A comparative analysis of land readjustment at international context

Ya Zhao and Lennon Choy

ERES from European Real Estate Society (ERES)

Abstract: Land readjustment, as an alternative to traditional land expropriation, has been implemented by both developed and developing countries in urban land development during past century. It promotes an inclusive urban development process and is observed to solve the overwhelming holdout dilemma and free rider problem in most cases especially where public budget is constrained or where legal or ideological support for property right protection is strong. However, LR is still a brand-new technique to other countries and regions whilst the fruitful achievements in some countries. Furthermore, LR is not a panacea for all cultures and communities. Its effectiveness is impaired in some cases due to inappropriate adjustment over changing political, economic and social environment. In this context, a comprehensive and comparative analysis within the frame of international literature is necessary to facilitate the study and transfer of LR. By examining international experiences and operation details in 14 countries, we summarize the applications and strengths of LR and compare mechanisms, policies, legal frameworks systematically across these countries. The challenges and weaknesses of this instrument as well as countermeasures are also explored to yield more insights into prospective improvements for more efficient applications. This article makes one of the first attempts to establish a comprehensive analysis of land readjustment at the international context.

Keywords: Land assembly; Land Readjustment; Property right; Urban Development (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2019-01-01
New Economics Papers: this item is included in nep-agr
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2019_87

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