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Institutional economics and property strata title -- a survey and case study

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  • Megan Walters
  • Paul Kent

Abstract

Hong Kong uses a common law ownership system for property held in multiple ownership. Many problems have arisen with the process of managing high rise multiple ownership property resulting in dilapidated, unsafe buildings. The Government is considering changing the ownership method to a statutory system, such as a strata or condominium title system as a way of resolving some of the management difficulties. Using an institutional economic framework this paper considers whether changing the ownership system will alter people's behaviour and reduce management problems. The framework draws on theory developed from the problems of collective choice action and the management of common pool resources. The paper concludes that the existing common law system fails to take account of the innate difficulty of rational self-interested individuals acting for their collective good, without some central authority to provide management. This would be provided in a statutory system such as a condominium or strata title system.

Suggested Citation

  • Megan Walters & Paul Kent, 2000. "Institutional economics and property strata title -- a survey and case study," Journal of Property Research, Taylor & Francis Journals, vol. 17(3), pages 221-240, January.
    • Handle: RePEc:taf:jpropr:v:17:y:2000:i:3:p:221-240
    DOI: 10.1080/09599910050119994
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    Citations

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    Cited by:

    1. Yung Yau & Daniel Ho & Kwong Chau, 2008. "Determinants of the Safety Performance of Private Multi-storey Residential Buildings in Hong Kong," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 89(3), pages 501-521, December.
    2. Yung Yau, 2018. "Tripartite Efficacy Beliefs and Homeowner Participation in Multi-Owned Housing Governance," Sustainability, MDPI, vol. 10(9), pages 1-17, September.
    3. Wei Gao & Daniel Chi Wing Ho, 2011. "Collectivism in Apartment Building Management in Hong Kong," ERES eres2011_154, European Real Estate Society (ERES).
    4. Fang-Ni Chu & Chin-Oh Chang & Tien Foo Sing, 2013. "Collective Action Dilemmas in Condominium Management," Urban Studies, Urban Studies Journal Limited, vol. 50(1), pages 128-147, January.
    5. Yung Yau, 2011. "Willingness to Participate in Collective Action: The Case of Multi-owner Housing Management," ERES eres2011_155, European Real Estate Society (ERES).
    6. Maria Trojanek & Marcin Anholcer & Audrius Banaitis & Radoslaw Trojanek, 2018. "A Generalised Model of Ground Lease Pricing," Sustainability, MDPI, vol. 10(9), pages 1-21, September.

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