Suchergebnisse

Examines the development of the Spanish non‐residential property market over the last 20 years and in particular since the Boyer reform of 1985. Explores the legal framework of property interests to demonstrate that the legal prerequisites of a mature market form are now in place. Places legal change in the context of economic pressures for the creation of a modern property investment market. Considers the professional support for transacting property and the nature of the urban planning regime as factors which constrain and mould property market activity, but which may ultimately be transformed by it. Presents market data which show that the Spanish market has experienced one turn of the property cycle in its modern form. Demonstrates that it has proved highly susceptible to extremes of under‐ and over‐supply, arguably owing to the combined influence of an extremely open market and underdeveloped information provision.

Outlines a simple analytical framework for interpreting property market
behaviour across use, investment and development markets and reviews
evidence on market activity over the period 1970‐1994. A simple model of
rational switching within investment markets appears to be supported by
market evidence from the 1970s. However, the 1980s does not support such
simple hypotheses and raises questions about the basis of property
market behaviour, particularly with respect to investment. Have
investment decisions been irrational or have we witnessed a necessary
and justified realignment of property with respect to other asset
classes?

Examines the methodological issues that arise in generating
standardised transaction data for use in analysing the determinants of
retail rents. Looks at the issues raised by the use of comparative
information and the existence of widely accepted conventions for
adjusting comparative evidence to allow for the specific physical and
legal characteristics of individual properties. Concludes by questioning
the need to test valuation convention against market evidence and the
notion of open market value is reassessed.