From Land to Housing - A GPN approach of Salzburg

This paper takes a closer look on the production processes of housing and opens up the black box of the land-housing nexus. By means of the GPN approach different stakeholders are identified and the intra- and inter-firm relations are analysed. The outcome, which is based on interviews set in the context of Salzburg, shows a tendency towards vertical integration. Moreover, the influence of the financial sector as well as of regulation cannot be neglected. Whereas the turbulences of the financial and economic crisis made credit providers more prudent, (private) investors re-discovered residential real estate as an attractive financial asset. The GPN of housing is subject to different regulations. In the case of Salzburg the strict regulation of building areas as well as the organisation of a state-aided housing segment creates the basis of different sub-markets.