Today, every enterprise, investor and household with property involvements is functionally involved in the international real estate markets, by virtue of the influence that global forces and participants in the multiple segments of the real estate markets have on local spatial patterns and therefore the demand for, and supply of, property goods and services. Property involvements for many reflect a Ptolemaic view of the universe, proceeding from the premise that the particular property is the focus and locus of concern, with other forces, factors and properties metaphorically rotating around the particular local property. A Copernican concept of commerce, by contrast, proceeds with the premise that property involvements follow from consideration of the dynamic interdependent interaction and implications of ideas, initiatives, and involvements, from multiple regions and perspectives. Even though involved in multiple markets with offices throughout the world, many employ multiple local insular strategies, being guided more by a Ptolemaic than Copernican perspective. With a strategic perspective for global property involvements, no longer is the operative paradigm built on the primacy of focus on the single local property.
Journal of Property Valuation and Investment – Emerald Publishing
Published: Dec 1, 1998
Keywords: Property; Real estate; Strategy