Land-property markets and planning: A special case

• Autores: E.R. Alexander
• Localización: Land use policy: The International Journal Covering All Aspects of Land Use, ISSN 0264-8377, ISSN-e 1873-5754, Nº. 41, 2014, págs. 533-540
• Idioma: inglés
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• Resumen

  • 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.