Real Estate Economics

Citation

Warren, C.M.J. (2012), "Real Estate Economics", Property Management, Vol. 30 No. 3. https://doi.org/10.1108/pm.2012.11330caa.002

Real Estate Economics

Real Estate Economics

Article Type: Book review From: Property Management, Volume 30, Issue 3

Ernie Jowsey,Palgrave Macmillan,Basingstoke,2011,496 pp.,£35.99,ISBN 978-0-230-23320-1

This text is an excellent teaching text suitable for students studying any built environment undergraduate courses. While it is a UK-based text, it is equally applicable to an international forum as the broad economic principles discussed are not constrained by the regional aspects of the text. The author, Ernie Jowsey is a research professor in the Real Estate Department of Northumbria University UK, having previously taught in the Management School at Sheffield Hallam University and, prior to that at a Sixth Form College in Nottingham.

The book is divided into four major parts, with each then subdivided into several chapters. The first part deals with the boarder principles of economics and the operation of the market. This is general economic theory not specific to the operation of the property markets. Part Two provides real estate specific analysis, looking at land and price mechanisms in both the residential markets and commercial leasing markets. The section finishes with a review of the real estate cycles in the UK between 1945 and the present day.

Part three of the book tackles issues relating to property development including, not just the development process itself, but also development finance and urban planning. In addition to these more usual development issues there are also chapters analysing the construction industry as a productive unit, as well as delving into contemporary issues of green building, carbon pollution and Brownfield development.

The fourth and final part is dedicated to the interrelationship between real estate and government. It addresses issues ranging from development of government policy in the UK, including the use of private public partnerships in funding development through to property taxation. This part is perhaps the most focused on UK specific issues, but it still provides a reasonably broad analysis of the issues faced by policy makers, to make it of interest to a wider audience.

This book is well written and provides students of real estate economics with an easy to understand analysis of the UK property economy. It is organised in a logical four-part structure, which allows each section to stand alone as an individual topic of study. The use of non-technical language and the inclusion of a number of case studies enhance the readability for students. I would recommend it as a sound recommended text for any university course.

Clive M.J. WarrenUniversity of Queensland, Business School, Brisbane, Australia