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Like any other market, the land market is governed by the forces of supply and demand. These forces determine the dynamics of land market operations and thus affect adjustments to land prices. Unlike other markets, however, land is not a homogenous product. Each parcel is unique, with a particular set of locational and physical attributes, and actors in the land market are diverse and often have conflicting agendas. This paper is an attempt to define and assess the various institutional and mechanical elements which constitute a land management system and which have a significant impact on the functioning of land markets. The assumption of this report is that the accumulation over time of different institutions and instruments, which have reflected different priorities and policies, has inhibited the efficient equitable operation of land markets and that reforms of institutions and policies are now urgently needed.

Publisher: World Bank

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