This action might not be possible to undo. Are you sure you want to continue?
Once land is traded as a commodity a land market is considered to exist. The land market most directly affects the urban environment and the quality of life in cities. Efficient and equitable land markets are a prerequisite for well functioning cities. Efficient functioning of land markets require efficient and updated land registration systems which clearly indicate legal ownership of land. The key to efficient land markets is the easy and rapid availability of developed land. This does not mean less regulation. In fact in the urban periphery there is need for more planning controls.
Characteristics of efficient land markets
A well-functioning land market could be defined as one which is: Efficient: The system governing the land market encourages quick development and transaction of land. Equitable: The system governing the land market provides reasonable access to all income groups. Environmentally sound: The system governing the land market protects its sustainable use for the good of both current and future users Compatible: The system governing the land markets is integrated with other laws and regulations governing land, such as, planning, taxation and provision of public infrastructure and services.