
Eastern Europe 69
6 International comparisons of estate agency/real estate
brokerage services 90
7 Spatial reach in commercial and residential real estate
brokerage 105
8 Financial services, mortgage markets and real estate
brokerage: an international survey 125
9 International differences in the housebuilding industry 146
10 The influence of size economies and planning regulations
on the housebuilding industry 172

11 Construction and real estate professions and practices 195
12 The distinctiveness of large construction firms 215
13 Multi-agent governance in property-led urban regeneration 230
Bibliography 250
Index 264
For Asli and Alec,
The two stars in my life