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Three Dimensional Property Rights and (Stratum) Reassembly: A Critique of Two Emerging Cities (5560)

Vince Mangioni (Australia), Kauko Viitanen, Heidi Falkenbach and Tuomo Sipilä (Finland)
Prof. Kauko Viitanen
Professor
Aalto University
P.O. Box 15800
Espoo
00076 Aalto
Finland
 
Corresponding author Prof. Kauko Viitanen (email: kauko.viitanen[at]aalto.fi, tel.: +358 505603873)
 

[ abstract ] [ paper ] [ handouts ]

Published on the web 2012-02-02
Received 2011-11-03 / Accepted 2012-02-02
This paper is one of selection of papers published for the FIG Working Week 2012 in Rome, Italy and has undergone the FIG Peer Review Process.

FIG Working Week 2012
ISBN 97887-90907-98-3 ISSN 2307-4086
http://www.fig.net/resources/proceedings/fig_proceedings/fig2012/index.htm

Abstract

This paper looks at the evolution and current structure of ownership of property airspace and stratum of land in the cities of Sydney and Helsinki. This comparison is made in context of the competing needs of existing and future inhabitants of these cities, existing property rights and the need for a mechanism in achieving urban renewal. The emerging needs of expanding populations over the past half century in these cities has brought to the fore the necessity for policy and process in the reassembly of three dimensional interests in land, also known as stratum or airspace. This paper builds on case studies of the legislative frameworks and experiences in two cities, Helsinki, Finland, and Sydney, Australia. Through a review of the evolution of the various titles and structures under which three dimensional interest in stratum and airspace are held, this paper identifies the key factors, which have inhibited the reassembly process and impacted on the potential for urban renewal in these cities. Identified as missing, is the mechanism needed for the reconsolidation of airspace to proceed.
 
Keywords: Urban renewal; Valuation; Real estate development

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