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E-book Hot Property : The Housing Market in Major Cities

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Penilaian

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Global megatrends are re-shaping the world economic order. From urbanisation, tothe rise of the global middle classes, ageing population and technological trends,these changes all pose major implications for the built environment and demand forhousing in the short- and long-term. According to the latest projections by theUnited Nations, the world’s population is expected to grow by 2.9 billion in thenext 33 years and potentially another three billion by the end of the century. At thesame time, the move towards cities is expected to continue, driven by economic,climate change and conflict motivations, as a result of which, 80–90% of people areexpected to live in cities by 2100 (United Nations2017).As population growth and urbanisation continue, cities are faced with a number ofchallenges such as air pollution, congestion, social issues and pressure on housingmarkets. The pressure on housing markets can be analysed from different per-spectives. Looking at the issue from afinancial market perspective, the issue offinancial market stability is a key element. However, when addressing the issue froma social and economic perspective, the focus lies more on risks like affordability,city competitiveness and social segregation.This paper examines the role of urbanisation and current megatrends we areseeing in today’s world, as well as the implications of the growing popularity ofresidential property as a real estate investment class, on the housing market in majorcities. Unintended consequences of rising house prices, housing shortages andunaffordability are explored followed by potential solutions. In order for cities tobe successful, careful consideration needs to be given to managing and resolvinghousing affordability challenges. This is a step towards creating a balanced housing market, as seen from both afinancial market as well as economic and social perspective. At the start of the industrial age, large urban centres in the United States and Europewere often crowded and crumbling. The emergence of car ownership started tomobilise urban populations as travel beyond the cities and towns got easier. Thisalso helped the middle-class to improve the quality of lives with access to fresh air,green space and spacious affordable homes. Not only citizens left the cities, alsocompanies moved to suburban office parks and retail concentrated in car-accessibleout of town shopping centres. Continued sprawl in the 1980s further increasedresidents’reliance on cars along with pollution, congestion and pollution. Peopleliving farther from urban centres spent more time commuting. Objections to urbansprawl arose slowly and urban planners began rethinking policies and developersstarted to encourage regeneration and mixed-use developments in city centres, in linewith a growing focus on sustainability and carbon emission reduction.The transition, in many advanced economies, from an industrial to a service-ledeconomy, has had profound implications for cities. Many formerly industrial citieshave transformed themselves. Older industrial zones have become the focus ofstrategies to foster the development of the service, tourism, knowledge and creativeeconomies. Polluted waterfronts have been regenerated, market squares havebecome public spaces again and railway station districts are renovated. This hasbeen supported by a wave of investment in infrastructure, and cultural and recrea-tional amenities.

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Ketersediaan

Informasi Detail

Judul Seri

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No. Panggil

306.3 DOO h

Penerbit

Switzerland : Springer Nature., 2023

Deskripsi Fisik

220 hlm

Bahasa

English

ISBN/ISSN

9783030116743

Klasifikasi

306.3

Tipe Isi

text

Tipe Media

computer

Tipe Pembawa

online resource

Edisi

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Subjek

Economic Institutions

Info Detail Spesifik

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Pernyataan Tanggungjawab

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Versi lain/terkait

Lampiran Berkas

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