Exploring the Relationship between House Prices and Land Prices in Huizhou City Center

2021 ◽  
Vol 09 (03) ◽  
pp. 29-44
Author(s):  
润展 郭
Keyword(s):  
House Prices ◽  
City Center ◽  
Land Prices ◽  
The Relationship

scholarly journals The relationship between residential development land prices and house prices

2020 ◽  
Vol ahead-of-print (0) ◽  
pp. 1-21
Author(s):  
Michael Ball ◽  
Edward Shepherd ◽  
Pete Wyatt
Keyword(s):  
House Prices ◽  
Residential Development ◽  
Land Markets ◽  
Land Price ◽  
Professional Literature ◽  
Residential Land ◽  
Land Prices ◽  
Price Increases ◽  
The Relationship ◽  
Apparent Disagreement

There exists apparent disagreement between two areas of literature regarding the relationship between house prices and land prices. In the professional literature it is argued that high house prices cause high residential development land prices. In some of the policy literature it is argued that it is land-price increases that are behind increasing house prices. We argue that this is a rather artificial dichotomy and arises from two different ways of thinking about the relationship between land and house prices. To demonstrate this we explore how housing and residential land markets work and how their price responses are interrelated.

Real Estate

2017 ◽  
Author(s):  
Stefan Homburg
Keyword(s):  
Real Estate ◽  
Great Recession ◽  
House Prices ◽  
Borrowing Constraints ◽  
Macroeconomic Models ◽  
Land Prices ◽  
The Great Recession ◽  
Quantitative Importance

Chapter 6 examines real estate as a neglected feature of actual economies. It begins with an empirical overview demonstrating the preeminent role of land as a part of nonfinancial wealth. Whereas many macroeconomic models represent nonfinancial wealth by a symbol K that is interpreted as machines and equipment (if not robots), the text makes clear that such items are of minor quantitative importance. In contemporary economies, nonfinancial wealth consists chiefly of real estate. This is the proper reason so many analysts conjecture a link between house prices and the Great Recession. Changes in house prices (primarily changes in land prices) operate on the economy through their influence on nonfinancial wealth. Nonfinancial wealth affects consumption directly and investment indirectly since it relaxes or tightens borrowing constraints. Building on the results obtained in previous chapters, the text studies housing manias and leverage cycles and relates its main findings to US data.

scholarly journals Investigating the Links between UK House Prices and Share Prices with Copulas

2021 ◽  
Author(s):  
Rakesh K. Bissoondeeal ◽  
Leonidas Tsiaras
Keyword(s):  
Stock Market ◽  
House Prices ◽  
National Level ◽  
Tail Dependence ◽  
Share Prices ◽  
Property Prices ◽  
Left Tail ◽  
The Uk ◽  
The Relationship ◽  
Shared Characteristic

AbstractWe investigate the nonlinear links between the housing and stock markets in the UK using copulas. Our empirical analysis is conducted at both the national and regional levels. We also examine how closely London house prices are linked to those in other parts of the UK. We find that (i) the dependence between the different markets exhibits significant time-variation, (ii) at the national level, the relationship between house prices and the stock market is characterised by left tail dependence, i.e., they are more likely to crash, rather than boom, together, (iii) although left tail dependence with the stock market is a prominent feature of some regions, it is by no means a universally shared characteristic, (iv) the dependence between property prices in London and other parts of the UK displays widespread regional variations.

scholarly journals The Contribution of Urban Morphology to the Formation of the Microclimate in Compact Urban Cores: A Study in the City Center of Thessaloniki

Urban Science ◽  
2021 ◽  
Vol 5 (2) ◽  
pp. 37
Author(s):  
Georgios-Rafail Kouklis ◽  
Athena Yiannakou
Keyword(s):  
Field Study ◽  
Urban Form ◽  
Simulation Method ◽  
Urban Morphology ◽  
Green Spaces ◽  
City Center ◽  
Outdoor Spaces ◽  
Microclimatic Conditions ◽  
The Relationship ◽  
The City

The purpose of this paper is to investigate the contribution of urban morphology to the formation of microclimatic conditions prevailing within urban outdoor spaces. We studied the compact form of a city and examined, at a detailed, street plan level, elements related to air temperature, urban ventilation, and the individual’s thermal comfort. All elements examined are directly affected by both the urban form and the availability of open and green spaces. The field study took place in a typical compact urban fabric of an old city center, the city center of Thessaloniki, where we investigated the relationship between urban morphology and microclimate. Urban morphology was gauged by examining the detailed street plan, along with the local building patterns. We used a simulation method based on the ENVI-met© software. The findings of the field study highlight the fact that the street layout, the urban canyon, and the open and green spaces in a compact urban form contribute decisively both to the creation of the microclimatic conditions and to the influence of the bioclimatic parameters.

Learning from House Prices: Amplification and Business Fluctuations

2020 ◽  
Author(s):  
Ryan Chahrour ◽  
Gaetano Gaballo
Keyword(s):  
House Prices ◽  
House Price ◽  
Price Increase ◽  
Land Prices ◽  
Business Fluctuations ◽  
Nominal Rigidity ◽  
Supply Shocks ◽  
Residential Investment ◽  
Amplification Loop ◽  
Initial Price

Abstract We formalize the idea that house price changes may drive rational waves of optimism and pessimism in the economy. In our model, a house price increase caused by aggregate disturbances may be misinterpreted as a sign of higher local permanent income, leading households to demand more consumption and housing. Higher demand reinforces the initial price increase in an amplification loop that drives comovement in output, labor, residential investment, land prices, and house prices even in response to aggregate supply shocks. The qualitative implications of our otherwise frictionless model are consistent with observed business cycles and it can explain the economic impact of apparently autonomous changes in sentiment without resorting to non-fundamental shocks or nominal rigidity.

scholarly journals Análise dos Fatores que Influenciaram na Modernização e na Expansão da Agropecuária no Estado de Goiás

2012 ◽  
Vol 1 (1) ◽  
Author(s):  
Luiz Batista Alves
Keyword(s):  
Key Words ◽  
Agricultural Land ◽  
Border Region ◽  
Structure Modification ◽  
Land Price ◽  
Land Prices ◽  
Technology Standard ◽  
Technological Standard ◽  
Standard Structure ◽  
The Relationship

A proposta básica deste trabalho é tentar compreender como se dá a expansão de fronteiras no estado de Goiás verificando as relações entre o preço da terra e as variáveis de padrão tecnológico - terras irrigadas, número de tratores, investimentos, dentre outras. Realizou-se uma análise das correlações entre as variáveis preço da terra de pastagem e agrícola e as variáveis que compõem o nível de padrão tecnológico, chegando-se à conclusão de que a variação nos preços da terra não está associada à modificação da estrutura do nível de padrão tecnológico em função do baixo coeficiente de correlação encontrado. Isso pode ter ocorrido, talvez, por uma forte especulação de terras no território, pois a antiga região de fronteira foi se tornando saturada impedindo novas ocupações ou assentamentos. Palavras-chaves: Frente de expansão, frente pioneira, renda diferencial, padrão tecnológico, coeficiente de correlação.Abstract: The main purpose of this paper is to try to understand as how occurs the borders expansion in the state of Goiás showing the relationship between land price and the variables of technological standard, as irrigated lands, tractors number and investments among others. It has been done an analysis of correlations among variables as cattle and agricultural land price and composing variables of the level of technological standard, structure modification of technology standard, as function of low coefficient of found correlation. It could occurred, maybe, by a strong speculation of land prices in this area, as the ancient border region was been saturated obstructing new occupations and settlements. Key Words: Expansion front, pioneer front, differential income, technological standard, correlation coefficient.

scholarly journals Revisiting the Relationship between Financial Wealth, Housing Wealth and Consumption: A Panel Analysis for the US

2018 ◽  
Author(s):  
Dimitra Kontana ◽  
Fotios Siokis
Keyword(s):  
House Prices ◽  
Composite Index ◽  
Housing Wealth ◽  
Seminal Paper ◽  
Financial Wealth ◽  
Distribution Of Wealth ◽  
High Rise ◽  
The Us ◽  
Housing Investments ◽  
The Relationship

Based on the seminal paper of Case, Quigley and Shiller (2013), we investigate the effects of financial and housing wealth on consumption.  Using quarterly data from 1975 to 2016, for all States of U.S. economy, and a different methodology in measuring wealth, we report relatively greater financial effects than housing effects on consumption.  Specifically, in our basic utilized model, the calculated elasticity for financial wealth is 0.060, while for housing is 0.045.  The results are not in agreement with the ones obtained by Case, Quigley and Shiller.  In an attempt to investigate the disparity we proceed by incorporating the introduction of the Tax Reform Act in 1986, which increased incentives for owner-occupied housing investments.  Finally, due to distributional factors at work, and taking into account the pronounced uneven distribution of wealth we investigate the effects of wealth for 8 states that include the Metropolitan areas comprising of the well known Case-Shiller 10-City Composite Index.  Now the housing effect on consumption is much stronger and larger than the financial effect.  Additionally, we forecast the consumption changes at the time of the high rise and large drops in house prices for these states.  Forecasts showed a recession from the fall of Lehman Brothers until the fourth quarter of 2011.  These forecasts were not verified.  Probably, the new techniques used by politics played an important role.  We also find that extreme behaviors cannot be predicted.

Rent or buy, what are the odds? Analysing the price-to-rent ratio for housing types within the Northern Ireland housing market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Daniel Lo ◽  
Michael James McCord ◽  
John McCord ◽  
Peadar Thomas Davis ◽  
Martin Haran
Keyword(s):  
Housing Market ◽  
House Prices ◽  
House Price ◽  
Main Property ◽  
Property Market ◽  
Important Indicator ◽  
Content Type ◽  
Rental Market ◽  
Price Series ◽  
The Relationship

Purpose The price-to-rent ratio is often regarded as an important indicator for measuring housing market imbalance and inefficiency. A central question is the extent to which house prices and rents form part of the same market and thus whether they respond similarly to parallel stimulus. If they are close proxies dynamically, then this provides valuable market intelligence, particularly where causal relationships are evident. Therefore, this paper aims to examine the relationship between market and rental pricing to uncover the price switching dynamics of residential real estate property types and whether the deviation between market rents and prices are integrated over both the long- and short-term. Design/methodology/approach This paper uses cointegration, Wald exogeneity tests and Granger causality models to determine the existence, if any, of cointegration and lead-lag relationships between prices and rents within the Belfast property market, as well as the price-to-rent ratios amongst its five main property sub-markets over the time period M4, 2014 to M12 2018. Findings The findings provide some novel insights in relation to the pricing dynamics within Belfast. Housing and rental prices are cointegrated suggesting that they tend to move in tandem in the long run. It is further evident that in the short-run, the price series Granger-causes that of rents inferring that sales price information unidirectionally diffuse to the rental market. Further, the findings on price-to-rent ratios reveal that the detached sector appears to Granger-cause those of other property types except apartments in both the short- and long-term, suggesting possible spill-over of pricing signals from the top-end to the lower strata of the market. Originality/value The importance of understanding the relationship between house prices and rental market performance has gathered momentum. Although the house price-rent ratio is widely used as an indicator of over and undervaluation in the housing market, surprisingly little is known about the theoretical relationship between the price-rent ratio across property types and their respective inter-relationships.

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