Introduction

This introduction presents an overview of key concepts discussed in the subsequent chapters of this book. The book explains the working of the price mechanism in the property market. It provides a background, to work out an analytical approach for the study of these matters, so they are referred to only to illustrate the argument. Most of the research that has been done in urban land economics in recent years has been American, and there are even a few American textbooks on urban land economics. The book discusses buying or of owning property, the subjects of transactions are not really land and buildings themselves but 'interests' in property, proprietary rights. It deals with Occupation leases that are leases where the lessee occupies land and building, cover a wide field. With the great majority of leases a rent, a periodic payment, is part of the valuable consideration paid by the lessee.