Policy Framework for Sustainable Real Estate Markets
of a country's real estate sector
INTRODUCTION
The Real Estate Market Advisory Group (REM), a subsidiary body of the United Nations Economic Commission for Europe (UNECE) Working Party on Land Administration (WPLA) was established by the Executive Committee of UNECE in December 2007 with the goal of assisting Member States in the discussion and implementation of policy recommendations related to the real estate sector. Over the last two years the REM Advisory Group has contributed to the work of the Working Party through capacity- building activities and the dissemination of information, good practice and know-how related to the real estate sector. The involvement of experts and professional real estate organizations through REM aims to enrich significantly ongoing policy debates.
One initiative of the UNECE Real Estate Market Advisory Group (REM), with the support of the International Real Estate Federation (FIABCI), was the organization of a high-level roundtable discussion at the United Nations Headquarters in New York in December 2008. Speakers debated causes, effects and impacts of the financial crisis, with a particular focus on the real estate sector. A followup forum of experts took place in June 2009 in Rome, hosted by Tecnoborsa, where the draft of this publication and its major contents were the subject of indepth discussions. The outcome is a set of principles that can serve as guidance for policy action. Each of the principles deserves more in-depth development, and will be the subject of future studies by REM.
The present framework in its current form is intended to give policymakers and other interested parties a reference for their future work relating to the real estate sector and its underlying market structures. REM will also use this document as a reference for its own future activities. The document is meant to be the starting point for in-depth investigation of a variety of aspects related to the real estate sector.
The principles take into account the long-standing experience and work of the UNECE Committee on Housing and Land Management (CHLM) and its Working Party on Land Administration (WPLA).
The framework was developed by REM under the chairmanship of Mr. Giampiero Bambagioni, and with the cooperation of WPLA representatives and experts from across the region, including economists, legal experts and real estate market scholars from international organizations.
The task force consisted of Mr. Bambagioni (Chairman of the Task Force), Mr. Wolfgang Amann, Mr. Enrico Campagnoli, Mr. Peter Creuzer, Mr. David Egiashvili, Mr. Brian Emmott, Mr. Jonathan Harris and Mr. Damir Pahic.
The drafting of the framework was supported by the UNECE secretariat: Ms. Christina Von Schweinichen, Ms. Paola Deda and Mr. Ariel Ivanier. Additional support to the preparation of this study was provided by:
- Tecnoborsa and its related Technical– Scientific Committee (Tecnoborsa is the Organization of the Italian Chambers of Commerce for Development and Regulation of the Real Estate Economy)
- The International Real Estate Federation (FIABCI)
