scholarly journals International Real Estate Review

2019 ◽  
Vol 22 (2) ◽  
pp. 197-229
Author(s):  
Hui An ◽  
◽  
Qianmiao Zou ◽  
Ying Zhang ◽  
◽  
...  
Keyword(s):  
Real Estate ◽  
Likelihood Ratio ◽  
Housing Prices ◽  
National Level ◽  
Var Model ◽  
Monthly Data ◽  
Regional Characteristics ◽  
Second Tier ◽  
The Impact ◽  
The City

In recent years, China has uniquely implemented various policies to control housing prices, particularly its property- purchasing limitation policy. This research proposes a vector autoregression (VAR) model with likelihood-ratio (LR) tests to examine the effects of such a policy on housing prices at the national, provincial and city levels in China, with the use of monthly data from 2002 to 2013. The results show that at the national level, the effect of the policy is very significant, and the impact on housing prices is far greater than monetary and credit policies. However, the policy is not applicable at the provincial level. The policy has a significant role at the city level in first-tier cities, but no significant effect in second- tier cities. Overall, property-purchasing limitations inhibit the growth of housing prices to some extent, and the effects show strong regional characteristics, especially at the city level. Policymakers should therefore take into account regional characteristics in the formulation and implementation of a property-purchasing limitation policy.

scholarly journals Le marché immobilier : quelques perspectives à long terme pour la région de Trois-Rivières

2009 ◽  
Vol 59 (1) ◽  
pp. 153-163
Author(s):  
L. M. Farrell
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Consumer Price Index ◽  
Listing Service ◽  
Real Estate Markets ◽  
Long Run ◽  
Time Period ◽  
Short Period ◽  
The Impact ◽  
Transaction Price

Abstract The results of any analysis of local real estate markets must be qualified interms of the long run equilibrium conditions assumed in the study. Such propertycharacteristics as: non homogeneity, durability, length of response lag time, etc.,are frequently suggested as major factors which contribute to the inefficiency ofreal estate markets. Periods of prolonged exogeneous inflationary expectations,which may be indicated by changes in the Consumer Price Index (CPI), addfurther complexity to the analysis of real estate markets. This paper presents a brief discussion of the factors which influence thesupply and demand for Real Estate. Special reference is made to the City ofTrois-Rivières, Québec, which is analysed over the ten year period 1971 to 1981. In this market the impact of changes in income on long run demand would appearto be negative. The effect of demographic factors, particularly population in the25 to 34 year age group, is not clear. There is some indication of a shift in supplyacross submarkets over the 1976-1979 time period. Price changes, measured in current dollars using the Multiple Listing Service(MLS) average transaction price, increased approximately 200 per cent over arelatively short period in the early 1970s. Most of this appreciation appears tohave been lost over the longer time period of the study. Average MLS transaction price, adjusted for inflation, fluctuated between$12,000 and $28,000 over the same period. After appropriate qualification of the results, in terms of the data and themethodology used to analyse the data, it would appear that housing prices in theaggregated Trois-Rivières market have not increased appreciably in current orconstant dollars over the period 1971-1981 although this may not have been thecase in particular submarkets.

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 on Real Estate Wealth Effect under the Background of Double Cycle Based on VAR Model

2021 ◽  
Vol 251 ◽  
pp. 01105
Author(s):  
Lina Tao
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Impulse Response Function ◽  
Central Committee ◽  
Wealth Effect ◽  
Var Model ◽  
Main Body ◽  
Daily Consumption ◽  
Model Studies ◽  
Domestic Cycle

In order to cope with the complex and severe development situation at home and abroad, in May 2020, the Party Central Committee proposed to accelerate the formation of a new development pattern with the domestic cycle as the main body and the mutual promotion of the domestic and international double cycles. Among them, the consumption of Chinese residents is a “double cycle” key part of strategy. From the perspective of consumption structure and property structure, real estate is an important part of household property and an important consumer object in China and it has a decisive influence on the effect of internal circulation. By constructing a real estate wealth effect model, this paper adopted the impulse response function method based on the VAR model, studies the changes in real estate prices, residents’ incomes, and residents’ consumption. The results show that the three interact with each other. In the long run, real estate has a positive wealth effect, but in the short term, there is a negative wealth effect, and consumers’ expectations of future housing prices will affect current consumption changes. In order to promote the domestic cycle, the author proposes to develop and improve the primary and secondary housing markets to ensure the liquidity of real estate, thereby stimulating consumption; guide residents to form healthy real estate price expectations, prevent large fluctuations in housing prices, and strictly stabilize consumption; the policy positioning of “no speculation” reduces the crowding-out effect of investment and speculative house purchases on residents’ daily consumption, thereby increasing consumption.

scholarly journals Selected Aspects of the Residential Property Market in the Context of Creating a City Image (an Example from Rzeszów)

2020 ◽  
Vol 15 (1) ◽  
pp. 39-52
Author(s):  
Wiesława Kuźniar ◽  
Kazimierz Cyran
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
City Image ◽  
Residential Real Estate ◽  
Property Market ◽  
Secondary Sources ◽  
Modern Development ◽  
High Dynamics ◽  
The Impact ◽  
The City

The main goal of the article is to evaluate the city’s real estate sub-product and identify the impact of perception of this urban sphere on the overall image of Rzeszów city among students. A thesis was accepted by the authors that the attractive image of Rzeszów determines the development of the residential real estate market, attracting especially young, educated people to the city. On the basis of a literature analysis of the subject, information obtained from secondary sources on the topic of Rzeszów, as well as surveys carried out in 2018 among students (n = 325), the thesis was confirmed. Thanks to the fast, modern development of the city and consistently implemented marketing activities, Rzeszów is perceived as an innovative city that is friendly to residents, investors and students. This contributes to the inflow of new, usually young, educated residents and investors, which in turn translates into high dynamics in the residential real estate market. Questionnaire surveys carried out among students have shown that they highly appreciate the current image of Rzeszów and, most after graduation, plan to stay in the city which in their opinion is an attractive place for everyday life.

Research on the Impacts of Real Estate on Economic Growth: A Theoretical Model-Based Analysis

2018 ◽  
Vol 06 (04) ◽  
pp. 1850025
Author(s):  
Xiaoxi ZHANG ◽  
Lu GUO
Keyword(s):  
Economic Growth ◽  
Real Estate ◽  
Low Income ◽  
Housing Prices ◽  
Well Being ◽  
Real Estate Market ◽  
The Real ◽  
The Real Estate ◽  
Pillar Industry ◽  
The Impact

As the pillar industry of China’s economy, the real estate sector has a significant impact on macroeconomic growth. We assume that the first stage of economic actors’ working lives is a low-income one, while their second stage is a high-income one. Then, relying on an Overlapping-Generations Model, we analyze how, via real estate, the behaviors of different income groups affect the macroeconomy. The results show that when the supply of real estate market fluctuates then this has an impact on economic growth, but the extent of the impact depends on the relationship between the real estate and the consumer markets. We also find that when economic actors more greatly prefer their current situations of well-being, no matter whether there takes place or not a new increase in real estate stocks, a negative correlation will exist in the relation between real estate stocks and their prices. Lastly, we come to the conclusion that increases in property taxes can effectively reduce housing prices, but the impact of transaction taxes on housing prices can still not be determined.

scholarly journals Asymmetric and Spatial Non-Stationary Effects of Particulate Air Pollution on Urban Housing Prices in Chinese Cities

2020 ◽  
Vol 17 (20) ◽  
pp. 7443
Author(s):  
Biao Sun ◽  
Shan Yang
Keyword(s):  
Real Estate ◽  
Quantile Regression ◽  
Housing Prices ◽  
Spatial Relationship ◽  
Well Being ◽  
Urban Housing ◽  
Real Estate Market ◽  
Economic Losses ◽  
Full Account ◽  
The Impact

Fine particulate matter(PM2.5) pollution will affect people’s well-being and cause economic losses. It is of great value to study the impact of PM2.5 on the real estate market. While previous studies have examined the effects of PM2.5 pollution on urban housing prices, there has been little in-depth research on these effects, which are spatially heterogeneous at different conditional quantiles. To address this issue, this study employs quantile regression (QR) and geographically weighted quantile regression (GWQR) models to obtain a full account of asymmetric and spatial non-stationary effects of PM2.5 pollution on urban housing prices through 286 Chinese prefecture-level cities for 2005–2013. Considerable differences in the data distributions and spatial characteristics of PM2.5 pollution and urban housing prices are found, indicating the presence of asymmetric and spatial non-stationary effects. The quantile regression results show that the negative influences of PM2.5 pollution on urban housing prices are stronger at higher quantiles and become more pronounced with time. Furthermore, the spatial relationship between PM2.5 pollution and urban housing prices is spatial non-stationary at most quantiles for the study period. A negative correlation gradually dominates in most of the study areas. At higher quantiles, PM2.5 pollution is always negatively correlated with urban housing prices in eastern coastal areas and is stable over time. Based on these findings, we call for more targeted approaches to regional real estate development and environmental protection policies.

The Impact of the COVID-19 Pandemic on the Private Rental Housing Market in Poland: What Do Experts Say and What Do Actual Data Show?

2021 ◽  
Vol 8 (1) ◽  
pp. 24-35
Author(s):  
Mateusz Tomal ◽  
◽  
Bartłomiej Marona ◽  
Keyword(s):  
Real Estate ◽  
Rental Housing ◽  
Objective Data ◽  
Rental Market ◽  
The Third ◽  
Real Estate Agents ◽  
The Impact ◽  
The City ◽  
Second Wave ◽  
Rental Housing Market

The aim of the article is to determine the impact of the COVID-19 pandemic on the level of housing rents using the example of the City of Krakow. This study is based on objective data on rental prices and subjective information obtained from real estate agents using a questionnaire survey. The research revealed that the first wave of the COVID-19 pandemic actually led to a 6-7% decrease in prices in the rental market in Krakow, while at the same time the surveyed real estate agents had estimated that rents would drop by about 13%. With the second wave of the pandemic, it is possible to see that its immediate impact, i.e. between the third and fourth quarter of 2020, has led to a further 6.25% drop in rents. It should be noted that the latter decrease was very accurately predicted, both by the survey respondents and by the econometric models used. Finally, the results of the analysis also indicated that the worsening of the pandemic in the last quarter of 2020 will have a significant impact on rent levels in Krakow for all of next year. Regardless of how the economy develops, rental prices are forecast to fall further in 2021q1. However, in the subsequent quarters of 2021, rents are projected to increase, but ultimately their level will not return to pre-pandemic values even in 2021q4. The latter is likely to happen only in the second half of 2022.

Integrated methodologies for seismic risk mitigation in Durrës (Albania) after the seismic event of November 26th, 2019

2021 ◽  
Author(s):  
Elfrida Shehu ◽  
Klodian Skrame
Keyword(s):  
Seismic Risk ◽  
Seismic Vulnerability ◽  
Risk Mitigation ◽  
Housing Prices ◽  
Point Of View ◽  
Earthquake Ground Motion ◽  
Emergency Plans ◽  
Rapid Urbanization ◽  
The Impact ◽  
The City

<p>Albania, the small country in the western Balkan, is a disaster-prone country. It ranks as one of the countries in the world with the highest economic risk from natural hazards events. During the past several decades, in average, Albania has been hit by about one major geological event per year. The impact of disasters in Albania are significantly compounded by a relatively high degree of poverty, lack of infrastructure maintenance, unsafe building and land use practices, linked to rapid urbanization, exploitation of natural resources (overgrazing of pasture, overexploitation of forests and riverbeds, etc.) as well as some other consequences of the transition from a centralized to an open marked economy.</p><p>From a geological point of view, Albania is a young and very dynamic territory and is very vulnerable to the geological and hydro-geological hazards as: earthquakes, landslides, flooding, torrential rains, river erosion, coastal erosion and avalanches that cover almost the entire territory. Due to these conditions its average annual losses count for about 2.5% of its GDP.</p><p>The Durrës earthquakes of 2019 had a huge impact on the Albanian economy. The city of Durrës, Thumanë, Tirana, Vora, Shijak and their villages suffered considerable damage after the earthquakes of September 21<sup>st</sup>, 2019 of Mw 5.4 and November 26<sup>th</sup>, 2019 of Mw 6.2. The main event of the <sup>26th</sup> November caused the deaths of 51 persons and the damaging of hundreds of buildings. The degree of damages produced by these earthquakes has been, in some cases, significantly enhanced by the characteristics of the earthquake ground motion affected by the local subsurface soil structure and the quality of the constructions. The situations during and after the seismic events highlight the indispensable need of the seismic microzonation studies for the entire Albanian territory and emergency plans for the main cities of the country.</p><p>This paper shows the impact of the earthquake event on the housing market value by treating the data collected in the city of Durrës for the period December 2019 - September2020.</p><p>The main goal of the paper is to correlate the obtained results with the engineering-geological and geophysical conditions of the city of Durrёs and the seismic vulnerability of the building.</p><p>The findings of this study can be considered as a first step for in-depth studies aiming to calculate the impact of seismic risk and the change in the risk perception on the housing prices.</p>

International Real Estate Review

2020 ◽  
Vol 23 (4) ◽  
pp. 467-482
Author(s):  
Fathali Firoozi ◽  
◽  
Abolhassan Jalilvand ◽  
Donald Lien ◽  
Mikiko Oliver ◽  
...  
Keyword(s):  
Real Estate ◽  
Economic Impact ◽  
Population Aging ◽  
Housing Prices ◽  
The Elderly ◽  
Damping Effect ◽  
The World ◽  
Behavioral Divergence ◽  
The Impact ◽  
The U.S

Population aging and its economic impact have been receiving increasing attention in many countries around the world. This study offers an analysis of the impact of aging on the housing prices in Singapore relative to the U.S. as the benchmark. The study uses semiannual series over the period of 1998 to 2019 with the age subgroups organized in 5-year intervals. The literature contains conflicting arguments on the impacts of aging on housing prices. Based on observations made for Singapore and the U.S., this study supports the arguments that the elderly part of a population has a damping effect on housing prices. A novel behavioral divergence between Singapore and the U.S. emerges when the analysis focuses on the impact of the finer age subgroups on housing prices in the two countries. The “turning age”, which is defined as the approximate cut-off age when the impact of aging on housing prices turns from positive to negative, is approximately 55 years old in Singapore and 60 years old in the U.S.

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