scholarly journals Information Spillover Effects of Real Estate Markets: Evidence from Ten Metropolitan Cities in China

2021 ◽  
Vol 14 (6) ◽  
pp. 244
Author(s):  
Junjie Li ◽  
Li Zheng ◽  
Chunlu Liu ◽  
Zhifeng Shen
Keyword(s):  
Real Estate ◽  
Rapid Development ◽  
House Price ◽  
Principal Component ◽  
Spillover Effects ◽  
Real Estate Markets ◽  
The Real ◽  
The Real Estate ◽  
Information Interaction ◽  
Information Spillover

With the rapid development of information communication technology and the Internet, information spillover between cities in real estate markets is becoming more frequent. The influence of information spillover in real estate markets is becoming more and more prominent. However, the current research of information spillover between cities is still relatively insufficient. In view of this research gap, this paper builds a research framework on the information conduction effect in the real estate markets of 10 Chinese cities by using Baidu search data, text mining and principal component analysis and analyzes the information interaction and dynamic influence of the real estate markets in each city by using the vector autoregressive model empirically. The results show that the information interaction among the real estate markets in each city has a network pattern and there is a significant two-way information spillover effect in most cities. When the “information distance” becomes closer, the information interaction between the markets of the cities becomes closer and it is easier for cities to influence each other. The results help to explain the information spillover mechanism behind the house price spillover and to improve the ability to predict and analyze the information spillover process in real estate markets.

scholarly journals COVID-19 Infects Real Estate Markets: Short and Mid-Run Effects on Housing Prices in Campania Region (Italy)

2020 ◽  
Vol 9 (7) ◽  
pp. 114 ◽  
Author(s):  
Vincenzo Del Giudice ◽  
Pierfrancesco De Paola ◽  
Francesco Paolo Del Giudice
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Real Estate Market ◽  
Campania Region ◽  
Real Estate Markets ◽  
The Real ◽  
The Real Estate ◽  
Short Run ◽  
Predator Model ◽  
Real Estate Prices

The COVID-19 (also called “SARS-CoV-2”) pandemic is causing a dramatic reduction in consumption, with a further drop in prices and a decrease in workers’ per capita income. To this will be added an increase in unemployment, which will further depress consumption. The real estate market, as for other productive and commercial sectors, in the short and mid-run, will not tend to move independently from the context of the aforementioned economic variables. The effect of pandemics or health emergencies on housing markets is an unexplored topic in international literature. For this reason, firstly, the few specific studies found are reported and, by analogy, studies on the effects of terrorism attacks and natural disasters on real estate prices are examined too. Subsequently, beginning from the real estate dynamics and economic indicators of the Campania region before the COVID-19 emergency, the current COVID-19 scenario is defined (focusing on unemployment, personal and household income, real estate judicial execution, real estate dynamics). Finally, a real estate pricing model is developed, evaluating the short and mid-run COVID-19 effects on housing prices. To predict possible changes in the mid-run of real estate judicial execution and real estate dynamics, the economic model of Lotka–Volterra (also known as the “prey–predator” model) was applied. Results of the model indicate a housing prices drop of 4.16% in the short-run and 6.49% in the mid-run (late 2020–early 2021).

European emerging real estate markets

2016 ◽  
Vol 34 (1) ◽  
pp. 27-50 ◽  
Author(s):  
Martin Haran ◽  
Michael McCord ◽  
Peadar Davis ◽  
John McCord ◽  
Colm Lauder ◽  
...  
Keyword(s):  
Czech Republic ◽  
Real Estate ◽  
Emerging Markets ◽  
Investment Portfolio ◽  
Real Estate Investment ◽  
The Czech Republic ◽  
Content Type ◽  
Real Estate Markets ◽  
The Real ◽  
The Real Estate

Purpose – The purpose of this paper is to improve the transparency of European emerging real estate market dynamics and performance attributes in the wake of the 2007-2008 global financial crisis (GFC). The paper examines the extent and nature of inter-relationships between three emerging real estate markets namely, the Czech Republic, Hungary and Poland as well as determining the rationale for including emerging real estate markets within a Pan-European investment portfolio. The paper affords a timely update following the reinstatement of lending provision for European emerging real estate investment markets in 2014. Design/methodology/approach – The paper employs lead-lag correlations and Grainger causality to examine inter and intra relationships across three emerging European real estate markets, namely the Czech Republic, Hungary and Poland over the period 2006-2014. Optimal portfolio analysis is undertaken to explore the role of emerging real estate markets within the confines of a multi-asset investment portfolio as well as a Pan-European real estate investment portfolio. Findings – The findings demonstrate the opportunities afforded by the European emerging real estate markets in terms of both performance enhancement and risk diversification. Significantly, the findings highlight the lack of “uniformity” across the European emerging markets in terms of their investment potential, with Grainger causality confirming that the real estate markets in the Czech Republic, Hungary and Poland are not endogenous functions of one-another’s performance. Practical implications – This paper makes a considered contribution to the analytical interpretation of European emerging property market performance across the real estate cycle. The research demonstrates that the real estate markets in the Czech Republic, Hungary and Poland exhibit specific investment characteristics which differentiate them from the more developed real estate markets across Europe. Indeed emerging markets have the propensity to serve as both a risk diversifier as well as performance enhancer within the confines of a pan-European real estate investment portfolio. However, as the research clearly articulates, intricate understanding of the attributes afforded by the different emerging markets as well as the divergence in sectoral dynamics/performance is integral to portfolio allocation strategies. Originality/value – Robust academic research on Europe’s emerging real estate markets has been hampered by deficiencies in data provision. This study makes an innovative and timely contribution to redressing the research vacuum through delineated examination of the performance dynamics of three markets namely, the Czech Republic, Hungary and Poland, across the real estate cycle. The role and function of emerging markets is depicted within the confines of a Pan-European direct real estate investment portfolio at the all property level and in terms of sectoral specific allocations comprising retail, office and industrial. The explicit added value of the paper is the propensity to bench-mark the performance of emerging markets real estate markets on a like-for-like basis with developed real estate markets across Europe facilitating the exploration of the role and function of emerging real estate markets within a Pan-European investment context.

scholarly journals The Impact of Property Tax on the Development of Real Estate Industry

2021 ◽  
Vol 4 (3) ◽  
pp. 73-75
Author(s):  
Ruoke Hu ◽  
Fangke Li
Keyword(s):  
Real Estate ◽  
Rapid Development ◽  
Housing Prices ◽  
Property Tax ◽  
Real Estate Industry ◽  
High Property ◽  
The Real ◽  
The Real Estate ◽  
Significant Growth ◽  
The Impact

In recent years, due to the rapid development of the real estate industry in China, land speculation has begun in addition to the significant growth in economy. However, this rapid development has led to an extreme rise in housing prices, largely owing to high property tax. This article analyzed the impact of property tax on the development of real estate industry and provided countermeasures.

scholarly journals Research and Analysis of a Real Estate Virtual E-Commerce Model Based on Big Data Under the Background of COVID-19

2021 ◽  
Vol 33 (6) ◽  
pp. 1-16
Author(s):  
Delong Zhu
Keyword(s):  
Big Data ◽  
Real Estate ◽  
Virtual Communities ◽  
Rapid Development ◽  
Real Estate Market ◽  
The Internet ◽  
Real Estate Industry ◽  
The Real ◽  
The Real Estate ◽  
Model Based

The sudden attack of the new crown virus in 2020 has brought an unprecedented impact on the real estate market economy and has completely disrupted people's work and life rhythm! With the rapid development of the Internet, the Internet has penetrated into all aspects of people's lives. As soon as e-commerce was introduced, it was loved by the majority of young people and brought tremendous changes to people's lives. Based on this, this paper studies a real estate virtual e-commerce model based on big data. In the study of this model, this paper combines the advantages of e-commerce and virtual communities to design a more effective virtual e-commerce model. The analysis of e-commerce and virtual communities shows that the virtual e-commerce model designed in this paper is a more effective model, and the real estate virtual e-commerce model based on big data technology can serve the real estate industry. Do a good job in the sales reform of the real estate industry.

scholarly journals Capital Gain Expectations And Efficiency In The Real Estate Markets

2011 ◽  
Vol 6 (4) ◽  
Author(s):  
Shady Kholdy ◽  
Ahmad Sohrabian
Keyword(s):  
Real Estate ◽  
Housing Market ◽  
Housing Prices ◽  
Housing Price ◽  
Capital Gain ◽  
Real Estate Markets ◽  
The Real ◽  
The Real Estate ◽  
Real Estate Price ◽  
Economic Fundamentals

Capital gain expectation is known to be an important determinant of housing price hikes during the real estate booms. Empirically, however, specifying the way expectations about current and future economic variables are formed is a dilemma. Although it is reasonable to assume that economic fundamentals have a significant effect on the investors’ expectation about future gains, a number of housing market analysts claim that expectations of housing prices are extrapolative. This study attempts to investigate the mechanism by which investors’ capital gain expectations and psychology are shaped. The results suggest that housing prices are predictable with respect to capital gain expectations only when these expectations are formed by extrapolation of past price appreciations. Considering the large number of empirical evidence on housing market anomaly with respect to capital gain expectations, the results suggest that the extrapolative expectations can better explain the real estate price behavior than expectations that are formed by economic fundamentals.

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