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Der Immobilienmarkt im politischen Systemvergleich

ELISABETH LICHTENBERGER
Geographische Zeitschrift
83. Jahrg., H. 1 (1995), pp. 21-29
Published by: Franz Steiner Verlag
Stable URL: http://www.jstor.org/stable/27818705
Page Count: 9
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Der Immobilienmarkt im politischen Systemvergleich
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Abstract

In this paper an attempt is made to outline the function of real estate economy in various political systems: in private capitalism in the U.S.A., in social welfare states in Europe and in the post-communist countries in East Central Europe. The North American model of the real estate economy with its financial links with private insurance and pension funds explains the North Americans' basic attitude towards the accumulation of private property: mobility in order to „follow rising real estate prices“ fuels the real estate market. In Europe's social welfare states a social market economy has become entirely independent of the real estate economy for a long time. Health insurance institutions and pension funds rely heavily or entirely on the respective states' subsidies derived from general taxes. It is the real estate market that is hit by the effects of cyclic ups and downs in all markets first of all, therefore the resulting rises and falls of property values continuously bring about changes in regional disparities in the U.S.A. The newly created European Union is in an initial phase of an internationalization of the real estate market that started in the metropolises and replaces national real estate markets that had been controlled by locally active mortgage banks and building societies so far. There is, however, no all-European property market proper as yet. In the East European countries privatization did create an international real estate market in the primate cities instantly, but there still is a long way to go before those basic legal conditions securing property rights usually existing in Western countries will be introduced. There are no signs of a development of regional real estate markets yet.

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