Shifts in property markets are closely tied to changes in investment actors’ relations, shaped by wider economic and regulatory processes. However, the existing literature generally neglects the role of actors’ behaviour and agency within property market shifts, and how market shifts affect cities. In response, we establish a framework that systematically unpacks the role, characteristics and behaviour of property investors in investment market shifts within urban development. We consider market shifts as modifications to established economic and regulatory processes and argue that a multidimensional approach is required to understand property investors and their role within property investment markets that shapes the urban built environment. Our main contribution is a novel approach and methodology to read changing property investor landscapes by linking wider economic and regulatory changes to investment actors and their investment strategies. Empirically, we focus on Amsterdam’s changing investor landscape over the last 15 years. We investigate how crises, represented by far-reaching institutional disruptions of economic and regulatory systems, relate to Amsterdam’s landscape of property investors. Correspondingly, we define three distinct periods of analysis, based on transaction volumes and regulatory interventions at national and local levels: the pre-global financial crisis (GFC) period from 2005 to 2008, the post-GFC recovery period from 2009 to 2013, and the pre-Covid19 boom period from 2014 to 2020. We reveal how Amsterdam’s investor landscape changed over the course of these periods through a mixed methods analysis, including quantitative investment transaction analysis, mapping, and in-depth interviews with investors. We ultimately suggest that reading property market shifts through multidimensional characteristics would enable more targeted policy solutions, moving away from empirically ill-supported stereotypes of property actor behaviours.

房地产市场的变化与受更广泛的经济和监管程序影响的投资参与者关系的变化密切相关。然而，现有文献普遍忽视了参与者的行为和代理在房地产市场变化中的作用，以及市场变化如何影响城市。作为回应，我们建立了一个框架，系统地揭示了房地产投资者在城市发展中的投资市场转变中的作用、特征和行为。我们将市场转变视为对既定经济和监管程序的修改，并认为需要采用多维方法来了解房地产投资者及其在塑造城市建成环境的房地产投资市场中的作用。我们的主要贡献是一种新颖的方法和方法，通过将更广泛的经济和监管变化与投资参与者及其投资策略联系起来，来解读不断变化的房地产投资者格局。根据经验，我们关注阿姆斯特丹在过去 15 年中不断变化的投资者格局。我们调查了以经济和监管系统的深远制度破坏为代表的危机如何与阿姆斯特丹的房地产投资者景观相关。相应地，我们根据交易量和国家和地方层面的监管干预定义了三个不同的分析时期：2005 年至 2008 年的全球金融危机 (GFC) 前时期，2009 年至 2013 年的后 GFC 复苏期，以及从 2014 年到 2020 年，Covid19 之前的繁荣时期。我们通过混合方法分析，包括定量投资交易分析、绘图和对投资者的深入访谈，揭示了阿姆斯特丹的投资者格局在这些时期的变化。我们最终建议，通过多维特征解读房地产市场的变化，将能够制定更有针对性的政策解决方案，摆脱实证上缺乏支持的房地产行为者行为的刻板印象。