Devaney, S;
Livingstone, ND;
McAllister, P;
Nanda, A;
(2017)
Institutional Convergence in Real Estate Markets: A Comparative Study of Brokerage Models and Transaction Costs.
Journal of Real Estate Literature
, 25
(1)
pp. 169-188.
![]() |
Text
Livingstone_International convergence in real estate markets_.pdf - Accepted Version Access restricted to UCL open access staff Download (391kB) |
Abstract
We analyze international variations in transaction processes and costs in commercial real estate markets. They are interpreted through a framework emerging from new institutional economics and socio-technical theory. Specifically, brokerage arrangements and transaction times and costs are investigated across a sample of 26 developed, emerging, and frontier real estate markets. The research reveals a nuanced and intricate pattern of market conventions. In some markets, a variety of transaction models can comfortably coexist, but more commonly, a single model is embedded and dominant. However, there is near universality in practice for other aspects of transactions, such as broker service offers and brokerage commission structures. Overall, local market outcomes seem to reflect local adaptations and modifications of a small number of common models.
Type: | Article |
---|---|
Title: | Institutional Convergence in Real Estate Markets: A Comparative Study of Brokerage Models and Transaction Costs |
Publisher version: | http://aresjournals.org/toc/reli/25/1 |
Language: | English |
Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett School of Planning |
URI: | https://discovery.ucl.ac.uk/id/eprint/1559922 |
Archive Staff Only
![]() |
View Item |