Real estate market and urban transformations: spatio-temporal analysis of house price increase in the centre of Marseille (1996-2010)
Over more than ten years, France has experienced a twofold increase of residential housing prices. This was largely fuelled by the credit conditions and a general fear of the future. A strong negative correlation between initial price level and its increase leads to a massive trend of spatial homoge...
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| Argitaratua izan da: | URI:https://journals.openedition.org/articulo, |
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| Formatua: | Article ou chapitre numérique |
| Hizkuntza: | Anglais |
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Journal of Urban Research
2012
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| Sarrera elektronikoa: | Accès Université d'Orléans et IFPM Accès Université d'Orléans et IFPM |
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openedition-oai:revues.org:articulo_2152 |
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openedition |
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openedition-oai:revues.org:articulo_2152 https://doi.org/10.4000/articulo.2152 urn:doi:10.4000/articulo.2152 en https://journals.openedition.org/articulo/2152 2012-11-23T01:00:00Z info:eu-repo/semantics/openAccess article info:eu-repo/semantics/article urn:handle:20.500.13089/a3tw https://creativecommons.org/licenses/by-nc-nd/4.0/ Real estate market and urban transformations: spatio-temporal analysis of house price increase in the centre of Marseille (1996-2010) Journal of Urban Research UrbanHub info:eu-repo/semantics/reference/issn/1661-4941 URI:https://journals.openedition.org/articulo Boulay, Guilhem real estate house price increase spatial analysis rent gap land rent theory urban redevelopment Marseille Over more than ten years, France has experienced a twofold increase of residential housing prices. This was largely fuelled by the credit conditions and a general fear of the future. A strong negative correlation between initial price level and its increase leads to a massive trend of spatial homogenization of the prices. Such a tendency is fairly vigorous in the metropolitan area of Marseille, and particularly in its extremely poor and long devaluated centre, where prices have risen by over 200% since the mid-1990s. This real estate market evolution is emblematic of Neil Smith’s rent gap hypothesis. Yet, a detailed survey of spatial differentials of price increase shows that contiguous central neighbourhoods with similar price levels before the recent tremendous upsurge are affected by appreciably different price rises. Therefore, this unequal price evolution cannot be understood without a clearer analysis on the ‘potential land value’ than provided by Smith’s model. In the context of such housing price increase and uncertainty, prices transmit noisy signals to investors. Thus, State involvement, as in one of the most important operations of urban redevelopment nationwide (Euroméditerranée), appears as a guarantee for investors and also accounts for the spatial differentials of price growth rates. |
| collection |
OpenEdition Journal |
| language |
Anglais |
| format |
Article ou chapitre numérique |
| building |
0/Bibliothèque numérique/ 1/Bibliothèque numérique/OpenEdition Journals/ |
| topic |
real estate house price increase spatial analysis rent gap land rent theory urban redevelopment Marseille |
| spellingShingle |
real estate house price increase spatial analysis rent gap land rent theory urban redevelopment Marseille Boulay, Guilhem Real estate market and urban transformations: spatio-temporal analysis of house price increase in the centre of Marseille (1996-2010) |
| description |
Over more than ten years, France has experienced a twofold increase of residential housing prices. This was largely fuelled by the credit conditions and a general fear of the future. A strong negative correlation between initial price level and its increase leads to a massive trend of spatial homogenization of the prices. Such a tendency is fairly vigorous in the metropolitan area of Marseille, and particularly in its extremely poor and long devaluated centre, where prices have risen by over 200% since the mid-1990s. This real estate market evolution is emblematic of Neil Smith’s rent gap hypothesis. Yet, a detailed survey of spatial differentials of price increase shows that contiguous central neighbourhoods with similar price levels before the recent tremendous upsurge are affected by appreciably different price rises. Therefore, this unequal price evolution cannot be understood without a clearer analysis on the ‘potential land value’ than provided by Smith’s model. In the context of such housing price increase and uncertainty, prices transmit noisy signals to investors. Thus, State involvement, as in one of the most important operations of urban redevelopment nationwide (Euroméditerranée), appears as a guarantee for investors and also accounts for the spatial differentials of price growth rates. |
| author |
Boulay, Guilhem |
| author_facet |
Boulay, Guilhem |
| author_sort |
Boulay, Guilhem |
| title |
Real estate market and urban transformations: spatio-temporal analysis of house price increase in the centre of Marseille (1996-2010) |
| title_short |
Real estate market and urban transformations: spatio-temporal analysis of house price increase in the centre of Marseille (1996-2010) |
| title_full |
Real estate market and urban transformations: spatio-temporal analysis of house price increase in the centre of Marseille (1996-2010) |
| title_fullStr |
Real estate market and urban transformations: spatio-temporal analysis of house price increase in the centre of Marseille (1996-2010) |
| title_full_unstemmed |
Real estate market and urban transformations: spatio-temporal analysis of house price increase in the centre of Marseille (1996-2010) |
| title_sort |
real estate market and urban transformations: spatio-temporal analysis of house price increase in the centre of marseille (1996-2010) |
| publisher |
Journal of Urban Research |
| publishDate |
2012 |
| container_title |
URI:https://journals.openedition.org/articulo |
| url |
https://ezproxy.univ-orleans.fr/login?url=https://doi.org/10.4000/articulo.2152 https://ezproxy.univ-orleans.fr/login?url=https://journals.openedition.org/articulo/2152 |
| _version_ |
1877243766330359808 |