Real estate liberalization as catalyst of urban transformation in the Persian Gulf

Florian Wiedmann

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Recent globalization dynamics have led to increased competition between emerging cities in the Global South to successfully enter consolidated networks of capital flows. Local decision-makers thus initiate new development visions and plans in order to position cities as main hubs for global services. In this regard, as well as public investment in infrastructure to increase the connectivity of cities, the other key strategy commonly implemented is the liberalization of local markets, which is inevitably needed in order to attract more involvement of the private sector. One key market, which usually undergoes rapid growth during the first years of liberalization, is real estate. The subsequent construction boom is in itself the major driver of economic growth in most emerging cities due to extensive employment within construction related sectors. The resulting immigration of the workforce has in turn led to an increasing demand on goods and services. Thus, the newly emerging marketplace is usually dependent on the continuous growth of the real estate sector.
Original languageEnglish
Title of host publicationGateways to the World
Subtitle of host publicationPort Cities
EditorsMehran Kamrava
Place of PublicationLondon
Pages157-182
Number of pages25
Publication statusPublished - 12 Dec 2016

Keywords

  • urban transformation
  • urban planning
  • Persian Gulf

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  • Cite this

    Wiedmann, F. (2016). Real estate liberalization as catalyst of urban transformation in the Persian Gulf. In M. Kamrava (Ed.), Gateways to the World: Port Cities (pp. 157-182).