Property Values as a Function of Law and Policy

Abstract

Real estate values can be viewed as a function of law and policy. Using case law references, Hansard records, statutory instruments, and secondary literature, this paper articulates how the legal system impacts property values, in both expected and unexpected ways. While valuation is often viewed through the prism of real estate economics and finance, this paper highlights the reality that a more extended interpretation of understanding property valuation can be obtained by recognising that legal rules often impact asset values, sometimes in a surprising fashion. Recognising the links among law, policy, and property values is relevant to practitioners and policymakers alike.