Development of Real Estate Markets in Central Europe: The Case of Prague, Warsaw, and Budapest

Author:

Ghanbari-Parsa A R1,Moatazed-Keivani R1

Affiliation:

1. School of Urban Development and Policy, South Bank University, Wandsworth Road, London SW8 2JZ, England

Abstract

The countries of Central Europe have been undergoing major structural transformations since the collapse of Soviet and communist domination towards the end of 1989. However, there has been a relative scarcity of published research on the impact of these transformations on the development of real estate markets in these countries. The authors aim to rectify in part this lack by examining the process of development of real estate markets in the three Central European cities of Prague, Warsaw, and Budapest. Their analysis is focused on the development of markets in the larger commercial activities in urban areas, particularly the office and retail sectors. To this end the authors utilise the structure-and-agency model as their basic methodological approach to identify and examine the overall socioeconomic and political structure which governs the activities of real estate markets and the main agents or actors involved in these activities. They first examine the impact of the continuing societal transformations in terms of the legal framework, restitution of private property, and privatisation on the reemergence and development of real estate markets in the studied cities. The authors then go on to consider the development of real estate markets in more detail by using the results of field surveys carried out in the above cities during 1993 and 1994 to examine the organisation, behaviour, and stage of development of the real estate markets through an analysis of the development of the real estate professionals, the role and behaviour of local and international firms, and factors inhibiting the activities of these firms and limiting the growth of the real estate markets. The authors conclude by arguing that, in addition to the structural reforms, the role of international investment and foreign firms has been crucial in the rapid development and growth of the real estate markets in the studied cases. Nevertheless, lack of further investment finance, particularly local finance, is a major obstacle to the further growth and development of the real estate market and industry in these cities. Moreover, although these markets have developed remarkably rapidly since the end of 1989, they are still in an immature state of development in comparison with Western European markets. This, however, does not negate the fact that they still offer good opportunities for international investment at acceptable rates of return.

Publisher

SAGE Publications

Subject

Environmental Science (miscellaneous),Geography, Planning and Development

Cited by 15 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. The “glocalisation” of Istanbul's retail property market;Journal of European Real Estate Research;2021-07-12

2. European emerging real estate markets;Journal of Property Investment & Finance;2016-02-01

3. Urban land restitution in Cape Town: demanding the return of land rights in Constantia and Kensington/Ndabeni;Bulletin of Geography. Socio-economic Series;2014-12-01

4. The Challenge of Postsocialist Suburbanization;Confronting Suburbanization;2014-11-07

5. Multiple Transformations;Urban Studies;2011-03-31

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3