Książki

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.

Real Estate and Globalisation

Introduction: The Housing Economy and the Credit CrunchThe Irish ExampleInternational Historical Housing Market ContextDynamics of the Housing MarketHousing Market and the EconomyOrigins and Impact of Credit CrunchObjectives and Structure of BookThe Housing Boom, the Bust and US Housing PolicyHouse Prices from 1995 to PresentHousing Reforms for the FutureHousing Bubbles and Foreclosures that Follow: The Case of Las VegasData and Definition of Property FlippingAnatomy of Boom Bust Market DynamicsForeclosure Activity after the Bubble BurstConcluding ThoughtsUnemployment Risk, Homeownership and Housing Wealth: Lessons from the Bubble Aftermath in JapanHousing Bubble and Burst in JapanUnemployment Risk and HomeownershipHousing Wealth and ConsumptionConclusionAppendices: Details of Statistical AnalysisThe Changing Nature of Household Demand and Housing Market Trends in ChinaIntroduction to the Housing MarketPopulation Growth HypothesisIncome Growth HypothesisMonetary Policy HypothesisConclusionsThe Structural Sustainability of Home Ownership in AustraliaAustralia's Housing SystemFuture Projections of Home Ownership and SustainabilityConclusionsImpacts on Wealth and Debt of Changes in the Danish Financial Framework over a Housing CycleDynamics of Recent Danish Housing Market CyclesChanging Structure of Owner-OccupationChanging Mortgage Finance and IndebtednessThe Financial Stability of Owner Occupied HouseholdsConclusionsMarket Stability, Housing Finance and Home Ownership in GermanyCharacteristics of the German Housing MarketGerman Housing Price Trends: An International ComparisonHousing Demand and Housing InvestmentThe Contribution of the Financing SystemThe Impact of the Financial Crisis on the German Housing MarketHigh Down Payment Constraints and Stability: Contradicting Aims? The role of the Savings BehaviourConclusion and OutlookThe Responsiveness of New Supply to House Prices: A Perspective from the Spanish Housing MarketHousing Supply TrendsSpanish Housing Market Cycle Pre and Post the Financial CrisisEstimation of the Supply Elasticity of New HousesSummary and ConclusionAppendices: Details of Statistical AnalysisThe UK Housing Market Cycle and the Role of Planning: the Policy Challenge following the Financial CrisisHousing Market ContextAnatomy of the Housing Market Boom and BustEvolution of the Planning Framework in UKRecent Planning PoliciesThe Planning Policy Consequences of the Recession and BeyondNew Planning AgendaConclusionsDevelopments in the Role of Social Housing in EuropeLooking Back: Social Housing and the Welfare State in EuropeOutcomesFuture DevelopmentConclusionDelivering Affordable Housing in the UKHistoric Social Housing Context in ScotlandBackground to the Current Scottish Affordability ChallengeAssessing the Emerging ModelsConcluding DiscussionThe UK Private Rented Sector as a Source of Affordable AccommodationThe Private Rented Sector within the Housing SystemPotential Policy DevelopmentsPotential Attraction of Large InvestorsSummary and ConclusionsConclusions: The Challenges AheadThe Credit CrunchCommonalities and ChallengesThe FutureConcluding RemarksReferences