ABSTRACT
Urban land use has long been the main concern of urban planners. However, several socio-economic and environmental changes are making real estate an increasingly dynamic sector, requiring new perspectives. First, as a result of market liberalization, real estate is becoming a store of significant wealth and an important base for economic activities and local taxation. The need for infrastructural investment and maintenance, which raises the value of real estate, takes a big and increasing proportion of municipal expenditure. This is especially so for global or world cities. Second, there are increasing ecological concerns. On the one hand, urban land areas can only expand at the expense of agricultural areas around them, thus reducing the planet’s ability to produce food (Meadows 1972). On the other hand, however, urban density is decreasing rather than increasing due to rising income levels (Angel et al. 2011). Third and finally, demand on urban real estate is becoming increasingly uneven because of globalization, increased population mobility and the processes of structural change.
