URBAN-POLICY AND PROPERTY DEVELOPMENT - THE INSTITUTIONAL RELATIONS OF REAL-ESTATE DEVELOPMENT IN AN OLD INDUSTRIAL REGION

The impact of public policy on the opportunities available for property development in an urban region and the effect of such policy on the institutional organization of the property-development sector are examined. Also explored are the problems of generating autonomous private-sector development capacity in a fragile local economy (Tyne and Wear in North East England) experiencing decline in its traditional industrial base, within which active property markets may only exist with respect to certain types of properties and locations. The tension between a financial orientation and a production orientation towards property development is highlighted. During the 1980s, planning and urban policy in Britain promoted the former orientation, but the needs and opportunities of the local economy emphasised the latter. The importance of understanding the specificities of local property-development organization and relations for the design and evaluation of public policy directed at the property sector is stressed.