scholarly journals Comparing ask and transaction prices in the Swiss housing market

2021 ◽  
Vol 5 (1) ◽  
pp. 67-93
Author(s):  
Diego Ardila ◽  
◽  
Ahmed Ahmed ◽  
Didier Sornette ◽  
◽  
...  
Keyword(s):  
Housing Market ◽  
Transaction Prices

Prices of peers: identifying endogenous price effects in the housing market

2020 ◽  
Author(s):  
Nikodem Szumilo
Keyword(s):  
Information Asymmetry ◽  
Housing Market ◽  
Empirical Data ◽  
Theoretical Research ◽  
Transaction Prices ◽  
Price Effects

Abstract The paper identifies neighbourhood price spillovers in the housing market. Although this concept attracted some theoretical research and is strongly supported by practitioners, it has proven very difficult to show in empirical data. By using the linear-in-means model, which is routinely applied to identify endogenous effects in groups of peers, the study summarizes all threats to identification and demonstrates how they can be addressed by exploiting information asymmetry between buyers of different houses and delays in revealing transaction prices. The results show that a 1% increase in the price of a house increases its neighbour's price by up to 0.3%.

scholarly journals Changes in Housing Availability Indicator in Selected Polish Cities in the Years 2006 to 2018

2019 ◽  
Vol 16 (1) ◽  
pp. 91-97
Author(s):  
Marta Martyniak
Keyword(s):  
Real Estate ◽  
Housing Market ◽  
Housing Prices ◽  
Real Estate Market ◽  
Secondary Market ◽  
Individual Investors ◽  
Residential Real Estate ◽  
Asymmetry Of Information ◽  
Transaction Prices ◽  
Central Statistical

Abstract Research purpose. Housing availability indicator shows the area of residential real estate possible to purchase for the average monthly wage in the enterprise sector. The research carried out in this paper is aimed at determining the current level of housing availability indicator and its detailed analysis, taking into account the dynamics of changes in 2006 to 2018. This analysis will be carried out for primary and secondary market for selected Polish cities. Design/Methodology/Approach. Calculations were based on the average transaction prices obtained from the transactional database of residential real estate of the National Bank of Poland and the value of the average monthly remuneration in the enterprise sector obtained partly from statistical data and official journals of the Central Statistical Office. Findings. The analysis shows that the indicator of housing availability in Poland, despite the visible upward trend, is at a very low level, placing Warsaw at the first place. In addition, the extension of the analysis to the division of the housing market into the primary and secondary market provided more information about shaping the housing availability indicator. Whereas in the primary market in individual cities its value was at a similar level, the secondary market was subject to greater fluctuations. Originality/Value/Practical implications. This paper is of practical nature. Due to the asymmetry of information on the Polish real estate market, especially regarding housing prices, knowledge about the value of the housing availability indicator in Poland may be exceptionally valuable, especially for people interested in the housing market, including individual investors and market practitioners, as an auxiliary source of information in purchasing decisions of households.

scholarly journals “We’ll Always Have Paris”: Out-of-Country Buyers in the Housing Market

2020 ◽  
Author(s):  
Dragana Cvijanović ◽  
Christophe Spaenjers
Keyword(s):  
Housing Market ◽  
Causal Effect ◽  
Search Costs ◽  
Ceteris Paribus ◽  
Bargaining Process ◽  
Investment Timing ◽  
Real Estate Markets ◽  
Transaction Prices ◽  
Property Prices ◽  
Asset Selection

Previous research has shown that nonlocal household investors make suboptimal asset selection and market timing decisions. However, in real estate markets, heterogeneity in returns can exist even with identical ex ante investment (timing) choices, given that transaction prices are the outcome of a complex search-and-bargaining process. Analyzing notarial data for the Paris housing market, we find that “out-of-country” buyers indeed buy at higher prices and resell at substantially lower prices than do local investors, ceteris paribus. Furthermore, our evidence suggests that this pattern is not due to higher search costs and information asymmetries but instead stems from wealth-related differences in bargaining intensity. Finally, we estimate the causal effect of out-of-country demand shocks on property prices in Paris to be positive but small. This paper was accepted by Tomasz Piskorski, finance.

scholarly journals Applying The Line Of Resistance In Studies On Prices On The Housing Market In Szczecin

2014 ◽  
Vol 22 (1) ◽  
pp. 69-76
Author(s):  
Józef Hozer ◽  
Anna Gdakowicz
Keyword(s):  
Real Estate ◽  
Housing Market ◽  
Real Estate Market ◽  
Secondary Market ◽  
Average Price ◽  
Residential Real Estate ◽  
Secondary Markets ◽  
Transaction Prices ◽  
The Cost ◽  
Line Of Resistance

Abstract The average price of residential real estate offered on the housing market in Szczecin has been declining since 2008. Prices on both the primary and secondary markets were regularly adjusted, disregarding the fact that the cost of 1 square meter of newly built flats was rising. Therefore, the question of how low can prices fall for the market to remain profitable arises? The situation on the residential real estate market has been analyzed in four areas: on the primary and secondary market, as well as by offer and transaction prices. The study was conducted in Szczecin on a quarterly basis in the period of 2007-2012.

scholarly journals The Temporal Stability of Buyers’ Preferences for Property Localization on the Housing Market in Szczecin

2019 ◽  
Vol 3 (342) ◽  
pp. 117-131
Author(s):  
Barbara Batóg ◽  
Iwona Foryś
Keyword(s):  
Housing Market ◽  
Fixed Effects ◽  
Temporal Stability ◽  
Fixed Effects Model ◽  
Residential Areas ◽  
Subjective Expectations ◽  
Transaction Prices ◽  
Sense Of Security ◽  
Real Estate Prices ◽  
Over Time

The housing market investors’ decisions are caused by their subjective expectations. These decisions are to do with financial resources, activity of local developers and buyers’ individual needs connected to the size of their household or their specific habits, as well as a sense of security and prestige of the neighborhood. The localization of a property is one of the most significant determinants of its price because of its spatial constancy. The attributes of a given residential area influence the value of properties and this phenomenon can be observed through intensity of transactions and transaction prices. On the other hand, the neighborhood’s influence changes over time. These changes are sometimes slow but could be very substantial. That is why buyers’ preferences can also change over time. The aim of this research is the analysis of the temporal stability of buyers’ localization preferences on the housing market in Szczecin. The fixed effects model, which allows for the comparison of changes in apartments’ prices in residential areas, has been applied. The data came from notarial deeds, from registers of real estate prices and values concerning transactions on the housing market in Szczecin.

scholarly journals Search, Liquidity, and the Dynamics of House Prices and Construction

2014 ◽  
Vol 104 (4) ◽  
pp. 1172-1210 ◽  
Author(s):  
Allen Head ◽  
Huw Lloyd-Ellis ◽  
Hongfei Sun
Keyword(s):  
Population Growth ◽  
Housing Market ◽  
Dynamic Model ◽  
House Prices ◽  
Income Shocks ◽  
Transaction Prices ◽  
The Us ◽  
Key Features ◽  
Us Cities

The dynamics of house prices, sales, construction, and population growth in response to city-specific income shocks are characterized for 106 US cities. A dynamic model of search in the housing market in which construction, the entry of buyers, house prices, and sales are determined in equilibrium is then developed. The theory generates dynamics qualitatively consistent with the observations and a version calibrated to match key features of the US housing market offers a substantial quantitative improvement over models without search. In particular, variation in the time it takes to sell induces transaction prices to exhibit serially correlated growth. (JEL D83, R21, R23, R31)

scholarly journals Comparing Ask and Transaction Prices in the Swiss Housing Market

2016 ◽  
Author(s):  
Ahmed Ahmed ◽  
Diego Ardila ◽  
Dorsa Sanadgol ◽  
Didier Sornette
Keyword(s):  
Housing Market ◽  
Transaction Prices
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