Informal Development Due to Market Pressure -- A Case Study on Cyprus and the Role of Land Administration
Results of a detailed two-year research conducted by the authors are presented in this paper. It is shown that, among other reasons, informal constructions also appear in several attractive European areas due to increased market pressure. In the first part an introduction on the current state-of-the-art of informal development in Europe is presented and the findings of the research are given in brief about three Mediterranean countries: Spain, Albania, and Greece. Although the social, economic, administrative and cultural situation and the extent of informal development vary among these countries, current identified major causes for informal development are: migration in search of work and shelter, lack of affordable housing, and increased market pressure combined with inefficient land administration and/or permitting and controlling procedures. In part two of this paper, an in-depth research on Cyprus, a country which had never experienced informal development until recently, is presented. The research aims to focus especially on the risk due to increased market interest, whose economic benefits overwhelm even the long established regulatory systems for the management and administration of land. 
This original research shows that informal development is emerging in Cyprus as well. This very new phenomenon is caused by the rapid national and international market pressure in both urban and rural areas of the island. A description of the land administration tools and the procedures regulating land development is given; weaknesses of the system to meet the current needs are identified; and proposals for its improvement are offered. Relevant statistics are derived through a research on the cadastral and planning data. It is proved that recent interest in popular areas often leads to informal development.Considerations are presented concerning the importance of a continuously upgrading multipurpose and reliable land administration and regulatory system, which is vital for the security of tenure, the support of the emerging market needs, and for providing for sustainable land-uses.
An Innovative Way for Resolving of the Coastal Land Conflicts in Turkey
SUMMARY Turkey is a country well endowed with a wealth of coastal areas and an abundance of their coastal resources. However rapid urban growth presents challenges to sustainable management of coastal lands. The tendency for ever-greater numbers of people to migrate to the Turkish coasts is exerting serious settlement pressure on these areas. Following this the problem of privately owned coastal lands, lacking of cooperation between public works institutions, property right violation and the mistakes of cadastral determinations have been occured. Recently, there has been no serious issues had arisen regarding the removal of coastal areas from private ownership, in terms of legal arrangement and the general principles of international law. The failure of traditional applications for solving such problems, integrated approaches will have to be used to manage these areas along the coastal lands. This study focuses on the coastal property, which we consider to be a serious hindrance to the application of the coastal policies and examines the different approaches that were taken to remove pertinent areas from private ownership and to decrease the burden of compensation which results from the cancellation of the land titles. One of these methods is based on the approach of the Modified Land Readjustment. This model could an advantageous tool because of the significant contribution to the coastal land planning by drawing its own sources, solving of the property conflicts between the public and coastal residents, providing reduction of compensation payments and providing an innovative solution with a holistic approach. This method would also make an important contribution to decisions about management tools, planning and the application phase in the sustainable management of the coastal areas.
When to Cross the Spread? Trading in Two-Sided Limit Order Books
In this paper the problem of optimal trading in illiquid markets is addressed when the deviations from a given stochastic target function describing, for instance, external aggregate client flow are penalized. Using techniques of singular stochastic control, we extend the results of [F. Naujokat and N. Westray, Math. Financ. Econ., 4 (2011), pp. 299--335] to a two-sided limit order market with temporary market impact and resilience, where the bid ask spread is now also controlled. In addition to using market orders, the trader can also submit orders to a dark pool. We first show existence and uniqueness of an optimal control. In a second step, a suitable version of the stochastic maximum principle is derived which yields a characterization of the optimal trading strategy in terms of a nonstandard coupled forward-backward stochastic differential equation (FBSDE). We show that the optimal control can be characterized via buy, sell, and no-trade regions. The new feature is that we now get a nondegenerate no-...