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Territorial Competition and Property Market Process: An Exploratory Analysis

'Centre for Spalial and Real Eslale Economics, Department of Economics, Faculty of Urban and Regional Studies, The University of Reading, P. O. Box 219, Reading RG6 6AW, England, UK, p.e.darcy{at}reading.ac.uk

Geoffrey Keogh

Centre for Property Research, Department of Land Economy, University of Aberdeen, St Mary's, King's College, Aberdeen AB24 3UF, Scotland, UK, g.keogh{at}abdn.ac.uk

This paper argues that the emerging research on territorial competition should be supplemented by an explicit consideration of the role of real property, and property market process, in shaping urban competitiveness. The competitive position of urban areas depends directly on the existing stock of property and the flow of new or modified buildings. Equally important, however, are the institutional form and structure of the property market, and the process by which economic pressures for change are translated into property market activity. Evidence from six contrasting European cities demonstrates marked differences in the institutional environment of their respective property markets. These differences are explored in terms of their potential significance for the determination of urban competitiveness. The illustrative case studies provide a schedule of property market characteristics which can be used to inform explanations of urban economic change and to support the design of policies for territorial competition.

Urban Studies, Vol. 35, No. 8, 1215-1230 (1998)
DOI: 10.1080/0042098984330


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