Building new markets in the Asia Pacific Region

Abstract

Land markets attract wide participation, all over the globe. Market activities receive intense analysis from economists and bankers, investors and developers, and they interest millions of people. Meanwhile, how to build a land market remains a mystery. Those countries that achieved effective modern land markets have the benefit of well run land administration systems. These systems therefore offer the key to building a market. The problem is that building land administration capacity does not always assist the creation and management of a successful land market. There are two explanations for this. First the complexity of a formal land market is not well understood. Second the different kinds of land administration infrastructures that are needed to support land markets as they develop from simple land trading into complex commodity markets need to be identified and implemented. These issues are explored below. The perspective of this exploration is that of an engineer interested in designing, building and managing the infrastructure needed to support modern land markets.