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Using Real Estate Investment Appraisal Methods To Evaluate Regional Policy Effects

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  • Nikolaos Triantafyllopoulos

Abstract

Regional policy has four major components: objectives, strategies, instruments and evaluation. In order to achieve the objectives of regional policy, governments employ a wide variety of instruments. Micro-policy instruments of regional policy are concerned with influencing the allocation of labour and capital, both between economic activities and between regions. However, one of the most significant problems tends to be the evaluation of these policy instruments and their effectiveness in achieving the policy objectives they are aimed at. This paper proposes an evaluation of the effects of micro-policy instruments of regional policies on the regional development of economic activities that are essentially dependent on real estate and location, such as tourism activities and the hotel industry, by the use of real estate appraisal techniques. The approach is primarily based on Alfred Marshallís theory of agglomeration economies.

Suggested Citation

  • Nikolaos Triantafyllopoulos, 2008. "Using Real Estate Investment Appraisal Methods To Evaluate Regional Policy Effects," ERES eres2008_277, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2008_277
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2008-277
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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