Location theory, static and dynamic view of market value of land, allocation and pricing.
Question1,Location theory, static and dynamic view of market value of land, allocation and pricing.
Key point • Role of Agglomeration • Theoretical Explanations of Location Decisions • Market Analysis Model • Alternative Theories of Industrial location • Locational Requirements of Office Users • Theoretical Explanation of Retailers • The Spatial Structure of Retail Property Markets
Question2,Why is it that values typically display a cyclical pattern? Key point: Explain business cycle Rent follow GDP booms Time and land Inelastic Change stock
Question3,Explain market efficiency and the factors that affect the efficient operation of property market? Key point
• High transaction costs • Indivisibility • Immobility • Durability • Inelastic supply in SR • Heterogeneity • Externalities • Government intervention • Irrationality of market participants • No perfect information