Pisman, Ann and De Nocker, Leo and Dugernier, Marten and Pennincx, Inge and Van Damme, Liesbeth (2015) Analysis on Financial Consequences of Spatial Decisions: Framework and Case Studies. REAL CORP 2015. PLAN TOGETHER – RIGHT NOW – OVERALL. From Vision to Reality for Vibrant Cities and Regions. Proceedings of 20th International Conference on Urban Planning, Regional Development and Information Society. pp. 63-71.
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Text (Analysis on Financial Consequences of Spatial Decisions: Framework and Case Studies)
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Abstract
A large number of policy decisions at both the spatial and other policy departments have an effect on the financial value of an individual property. In the current society the economic crisis and the debate about the position of governments have changed the conditions for spatial policies and realization of real estate projects. Arguing about the financial impact of spatial policy decisions is more than ever relevant. In 2014 the Flemish spatial development department initiated a research on financial consequences of spatial decisions for private owners and on the actual performance of existing financial compensation mechanisms. The study also defined and operationalized the concept of real estate value and made an in-depth analysis of thirteen cases and their impact on the total real estate value within a defined time period. The cases used a wide variation of financial valuation techniques (comparative method, hedonic method, capitalization rental income, residual value method). The cases illustrate that the current compensation mechanisms in Flanders are mainly focused on the ‘zoning’ of properties. Changes to generic regulations or changes to the floor space of a property (e.g. limit/ increase number of floors) have also significant effects on the real estate value but are not captured within the actual regulations. Flanders intends to implement these new insights on financial impacts of spatial development and planning in the new Spatial Policy Plan. Increasing spatial efficiency and further exploring and harmonizing compensation mechanisms are two major challenges.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | area development, quantifying private profits losses, spatail development, spatial planning, financial compensation |
| Subjects: | H Social Sciences > HD Industries. Land use. Labor Q Science > QA Mathematics > QA76 Computer software |
| Depositing User: | REAL CORP Administrator |
| Date Deposited: | 23 Mar 2016 09:02 |
| Last Modified: | 23 Mar 2016 09:02 |
| URI: | http://repository.corp.at/id/eprint/70 |
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