The booming realty sector... almost everywhere
One third of our planet’s surface, is land, which is abode of six billion people. It is an irony though that majority of the world’s population is deprived of any land ownership. Over the last couple centuries, man has tried to correct this malevolent design by introducing land reforms. No other country in the world has experienced as much land reform as People’s Republic of China did. China’s land reform happened at multiple levels starting from early 1940s. Their last land reform came in early 1970s, called Household Responsibility System which became very popular initially.
In urban USA (where 87% population lives in towns) real estate replaces land reform. Real estate value and market in USA is at its nadir now with the ‘Housing Bubble Burst’ in 2005. This deflated value of property has created the monster of Mortgage and Credit crisis, which compelled the US federal government to consider bailing out the victims. Like the US, Western Europe too is industrialised. In urban Europe however the real estate market is booming, where the property price is in dizzying ascendance especially in the UK and Spain. Weak stock market and low interest rate are supposed to have caused the bubble. Therefore, like any product or service lifecycle, real estate also has its share of ups and downs.
One third of our planet’s surface, is land, which is abode of six billion people. It is an irony though that majority of the world’s population is deprived of any land ownership. Over the last couple centuries, man has tried to correct this malevolent design by introducing land reforms. No other country in the world has experienced as much land reform as People’s Republic of China did. China’s land reform happened at multiple levels starting from early 1940s. Their last land reform came in early 1970s, called Household Responsibility System which became very popular initially.
In urban USA (where 87% population lives in towns) real estate replaces land reform. Real estate value and market in USA is at its nadir now with the ‘Housing Bubble Burst’ in 2005. This deflated value of property has created the monster of Mortgage and Credit crisis, which compelled the US federal government to consider bailing out the victims. Like the US, Western Europe too is industrialised. In urban Europe however the real estate market is booming, where the property price is in dizzying ascendance especially in the UK and Spain. Weak stock market and low interest rate are supposed to have caused the bubble. Therefore, like any product or service lifecycle, real estate also has its share of ups and downs.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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