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"They want it to be a little more contemporary and a little more stylish and apply it to larger, urban properties," he said.
The scale and the character of these investments are captured in the vast amounts spent on buying urban properties and land.
The British experience, in which aristocratic landlords sold long (99- or occasionally 999-year) leases on their urban properties for low rentals, could be more relevant.
The government has been keen to keep universal flood insurance to avoid European problems where swathes of once desirable urban properties along rivers have become uninsurable.
Many urban properties had agrarian attachments, often within the walls; Paris itself was, to a surprising extent, an aggregation of expanded villages.
The leading Spanish hotel company, Sol Melia S.A., said it would buy Tryp S.A. for $326 million in cash and stock as part of its strategy to acquire more urban properties in Spain.
Similar(40)
Renting is the most efficient use of urban property.
Urban property prices have fallen by almost two-thirds.
Such projects aim to make better use of urban property that is underutilized.
Urban property prices climbed 11.7 percent in the year to March compared with 10.7 percent in February.
Many in Barnett's audience can relate to a sad song about negotiating Australia's prohibitively expensive urban property market.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com