scholarly journals Reversion to the Mean Versus Sticking to Fundamentals: Looking to the Next Five Years of Housing Price Growth

2005 ◽  
Author(s):  
Amy D. Crews Cutts ◽  
Frank Nothaft
Keyword(s):  
Housing Price ◽  
Price Growth ◽  
The Mean

scholarly journals The Impacts of Housing Affordability on Social and Economic Sustainability in Beijing

2013 ◽  
Vol 1 (1) ◽  
pp. 47
Author(s):  
Zhimin Wang ◽  
Jung Hoon ◽  
Benson Lim
Keyword(s):  
Housing Market ◽  
Economic Performance ◽  
Census Data ◽  
Housing Price ◽  
Housing Affordability ◽  
Economic Sustainability ◽  
National Bureau ◽  
Demographic Trends ◽  
Sustainable Housing ◽  
Price Growth

China has undergone significant housing price growth since its 1998’s policy reformation – triggering housing affordability issues in large cities such as Beijing and Shanghai. Although studies have been done to investigate Chinese cities’ housing market policies, it appears that hitherto little is known about the effect of housing affordability on the cities’ social and economic sustainability. The aim of this paper is to investigate the relationships among housing affordability, macro-economic performance and socio-demographic trends in Beijing. Under this aim, the specific objectives are to: examine Beijing’s housing market performance, housing affordability, economic development and socio-demographic trends; and model the relationships among housing affordability, economic performance and socio-demographic trends in Beijing. Twelve years of retrospective census data from National Bureau of Statistics of China were collated and analysed. The results show that economic growth is positively influenced by housing affordability. However, it is shown that low level of housing affordability could lead to economic and social un-sustainability. This research informs urban planners and researchers about the effect of housing affordability on a nation’s urban economic and social development, offering a new plausible insight towards developing a sustainable housing market.

International Real Estate Review

2009 ◽  
Vol 12 (3) ◽  
pp. 193-220
Author(s):  
Karol Jan Borowiecki ◽  
Keyword(s):  
Real Estate ◽  
Positive Impact ◽  
House Prices ◽  
House Price ◽  
Housing Price ◽  
Quality Improvements ◽  
Vector Autoregressive ◽  
Price Growth ◽  
Price Determinants ◽  
A Minor

This paper studies the Swiss housing price determinants. The Swiss housing economy is reproduced by employing a macro- series from the last seventeen years and constructing a vector-autoregressive model. Conditional on a comparatively broad set of fundamental determinants considered, i.e. wealth, banking, demographic and real estate specific variables, the following findings are made: 1) real house price growth and construction activity dynamics are most sensitive to changes in population and construction prices, whereas real GDP, in contrary to common empirical findings in other countries, turns out to have only a minor impact in the short-term, 2) exogenous house price shocks have no long-term impacts on housing supply and vice versa, and 3) despite the recent substantial price increases, worries of overvaluation are unfounded. Furthermore, based on a self-constructed quality index, evidence is provided for a positive impact of quality improvements in supplied dwellings on house prices.

scholarly journals Housing Price and Population Growth across China: The Role of Housing Supply

2019 ◽  
Vol 43 (3) ◽  
pp. 203-228
Author(s):  
Hongbo Wang ◽  
Dan Rickman
Keyword(s):  
Population Growth ◽  
Regional Growth ◽  
Mainland China ◽  
Housing Price ◽  
Housing Supply ◽  
Spatial Equilibrium ◽  
Price Growth ◽  
Regional Population ◽  
Autonomous Regions

In this article, we employ a spatial equilibrium growth model to empirically examine the role of housing supply growth in differences in housing price and population growth across the provinces, autonomous regions, municipalities, and major cities of mainland China for 2002–2015. Areas in the East, particularly Shanghai, Ningbo, Qingdao, and Xiamen, are found to have had the least growth in housing supply, while autonomous regions and areas in the Southwest and Northeast had the most. The differences in housing supply growth are shown not only to have greatly influenced relative housing price growth, but they also greatly influenced relative regional population growth, suggesting that land and housing supply policies are a critical component of regional growth in China.

scholarly journals Economic Impact of the High-Speed Railway on Housing Prices in China

2018 ◽  
Vol 10 (12) ◽  
pp. 4799 ◽  
Author(s):  
Yuxiang Wang ◽  
Xueli Liu ◽  
Feng Wang
Keyword(s):  
High Speed ◽  
Synergistic Effects ◽  
Housing Prices ◽  
Housing Price ◽  
Quantitative Relationship ◽  
Economic Effects ◽  
High Speed Railway ◽  
Central Cities ◽  
Price Growth ◽  
Regional Imbalance

This study investigated whether and to what extent does the High-Speed Railway (HSR) affect city-level housing prices. With the data of HSR operation and housing prices from 285 cities from 2009 to 2017, the paper aimed to estimate the quantitative relationship between HSR and city-level housing prices and exploited city and regional dummy variables to assess the disparities between regions, followed by the economic effects between typical city pairs. Our findings were as follows: (1) The introduction of HSR leads to a 13.9% increase in city-level housing prices, and the figures for national central cities and regional central cities were 31.7% and 19.6%, respectively; (2) regional imbalance was mitigated with the development of the HSR, and some central cities in underdeveloped regions were stimulated with regard to housing price growth; (3) siphon effects and diffusion effects were observed in megacity–small city pairs, while synergistic effects often lay in megacity–megacity pairs, and such effects all tended to be more significant with increases in the number of HSR lines and a drop in the travel time.

Housing price growth and the cost of equity capital

2015 ◽  
Vol 61 ◽  
pp. 283-300
Author(s):  
Xiaoya (Sara) Ding ◽  
Yang Ni ◽  
Abdul Rahman ◽  
Samir Saadi
Keyword(s):  
Housing Price ◽  
Equity Capital ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Price Growth ◽  
The Cost

scholarly journals China and International Housing Price Growth

2017 ◽  
Author(s):  
Yuk Ying Chang ◽  
Hamish D. Anderson ◽  
Song Shi
Keyword(s):  
Housing Price ◽  
Price Growth

The influence of land use regulation on the probability that low-income neighbourhoods will gentrify

Urban Studies ◽  
2020 ◽  
pp. 004209802094016
Author(s):  
Susane Leguizamon ◽  
David Christafore
Keyword(s):  
Land Use ◽  
Low Income ◽  
Housing Prices ◽  
Housing Price ◽  
Lower Probability ◽  
Land Use Regulation ◽  
Lower Income ◽  
Housing Projects ◽  
The Us ◽  
Price Growth

The divergence in housing price growth in the US in coastal cities relative to inland cities has been thought to occur, in large part, due to severe housing regulations and restrictions on development. Researchers have posited that this trend implies that these heavily regulated cities are experiencing higher incidences of gentrification. However, the gentrification of lower-income communities may be negatively influenced by restrictive regulations rather than positively, as is the case with overall housing price growth. This may occur if restrictions make it more difficult to improve housing structures and engage in new housing projects. We use data from over 12,000 census tracts to analyse the relationship between land use regulations and the probability an area will undergo gentrification in the years 2000 to 2010. By separating the influence of higher levels of regulation on overall housing price growth from the likelihood that a lower-income neighbourhood will gentrify, we find that regulation has opposing forces. While increased levels of regulation are associated with an almost 10% greater increase in overall housing prices, they are also associated with a three to four percentage-point lower probability that a lower-income tract will experience gentrification, contrary to previous conclusions.

scholarly journals High-speed Urbanization and Housing Bubbles

CONVERTER ◽  
2021 ◽  
pp. 398-407
Author(s):  
Yao Pang, Yancheng Fan, Meng Ye
Keyword(s):  
High Speed ◽  
Housing Prices ◽  
Housing Price ◽  
Expected Returns ◽  
Economic Stability ◽  
Short Term ◽  
Housing Investment ◽  
Price Growth ◽  
Housing Bubbles ◽  
The Impact

With China's high-speed urbanization, the housing demands and housing prices have increased rapidly in major cities. By combining the classical bubble theory with investors’ short-term decisions, we propose a method to simulate bubbles' rising and bursting process in a multi-sector economy. We find that when urbanization goes too fast, the housing price growth rate will exceed the industrial interest rate, causing enterprises to buy houses. Enterprises’ housing investment further increases the expected returns of housing investment, attracting more investment and leads to housing bubbles. The faster the speed of urbanization, the higher the housing price grows, the longer the bubble cycle, and the greater the impact on the economy when bubbles burst. Continued urbanization cannot prevent bubbles from bursting. To ensure economic stability, the pace of urbanization needs to be limited.

Sign in / Sign up

Export Citation Format

Share Document