scholarly journals HOUSING POLICIES IN SINGAPORE: EVALUATION OF RECENT PROPOSALS AND RECOMMENDATIONS FOR REFORM

2014 ◽  
Vol 59 (03) ◽  
pp. 1450025 ◽  
Author(s):  
SOCK-YONG PHANG ◽  
DAVID LEE ◽  
ALAN CHEONG ◽  
KOK-FAI PHOON ◽  
KAROL WEE
Keyword(s):  
Housing Market ◽  
House Prices ◽  
Supply And Demand ◽  
Housing Prices ◽  
Housing Affordability ◽  
Property Taxes ◽  
Housing Supply ◽  
Housing Policies ◽  
Global Liquidity ◽  
The Government

The Singapore housing market is unusual in its high homeownership rate, the dominance of HDB housing, and the extensive intervention of the government in regulating housing supply and demand in both the HDB and private housing sectors. Recent rapid population increases in a low interest rate and high global liquidity environment has resulted in accelerated house prices increases in Singapore. Earlier this year, the government launched "Our Singapore Conversation" of which discussion on housing policies constitutes one major component. This "conversation" comes in the wake of several consecutive rounds of measures to stabilize housing prices using various instruments. This paper evaluates the main policy changes proposed and makes recommendations for housing market reforms: (i) the government need to clarify goals of housing policies and make available more detailed data on the foreign component of our population for better analysis of housing markets; (ii) the housing supply regime should target an overall effective vacancy rate that encompasses both the Housing and Development Board (HDB) and private sector; (iii) policy makers need to monitor carefully excess demand indicators for housing in addition to housing affordability indicators over the entire spectrum of incomes and household types; (iv) housing REITs should be established to provide an alternative investment option as well as to develop an efficient and affordable rental sector; and (v) in addition to macroprudential measures, owner-occupancy requirements and fiscal measures such as stamp duties and property taxes could be further utilized to reduce the foreign demand for Singapore housing and real estate.

scholarly journals Research on Supply and Demand in the Primary Housing Market by Structurizing on the Basis of the Number of Apartments and Bedrooms

2021 ◽  
Vol 31 (3) ◽  
pp. 335-346
Author(s):  
Natalia Shelomentseva
Keyword(s):  
Housing Market ◽  
State Government ◽  
Supply And Demand ◽  
Housing Supply ◽  
Irkutsk Region ◽  
The Family ◽  
The Russian Federation ◽  
The Government ◽  
Living Area ◽  
Housing Facilities

All the household sector throughout the Russian Federation needs to improve housing facilities. The objective of an optimally organized economic system of a state is to provide a state or market possibility for all the categories of citizens to meet their demand for housing. The aim of the research is to identify the necessary structure of market housing supply in terms of number of bedrooms. The supply and demand in the first housing market are analyzed in order to substantiate the developers’ shaping of the housing supply strategy. Structurizing on the basis of the number of apartments and bedrooms is emphasized. As a part of the research, the problem of finding the optimal living area allocated for apartments with different number of bedrooms was formalized and solved. Due to the solution, developers will be able to create a housing proposal, taking into account the number of bedrooms, аnd state government bodies will be able to plan construction orders for citizens supported by the government more accurately. It was recommended to include the calculation of the indicator «number of bedrooms per each member of the family» into the methods of calculating target indicators of the state program for the Irkutsk region «Available Housing» for 2019–2024 (into Part 3 «Target Indicators of the Subprogram «Housing Construction Support in the Irkutsk Region» for 2019–2024»).

scholarly journals BRIDGING THE SUPPLY AND DEMAND GAP FOR AFFORDABLE HOME OWNERSHIP IN MALAYSIA: THE ROLES OF GOVERNMENT AND FINANCIAL INSTITUTIONS

2019 ◽  
Vol 17 (9) ◽  
Author(s):  
Rosylin Mohd Yusof ◽  
Shazida Jan Mohd Khan ◽  
Fauziah M. Yusuf ◽  
Nurul Huda Abdul Majid
Keyword(s):  
Financial Institutions ◽  
Home Ownership ◽  
Supply And Demand ◽  
Housing Affordability ◽  
Housing Policies ◽  
Role Of Government ◽  
The Government ◽  
Existing Housing ◽  
Affordable Home Ownership

Promoting homeownership remains a conundrum in a developing economy in Malaysia. Despite significant initiatives pursued by the government, more needs to be done to promote affordable and sustainable homeownership further. Khazanah Report (2018) provides evidence that housing affordability in Malaysia is worsening compared to one reported in 2015.This study therefore aims to empirically assess the role of government in terms of designing policies to promote the supply of affordable homes and the role of financial institutions in terms of providing home financing. The finding reveals that existing housing policies and government programmes have a significant role in promoting homeownership. The finding further suggests that building and completing more units of affordable homes (as captured by housing stocks) and promoting innovative home financing products (both conventional and Islamic) are the most significant variables in promoting homeownership in Malaysia.

Separating owner-occupier and investor demands for housing in the Australian states

2019 ◽  
Vol 37 (2) ◽  
pp. 215-232 ◽  
Author(s):  
Le Ma ◽  
Richard Reed ◽  
Jian Liang
Keyword(s):  
Home Ownership ◽  
House Prices ◽  
Supply And Demand ◽  
Housing Markets ◽  
Housing Affordability ◽  
Housing Supply ◽  
Content Type ◽  
Western Countries ◽  
Long Run

PurposeThere has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. The purpose of this paper is to examine the long-run relationship between house prices, housing supply and demand, and to estimate the effects of the two types of demand (i.e. owner-occupier and investor) on house prices.Design/methodology/approachThe econometric techniques for cointegration with vector error correction models are used to specify the proposed models, where the housing markets in the Australian states and territories illustrate the models.FindingsThe results highlight the regional long-run equilibrium and associated patterns in house prices, the level of new housing supply, owner-occupier demand for housing and investor demand for housing. Different types of markets were identified.Practical implicationsThe findings suggest that policies that depress the investment demand can effectively prevent the housing bubble from further building up in the Australian states. The empirical findings shed light in the strategy of maintaining levels of housing affordability in regions where owner-occupiers have been priced out of the housing market.Originality/valueThere has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. This research has given to the relationship between supply and dual demand, which includes owner-occupation and investment, for housing and the influence on house prices.

scholarly journals Housing affordability: Is new local supply the key?

2018 ◽  
Vol 51 (1) ◽  
pp. 25-50 ◽  
Author(s):  
Bernard Fingleton ◽  
Franz Fuerst ◽  
Nikodem Szumilo
Keyword(s):  
Housing Market ◽  
Supply And Demand ◽  
Temporal Variations ◽  
Quantitative Model ◽  
Housing Affordability ◽  
Spatial Effects ◽  
Housing Supply ◽  
Local Supply ◽  
Regional Housing Market ◽  
The Impact

This paper seeks to predict the impact of future housing supply on the affordability of residential space in the United Kingdom, using quantitative model-based simulation methods. Our spatially disaggregated analysis focuses on the greater South East region, approximately within 1.5 hours commuting time from Central London. A dynamic spatial panel model is applied to account for observed temporal variations in property prices and housing affordability across districts. The dynamic structure of this model allows us to assess the scale and extent of knock-on effects of local supply shocks in one district on other districts in the region. These complex spatial effects have been largely ignored in local or regional housing market forecasting models to date. Applying this model, we are able to demonstrate that local house prices and affordability are not only determined by the underlying supply and demand conditions in the market in question, but also depend crucially on conditions in neighbouring housing markets whose properties can be considered close substitutes within a larger regional housing market. We also show that increasing housing supply in the most critical areas has little impact on (both local and regional) affordability, even if wages do not change in response to an increase in employment.

scholarly journals The role and significance of planning in the determination of house prices in Australia: Recent policy debates

2021 ◽  
pp. 0308518X2198894
Author(s):  
Peter Phibbs ◽  
Nicole Gurran
Keyword(s):  
Land Use ◽  
Housing Market ◽  
Land Use Planning ◽  
House Prices ◽  
Housing Prices ◽  
House Price ◽  
Evidence Base ◽  
Urban Housing ◽  
Price Inflation ◽  
Depth Analysis

On the world stage, Australian cities have been punching above their weight in global indexes of housing prices, sparking heated debates about the causes of and remedies for, sustained house price inflation. This paper examines the evidence base underpinning such debates, and the policy claims made by key commentators and stakeholders. With reference to the wider context of Australia’s housing market over a 20 year period, as well as an in depth analysis of a research paper by Australia’s central Reserve Bank, we show how economic theories commonly position land use planning as a primary driver of new supply constraints but overlook other explanations for housing market behavior. In doing so, we offer an alternative understanding of urban housing markets and land use planning interventions as a basis for more effective policy intervention in Australian and other world cities.

scholarly journals Are There Any Housing Bubbles in Turkey?

2021 ◽  
Author(s):  
Özge Korkmaz ◽  
Ebru Çağlayan Akay ◽  
Hoşeng Bülbül
Keyword(s):  
Housing Market ◽  
House Prices ◽  
Housing Prices ◽  
Housing Price ◽  
Economic Fundamentals ◽  
The Past ◽  
Price Increases ◽  
Long Time ◽  
Housing Bubbles ◽  
Turkish Lira

It is very important that the housing market, which meets the most basic need of people is needed for shelter from the past to the present, has a stable structure. The instability structure of the housing market is generally associated with the presence of housing bubbles. The deviation of housing prices from their basic value and not being able to be explained by economic fundamentals leads to the formation of housing bubbles. Housing bubbles can lead to permanent losses, as it may take a long time to return to normal prices. For Turkey as a developing country, it is important to identify an unstable structure in house prices discuss the basic economic factors related to this. After the global increases in housing prices, inflation, and depreciation in the Turkish lira, Turkey has become the country with the highest housing price increases globally in 2020. In the study, the presence of bubbles in the housing market for Ankara, Izmir, Istanbul, and Turkey in general, was investigated by SADF and GSADF unit root tests for the period 2010:01-2021:02. In this context, the study examines the presence of bubbles in housing prices for Ankara, Izmir, Istanbul, and Turkey in general, which are the three cities with the highest price increases. As a result of the study, the presence of bubbles in the housing market has been determined for Ankara, Istanbul, Izmir, and Turkey in general.

Are regional house prices stationary in Iran? New evidence using Fourier quantile unit root test

2019 ◽  
Vol 12 (5) ◽  
pp. 849-864
Author(s):  
Arash Hadizadeh
Keyword(s):  
Interest Rates ◽  
Housing Market ◽  
Unit Root ◽  
House Prices ◽  
Housing Prices ◽  
Unit Root Test ◽  
Generalized Least Squares ◽  
Main Concern ◽  
Content Type ◽  
Positive Effects

Purpose In the Iranian economy, investing in the housing market has been very important and beneficial for investors and households, because of inflationary environment, low real interest rates, underdeveloped financial and tax systems and economic sanctions. Hence, prediction of house prices is the main concern of housing market agents in the economy. The purpose of this paper is to test the stationary properties of Iran's provinces to improve the prediction of future housing prices. Design/methodology/approach In this paper, the authors have tested the stationary properties of 20 Iran’s province centers over the period from 1993 to 2017 using a novel Fourier quantile unit root test and conventional ordinary/generalized least squares (O/GLS) linear unit root/stationary tests. Findings According to conventional O/GLS linear unit root/stationary tests, most of the house prices series exhibit random walk behavior, whereas by applying the Fourier quantile unit root test, the null hypothesis of unit root is rejected for 15 out of 20 series. Other results indicated that house prices of cities responded differently to positive and negative shocks. Originality/value Previous studies only addressed conventional OLS or GLS linear unit root or stationary tests, but novel Fourier quantile unit root test was not used. New results were obtained based on this unit root test, that, as a priori knowledge, will help benefiting from the positive effects, or avoiding being victimized by the negative effects.

scholarly journals Housing Prices in Unregulated Markets: Study on Verticalised Dwellings in Santiago de Chile

Buildings ◽  
2019 ◽  
Vol 10 (1) ◽  
pp. 6 ◽  
Author(s):  
José Francisco Vergara-Perucich ◽  
Carlos Aguirre-Nuñez
Keyword(s):  
Housing Market ◽  
Affordable Housing ◽  
Housing Prices ◽  
House Price ◽  
Housing Price ◽  
Housing Affordability ◽  
Price Formation ◽  
Land Values ◽  
Santiago De Chile ◽  
Data Transparency

Chile faces a housing affordability crisis, given that most of the population is unable to secure a house. While housing prices between 2008 and 2019 increased by 63.96%, wages only increased by 21.85%. This article presented an analysis of the housing price configuration for the main borough in the country—Santiago. The assessment focused on verticalised housing constructed between 2015 and 2019. The article developed an exploratory study on the price of housing in Santiago to generate a diagnosis to identify the role played by expectations of profitability when configuring price. Based on the information generated, we sought to contribute to the discussion on public policies that advance the development of affordable housing in central boroughs with high urban value, as is the case for Santiago’s borough of Greater Santiago. We hypothesised that profit expectation of real estate developers plays a key role in the housing prices, and an adjustment in the profit ratios might increase the affordability while keeping the housing market above profitable rates. This research addressed the lack of data transparency in the Chilean housing market with archival research, reconstructing costs and earnings from projects based on official registrations of transactions at the borough level. In Chile, the access to investment costs, land values, yields, and house price formation are not publicly available, even though these factors imply that many households are facing severe difficulties in paying for and accessing decent housing.

scholarly journals Untangling the nonlinear “knots” of UK’s housing prices

2019 ◽  
Vol 46 (5) ◽  
pp. 1083-1103
Author(s):  
Constantinos Alexiou ◽  
Sofoklis Vogiazas
Keyword(s):  
Housing Market ◽  
House Prices ◽  
Housing Prices ◽  
Positive Association ◽  
Research Area ◽  
Content Type ◽  
Nonlinear Ardl ◽  
Long Run ◽  
Short Run ◽  
The Uk

Purpose Housing prices in the UK offer an inspiring, yet a complex and under-explored research area. The purpose of this paper is to investigate the critical factors that affect UK’s housing prices. Design/methodology/approach The authors utilize the recently developed nonlinear ARDL approach of Shin et al. (2014) over the period 1969–2016. Findings The authors find that both the long-run and short-run impact of the price-to-rent (PTR) ratio and credit-to-GDP ratio on house prices (HP) is asymmetric whilst ambiguous results are established for mortgage rates, industrial production and equities. Apart from the novel framework of analysis, this study also establishes a positive association between HP and the PTR ratio which suggests a speculative behaviour and could imply the formation of a housing bubble. Originality/value It is the first study for the UK housing market that explores the underlying fundamental relationships by looking at nonlinearities hence, allowing HP to be tied by asymmetric relationships in the long as well as in the short run. Modelling the inherent nonlinearities enhances significantly the understanding of UK housing market which can prove useful for policymaking and forecasting purposes.

scholarly journals SYSTEMATIC ANALYSIS OF AFFORDABLE HOUSING DEVELOPMENT AND PRICING STRUCTURE IN SHENZHEN, CHINA

2015 ◽  
Vol 19 (1) ◽  
pp. 58-65 ◽  
Author(s):  
Chun Pong SING ◽  
Peter E. D. LOVE ◽  
Wing Hong FUNG ◽  
Yun Zi HE
Keyword(s):  
Housing Policy ◽  
Affordable Housing ◽  
House Prices ◽  
Housing Prices ◽  
Housing Development ◽  
Chinese Government ◽  
Systematic Analysis ◽  
Middle Income ◽  
The Government ◽  
Low And Middle Income

As a result of urban housing reform in China, it has become increasingly difficult for low and middle income families to purchase a house. In response to the growing demand for affordable housing, the Chinese Government has developed a specific housing policy to enable families to purchase properties from the private sector. The pricing mechanism of such housing is completely based on the family affordability and the profit margin of developers. To ensure the provision of housing for low and middle-income families, the future trend of affordable housing prices has become a concern for developers, consumers and may adversely influence the implementation of the current national housing policy. In this paper a systematic analysis of affordable housing development and its pricing structure is undertaken for the city of Shenzhen. As information pertaining to the factors influencing house prices is imperfect, a Grey model, which requires a limited amount of data to reflect unknown behavior, is constructed to provide a forecast for affordable house pricing. The analysis indicates that the government should adjust their current affordable housing policy to accommodate the forecasted upward trend in house prices.

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