Key requirements for market

Text 13C

Text 13B

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The "commodification" of land

The range of transaction types and interests in land is typically related to the level of sophistication of the related functions in the economy, particularly in the context of the financial services and related professional sectors. It is driven by the capacity of the economy to add value by treating an increasing number of rights in land as marketable commodities (the "commodification" of land). With the established and accelerating fact of globalization of capital markets, the capacity for commodification of land is an increasingly important factor driving the land market, potentially contributing to national economic performance and increasing land asset values. Globalisation is forcing the pace of change in this area, with increasing demands for harmonization or stardardisation to enable more effective comparisons by investors and more accurate assessments of relative risks between competing investments. International valuation standards have been developing as a result of this over the past 20 years.. For investment opportunities to compete on an equal footing in the future, this is likely to spread to the features of national land registration, information and legal systems.

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There are several key requirements for a property functioning market. In the majority cases they include an appropriate legal framework aimed at minimizing risk and uncertainty of land ownership and use. The value of interests in land is closely related to the level of risks and attached to any given interest. Common and important areas of the legal framework include both registration of interests in land and spatial land use planning.

Land registration and the provision of related information as the basis of land transactions underpin the more efficient operation of the land market by two main mechanisms. Particularly where the system provides an appropriate guarantee, land registration and similar ownership information systems will provide greater security for those interested in transaction on that property. This will reduce the risk and would be expected as a result to increase the value relative to unregistered land. The other mechanism that registration provides for transactions in the market is to reduce the costs in both time and money by simplifying the legal and other procedures. Again this could be expected to increase the value of registered land by reducing the friction in the market.

Spatial planning may encompass a very wide range of activities and of potential interventions. In some jurisdictions it may be linked to land taxation systems to encourage certain uses in appropriate areas. There are sound arguments supporting the move towards greater local responsibility in this field, and the development of more effective planning processes based on improved access to information and application of the principles of good governance.

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