Documente Academic
Documente Profesional
Documente Cultură
Ernie Jowsey
Principal Lecturer in Applied Economics, Built Environment,
Sheffield Hallam University, UK
B 375666
macmillan
Contents
xiii
xviii
Acknowledgements
xix
3
5
9
11
11
12
16
17
18
19
Economic Efficiency
Welfare and economic efficiency
Conditions necessary for Pareto optimality
Achieving the conditions of economic efficiency
Conditions necessary for economic efficiency
through the price system
Weaknesses of the price system
The allocation of real estate resources
Summary
20
20
21
26
Part II
29
32
34
34
39
39
40
42
Viii
CONTENTS
45
50
51
56
58
58
60
63
63
64
65
69
70
71
73
75
75
80
82
90
104
106
111
111
113
113
116
119
122
124
130
132
137
Property Development
141
141
142
146
146
152
CONTENTS
IX
Estimating demand
Optimum construction outlay
The intensity of site use
The amount that can be paid for the site
Building higher versus building wider
The choice of development project
Summary
154
158
159
161
163
165
165
Redevelopment
The timing of redevelopment
The value of the cleared site
The rate of redevelopment
Renovation or clearance?
The effect of a change in the rate of interest on the
rate of redevelopment
The effect of a change in building costs on redevelopment
Other factors affecting the pace of redevelopment
Summary
166
166
168
170
172
173
174
176
176
9 Development Finance
Principles of financing real property development
Short-term finance
Longer-term development finance
Long-term investment finance
Summary
178
178
181
183
186
190
191
191
194
196
197
199
201
203
204
206
207
211
212
214
217
221
229
230
CONTENTS
232
232
233
234
239
249
252
257
257
258
264
265
271
273
278
279
279
281
283
287
288
291
293
297
300
306
307
307
311
314
326
328
330
330
331
338
340
254
255
CONTENTS
Brownfield development
Valuation of contaminated land sites
Summary
Part IV
XI
341
344
346
349
349
352
358
363
368
371
377
377
379
382
387
391
393
393
395
398
399
400
402
403
404
406
408
Part V
373
375
413
413
414
418
422
424
Xii
CONTENTS
425
425
428
430
439
439
441
442
443
446
447
453
455
459
460
460
462
469
471
481
485
486
References
489
Index
433
434
437
495