Real estate investments are characterized by high capital outflows, low liquidity and short payback together with economic uncertainties related to demand, price/m and sales speed that increase the risk perceived by investors. It is often the case when the property developer and the land owner sign an agreement where the former obtain the exclusive property rights to construct on the land for a...

Although recent developments greatly increased interest in African land tenure, few models to address these issues at the required scale have been identified or evaluated. Rwanda’s nation-wide land tenure regularization programme is of great interest. A discontinuity design with spatial fixed effects that is used to evaluate the pilot for this programme points to three main effects; namely, (i)...

This paper shows that insecurity of property rights over agricultural land can have large efficiency and equity costs because of the way it affects matching in the tenancy market. A principal-agent framework is used to model the landlord’s decision to rent when he takes into account the risk of losing the land to the tenant and when contract enforcement is decreasing in social distance with the...