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Recreating residential property values in the inner city -- an adapted ‘old’ institutional approach

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  • Tom Kauko

Abstract

This paper argues that old institutional economics (OIE) is well-placed to provide a conceptual framework for the analysis of issues surrounding property price developments. This is particularly true in arenas where qualitative factors cause a change that is discontinuous from the previous structure, such as amid urban regeneration. In this paper first the basic principles of OIE are outlined and a meta-theoretical position established. Then it is argued how this approach has potential applicability for explaining the house price impacts of decision making regarding urban regeneration. The study tests an OIE inspired typology of price and quality changes on processes of urban renewal within localised housing market areas. In doing so, empirical material is presented through two case studies: one from Amsterdam and the other from Budapest. Findings from these circumstances illustrate the value of an OIE approach for analysing house prices, quality elements and neighbourhood specific characteristics of urban regeneration. More generally, the study shows that OIE has plenty to offer for a ‘patchy’ and evolving problem area such as the analysis of urban property price development.

Suggested Citation

  • Tom Kauko, 2011. "Recreating residential property values in the inner city -- an adapted ‘old’ institutional approach," Journal of Property Research, Taylor & Francis Journals, vol. 29(2), pages 153-176, December.
    • Handle: RePEc:taf:jpropr:v:29:y:2011:i:2:p:153-176
    DOI: 10.1080/09599916.2011.649488
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    References listed on IDEAS

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    1. Roland Bénabou & Jean Tirole, 2010. "Individual and Corporate Social Responsibility," Economica, London School of Economics and Political Science, vol. 77(305), pages 1-19, January.
    2. Arild Vatn, 2005. "Institutions and the Environment," Books, Edward Elgar Publishing, number 2826.
    3. repec:arz:wpaper:eres2008-117 is not listed on IDEAS
    4. Edwin Buitelaar, 2008. "Property Rights And Urban Regeneration In The Netherlands," ERES eres2008_117, European Real Estate Society (ERES).
    5. Vatn, Arild, 2005. "Rationality, institutions and environmental policy," Ecological Economics, Elsevier, vol. 55(2), pages 203-217, November.
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