USING REAL ESTATE INVESTMENT APPRAISAL METHODS TO EVALUATE REGIONAL POLICY EFFECTS
||USING REAL ESTATE INVESTMENT APPRAISAL METHODS TO EVALUATE REGIONAL POLICY EFFECTS
||Book of Abstracts: 15th Annual European Real Estate Society Conference in Kraków, Poland
||Regional policy has four major components: objectives, strategies, instruments and evaluation. In order to achieve the objectives of regional policy, governments employ a wide variety of instruments. Micro-policy instruments of regional policy are concerned with influencing the allocation of labour and capital, both between economic activities and between regions. However, one of the most significant problems tends to be the evaluation of these policy instruments and their effectiveness in achieving the policy objectives they are aimed at. This paper proposes an evaluation of the effects of micro-policy instruments of regional policies on the regional development of economic activities that are essentially dependent on real estate and location, such as tourism activities and the hotel industry, by the use of real estate appraisal techniques. The approach is primarily based on Alfred Marshall’s theory of agglomeration economies.
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