Recreating residential property values in the inner city - an adapted 'old' institutional approach

摘要

This paper argues that old institutional economics (OIE) is well-placed to provide a conceptual framework for the analysis of issues surrounding property price developments. This is particularly true in arenas where qualitative factors cause a change that is discontinuous from the previous structure, such as amid urban regeneration. In this paper first the basic principles of OIE are outlined and a meta-theoretical position established. Then it is argued how this approach has potential applicability for explaining the house price impacts of decision making regarding urban regeneration. The study tests an OIE inspired typology of price and quality changes on processes of urban renewal within localised housing market areas. In doing so, empirical material is presented through two case studies: one from Amsterdam and the other from Budapest. Findings from these circumstances illustrate the value of an OIE approach for analysing house prices, quality elements and neighbourhood specific characteristics of urban regeneration. More generally, the study shows that OIE has plenty to offer for a 'patchy' and evolving problem area such as the analysis of urban property price development.