ABSTRACT
In capitalist societies many things become commodities to be bought and sold at a profit. What in pre-capitalist times were prized for their use value become measured by their exchange value in capitalist society. This happens to urban land and buildings and signals the development of places as if money mattered. This chapter deals with the character and effects of the use of urban land and property as investment. It discusses two important aspects: the impact of past patterns of investment and the character of contemporary ones. Cities concentrate activity in selected areas and the process of urbanisation confers importance on selected sites. Property investors seek to maintain or increase their return from their investment. Their ability to do so depends upon the overall state of the economy, the particular type of land they hold and the nature of the relationship with land users.
