Post War land reform and the impact on planning in Japan

One feature of Japanese urban areas in the 21st century that is bound to strike any Western visitor is the extensive spread of its suburbs with their varied mixing of land-uses. It is almost impossible to pinpoint precisely where the city begins and where it ends. During the post-War period, this characteristic pattern of land-use sprawled over the countryside, seemingly unimpeded by planning restrictions. The number of studies that highlight the problems of Japanese planning outweighs the research that explores its underlying causes. This paper aims to partly redress this imbalance by describing a case study of the failed implementation of the green belt around Tokyo and to link this with the Allied Occupation’s postwar land reforms and drafting of a new constitution in the period 1946-1951. Overall, we aim to highlight how the ostensible benefits and aims of a land reform programme can entail substantial disbenefits or unforeseen outcomes in terms of land-use planning..

The growth of private property vehicles in the UK: causes and conditions

The UK private indirect real estate market has seen a rapid growth in the last seven years. The gross asset value (GAV) of the private property vehicle (PPV) market has about tripled from a GAV of £22.6bn in 1998 to a GAV of £67.1 billion at the end of 2005 (OPC, 2006). Although this trend of growing syndication of real estate is not only a UK phenomenon, the rate of growth has been significantly faster in the UK. For example the German open-ended funds have grown over the same period from €50.4bn to €85.1bn (BVI, 2006). In the US the market capitalization of equity real estate investment trusts (REIT) has grown 155% since 1999 to US$ 301bn (NAREIT, 2006). Each jurisdiction is offering different formats to invest indirectly into real estate but at the core all these vehicles are the same in that they provide a different route for investors to access real estate. In the UK, although the range of ‘products’ is now quite diverse, all structures have in common the ‘wrapping’ of property assets into a multi-investor vehicle. This paper examines the nature, pattern and process of market growth in PPVs and constructs a series of associations between causes and effects to explain this market shift.

Perspectives on the role of UK planning in land and property markets

There is a popular view that land use planning regulations (‘planning’) is hostile to both development and the development industry. Part of the reason for the prominence of this view is the homogenising of the notion of ‘planning’ and its reduction to development control. This paper argues that panning controls in the UK are far more sophisticated and, drawing upon empirical evidence of key property interests proposes a more complex and nuanced view of planning controls that, in large part, has the support of the developers and others.