International Approaches to Real Estate Development

Citation

Clive M.J. Warren (2016), "International Approaches to Real Estate Development", Property Management, Vol. 34 No. 1, pp. 79-80. https://doi.org/10.1108/PM-11-2015-0060

International Approaches to Real Estate Development is an edited book by Graham Squires and Erwin Heurkens. Graham Squires is a Senior Lecturer in Planning and Real Estate at the University of Birmingham, UK and Erwin Heurkens is an Assistant Professor in Urban Development Management at TU Delft in the Netherlands. The editors have drawn together chapter authors from around the world to present comparative analysis of the development industry and practices from their respective regions. The world regions selected were chosen to encompass both developed and developing countries. There are 11 regions reviewed in all including the highly developed markets of the USA, UK and Australia along with a chapter covering the Middle Eastern markets of Saudi Arabia, Bahrain, and the UAE. Other regions of Europe include the Netherlands and Hungary. The developing world regions of India, China, Chile and Ghana complete the line-up.

In each region the editors have attempted to source academic writers from within the region or who are researching outside of the region but originate from the area. There are a few exceptions to this with UK or Australian based academics contributing the chapters on the Middle East, India and Ghana. The stated objective of this book is to provide students and professionals with a comparative evaluation of development on a global scale.

The introductory chapter is written by the books editors and sets the context for the following chapters which focus on each of the regions explored. This chapter seeks to outline the objectives of the book which are stated to be:

1. comprehend interdependency, complexity, challenges of real estate development;

2. obtain a better understanding of how concepts for real estate development become effective in different countries;

3. obtain a better understanding by comprehending various international real estate contexts; and

4. increase need for and interest in new perspectives and insights from successful real estate development practices.

Within the context of these objectives the authors propose that a new conceptual model of understanding real estate development is required in a rapidly expanding global investment market. They first analyse existing models supporting their proposition with the citation of key texts relevant to each model before putting forward an institutional driven model which draws on drivers from the environment, markets and other principal actors in the development process. This is an excellent review of the existing development models and is a very useful text for students wanting to obtain a thorough understanding of the development process.

The remaining chapters are dedicated to each of the selected countries. Within each chapter the structure remains the same, in order to facilitate comparison on, as far as is possible, a like for like basis. After a brief introduction the chapters then examine the broad philosophy and approach to development, followed by the typical characteristics and mechanisms involved in development, differentiating between commercial and residential development. There is also some useful commentary provided on the financing of development ranging from identification of key investors and development funds providers through to discussion of private-public partnerships. Finally there is a section which examines geographical characteristics within the respective countries and provides some case study examples of recent developments.

Each country chapter provides a snap shot of the development industry, the main drivers for development and the key players. Each chapter is rather brief, indeed an entire book could be dedicated to the analysis of each of the regions and sub-regions particularly in countries like the USA and UK where significant regional differences exist. Despite the necessary brevity the analysis of each market using a single format does provide some useful insight as a starting point to study these markets in more depth. The provision of an extensive reference list for each of the chapters is very useful for those who want to dig deeper into any particular region.

There are a number of texts available which deal with the development process and many are country specific, however this book attempts to draw together the process from many countries and provide a level of comparison between the highly developed and developing regions of the world. This will be a very useful text for anyone studying the development industry and wishing to get an international perspective and what drives the development process from an institutional and market perspective.