- “Fast Forward” Needs a Property Market, Supported by an Independent Planning System    click here to open paper content458 kb
by    Dawkins, Jeremy | jeremydawkinsmail@gmail.com   click here to send an email to the auther(s) of this paper
Short Outline
How can a country move from state ownership of all urban land to efficient, fair, sustainable urban development? An urban property market is part of the answer, but only if supported by transparent and independent land and planning mechanisms.
Flourishing cities do not just have planned infrastructure and comprehensive rules for development. Flourishing cities allow for many decision makers, many initiatives, unplanned exchanges, creativity and spontaneity. This means that there is a market in ideas, activities, sites and – fundamentally – urban land.

If the traditional mechanisms supporting an urban property market have been eliminated, they have to be rebuilt. China and many eastern European countries have been through the rebuilding process.

The essential components of an urban property market – all of which need to be reinstated if they are weak, compromised or non-existent – are a legal cadastre for all land, title guaranteed by the state, a public land valuation system, rules for land use and other aspects of development, a development control system that strictly follows the rule of law, publicly planned and managed infrastructure, and a property tax to fund these systems.

The paper presents a generic model of the systems required to support an urban property market. The generic model explains all such systems, irrespective of local traditions and diverse social systems. The generic model is based on urban economic theory, on observation of many systems, and on the practicalities of urban development.
planning regulation property market externalities Coase
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