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Evolution of property investment markets in Central Europe: opportunities and constraints

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  • Stanley McGreal
  • Ali Parsa
  • Ramin Keivani

Abstract

The forces of globalization with implications for competitiveness present opportunities and challenges for the future development of cities. In central Europe the economic transformation of the 1990s has coincided with the growth of global forces; however due to their post-war history cities in this region are starting from an uncompetitive base. This paper examines the extent to which capital cities in central Europe have adapted to global forces specifically in relation to the development of commercial property markets. The research methodology is from a qualitative perspective and primarily draws upon an evaluation of expert opinion based on focus groups conducted in Budapest, Prague and Warsaw supported by evidence from market reports, survey and structured interview. Themes include the rationale for investment, factors influencing/barriers to investment and development, policy and institutional considerations, and future scenarios for each city within the region. Conclusions are drawn on the evolving property investment market. Constraints include administrative structures, planning policies, land ownership, information sources, valuation methods and the absence of effective city marketing.

Suggested Citation

  • Stanley McGreal & Ali Parsa & Ramin Keivani, 2002. "Evolution of property investment markets in Central Europe: opportunities and constraints," Journal of Property Research, Taylor & Francis Journals, vol. 19(3), pages 213-230.
    • Handle: RePEc:taf:jpropr:v:19:y:2002:i:3:p:213-230
    DOI: 10.1080/09599910210151323
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    Citations

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    Cited by:

    1. Laurin Frederic, 2011. "The Real Estate Conundrum in the CEE Office Markets: Thinking Too Big?," EERC Working Paper Series 11/07e, EERC Research Network, Russia and CIS.
    2. Luděk Sýkora & Stefan Bouzarovski, 2012. "Multiple Transformations," Urban Studies, Urban Studies Journal Limited, vol. 49(1), pages 43-60, January.
    3. Steven Devaney & Pat McAllister & Anupam Nanda, 2017. "Determinants of transaction activity in commercial real estate markets: evidence from European and Asia-Pacific countries," Journal of Property Research, Taylor & Francis Journals, vol. 34(4), pages 251-268, October.
    4. Frederic Laurin & John-John D'Argensio & Thea Goginashvili, 2010. "The Real Estate Conundrum in the CEE Office Markets: Thinking Too Big?," Working Papers 10-001, International School of Economics at TSU, Tbilisi, Republic of Georgia.

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