Eres : Digital Library : Works

Paper eres2010_417:
CAUSES AND DETERMINANTS OF LAND AND PROPERTY CYCLES: THE BUBBLE PHENOMENON AND ITS CONSEQUENCES IN SPAIN LESSONS FROM JAPAN

id eres2010_417
authors Parsa, Ali; Martinez-Perez, Alona; Berry, Jim
year 2010
title CAUSES AND DETERMINANTS OF LAND AND PROPERTY CYCLES: THE BUBBLE PHENOMENON AND ITS CONSEQUENCES IN SPAIN LESSONS FROM JAPAN
source 17th Annual European Real Estate Society Conference in Milan, Italy
summary The dramatic growth and collapse of land and property markets in Spain has been the subject of recent analysis. Such analysis has focused on the political and economic factors including the modernisation of financial systems and institutions since the 1980s. This paper examines the causes and determinants of land and property cycles in Spain and draws comparisons with the real estate bubble of the 1980s and 1990s in Japan. In this context it is argued that cultural attitudes, institutional behaviour and perceptions of real estate as an asset are significant contributory factors in creating real estate bubbles. Analysis of major political events, deregulation of the financial system and planning reform since the 1980s is utilised to identify the causes and interrelations using time series to examine economic and real estate cycles in Spain. The analysis will therefore focus on the implication of over supply compounded by opaque transaction, valuation practice, bank lending and the unique characteristics of the Spanish and Japanese real estate markets. The paper will consider whether the behaviour of market players is influencing property market performance.
keywords Property markets, Real Estate Bubbles, Spain, Japan, Institutions and Market Players
series ERES:conference
email parsaaa1380@yahoo.co.uk
more http://www.eres2010.org/index.asp?page=papers_download
content file.ppt (662,528 bytes)
discussion No discussions. Post discussion ...
ratings
session Research and Forecasts in real estate - Symposium
last changed 2010/08/04 20:47
HOMELOGIN (you are user _anon_164048 from group guest) Powered by SciX Open Publishing Services 1.002