Markets & Institutions in Real Estate & Construction

Real estate development and construction tend to be separate subjects in the literature. But construction is an inevitable part of any property development process and so has a substantial influence on the institutional structure of development. The book argues that these structures can be best explained as a series of modern economic theories, based on competition and current production technologies. The book explains why the real estate and construction industries are organised in the ways they are, relates those characteristics to long-term market behaviour. It covers market dynamics - supply and demand; the interaction of property development, finance and construction; property cycles. It also examines institutions and market structures.