|
|
The Second Forum on Real Estate Markets - Land for Development
|
|
FINANCING & MARKET INFRASTRUCTURE
For the second year, Tecnoborsa SCpA - a joint-stock consortium created through the Chambers of Commerce for Regulation, Transparency and Development of the Italian Real Estate Market - has promoted and organized a Summit on the Real Estate Market within the Land for Development Programme - LFDP in cooperation with the United Nations Economic Commission for Europe - UNECE. This event has gathered government representatives from more than 50 countries, Non Governmental Organizations (NGOs), and other actors of the real estate and credit sectors.
In line with the UN Millenium Declaration, the Land for Development Programme has been adopted at the First Summit in 2002 for the development of the real estate and land markets in Europe. During the First Summit, the participants agreed that the main purpose of this Programme shall be to promote sustainable development and alleviate poverty by providing technical assistance on: efficient land policy, functioning systems of trade for the land and real estate properties, institutional mechanisms to protect property rights in Europe - in particular in those of the Central Eastern.
The UNECE is actively involved in developing an international dialogue on these themes and, thorough its Real Estate Advisory Group - REAG, in increasing the cooperation between European countries. Also, investment opportunities are especially promoted in the Transition Economies and CIS Countries.
In order to clearly identify the LFDP priorities, a Benchmark Survey on the development of the real estate markets on Central and Eastern Europe was presented during the Summit. This, together with the High-Level Panel on property rights chaired by Professor Hernando De Soto, shall provide a set of guidelines for policy makers as expressed in the Shared Vision which was launched at the end of the 2003 Forum.
The key points of the 2nd Forum
Financing & Market infrastructure The 2002 Summit had underlined some risks and critical points which characterized the UNECE region real estate markets. The Second Forum has once again confirmed the importance of the LFDP and investigated new topics related to financing and market infrastructure development. In particular the follows have been openly debated during the working: access to financing, valuation standards, professional qualifications and dispute resolution systems on land market. It was concluded:
- The necessity to develop a system for land management, that is a comprehensive land policies reform on the basis of Mr. Hernando De Soto's theory: "an open land market where property rights are part of the official economy is the key factor to economic growth".
- The necessity to introduce an effective resolution mechanism on land disputes - which can easily arise as consequence of the recent properties restitution process occurred in the region.
- The need to easily access financing, that is, how to make credit markets more accessible and how to facilitate the use of property as collateral.
- The need to improve human capital and professionalism, that is, how to improve the level of professionalism of the real estate market operators and to develop a set of common valuations standards.
- The importance to resolve conflict-situations, which can arise in relation to land and property rights markets.
 SUMMARY 3rd SUMMIT - Rome, 13 - 14 December 2003
SUMMARY 1st SUMMIT - Rome, 19 - 20 September 2002 |
|
|
|
|