European Cities, Planning Systems and Property Markets

European Cities, Planning Systems and Property Markets

European Cities, Planning Systems and Property Markets

European Cities, Planning Systems and Property Markets

Synopsis

A common theme running through both the market economies of Western Europe and the old command economies of Eastern Europe is the desire to combine local economic development objectives with those of the international investor. It is in this context that the interaction between planning systems and property markets is of paramount importance.

Excerpt

The increasing political and economic attention focusing on European integration has stimulated a growing interest in the investment markets of the major cities of Europe. International property investment criteria specify that a market must be accessible to overseas investors and that it must be relatively liquid in terms of the transactions that take place. in fulfilling these requirements planning systems have a significant effect in promoting or limiting development and investment opportunity. Throughout the market economies of Western Europe and the old command economies of Eastern Europe, the diversity of planning systems and practices and the relationship with institutional structures, cultures and economic opportunities is complex. However a common theme is the desire to combine local economic development objectives with those of the international investor. in this context the interaction between planning and other regulatory measures and land and property markets in both Western and Eastern European cities is of paramount importance.

Cities are, and will increasingly continue to be, major players in the overall development of regional, national and international economic systems. As centres of innovation cities are the driving force behind technological progress. the proliferation of new information technologies is leading to profound changes in which the traditional industrial city based on the production and manufacture of goods is being superseded by the new modern city labelled as the transactional city, the technology city and the informational city. the new information technologies are directly connected to fundamental economic change in which the city is bound ever more tightly into a single global market.

The structural trend towards the formation of the global economy will affect European cities through the internationalization of capital flows, labour markets, commodity markets, information, raw materials, management and organization. European cities will have to acknowledge their role in this new global economy by being competitive and capable of sustaining national and international development opportunities and invest-

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