This essay delves into land markets in south africa as well as understanding urban economics. It then speaks about land and the importance of land. The south african property market is also discussed, looking at it informally and formally. The essay speaks about South africa and how it competes glo...
The land markets in South Africa are a complex and rapidly evolving market and institutional
environment. South Africa can be seen as having an emerging economy in Africa. The
economy of South Africa is relatively stable. Property market in South Africa can be either
good or bad, depending on the sector. An important aspect to consider is the global
economy, which affects the property market in South Africa. This essay aims to outline the
land markets in South Africa, both formal and informal, as well as the advantages and
disadvantages of these markets and how this affects planning and land use management.
Before delving into the finer details regarding land markets, one has to understand urban
economics. According to O’Sullivan (2012: 1), urban economics explores the geographical or
locational choices of utility maximising households and profit-maximising firms. Urban
economics also identifies inefficiencies in location choices and examines alternative public
policies to promote efficient choices. O’Sullivan (2012: 2) explains 6 points in which urban
economics can be divided into: Market forces in the development of cities, the land use
within cities, urban transportation, crime and public policy, housing and public policy and
local government expenditures and taxes.
Land is a human necessity (Qadeer 1981: 165). According to Qadeer (1981:165), urban land
may be defined as land used or expected to be used for urban activities. Attributes of land
include location, space, clustering, property, heterogeneity and immobility and
indestructibility. Inevitably, everyone needs land in one way or another. Land is an
important resource which has become significantly important in the increasingly modern
urban world. Land is needed for productive activities such as agriculture, forestry and
mining. Secondary and tertiary activities are also highly dependent upon land (Qadeer 1981:
165). In economic terms, land can be seen as both a resource and a property. As a property,
it is a source of financial gain, personal satisfaction, sense of security and social prestige for
individuals (Qadeer 1981: 167). According to Qadeer (1981:167), the ownership of land
creates distinctive classes. These classes include the upper and middle classes which is
differentiated from the poor. Land is of great value to many people and the location of land
is used to socially exclude many groups, especially the poor. People prefer desirable
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TownPlanningGuru. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.95. You're not tied to anything after your purchase.
