Making urban real estate markets work for the poor: Theory, policy and practice

This paper explores the relationship between theory, policy and practice, linking urban real estate markets and poverty alleviation. The paper argues that the contribution of urban real estate markets to poverty alleviation has not been optimised due, in part, to inadequate or inappropriate policy. The article attributes this to conceptual and methodological problems arising from the traditional neoclassical analysis of urban real estate markets, ambivalence to the idea that freer markets in real estate are a good thing for the urban poor and insufficient regard to lessons of experience from years of implementing urban anti-poverty land projects. Based on new analytical perspectives provided by institutional economics, this paper proposes specific policy interventions more likely to facilitate pro-poor outcomes in urban real estate markets.

► Paper explores links between urban real estate markets and poverty alleviation. ► Argues that the contribution of these markets to poverty alleviation has not been optimized. ► Attributes this to inadequate or inappropriate policy. ► Proposes specific policy interventions more likely to facilitate pro-poor outcomes.