International Groups to Tackle Affordable Housing as Global Real Estate Challenge

(This story first appeared on the Commercial Property News Web site.)New York–On a global level, there are no geographical boundaries when it comes to affordable housing shortages. And with that topic in mind the United Nations Economic Commission for Europe (UNECE) recently held a seminar in New York City along with its Real Estate Market Advisory Group (REM) and the International Real Estate Federation (FIABCI) to address the affordable housing issue and the role it can play in rebuilding the real estate market. In addition to examining the source of the current real estate development plight and its social consequences, the panel of industry experts spoke about potential solutions to the problem and the importance of determining alternative models and tools to address the housing issue on a worldwide platform.The group noted that refined and increased regulation should be a vital component of a new approach, as should a retreat from global markets in favor of a more efficient incorporation of domestic resources. Additionally, the experts resolved that a higher degree of monitoring and international coordination should also be a priority. Panel members also cited such cooperative endeavors as public-private partnerships as a practical means of bolstering the refurbishment and construction of affordable housing. UNECE is already taking action to push the ideas promoted at the seminar into practice for its member countries. The organization’s real estate group, REM, will host a conference in Rome in late March to hammer out the details for a new manual, of sorts, the “Guidelines for the Development of the Real Estate Market for Social and Economic Benefits.”