Innovative financing instruments for real estate development in Western Europe
||Vlachostergiou, Vassiliki Norman Hutchison
||Innovative financing instruments for real estate development in Western Europe
||21st Annual European Real Estate Society Conference in Bucharest, Romania
||The scale of the real estate development investment challenge allied with capital budget constraints has meant that the prospect of implementing innovative finance instruments has gained considerable momentum in recent years, at a time when Western European government policy has shifted towards supporting the decentralisation of power to local authorities. For instance in the UK, the introduction of the Community Infrastructure Levy (CIL) has provided local authorities with revenue generating streams to fund infrastructure provision, contributing to the economic viability of real estate development. At a macro-level, the broader economic aspects of the ‘crisis’ of finance in the EU post 2007-08, have taken urban development and regeneration trajectories in different directions. Furthermore, the effects of this ‘crisis’ at a regional EU level have seen different national export structures and dependence on other sources of foreign-currency earnings.In this research, exploration of financial instruments for real estate development is taken from a pan-European perspective. Views are targeted to Western European nations of the United Kingdom, Germany, France, The Netherlands and Spain. The broader pan-European context has been researched institutionally, such as through the JESSICA (Joint European Support for Sustainable Investment in City Areas) initiative of the European Commission, developed in co-operation with the European Investment Bank (EIB) and the Council of Europe Development Bank (CEB). The clear aim and output from the project has been to generate a contemporary conceptual model of financial instruments, used in real estate for urban development and regeneration in Western Europe, that have developed post 2007-08 Global Financial Crisis (GFC). The research has been sponsored by the RICS (Royal Institution of Chartered Surveyors) Research Trust.
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||O: Real Estate Finance & Investment
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