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Home affordability declines in most New Zealand regions

Home affordability declines in most New Zealand regions

          The latest Massey University Home Affordability Report shows most regions of New Zealand have declined in affordability over the most recent quarter, as well as over the past 12 months. The only exceptions are Otago (which excludes the expensive Central Otago Lakes region), which improved by a modest 1.9 per […]

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Central Otago Lakes has now Surpassed Auckland as the Most Unaffordable Region in New Zealand

Central Otago Lakes has now Surpassed Auckland as the Most Unaffordable Region in New Zealand

The Massey Home Affordability Index takes into account the cost of borrowing as well as house prices and wage levels. This March quarter has seen an improvement in national affordability driven mainly by the fall in house price levels in seven regions. Overall, home affordability improved by 7.0% in this quarter with some improvement in […]

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Rising House Prices Still Drive Housing Affordability Metrics

Rising House Prices Still Drive Housing Affordability Metrics

The Massey Affordability Index takes into account the cost of borrowing as well as house prices and wage levels. This December quarter has seen a decline in affordability driven mainly by the continued spillover of the Auckland house price levels into the regions. Overall, home affordability declined by 2.8% in this quarter with some big […]

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Financing infrastructure development: time to unshackle the bonds?

Financing infrastructure development: time to unshackle the bonds?

It is important to consider the merits of using projects bonds to finance infrastructure investment projects – in particular, the pricing of such bonds and the level of risk premium demanded by the market. In investigating the use and pricing of project bonds, this research used a mix of qualitative and quantitative methods. In addition to secondary desk-based study, […]

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Innovative real estate development finance – evidence from Europe

Innovative real estate development finance – evidence from Europe

                This research provides an insight into large-scale real estate projects in Europe and how they are using a more innovative blend of finance. The methodology involved a mix of desk-based study, interviews and case studies. Interviews were held with financiers, policymakers, developers, investors, fund managers and academics. […]

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Methods and models for international comparative real estate development

Methods and models for international comparative real estate development

                      Real estate development is a significant factor in planning the built environment. It shapes the way people live and work, and by doing so enables human activity to evolve. Real estate development forms a contemporary reflection of social, economic, environmental, and political forces at hand. […]

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Boarded Terraces

Dysfunctional Neighbourhoods Exist: More Urban Regeneration Needed

                Neighbourhoods within area-based initiatives that are engaged with regeneration and renewal often experience difficulties of poverty, disadvantage and deprivation. Furthermore, the experience of function or dysfunction is also important when exploring neighbourhoods undergoing transformation. Functioning ‘norms’ could enable residents within particular neighbourhoods to have equal opportunities of […]

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The difference between property bonds and leases – and the consequences for healthcare.

                There are some 487,000 places in long-stay residential care and nursing homes in the UK representing an industry worth some £15.2 billion per annum. Creating leases with guaranteed rental uplifts, a property bond in all but name, now attracts significant investment into healthcare. This is argued to […]

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Tax Increment Financing

Lessons in finance bonding for affordable housing

                    Can finance bonding be centred more on affordable housing as well as infrastructure? Some interesting nuances and lessons can be drawn when using a Tax Increment Financing (TIF) model in San Francisco, especially given the abandonment of California’s redevelopment agencies (RDAs). If historically focusing on policy, the […]

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Is Building Heritage in Enterprise Zones The Latest Threat or Opportunity?

    In considering heritage for buildings within Enterprise Zones, the central premise has been focusing on economic growth, with less thought given to the wider structural and cultural implications. When looking at an illustrative case study of Bristol Temple Quarter Enterprise Zone, it appears that conflicts emerge between the objectives of the Enterprise Zone scheme and those of heritage protection, indicating […]

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Returning to Rousseau – Is there a Contract Between Citizen and State?

          New forms of governance, conditional approaches to public service access, and initiatives to engage citizens in taking on new responsibilities are being developed in the context of the scaling down of the welfare state. The extent to which collaboration and multidirectional accountability can be developed between the state and citizens. […]

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Solutions to the housing crisis – Housing Associations in the Private Rented Sector?

            How do housing stakeholders align future private and public spending to identify investment opportunities and help meet the City’s broader economic and spatial planning priorities – through the private rented sector?The private rented sector represents a growing proportion of the housing market nationally and locally and the only housing option for many households priced […]

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Future financing cities through planning and development

It is important to improve understanding of how cities can be better financed to meet challenges over the short and long-term; be they economic, social and/or environmental. The lack of adequate basic urban services and infrastructure is a major challenge in the development of human settlements. With rapid urbanization, governments are increasingly having difficulties to meet […]

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My Book on – Urban and Environmental Economics

                    Urban and Environmental Economics The importance of the built environment to environmental protection is well established, with strict environmental regulations now a feature of the working lives of planners, contractors, building designers, and quantity surveyors alike. Those new to, or preparing to join this industry […]

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My Book on – International Approaches to Real Estate Development

                            Squires, G. and Heurkens, E. (Eds) (2014). International Approaches to Real Estate Development. Routledge. An international approach to the study and teaching of real estate is increasingly important in today’s global market. With chapters covering numerous countries and every continent, International Approaches […]

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Urban water economics – putting a value, price, and cost on natural resources

                            Environmental resource issues involving water need to consider third-party external costs (and benefits) – water pollution being one example. Natural resource economics can be applied to this issue and set in the context of water production and consumption in urban areas. Furthermore, the price, value, and cost […]

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Motivations for energy efficiency refurbishment

              The existing housing stock needs substantial adaptation to meet national and international carbon reduction targets. The largest proportion of housing is owner-occupied, and will require improvement works which go beyond those measures provided through incentive programmes. Therefore, the motivation of owner-occupiers to perform more substantial energy efficiency refurbishments is […]

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Community self-build schemes enabling holistic solutions for ex-servicemen

              It is worth looking at the impact of community self-build schemes, especially as many have helped ex-service personnel rehabilitate whilst gaining new skills. Promotion of this type of scheme can encourage and inform future projects and to gain political and financial support. Schemes often involve ex-service personnel encountering difficulties in adapting […]

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Lessons need to be learned from Enterprise Zones and Empowerment Zones

  There is a need to learn lessons when using spatially targeted fiscal experiments if intervention is to generate wider developmental benefit. For Enterprise Zone concept in the UK (1981–2007) and an exported variant to the US, the Empowerment Zone programme (1993–2009) lessons can be drawn to inform the latest wave of Enterprise Zones in England (2011 to […]

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Do we need a prudential approach to financing urban development?

                  Th use of bonded financial mechanisms such as Tax Increment Financing (TIF) can lever renewal within a wider policy framework. In an era of low economic growth, straitened finance, and an increasing emphasis on the ‘local’, bonded finance over the long term could effectively smooth property market volatility that […]

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Tax Increment Financing

Tax Increment Financing (TIF) as an urban policy for spatially targeted economic development initiatives

Urban policy transfer between the US and UK has long been of interest to researchers and practitioners. Given the recent wider context of reduced direct funding and the absence of a coherent regeneration policy, the introduction of Tax Increment Financing (TIF) to the UK is one approach of stimulating spatially targeted economic development initiatives. Questions are raised […]

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Socially responsible property investment

Socially Responsible Property Investment (SRPI) as the new sustainable development growth model

          In examining the effectiveness of the investment practice known as ‘Socially Responsible Property Investment’ (SRPI), funds and developers make special claims for their regeneration schemes, namely, that they deliver enhanced social benefits. But what in regeneration practice distinguishes SRPI from the actual priorities and behaviours of investors and developers in the sub-sector? Plus […]

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