Subjects -> BUILDING AND CONSTRUCTION (Total: 139 journals)
    - BUILDING AND CONSTRUCTION (131 journals)
    - CARPENTRY AND WOODWORK (8 journals)

BUILDING AND CONSTRUCTION (131 journals)                     

Showing 1 - 35 of 35 Journals sorted alphabetically
A+BE : Architecture and the Built Environment     Open Access   (Followers: 19)
Academia : Architecture and Construction     Open Access   (Followers: 2)
ACI Structural Journal     Full-text available via subscription   (Followers: 20)
Advances in Building Education     Open Access   (Followers: 5)
Advances in Building Energy Research     Hybrid Journal   (Followers: 11)
Anales de Edificación     Open Access  
Asian Journal of Civil Engineering     Hybrid Journal   (Followers: 2)
Australasian Journal of Construction Economics and Building     Open Access   (Followers: 8)
Baltic Journal of Real Estate Economics and Construction Management     Open Access   (Followers: 5)
Bautechnik     Hybrid Journal   (Followers: 1)
Beton- und Stahlbetonbau     Hybrid Journal   (Followers: 1)
Building & Management     Open Access   (Followers: 2)
Building Acoustics     Hybrid Journal   (Followers: 4)
Building Services Engineering Research & Technology     Hybrid Journal   (Followers: 3)
Buildings     Open Access   (Followers: 7)
BUILT : International Journal of Building, Urban, Interior and Landscape Technology     Open Access   (Followers: 2)
Built Environment Inquiry Journal     Open Access  
Built Environment Project and Asset Management     Hybrid Journal   (Followers: 13)
Built-Environment Sri Lanka     Full-text available via subscription  
Case Studies in Construction Materials     Open Access   (Followers: 8)
Cement     Open Access   (Followers: 1)
Cement and Concrete Composites     Hybrid Journal   (Followers: 17)
Cement and Concrete Research     Hybrid Journal   (Followers: 17)
Challenge Journal of Concrete Research Letters     Open Access   (Followers: 4)
Challenge Journal of Concrete Research Letters     Open Access   (Followers: 3)
Change Over Time     Full-text available via subscription   (Followers: 3)
City, Culture and Society     Hybrid Journal   (Followers: 23)
Cityscape     Full-text available via subscription   (Followers: 10)
Clay Technology     Full-text available via subscription  
Concreto y cemento. Investigación y desarrollo     Open Access  
Construction Economics and Building     Open Access   (Followers: 4)
Construction Engineering     Open Access   (Followers: 9)
Construction Management and Economics     Hybrid Journal   (Followers: 24)
Construction Research and Innovation     Hybrid Journal   (Followers: 4)
Construction Robotics     Hybrid Journal   (Followers: 4)
Corporate Real Estate Journal     Full-text available via subscription   (Followers: 4)
Dams and Reservoirs     Hybrid Journal   (Followers: 3)
Developments in the Built Environment     Open Access  
Energy and Built Environment     Open Access  
Engineering Project Organization Journal     Hybrid Journal   (Followers: 6)
Engineering, Construction and Architectural Management     Hybrid Journal   (Followers: 11)
Environment and Urbanization Asia     Hybrid Journal   (Followers: 2)
Facilities     Hybrid Journal   (Followers: 4)
Frontiers in Built Environment     Open Access   (Followers: 1)
FUTY Journal of the Environment     Full-text available via subscription  
Glass Structures & Engineering     Hybrid Journal   (Followers: 1)
HBRC Journal     Open Access  
Housing and Society     Hybrid Journal   (Followers: 6)
HVAC&R Research     Hybrid Journal  
Indoor and Built Environment     Hybrid Journal   (Followers: 4)
Informes de la Construcción     Open Access  
Intelligent Buildings International     Hybrid Journal   (Followers: 2)
International Journal of Advanced Structural Engineering     Open Access   (Followers: 25)
International Journal of Air-Conditioning and Refrigeration     Hybrid Journal   (Followers: 12)
International Journal of Architectural Computing     Full-text available via subscription   (Followers: 5)
International Journal of Built Environment and Sustainability     Open Access   (Followers: 3)
International Journal of Concrete Structures and Materials     Open Access   (Followers: 9)
International Journal of Construction Engineering and Management     Open Access   (Followers: 9)
International Journal of Construction Management     Hybrid Journal   (Followers: 4)
International Journal of Disaster Resilience in the Built Environment     Hybrid Journal   (Followers: 4)
International Journal of Housing Markets and Analysis     Hybrid Journal   (Followers: 9)
International Journal of Masonry Research and Innovation     Hybrid Journal  
International Journal of Protective Structures     Hybrid Journal   (Followers: 4)
International Journal of River Basin Management     Hybrid Journal  
International Journal of Structural Stability and Dynamics     Hybrid Journal   (Followers: 7)
International Journal of Sustainable Building Technology and Urban Development     Hybrid Journal   (Followers: 11)
International Journal of Sustainable Construction Engineering and Technology     Open Access   (Followers: 7)
International Journal of Sustainable Real Estate and Construction Economics     Hybrid Journal   (Followers: 2)
International Journal of the Built Environment and Asset Management     Hybrid Journal   (Followers: 5)
International Journal of Ventilation     Full-text available via subscription  
Journal for Education in the Built Environment     Open Access   (Followers: 3)
Journal of Aging and Environment     Hybrid Journal   (Followers: 4)
Journal of Architecture, Planning and Construction Management     Open Access   (Followers: 11)
Journal of Asian Architecture and Building Engineering     Open Access  
Journal of Building Construction and Planning Research     Open Access   (Followers: 10)
Journal of Building Engineering     Hybrid Journal   (Followers: 4)
Journal of Building Materials and Structures     Open Access   (Followers: 2)
Journal of Building Pathology and Rehabilitation     Hybrid Journal  
Journal of Building Performance Simulation     Hybrid Journal   (Followers: 5)
Journal of Civil Engineering and Construction Technology     Open Access   (Followers: 14)
Journal of Civil Engineering and Management     Open Access   (Followers: 8)
Journal of Computational Acoustics     Hybrid Journal   (Followers: 5)
Journal of Computing in Civil Engineering     Full-text available via subscription   (Followers: 21)
Journal of Construction Business and Management     Open Access   (Followers: 3)
Journal of Construction Engineering     Open Access   (Followers: 10)
Journal of Construction Engineering, Technology & Management     Full-text available via subscription   (Followers: 6)
Journal of Facilities Management     Hybrid Journal   (Followers: 3)
Journal of Green Building     Full-text available via subscription   (Followers: 10)
Journal of Legal Affairs and Dispute Resolution in Engineering and Construction     Full-text available via subscription   (Followers: 4)
Journal of Property, Planning and Environmental Law     Hybrid Journal   (Followers: 5)
Journal of Structural Fire Engineering     Full-text available via subscription   (Followers: 4)
Journal of Sustainable Cement-Based Materials     Hybrid Journal  
Journal of Sustainable Design and Applied Research in Innovative Engineering of the Built Environment     Open Access   (Followers: 2)
Journal of the South African Institution of Civil Engineering     Open Access   (Followers: 2)
Journal of Transport and Land Use     Open Access   (Followers: 26)
Journal of Urban Technology and Sustainability     Open Access  
Landscape History     Hybrid Journal   (Followers: 15)
Materiales de Construcción     Open Access   (Followers: 1)
Mauerwerk     Hybrid Journal  
Modular and Offsite Construction (MOC) Summit Proceedings |     Open Access  
Naval Engineers Journal     Hybrid Journal   (Followers: 1)
Nordic Concrete Research     Open Access  
Open Construction & Building Technology Journal     Open Access  
PARC Pesquisa em Arquitetura e Construção     Open Access  
Proceedings of the Institution of Civil Engineers - Forensic Engineering     Hybrid Journal  
Proceedings of the Institution of Civil Engineers - Urban Design and Planning     Hybrid Journal   (Followers: 11)
Revista ALCONPAT     Open Access  
Revista de la Construcción     Open Access  
Revista de Urbanismo     Open Access   (Followers: 2)
Revista Hábitat Sustenable     Open Access  
Revista Ingenieria de Construcción     Open Access   (Followers: 1)
Revista INVI     Open Access  
RILEM Technical Letters     Open Access  
Room One Thousand     Open Access  
Ruang-Space: Jurnal Lingkungan Binaan (Journal of The Built Environment)     Open Access  
Russian Journal of Construction Science and Technology     Open Access  
Science and Technology for the Built Environment     Hybrid Journal  
Smart and Sustainable Built Environment     Hybrid Journal   (Followers: 8)
Steel Construction - Design and Research     Hybrid Journal   (Followers: 3)
Stroitel’stvo : Nauka i Obrazovanie     Open Access  
Structural Concrete     Hybrid Journal   (Followers: 4)
Structural Mechanics of Engineering Constructions and Buildings     Open Access   (Followers: 2)
Sustainable Buildings     Open Access   (Followers: 3)
Sustainable Cities and Society     Hybrid Journal   (Followers: 22)
Technology|Architecture + Design     Hybrid Journal  
Terrain.org : A Journal of the Built & Natural Environments     Free   (Followers: 3)
The Historic Environment : Policy & Practice     Hybrid Journal   (Followers: 4)
The IES Journal Part A: Civil & Structural Engineering     Hybrid Journal   (Followers: 5)
The Journal of Integrated Security and Safety Science (JISSS)     Open Access   (Followers: 2)
Tidsskrift for boligforskning     Open Access  

           

Similar Journals
Journal Cover
International Journal of Housing Markets and Analysis
Journal Prestige (SJR): 0.211
Citation Impact (citeScore): 1
Number of Followers: 9  
 
Hybrid Journal Hybrid journal   * Containing 4 Open Access Open Access article(s) in this issue *
ISSN (Print) 1753-8270 - ISSN (Online) 1753-8289
Published by Emerald Homepage  [360 journals]
  • An exploration of off-campus private student housing in Praygaraj, India

    • Free pre-print version: Loading...

      Authors: Alok Tiwari
      Abstract: By using exploratory mixed methods, this study aims to present the investigation of the existing situation of private off-campus student accommodation at the University of Allahabad (UoA) in Prayagraj city. This study explored the geographical variability of student’s private rental housing in Prayagraj city of India through 721 responses from an online semi-structured questionnaire, together with 12 interviews. Moran’s I and LISA were used to determine spatial clustering of rents paid by male and female students. Results of this study reveal prevalence of unregulated with poor quality of off-campus housing in general and expensive rents in the proximity of UoA. Obtaining less responses from the female students was one of the important limitations. A win-win strategy might be formulated with a mix of innovative solutions inclusive of public private partnerships and social economy solutions woven with need-based rental housing, rekindled as the affordable rental housing complexes after COVID-19 pandemic. This study is highly beneficial to improve liveability in the student housing segment. This paper develops extensive understanding on the potential student housing segment in the Indian cities. Additionally, this paper demonstrates weak coordination between the central government policies, educational administrators and municipal officials.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-05-19
      DOI: 10.1108/IJHMA-01-2022-0016
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The role of economic policy uncertainty in forecasting housing prices
           volatility in developed economies: evidence from a GARCH-MIDAS approach

    • Free pre-print version: Loading...

      Authors: Ting Fan , Asadullah Khaskheli , Syed Ali Raza , Nida Shah
      Abstract: In the past few years, numerous economic uncertainty challenges have occurred globally. These uncertainties grasp the attention of the researchers and they examine the role of economic policy uncertainties in several aspects. Therefore, this study contributes to the literature by exploring the house prices volatility and economic policy uncertainty nexus in G7 countries. The authors applied the newly introduced econometric technique, the GARCH-MIDAS model, to the sample size of January 1998–May 2021. The result shows a significant relationship between house prices volatility and economic policy uncertainty. Moreover, economic policy uncertainty acts as a significant determinant of house prices volatility. In addition, the out-of-sample also shows that the economic policy uncertainty is an effective predictor and the GARCH-MIDAS has a better predictive ability. This paper makes a unique contribution to the literature with reference to developed economies, being a pioneering attempt to investigate the GARCH-MIDAS model to analyze the relationship between housing prices volatility and economic policy uncertainty by applying more rigorous and advanced econometric techniques.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-05-19
      DOI: 10.1108/IJHMA-03-2022-0040
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Contemporaneous causality among residential housing prices of ten major
           Chinese cities

    • Free pre-print version: Loading...

      Authors: Xiaojie Xu , Yun Zhang
      Abstract: This study aims to investigate dynamic relationships among residential housing price indices of ten major Chinese cities for the years 2005–2021. Using monthly data, this study uses vector error correction modeling and the directed acyclic graph for characterization of contemporaneous causality among the ten indices. The PC algorithm identifies the causal pattern and the Linear Non-Gaussian Acyclic Model algorithm further determines the causal path, from which this study conducts innovation accounting analysis. Sophisticated price dynamics are found in price adjustment processes following price shocks, which are generally dominated by the top tiers of cities. This study suggests that policies on residential housing prices in the long run might need to be planned with particular attention paid to these top tiers of cities.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-05-17
      DOI: 10.1108/IJHMA-03-2022-0039
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Impact of urban rehabilitation: evidence from subdivided units in Hong
           Kong

    • Free pre-print version: Loading...

      Authors: Cong Liang , Eddie Chi Man Hui , Tsz Leung Yip
      Abstract: This paper aims to explore one question: to what extent does urban rehabilitation impact the housing search cost of the low-income tenants. This paper adopts the fixed effects time-on-market (TOM) model and pricing model to study the research question. Urban rehabilitation lifts the subdivided units (SDUs’) prices by around 7%. For the SDU located in old districts, urban rehabilitation gives rise to the rental price up by 11%–12%. The SDUs in the area without urban rehabilitation experience a short marketing period of 16%–17%. The SDU located in the old district that is without urban rehabilitation would have a short marketing time. To the best of the authors’ knowledge, this is the pioneering research to investigate the relationship between rehabilitation and low-income rental housing from the improved search theory. The improved search theory posits that under the circumstance of urban rehabilitation, low-income tenants’ options are limited and the search behavior will be restricted in the affordable areas, and then TOM will be shortened. With the concentration of SDUs in Hong Kong, the test of the search theory is broken down into two hypotheses. (H1) Urban rehabilitation leads to low-income housing prices increase. (H2) Low-income housing located in areas without urban rehabilitation has a shorter TOM.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-05-12
      DOI: 10.1108/IJHMA-12-2021-0136
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Using property-level inquiry volume to quantify demand–supply balance
           for existing houses: the case of the resale condominium market in Tokyo

    • Free pre-print version: Loading...

      Authors: Masatomo Suzuki , Chihiro Shimizu
      Abstract: Houses are durable, so an imbalance between demand and supply occurs after time has passed since initial construction. The purpose of this study is to quantify the extent of this imbalance for existing houses, focusing on the heterogeneity across property segments. This study uses a unique data set on the “inquiry volume” that each property received from an online real estate portal to measure the volume of demand in relation to supply. Simple regressions are conducted in the resale condominium market across the Tokyo metropolitan area. The inquiry volume successfully tracked a recent expected trend in which demand relative to supply is stronger for condominiums in reasonably priced areas, condominiums in convenient, accessible locations, condominiums built within the last 20 years and compact and spacious units. This study also confirms that these trends cannot be captured through heterogeneity in price levels, which has been widely used in previous studies on measuring housing preferences. As an indicator of conditions in the housing market, the property-level inquiry volume has strong potential to provide useful information for supply strategies and for the sustainable use of existing housing stocks. The originality of this paper is the use of information on the buyer side, which is typically unobservable.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-05-11
      DOI: 10.1108/IJHMA-01-2022-0018
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Housing market price movements under tech industry expansion during
           COVID-19

    • Free pre-print version: Loading...

      Authors: Junfeng Jiao , Mira R. Bhat , Amin Azimian , Akhil Mandalapu , Arya Farahi
      Abstract: This study aims to analyze the impact of technology-based corporation relocation on housing price indices during COVID-19 within the metropolitan areas of Austin, Texas and Seattle/Bellevue, Washington.The corporations under observation were Tesla and Amazon, respectively. The analysis intends to understand economic drivers behind the housing market and the radius of its effect while including fixed and random effects. This study used a difference-in-difference (DID) method to evaluate changes in housing price index near and further away from Tesla’s and Amazon’s new corporate locations. The DID method allows for the capture of unique regional characteristics, as it requires a treatment and control group: housing price index and 5-mile and 10-mile search radii centered from the new corporate location. The results indicated that corporate relocation announcements had a positive effect on housing price index post-pandemic. Specifically, the effect of Tesla’s relocation in Austin on the housing price index was not concentrated near the relocation site, but beyond the 5- and 10-mile radii. For Seattle/Bellevue, the effect of Amazon’s relocation announcement on housing price index was concentrated near the relocation site as well as beyond a 10-mile radius. Interestingly, these findings suggest housing markets incorporate speculation of prospective economic expansion linked with a corporate relocation. Previous literature assessed COVID-19 housing market conditions and the economic effects of corporate relocation separately, whereas this study analyzed the housing price effects of corporate relocation during COVID-19. The DID method includes spatial and temporal analyses that allow for the impact of housing price to be observed across specified radii rather than a city-wide impact analysis.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-04-26
      DOI: 10.1108/IJHMA-02-2022-0022
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Longitudinal modelling of housing prices with machine learning and
           temporal regression

    • Free pre-print version: Loading...

      Authors: Yu Zhang , Arnab Rahman , Eric Miller
      Abstract: The purpose of this paper is to model housing price temporal variations and to predict price trends within the context of land use–transportation interactions using machine learning methods based on longitudinal observation of housing transaction prices. This paper examines three machine learning algorithms (linear regression machine learning (ML), random forest and decision trees) applied to housing price trends from 2001 to 2016 in the Greater Toronto and Hamilton Area, with particular interests in the role of accessibility in modelling housing price. It compares the performance of the ML algorithms with traditional temporal lagged regression models. The empirical results show that the ML algorithms achieve good accuracy (R2 of 0.873 after cross-validation), and the temporal regression produces competitive results (R2 of 0.876). Temporal lag effects are found to play a key role in housing price modelling, along with physical conditions and socio-economic factors. Differences in accessibility effects on housing prices differ by mode and activity type. Housing prices have been extensively modelled through hedonic-based spatio-temporal regression and ML approaches. However, the mutually dependent relationship between transportation and land use makes price determination a complex process, and the comparison of different longitudinal analysis methods is rarely considered. The finding presents the longitudinal dynamics of housing market variation to housing planners.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-04-25
      DOI: 10.1108/IJHMA-02-2022-0033
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • (A)symmetric interaction between house prices, stock market and exchange
           rates using linear and nonlinear approach: the case of Iran

    • Free pre-print version: Loading...

      Authors: Davoud Mahmoudinia , Seyed Mohammad Mostolizadeh
      Abstract: The purpose of this study was to investigate the dynamic interactive link between housing prices, stock market price and effective exchange rate in the Iranian economy for a monthly period from April, 2004, to March, 2019. In addition, for a more accurate analysis, three control and determinates variables including real interest rate, real GDP and FDI have been added to the base model. For this purpose, we will consider this issue by developing the study of Lean & Smyth (2014), Ali & Zaman (2017) and Coskun et al (2017) in the framework of ADRL and NARDL models. Also, this study analyzed the asymmetric/non-linear impact of stock market indexes and effective exchange rate on Iran’s housing inflation. Asymmetries imply to both positive and negative changes in the variables. The results obtained from the ADRL and NARDL models suggest that the existence of cointegration relationship between housing market price and its determinants. From linear model, we found that the exchange rate and stock market price have a positive effect on the real estate inflation in the short run; this relationship is also confirmed in the long run. Other empirical results indicate that the GDP stimulates housing price in both long and short run cases, while FDI and real interest rate have an opposite effect. In addition, the results provided by the asymmetric model lead to the rejection of the null hypothesis of no co-integration between the variables. In addition, we found that the effect of stock price in the short and long term are asymmetric and there also is an asymmetric long-run effect of real exchange rate on the real estate price. Finally, to analyze the sensitivity, we entered two explanatory variables of inflation and money supply to the baseline equation. The finding represented that in both linear and nonlinear framework, a positive correlation between these two variables with housing prices have been proved.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-04-20
      DOI: 10.1108/IJHMA-01-2022-0008
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Short-run effects of hurricanes on the housing markets: evidence from
           Florida

    • Free pre-print version: Loading...

      Authors: Can Dogan , Mustafa Hattapoglu , Indrit Hoxha
      Abstract: Many studies have shown that the intensity and the number of hurricanes are likely to increase. This paper aims to look at the immediate effects of hurricanes on the time on the market, share of houses sold and percentage of houses with price cuts in the housing market using the metropolitan statistical area-level data in Florida. Using a difference-in-difference method, the authors estimate the impact that a hurricane has on the housing markets. The authors find that a hurricane has a positive and significant effect on the time on the market. A hurricane leads to a delay of the sale of a typical house in Florida by five days. The authors test for within-year seasonality and show that these effects change with seasonality of the housing market. Markets with seasonal housing prices tend to be affected more by hurricanes than those where housing prices are not seasonal. The authors also show that effects of a hurricane are transient and fade away in a few months. The results remain significant as the hurricane intensity changes. This is the first study to look at the short-term effects of the hurricanes and how their effects vary based on seasonality of the markets.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-04-20
      DOI: 10.1108/IJHMA-02-2022-0024
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Housing affordability: an econometric framing for policy discussions

    • Free pre-print version: Loading...

      Authors: Yener Coskun
      Abstract: The purpose of this study is to analyze short- and long-run market-sensitive drivers of housing affordability. The study highlights an ongoing housing affordability crisis in an emerging market context by also providing an empirical tool to combat the crisis. To investigate determinants of uniquely constructed effective housing affordability index and house price to income ratio index, the author uses a bound testing approach to cointegration and error correction models, besides causality tests, variance decompositions and impulse response functions. This study uses Turkish data for the period of 2007 M06 and 2017 M12. The evidence suggests that the housing affordability crisis is mainly driven by credit expansion, rent and construction costs. A sensible housing policy response would target these variables. This evidence suggests that housing affordability mostly depends on housing market dynamics rather than policies because of the exogeneous/cyclical natures of the drivers. Data constraints shape the study. A regional or an aggregate-level panel study cannot be developed because of a lack of data. This limitation inevitably results in the exclusion of relevant socio-economic/political factors and is also the main reason for the lack of comparative analysis in a cross-country setting. This study argues that dependency on neoliberal housing market practices seems the underlying reason for the lack of efficient policy answers and the ongoing affordability crisis. From a policymaking perspective, the study suggests that necessary policy measures to resolve the housing affordability crisis may give a specific emphasis on housing rent, housing credit volume and construction costs as the major components of the crisis. This study develops a novel measure and presents a new conceptual framework by combining quantitative research methods and policymaking in housing affordability. In this respect, to the best of the author’s knowledge, this is the first work to comparatively investigate the determinants of uniquely developed monthly housing affordability measurements.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-04-14
      DOI: 10.1108/IJHMA-01-2022-0015
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Housing affordability in a resource rich economy: the case of Kuwait

    • Free pre-print version: Loading...

      Authors: Abdullah Alfalah , Simon Stevenson , Steffen Heinig , Eamonn D’Arcy
      Abstract: This paper aims to improve the housing affordability by measuring the housing affordability in a resource-rich economy and studying the impact of implementing new policies . This paper seeks to test the impact of new policies introduced to the Kuwaiti housing market to improve affordability. In 2008, the Kuwaiti parliament introduced two policies: a tax on empty lands and, forbidding companies to own or develop residential lands or houses. By constructing the housing affordability index and the price-to-income multiplier using observations from 2004 until 2017, it has been found that affordability has worsened over time regardless of the new policies introduced in 2008. Housing in Kuwait became “severely unaffordable” (equivalent to London in the UK, San Diego in USA and Toronto in Canada). Even with its unique condition, as a rich country, small population and availability of white land and other resources, the affordability worsened over time. Introducing new policies without solving the central issue of housing supply challenges seems not worth it. This paper is the first of its kind on the Kuwait housing market, and it provides a valuable foundation for future research on this market and similar markets in the region.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-04-14
      DOI: 10.1108/IJHMA-02-2022-0020
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Young adults’ default intention: influence of behavioral factors in
           determining housing and real estate loan repayment in India

    • Free pre-print version: Loading...

      Authors: Sherin Susan Thomas , Jossy P. George , Benny J. Godwin , Amala Siby
      Abstract: The primary purpose of this paper is to determine the role of behavioral characteristics of young adults on housing and real estate loan default intentions. The behavioral factors considered in this study are financial literacy, materialism, emotions, indebtedness and risk perception. The sample frame comprises of young clients who have taken house loans and work in India’s metropolitan cities. These cities provide a higher quality of life, more employment possibilities and cheaper living costs. A systematic questionnaire was used, which was divided into six components. A total of 352 valid responses were collected and analyzed through a structural equation model. The findings suggest that financial literacy, materialism and risk perception have a considerable impact on loan default intention among young adults. The results also ascertained that emotion and indebtedness do not have a considerable impact on loan default intention among young adults. The scope of this study is limited to India’s metropolitan cities. Future studies can examine comparative examinations of young adults working in the public and private sectors and those working in different cities across India. This paper contributes to a better understanding of behavioral variables which may lead to the creation of preventive measures for young defaulters. The findings of this study will help financial institutions to improve their credit-offering models. To the best of the authors’ knowledge, this study is the first to determine the role of behavioral attributes of young adults on housing and real estate loan default intentions in India. This work will be executable to all the stakeholders of the housing and real estate industry altogether.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-04-12
      DOI: 10.1108/IJHMA-01-2022-0012
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • An alternative interest-free home financing model

    • Free pre-print version: Loading...

      Authors: Levent Sümer
      Abstract: This study aims to determine the relationship between the banking industry and home financing by conducting a regression analysis between the mortgage loan interest rates and the number of housing sales, and based on the results of the analysis, this paper proposes a new and alternative interest-free home financing model by directing the savings of the people in pension funds into real estate investment funds (housing fund), specifically established to provide a bank loan-free home financing solution. Diminishing Musharakah (partnership) is also integrated into the model from an interest-free and saving economy perspective. The model developed also provides opportunities to increase the size of the real estate investment funds and provide alternative investment tools to pension funds. While the global financial crisis resulted from the mortgage crisis in the USA in very recent history, the world has been experiencing the evolution of a new health crisis, COVID-19, a pandemic that has been heavily affecting the global economy in the past two years. The housing sector is among one of the major industries that may be affected by this new global crisis because of the high dependency of the current home financing models on the banking industry, which is carrying the burden of the pandemic. The rapid increase in global debt volume, housing prices, inflation and interest rates are observed as bad signs that may increase the risks of the housing industry. A potential decrease in purchasing power because of high inflation rates may decrease the welfare of people and reduce the income level. While the total debt keeps increasing worldwide, and central banks are considering increasing the interest rates, any potential default in the repayment of the mortgage loans may trigger a new mortgage crisis as the bank loan-dependent financing system of the housing industry lacks alternatives. Thus, a relationship analysis between the banking and housing sectors is required to figure out the dependency of home financing on the banking industry, and a new sustainable home financing model is needed to protect the housing industry and the homebuyers from a negative effect of a new possible financial crisis. The results of the analysis exhibit that there is a strong negative relationship between the mortgage loan interest rates and the total home sales. As a result, the new model is suggested and this new model is tested in an emerging country, Turkey, with the real housing sector and economic data where the interest rates are high and the home prices are booming. The results exhibit that the new interest-free home financing model provides a more economic financing solution compared with the high financing costs of bank loans. The model proposed in this study is unique, and there is no such system that has integrated the pension funds, the real estate investment funds and diminishing partnership in one ecosystem. It is expected that the model may decrease the dependency of home financing on the banking industry and decrease the risks of the housing sector in the case a new financial crisis occurs. While providing a sustainable and alternative interest-free home financing tool, the model also provides individuals who do not prefer to use any bank loan because of religious or other concerns an opportunity to purchase their houses. The model proposed in this study is a unique and original model that aims to provide a bank loan-free, sustainable home financing solution by integrating the pension funds, real estate investment funds and diminishing partnership in one ecosystem.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-04-12
      DOI: 10.1108/IJHMA-02-2022-0027
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Area income, construction year and mobility of renters in Sweden: two
           hypotheses about the impact of rent control

         This is an Open Access Article Open Access Article

    • Free pre-print version: Loading...

      Authors: Peter Karpestam
      Abstract: This paper aims to test two hypotheses related to the supposedly negative impact of rent control on residential mobility: the mobility of renters is, first, negatively related to how attractive their residential areas are and, second, relatively high for renters living in properties built after 2005. This paper estimates logit and multinomial logit regressions and models household moves. The multinomial logit regressions separate between short- and long-distance moves and between moves to rentals and to owned dwellings. This paper uses the “relative income” of the tenants’ residential areas to proxy area attractiveness. This paper estimates regressions for entire Sweden and the three largest “commuting” regions and municipalities, respectively. The full sample provides support of both hypotheses in all regressions. Hypothesis one gets stronger support for moves to other rentals than moves to owned dwellings but about equally strong support for short- and long-distance moves. Hypothesis one obtains strongest support in Gothenburg municipality while hypothesis two obtains strongest support in the Malmö region. Also, hypothesis two obtains stronger support for short-distance moves than long-distance moves and slightly stronger support for moves to owned dwellings than those to rented dwellings. This paper does not estimate “how much” rent control affects mobility, and results cannot be used to design specific rent setting policies. Results may be sensitive to how different types of moves are defined. Efforts to reform rent setting policies in Sweden are encouraged. To the best of the author’s knowledge, this paper’s two hypotheses are not tested before in Sweden and can be tested without control groups.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-04-12
      DOI: 10.1108/IJHMA-11-2021-0120
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The impacts of global liquidity on international housing prices

    • Free pre-print version: Loading...

      Authors: Mei-Se Chien , Shu-Bing Liu
      Abstract: The purpose of this paper is to examine how global liquidity affects international housing prices. The data sample covers 35 economies from 2000Q1 to 2017Q4. The existing papers seldom investigated whether the impacts of global liquidity on housing prices display differences between advanced and developing economies. Cesa-Bianchi et al. (2015) is an exceptional study in that they focused on the impulse response of house price volatility to global liquidity shocks but did not examine the long-run equilibrium relationship. To fill the gap in the existing research, this paper used panel cointegration of Pedroni (2000, 2004) to estimate the long-run linkage between global liquidity and housing prices in both advanced and developing economies, and generalized impulse response function (GIRF) and generalized variance decomposition (GVDC) were also applied to capture the relative strengths and contribution of global liquidity shock on house price volatility. First, the global liquidity elasticity of housing prices is 0.0679 in developing economies, and 0.0454 in advanced economies, implying that the positive effect of global liquidity on housing prices is higher in developing economies. Next, the results of generalized impulse response indicate that the innovation of global liquidity can significantly and positively impact housing prices only in developing economies and the duration is two quarters. Third, in light of the long-run portions of the global liquidity shock on house price volatility in individual economies, the two highest portions are 28.51% in the USA and 20.04% in the UK, while there are low portions, less than 10%, in most of the European economies. Moreover, comparing the long-run contributions of global liquidity and other variables shock on house price volatility, the contribution of the global liquidity shock ranks the highest or second highest in 21 out of 35 economies, confirming that it played a more important role than other economic variables in explaining house price volatility for most economies. Compared with the related literature, the contributions of this paper are as follows. First, except for Cesa-Bianchi et al. (2015), the existing papers seldom investigated whether the impacts of global liquidity on housing prices display differences between advanced and developing economies. Hence, the study adopted a wider data sample, including 7 developing economies and 28 advanced economies, to examine the differences in the impact of global liquidity on housing prices between advanced and developing economies. Second, most of the relative literature calculated global liquidity by applying a monetary aggregate, such as M2 or M3, while Cesa-Bianchi et al. (2015) argued that global liquidity being measured by the international supply of credit is intuitively connected to housing prices. This paper follows the argument of Cesa-Bianchi et al. (2015) to use the international supply of credit as the measure of global liquidity, and both the long-run effects and the short-run relative strengths of global liquidity on housing prices are analyzed. Hence, this paper uses not only the GIRF to discuss the short-run relative strengths, as with Cesa-Bianchi et al. (2015) but also the panel cointegration of Pedroni (2000, 2004) to identify the long-run linkage between global liquidity and housing prices. Moreover, GVDC was used to estimate the contribution of a global liquidity shock on house price volatility in individual economies, which can confirm that global liquidity innovations are a very important factor in explaining house price volatility in most countries.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-04-08
      DOI: 10.1108/IJHMA-11-2021-0130
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Information and volatility linkages between real estate, equity, bond and
           money markets in Australia

    • Free pre-print version: Loading...

      Authors: Justine Wang , Mark Tomlins , Piyush Tiwari
      Abstract: The purpose of this paper is to examine information and volatility linkages among real estate, equity, bond and money markets in Australia. A novel rational expectations framework of financial contagion (Kodres and Pritsker, 2002), along with a combination of robust statistical methods including simple and dynamic correlations and generalized impulse response (Fereidouni et al., 2014) have been employed using data covering three dynamic pre-pandemic economic cycles, namely, global financial crisis (GFC) period, pre-pandemic housing boom and pre-pandemic housing downturn from 2008 (February) to 2019 (December). Results reveal information linkages across real estate, equity, bond and money markets through correlations in return and volatilities of these series. Finding indicates that the three financial markets (equity, bond and money markets) are interdependent and integrated through information and volatility linkages during the GFC period and pre-pandemic housing downturn period. Financial markets have stronger associations with real estate market during pre-pandemic housing boom. The findings contribute to the general notion that the performances of three financial markets are closely related to the “boom” phase of the real estate cycle. This research provides an extension of existing literature regarding the information and volatility contagion of the expanded set of core investment markets in Australia. The findings could assist household buyers and investors in designing strategic investment portfolios/hedging strategies and minimizing asset specific risks through diversification over short-term and long-term. In addition, results could support the maintenance, growth and development of a combination of competitive balanced investment markets including real estate, equity, bond and money markets in post-pandemic economy.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-03-29
      DOI: 10.1108/IJHMA-01-2022-0006
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Mortgage credit and house prices: the Turkish case

    • Free pre-print version: Loading...

      Authors: S. Belgin Akçay , Cagin Karul , Mert Akyuz
      Abstract: The purpose of this study is to examine whether there is a causal relationship between mortgage credit and house prices in Turkey. Granger causality test, Toda–Yamamoto causality test, Fourier Granger causality test and Fourier Toda–Yamamoto causality tests are applied. The findings show that there is a strong one-way causality between mortgage credit and house prices and that the developments in credit markets are more decisive in the relationship between mortgage credit and house prices than the developments in the housing markets. Considering a causal relationship between mortgage credit and house prices may contribute to more efficient use of the tools of both macroeconomic and microeconomic policies for the mortgage credit and housing markets in Turkey. Furthermore, by understanding the importance of the direction of causality between both dynamics, it may be possible to prevent and/or mitigate the negative effects of large house price movements on both Turkish housing and mortgage markets as well as on Turkish economy. To the best of the authors’ knowledge, the contribution of this study is to examine for the first time whether the causal relationship between mortgage credit and house prices in Turkey is mutual as well as to apply four different causality tests and to compare their results for the first time.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-03-23
      DOI: 10.1108/IJHMA-11-2021-0127
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Housing loan default in Malaysia: an analytical insight and policy
           implications

    • Free pre-print version: Loading...

      Authors: Asish Saha , Lim Hock Eam , Siew Goh Yeok
      Abstract: The purpose of this paper is to examine the drivers of default in the Malaysian housing market in the light of various policy interventions by the country’s central bank, and the government’s expressed concern to ensure balanced growth in the market. This paper assesses the importance of considering the endogeneity of loan-to-value (LTV) in predicting housing loan default and its implications. In this paper, the author addresses the endogeneity problem in the LTV variable using two instrumental variables (IV) in this probit regression: national residential property gains tax and the statutory reserve ratio of Bank Negara Malaysia. This study uses the instrumental variable probit model to consider endogeneity bias. This study assumes a latent (unobservable) variable (Y*), representing a borrower’s tendency to default, which is associated linearly with the borrower’s and loan characteristics and other variables (Xi). This study uses individual borrower-level information of 43,156 housing loan borrowers from the files of a well-established housing bank in Malaysia. This study’s results confirm that endogeneity causes a substantial difference in the magnitude of the estimated effects of LTV on the default tendency. At the lower values of LTV, the probability of default is over-estimated, and at the higher values, the default probability is substantially underestimated. Endogeneity bias also affects the estimated coefficients of loan and borrower characteristics. The authors find that the interest rate is less relevant in predicting loan default. Other loan characteristics, such as loan age, tenure, payment amount and the built-up area, are relevant. This study’s result confirms that the borrower’s location matters, and an increase in state gross domestic product per capita and an increase in the supply of residential units reduce default probability. The present study did not explore the applicability of the “equity theory of default” in the Malaysian housing market. This study did not assess “strategic default” issues and the effect of borrowers’ characteristics, personality traits and self-control of Malaysian housing loan borrowers in the mortgage decision-making process. The evolving dynamics of the Malaysian housing market microstructure in property valuation remained unexplored in the present study. The findings have crucial relevance in the decision-making process of commercial banks, the central bank and the government to frame policies to foster balanced growth and development in the housing market. The authors argue that striking a subtle balance between the concerns of financial stability and productive risk-taking by commercial banks in Malaysia remains a continuing challenge for the country’s central bank. The authors also argue that designing suitable taxation policies by the government can deliver its cherished goal of balanced development in the housing market. Empirical research on the Malaysian housing market based on micro-level data is scarce due to a paucity of relevant data. This study is based on the individual borrower-level information of 43,156 housing loan borrowers from the files of a well-established housing bank in Malaysia. In this analysis, the authors find clear evidence of endogeneity in LTV and argue that any attempts to decipher the default drivers of housing loans without addressing the issue of endogeneity may lead to faulty interpretation. Therefore, this study is unique in recognizing endogeneity and has gone deeper in identifying the default drivers in the Malaysian housing market not addressed by earlier papers.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-03-15
      DOI: 10.1108/IJHMA-01-2022-0002
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Maintaining the stability of the housing market in the event of an
           economic shock

    • Free pre-print version: Loading...

      Authors: Alina Stundziene , Vaida Pilinkiene , Andrius Grybauskas
      Abstract: This paper aims to identify the economic stimulus measures that ensure stability of the Lithuanian housing market in the event of an economic shock. The econometric analysis includes stationarity test, Granger causality test, correlation analysis, autoregressive distributed lag models and cointegration analysis using ARDL bounds testing. The econometric modelling reveals that the housing price in Lithuania correlates with quarterly changes in the gross domestic product and approves that the cycles of the real estate market are related to the economic cycles. Economic stimulus measures should mainly focus on stabilizing the economics, preserving the cash and deposits of households, as well as consumer spending in the case of economic shock. This study is beneficial for policy makers to make decisions to maintain stability in the housing market in the event of any economic shock.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-03-10
      DOI: 10.1108/IJHMA-12-2021-0142
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Residential occupants’ service quality in mixed developments

    • Free pre-print version: Loading...

      Authors: AbdulLateef Olanrewaju , Phang Horng Shia , Hui Chen Chu
      Abstract: The demand for residential units in mixed development is increasing because of a better understanding of the benefits and functions of mixed development. However, there is a lack of study on the performance of the residential buildings in the mixed development. The purpose of this study is to investigate the satisfaction level of the occupants of residential buildings in mixed developments. The research developed a questionnaire instrument that included 17 factors to measure the expectations and actual satisfaction of the residences in the mixed development. Data were collected using a survey questionnaire from five mixed developments in Greater Kuala Lumpur and analysed with service quality and matrix chart models. The data revealed that while the expectations of the residential building users in mixed developments were not excessive, their satisfaction levels were not high. The price of residential buildings in mixed developments is exorbitant. Many of the occupants have relatively high actual satisfaction, even though some of them are disappointed in some of the services or benefits that are expected in mixed developments. The occupants are not interested in the nearness of the mixed development to public transport facilities, suggesting a high urge for private car ownership and poor public transport facilities. The findings will be useful to developers, design teams, city planners and policymakers. Implicit in the findings of this research is the lack of a benchmark for the performance of luxury housing. From an ontological standpoint, the main findings of this study are generalisable to other cities in and outside of Malaysia.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-03-08
      DOI: 10.1108/IJHMA-01-2022-0001
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Panel smooth transition regression approach to analyzing tourism
           development – housing price nexus in G7 countries

    • Free pre-print version: Loading...

      Authors: Li Yang , Asadullah Khaskheli , Syed Ali Raza , Nida Shah
      Abstract: The purpose of this study is twofold: first is to examine the nonlinear relationship between tourism development and housing prices, and secondly, the role of economic growth in facilitating the materialization of tourism development and housing prices nexus in G7 countries. The authors used the newly introduced econometric technique panel smooth transition regression (PSTR) model with two regimes on annual panel data from 1995 to 2018. Results confirmed that the nexus between the tourism development and housing prices is nonlinear and regime dependent. Moreover, the results showed that the threshold level of economic growth above which tourism development increases the housing prices is 2.63%. The relationship above the threshold value is positive and growth enhancing, while below the threshold, tourism development has a negative effect on housing prices. The economic growth and housing prices also showed the U-shape relationship implying that at a certain level increase in economic growth decreases the housing prices but after a certain level increase in economic growth increases the housing prices. This paper makes a unique contribution to the literature with reference to developed economies, being a pioneering attempt to investigate the nonlinear relationship between tourism development and housing prices and applying more rigorous and advanced econometric techniques like PSTR.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-03-08
      DOI: 10.1108/IJHMA-12-2021-0138
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • United Kingdom general elections and the impact on house prices

    • Free pre-print version: Loading...

      Authors: Bismark Aha , David Higgins , Timothy Lee
      Abstract: The paper considers if house price movements in the United Kingdom (UK) can be linked to the political cycle as governments realise homeowners represent a large portion of the voter base and their voting decisions could be influenced by the magnitude and direction of house price changes. Specifically, this paper aims to investigate whether house prices behave differently before and after elections and under different political regimes. The paper analyses quarterly house price data from 1960 to 2018 together with data on UK parliamentary elections for the same period. Descriptive statistics and significance tests are used to analyse the impact of the political cycle on house price movements in the UK. While there is no evidence that house prices in the UK performed significantly differently under different political parties, the authors observed that house prices performed much better in the last year before an election compared to the first year after an election. On average, house prices increased by 5.3% per annum in the last year before an election compared to 1.3% per annum in the first year following an election. The study highlights significant variations in the performance of UK house prices around election times. It is imperative that the political cycle is given adequate consideration when making residential property investment decisions. House buyers and investors in the residential property market could include the election timings as part of their decision-making process. This paper represents a unique systematic examination of the influence of the political cycle on residential houses prices in the UK.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-03-04
      DOI: 10.1108/IJHMA-04-2020-0047
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Never married individuals and homeownership in urban China

    • Free pre-print version: Loading...

      Authors: Shan Lei
      Abstract: Drawing on the literature regarding gender, marital status and homeownership, this paper aims to examine the role of gender and marital status played in homeownership in urban China. This paper also attempted to shed light on other determinants of homeownership as well as heterogeneity in the factors related to homeownership between never married women and never married men. This study uses data from the 2010 to 2015 China General Social Survey to investigate factors related to homeownership among urban Chinese households and focuses on the role of gender and marital status in particular. Multivariate analyses were applied to the full sample, never married sample, never married women sample and never married men sample respectively. Findings from this study on the full sample showed that never married individuals were less likely to be the homeowners compared to the married couples. The probability of homeownership of never married women was lower compared to the never married men cohort. Different personal characteristics contributed to homeownership between never married women and never married men cohort. The empirical model in this study did not provide direct evidence that never married individuals were more likely to be homeowners as reflected in the recent mass media news. Further study could conduct a survey designed specifically for this group. This study adds to current literature with further understanding of factors related to homeownership among Chinese households in general as well as in never married women and never married men subsamples.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-02-10
      DOI: 10.1108/IJHMA-10-2021-0112
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Safe-haven investments against stock returns in Pakistan: a role of real
           estate, gold, oil and US dollar

    • Free pre-print version: Loading...

      Authors: Zulfiqar Ali Imran , Muhammad Ahad
      Abstract: This study aims to compare the safe-haven properties of different asset markets such as gold, dollar, oil and disaggregated real estate sector (house, plot and residential) against equity returns in Pakistan over the monthly period of January 2011–December 2020. The authors use wavelet coherence to encapsulate the overall dependence and correlation of asset classes. Further, the authors also study the potential of diversification at the tail of returns distribution by applying the wavelet value-at-risk (VaR) framework. The results of wavelet coherence show that the dependence is weaker (stronger) in the short (long)-term investment horizon. Moreover, the findings of wavelet VaR reveal that the degree of co-movement between gold and equity returns greatly affects the portfolio risk followed by residential property and oil. The findings are beneficial for the individual investor, fund managers and financial advisors looking for the optimal portfolio combination that hedges the excessive negative movements in equity returns subject to the heterogeneity in the investment horizon. This is a primary effort to estimate safe-haven investments opportunities at a large spectrum, including disaggregated real estate sector against stock returns in Pakistan. Moreover, this study uses wavelet coherence and wavelet VaR which have an advantage over traditional analysis for diversification.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-02-04
      DOI: 10.1108/IJHMA-12-2021-0134
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Discovering the fundamentals of Turkish housing market: a price
           convergence framework

    • Free pre-print version: Loading...

      Authors: İsmail Cem Özgüler , Z. Göknur Büyükkara , C. Coskun Küçüközmen
      Abstract: The purpose of this study is to determine the Turkish housing price and rent dynamics among seven big cities with a unique monthly data set over 2003–2019. The secondary purpose is to examine bubble dynamics within the price convergence framework through alternative tests. The paper conducts two autoregressive distributed lag (ARDL) cointegration estimates for housing prices and rents and applies conditional error correction model to investigate the long-run drivers of the Turkish housing market. The authors compare ARDL cointegration in-sample forecasts and discounted cash flow (DCF) estimates with actual prices to determine the timing, magnitude and collapse period(s) of bubbles within the price convergence framework. In particular, the generalized sup augmented Dickey–Fuller (GSADF) approach time stamps multiple explosive price behaviors. The ARDL results confirm the theory of investment value by addressing mortgage rates, the price-to-rent ratio and rents as the fundamental factors of house prices. The price-to-rent ratio offers a comparison mechanism among houses deciding to buy a new house in which rents increase monthly real estate investment returns, and mortgage rates act as the discount rate. One key finding is that these dynamics have a greater impact on house prices than mortgage rates. Furthermore, the ARDL, DCF and GSADF findings exhibit temporal overvaluations rather than bubble signals, implying that housing price appreciations, including explosive behaviors, are consistent with fundamental advances. This paper is considered to be innovative in determining housing market dynamics through two different ARDL estimates for the Turkish housing price index and rents in real terms as dependent variables. The authors compare the boom and collapse periods of the real housing price index and its fundamentals via the GSADF test. A final key feature of this research is its extensive data set, with 11 different regressors between 2003 and 2019.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-01-31
      DOI: 10.1108/IJHMA-09-2021-0103
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Determinants of house prices in Malaysia

    • Free pre-print version: Loading...

      Authors: Camara Alpha Kabine
      Abstract: This paper aims to empirically examine the relationship between macroeconomic factors and housing prices in Malaysia from 1991 to 2016. This study was based on annual macroeconomic data from 1991 to 2016. For the model that was constructed, house prices were treated as the dependent variable and other variables, namely, the interest rate, the gross domestic product (GDP) and the consumer price index (CPI) as explanatory or regression variables. All these data come from the annual publication of the World Bank’s statistical report. In the meantime, data on house prices have been obtained through the publication of the National Property Information Centre in the form of an index. In the study, the bounds testing approach for cointegration was used because the Engel Granger cointegration tests can be used only if all the series are stationary at first difference. And it is against this background the author could not use it because our variables are a combination of series integrated of orders I (0) and I (1). The results of this study revealed a positive equilibrium relationship in the long run between interest rate, CPI and housing prices and negative for the GDP. In addition, in the short run, housing prices were shown to have a positive relationship with GDP and CPI, but no relationship with the interest rate, based on the assumption that “all other things being equal”. The data on economic factors (GDP, RI and CPI) used in this study are secondary and not from the Malaysian Department of Statistics and Economic Studies. Furthermore, the result of this research only reflects the Malaysian reality, and therefore, cannot be generalised to the entire housing market worldwide. The result of this study can be used for housing valuation by Malaysian property market players, investors and especially policymakers. This study’s findings can help Malaysian policymakers to limit the high price fluctuation in the housing industry and help Malaysian citizens to buy their own homes at a reasonable price. The contributions of this study are structured around two points. The first is the contribution to the body of knowledge, where the results of the study will contribute to the growing number of literature in the housing sector. Moreover, the second contribution of this document is the strength of its recommendation to policymakers. This is because it analyses only the main macroeconomic determinants (IR, GDP and CPI) that are essential to better influence the housing sector as quickly as possible, as opposed to those that use many variables that could lead to possible specification errors.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-01-25
      DOI: 10.1108/IJHMA-09-2021-0105
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Foreign capital inflow and housing prices in a developing country: an
           advanced econometric enquiry

    • Free pre-print version: Loading...

      Authors: Rafiq Ahmed , Syed Tehseen Jawaid
      Abstract: The study is intended to find out the relationship between housing prices and the inflow of foreign capital in Pakistan. There is a shortage of housing units due to rising population and rural–urban migration since its inception; on the other hand, there is also a lack of housing finances. The urban sprawl has created the demand for housing units, but the supply of housing has not been increased up to the required level, the major reason is a deficiency of housing finances. The analysis was carried out from 1973 to 2018, on an annual, quarterly and monthly basis; the structural changes are captured by the Zivot–Andrews unit root test. Gregory–Hansen test is used for cointegration, the combined cointegration also validates the results. In addition, the rolling window is used to capture timely changes between data sets. Finally, wavelet analysis is used to prove volatility. The rising prices of housing in the country is alarming; Pakistan is a developing country, and it is facing many problems along with a housing shortage. The domestic sources of housing finances are inadequate, so foreign funds are welcomed. The rolling window regression proves that domestic factors along with the foreign capital inflow affect housing prices positively, and the wavelet analysis finds out that foreign direct investment is more volatile than workers’ remittances in financing the housing market. This is a pioneering study to find out the impact of foreign capital inflows on the housing prices in the economy of Pakistan. The inadequacy of housing finances from domestic sources attracted foreign funds financing this sector. This study has used new techniques like rolling window and wavelet transformation, such techniques have not been used before.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-01-25
      DOI: 10.1108/IJHMA-11-2021-0122
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Working from home and long-term housing wealth inequality in large cities
           of advanced economies

    • Free pre-print version: Loading...

      Authors: Reza Tajaddini , Hassan F. Gholipour , Amir Arjomandi
      Abstract: The purpose of this study is to explain the potential long-term impacts of working from home on housing wealth inequality in large cities of advanced economies. This study is descriptive research and It supports the arguments by providing some emerging evidence from property markets in developed countries. The authors argue that due to the unique nature of the COVID-19 crisis, it will have a different and long-term impact on housing wealth inequality. Changes in the working arrangements of many professionals will change the housing demand dynamic across different suburbs and may lead to a reduction of the housing wealth gap in the long term. In this paper, the authors propose five mechanisms that may impact housing wealth inequality. Long-term data is required to test the proposed conceptual model in this study and the effect of the COVID-19 pandemic on housing wealth across and within suburbs of large cities. Policymakers and regulators may benefit from the discussions and suggestions provided in this study and consider the proposed avenues on how new changes in the working environment (remote working) may result in a reduction of housing wealth inequality. This study presents a new perspective about the potential long-term impacts of working from home that is posed by the COVID-19 pandemic on housing wealth inequality in large cities of developed economies.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-01-03
      DOI: 10.1108/IJHMA-11-2021-0121
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Editorial 15-3 International Journal of Housing Markets and Analysis

    • Free pre-print version: Loading...

      Authors: Richard Reed
      Abstract: Editorial 15-3 International Journal of Housing Markets and Analysis
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2022-04-22
      DOI: 10.1108/IJHMA-06-2022-156
      Issue No: Vol. 15 , No. 3 (2022)
       
  • Relationship between housing finance institutional contexts and financial
           contexts to housing ownership by low-income earners in Bauchi LGA, Nigeria
           

    • Free pre-print version: Loading...

      Authors: Moses Jonathan Gambo, Sani Usman Kunya, Bala Ishiyaku, Musa Jacob Ashen, Wilfred Emmanuel Dzasu
      Abstract: The purpose of this paper is to investigate the relationship between housing finance institutional related variables and financial related variables of low-income earners in Bauchi Local Government Area, Bauchi, Nigeria. In this study, quantitative research approach was adopted. Self-administered structured questionnaires were used to collect information from 500 primary school teachers in Bauchi Local Government Area, Bauchi, Nigeria. A correlation analysis was carried out to find the relationship between housing finance institutional contexts and finance contexts to low-income earners in the study area using SPSS Version 23 software. The findings shows that the low-income earners were more concerned with the accessibility and affordability on housing ownership, and it also showed that performance and effectiveness of the housing finance institutions were of paramount importance to housing ownership for the low-income earners in the study area. The finance institutions are the prime consumer of these research findings. The participants in the finance institutions are going to benefit from the low-income earners’ housing ownership development. The paper also emphasized that the finance institutions should make the housing finance loan accessible and affordable to the low-income earners to meet their dream to sustainable housing ownership.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-06-19
      DOI: 10.1108/IJHMA-03-2021-0032
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Government regulation and financial support on housing delivery: lessons
           learned from the Saudi experience

    • Free pre-print version: Loading...

      Authors: Ali Muflah AlQahtany
      Abstract: The purpose of this paper is to study the housing delivery in the Kingdom of Saudi Arabia (KSA) and to discuss the most significant government regulations and financial support that have been applied since the beginning of this century and especially during the past ten years, which constituted a qualitative leap in the housing sector in the country. In this paper, the desktop study technique was used to review the key related literature, collect the data and analyze secondary data. This study used a mixed approach involving (1) literature search and review, (2) analysis of literature public documents and databases and (3) expert discussions. The content analysis technique was followed for data analysis of gathered documents and secondary data. This study used the three-step iterative process during the use of the content analysis technique. The findings reveal that the demand for housing will continue to increase in the coming years with increase in population. The housing supply should not only match the demand but also should develop according to the social and economic characteristics of the population. Besides, the authorities have to both streamline and reinforce regulations pertaining to construction permits and building licenses. Nonetheless, the regulators are suggested to remain vigilant about potential fiscal and financial risks as the housing market develops. The opinions of policymakers and stakeholders are very important, but because of the time limitation it has not been explicitly addressed. Instead, discussions with select experts were carried out to validate the findings. Future research can assess the housing delivery based on the viewpoints of the policymakers, professionals, academics and stakeholders to have better insights and broaden the boundaries of knowledge in this field. Similar studies in this field are limited, which makes this paper one of the pioneering attempts to study the current housing situation in the KSA and shed light on the most significant government regulations and financial support for housing delivery in the country.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-06-19
      DOI: 10.1108/IJHMA-03-2021-0036
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Segmenting German housing markets using principal component and cluster
           analyses

    • Free pre-print version: Loading...

      Authors: Simon Wiersma, Tobias Just, Michael Heinrich
      Abstract: Germany has a polycentric city structure. This paper aims to reduce complexity of this structure and to find a reliable classification scheme of German housing markets at city level based on 17 relevant market parameters. This paper uses a two-step clustering algorithm combining k-means with Ward’s method to develop the classification scheme. The clustering process is preceded by a principal component analysis to merely retain the most important dimensions of the market parameters. The robustness of the results is investigated with a bootstrapping method. It is found that German residential markets can best be segmented into four groups. Geographic contiguity plays a specific role, but is not a main factor. Our bootstrapping analysis identifies the majority of pairwise city relations (88.5%) to be non-random. A deeper discussion concerning the most relevant market parameters is required. The stability of the clusters is to be re-investigated in the future, as the bootstrapping analysis indicates that some clusters are more homogeneous than others. The developed classification scheme provides insights into opportunities and risks associated with specific city groups. The findings of this study can be used in portfolio management to reduce unsystematic investment risks and to formulate investment strategies. To the best of the authors’ knowledge, this is the first paper to offer insights into the German housing markets which applies principal component, cluster and bootstrapping analyses in a sole integrated approach.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-06-15
      DOI: 10.1108/IJHMA-01-2021-0006
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • The influence of privately initiated rezoning on housing prices

    • Free pre-print version: Loading...

      Authors: Jeffrey G. Robert, Velma Zahirovic-Herbert
      Abstract: The purpose of this paper is to evaluate the parcel-level impacts of the zoning change. Using hedonic regression and propensity score matching econometric techniques, this paper analyses single-family housing prices within Fulton County Georgia. This paper combines data on the parcel-level zoning changes with nearby housing sales transactions to study the potential externality effects because of rezoning induced by private parties. The paper finds evidence of heterogeneous rezoning effects, depending upon the type of rezoning conducted. At a distance within 0.75 miles, housing prices appreciate by 8.31% when nearby privately initiated rezoning maintains the residential character of a neighbourhood. However, housing prices decline by 21.26% when residential housing zones are converted to non-residential housing zones. The negative influences of rezoning residential use to non-residential uses decline as distance increases. The analysis provides quantitative information on the impact of rezoning on residential property prices. Planning officials and developers can use these results to assuage homeowner fears of potential negative housing price effects associated with rezoning.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-06-10
      DOI: 10.1108/IJHMA-02-2021-0016
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • The connectedness of house price affordability (HPA) and rental price
           affordability (RPA) measures

    • Free pre-print version: Loading...

      Authors: Graham Squires, Don Webber, Hai Hong Trinh, Arshad Javed
      Abstract: The purpose of this paper is to examine the relationship between house price affordability (HPA) and rental price affordability (RPA) in New Zealand. The cointegration of HPA and RPA is of particular focus given rising house prices and rising rents. The study examines the lead-lad correlation between HPA and RPA. The method uses a generalised least square technique and the development of an ordinary least squares model. The study shows that there is an existence of cointegration and unidirectional statistical causality effects between HPA and RPA across 11 regions in New Zealand. Furthermore, Auckland, Wellington and Canterbury are the three regions in which the results detect the most extreme effects amongst HPA and RPA compared to other places in the country. Extended empirical work shows interesting results that there are lead-lag effects of HPA and RPA on each other and on mortgage rates at the national scale. These effects are consistent for both methods but are changed at individual lead-lag variables and amongst different regions. The study empirically provides useful insight for both academia and practitioners. Particularly in examining the long-run effects, cointegration and forecasting of the volatile interactions between HPA and RPA.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-06-10
      DOI: 10.1108/IJHMA-03-2021-0029
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Assessing housing preferences of young civil servants in Malaysia: do
           location, financial capability and neighbourhood really matter'

    • Free pre-print version: Loading...

      Authors: Nor Ezatie Mukminah Muhammad Zamri, Mahazril ‘Aini Yaacob, Norazah Mohd Suki
      Abstract: The purpose of this study is to examine the key factors that influence the housing preferences of young civil servants in Malaysia. A self-administered questionnaire was distributed to 400 respondents who fulfilled the eligibility criteria of civil servant working in Malaysia aged between 20 and 40 years, and currently renting a house, or staying with friends, immediate family or relatives. Data were analysed via exploratory factor analysis and Pearson correlation. The results reveal that financial capability is the factor that most strongly influences the housing preferences of young civil servants, followed by neighbourhood and location. Young civil servants are highly inclined to consider the monthly repayment amount as the most important issue when deciding to buy a house. Furthermore, they prefer to buy a house in a neighbourhood that ensures high security and protection against crime. Housing developers should develop affordable housing in suitable neighbourhoods and locations to match homebuyers’ preferences to avoid a mismatch between housing demand and supply, which is obviously one of the greater risks of unsold homes. Given the lack of focus on this precise research sample (i.e. young civil servants), the study is justified in terms of its originality, as it examines a specific cohort by focussing on the correlations of location, financial capability and neighbourhood with housing preferences of young civil servants in Malaysia. These insights are invaluable, as this group has not been the specific focus of research.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-06-09
      DOI: 10.1108/IJHMA-02-2021-0012
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Factors influencing customers’ selection of Islamic home financing:
           a systematic review

    • Free pre-print version: Loading...

      Authors: Norhazlina Ibrahim , Safeza Mohd Sapian
      Abstract: This study, using systematic literature review (SLR) aims to highlight and summarise current studies on the factors influencing customers’ Islamic home financing (IHF) selection and Islamic banking product preference, which has gained popularity within the banking sector over the past three decades. The SLR could map evolution and research fields, recommend a particular categorisation and determine primary issues to demonstrate current trends, future research directions and theoretical development. The SLR was performed with a four-step reporting standard for the systematic evidence syntheses review method (research question formulation, systematic searching, quality assessment and data extraction) using 33 screened articles between 2008 and 2020 from two primary databases (Scopus and Web of Science) and one supporting database (Google Scholar). The resulting factors could be categorised into four primary themes: consumer behaviour, consumer attributes, bank attributes and bank attributes (Islamic). The themes were subsequently divided into 16 sub-themes. Notably, all the factors proved essential for consumers’ evolving preferences and product competitiveness in the market. This study encountered two limitations based on database selection and research period. This SLR aimed to offer useful insights into the factors that should be prioritised by financial institutions for marketing approaches by investigating consumer behaviours. This study pioneered an SLR on the study area for useful insights into the current research limitations and recommendations on future study directions. Specifically, the study method facilitated critical discussions and comparisons to past research outcomes and objectivity with triangulation from distinct perspectives.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-12-28
      DOI: 10.1108/IJHMA-10-2021-0110
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Gulf property damage, housing price trends and US bankruptcy filings

    • Free pre-print version: Loading...

      Authors: Billie Ann Brotman , Brett Katzman
      Abstract: This paper aims to examine potential causes of bankruptcy as they relate to hurricane damage. Investigate whether hurricanes result in personal bankruptcy filings due to real property damages. Strengthen existing descriptive results by using fully modified ordinary least squares (FMOLS). Lagged FMOLS model is used with data from states that suffered hurricane damage between 2000 through 2020. FMOLS controls for various financial distresses that can cause bankruptcy filings. Bankruptcy is usually filed for within one year of a hurricane. Changes in house prices and hurricane severity were significant indicators of bankruptcy filings. However, the divorce rate, commonly thought of as a primary reason for bankruptcy, is insignificant. Data was available on a state level for the independent variables. Hurricane damage needed to be financially significant enough for inland flooding to be measurable and influential. Establishes that financial distress comes from several sources, not just home damage. Financial distress is highly correlated with whether a home was insured. Divorce does not cause bankruptcy filings. Federal flood insurance programs should be reexamined. Having a broader all-risk homeowner policy could reduce the number of households that file for bankruptcy after a hurricane. Existing research uses descriptive statistics and obtains mixed findings regarding the association between hurricane damage and bankruptcy filings. The FMOLS approach provides clarity about this association.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-12-15
      DOI: 10.1108/IJHMA-08-2021-0096
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Long-run drivers and integration in interprovincial Canadian housing price
           relations

    • Free pre-print version: Loading...

      Authors: Vijay Kumar Vishwakarma
      Abstract: This paper aims to examine the integration of housing markets in Canada by examining housing price data (1999–2016) of six metropolitan areas in different provinces, namely, Calgary, Vancouver, Winnipeg, Toronto, Montreal and Halifax. The authors test for cointegration, driver cities of long-run relationships, long-run Granger causality and instantaneous causality in light of the global financial crisis (GFC) (2007–2008). The authors use Johansen’s system cointegration approach with structural breaks. Moving average representation is used for common stochastic trend(s) analysis. Finally, the authors apply vector error correction model-based Granger causality and instantaneous causality. Cities’ housing prices are in long-run equilibrium. Post-crisis Canadian housing markets became more integrated. The Calgary, Vancouver, Toronto and Montreal markets drive the Canadian housing market, leading all cities toward long-run equilibrium. Strong long-run Granger causality exists, but the authors observe no instantaneous causality. Price information takes time to disseminate, and long-run price adjustments play a significant role in causation. The findings of cointegration increasing after the GFC and strong lead–lag can be used by investors to arbitrage and optimize portfolios. This can also help national and local policymakers in mitigating risk. Incorporating these findings can lead to better price forecasting. This study presents many novelties for the Canadian housing market: it is the first to use repeat-sales regional pricing indices to test long-run behaviors, conduct common stochastic trend analyzes and present causality relations.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-11-26
      DOI: 10.1108/IJHMA-08-2021-0090
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Structural analysis of factors affecting the housing in Tabriz metropolis:
           a future study approach

    • Free pre-print version: Loading...

      Authors: Sonya Karami , Arezoo Hajisharifi , Moslem Zarghamfard , Simin Armaqan
      Abstract: The purpose of this study is to survey the quantitative and qualitative indicators of housing in Tabriz and its comparison with urban areas of the province and the country (Iran) and identify the key indicators on the future of the housing situation in the Tabriz metropolis. Statistical yearbooks, the censuses of different periods and the documentary-environmental scanning methods are used to collect the data and matrix of crossed impact multiplications applied to a classification (MICMAC) software is used for analyzing the data. The results show that during the years 1976 to 2016, the quantitative and qualitative indicators of housing in Tabriz have improved. Also, by obtaining the environmental scanning method, 61 factors were selected in 5 areas that have the greatest impact on the future of housing in the Tabriz metropolis. Finally, 11 key factors that have the most impact on the future of housing in the Tabriz metropolis were selected. These factors are economic growth, inflation, household income and savings, land and housing prices, sanctions, exchange rate changes, bank facilities, unemployment rates, political changes, purchasing power and management style. Among these factors, economic factors play the most important role, and political-managerial factors come in the next place. This paper proves two issues, namely, the housing market in Iran, especially in the metropolis of Tabriz is strongly influenced by macroeconomic factors and the political situation of society and slogans of housing market reform without fundamental changes and reforms in both economic and political sectors of society are demagogic and illogical.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-11-16
      DOI: 10.1108/IJHMA-08-2021-0089
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Non-mortgage loans in the Chinese residential real estate market

    • Free pre-print version: Loading...

      Authors: Kerry Liu
      Abstract: From January 2021, the potential flow of Chinese household non-mortgage loans, including business loans and short-term consumption loans to the residential real estate market, has attracted the attention of the regulatory authorities. This study aims to examine the effects of household non-mortgage loans on the Chinese residential real estate market. Based on a monthly data set between July 2011 and December 2019, this study adopts a cointegration analysis. This study finds that household non-mortgage loans do play a significant role in driving residential real estate prices in China. While many studies have examined the Chinese real estate market and its linkage with the financial system and the economy, this study is the first of its kind in the academic literature that exclusively focusses on the role of non-mortgage loans in real estate prices, and makes an original contribution.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-11-12
      DOI: 10.1108/IJHMA-09-2021-0102
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Do green features increase housing value in Malaysia'

    • Free pre-print version: Loading...

      Authors: Zhen-Ting Goh , Sheau-Ting Low , Weng-Wai Choong , Siaw-Chui Wee
      Abstract: The purpose of this paper is to identify the perception of valuers towards the contribution of green features in residential property valuation. The concept of green housing was designed to reduce the negative impacts on the environment and humans. The cost of green housing is higher than the conventional building and is reflected in the selling price, which is further enhanced by the increasing demand for green buildings in the housing market. Such a scenario could be a challenge to the valuers when they carry out a valuation on housing with green features, as there is a lack of information to guide valuers. This study used a quantitative research method. A comprehensive review of the international green rating tools was carried out to ascertain the relative green features in residential buildings. There are 14 green features identified and grouped into four main categories. A total of 147 valid responses were collected by an online platform and face-to-face distribution among licensed valuers in Malaysia. The result confirmed that the 14 green features are contributing to the residential property valuation with a reasonable range of adjustment from 2.0% to 6.5%. The understanding of the range of adjustment for each green feature may provide a guide to the valuer in determining the range of adjustment based on green features associated with residential property in Malaysia. The findings contribute ideas and options to the future development of residential projects by taking into consideration the specific green features that potentially lead to environmental sustainability and building value.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-11-08
      DOI: 10.1108/IJHMA-09-2021-0101
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Housing prices in emerging countries during COVID-19: evidence from Turkey

    • Free pre-print version: Loading...

      Authors: Mustafa Tevfik Kartal , Serpil Kılıç Depren , Özer Depren
      Abstract: By considering the rapid and continuous increase of housing prices in Turkey recently, this study aims to examine the determinants of the residential property price index (RPPI). In this context, a total of 12 explanatory (3 macroeconomic, 8 markets and 1 pandemic) variables are included in the analysis. Moreover, the residential property price index for new dwellings (NRPPI) and the residential property price index for old dwellings (ORPPI) are considered for robustness checks. A quantile regression (QR) model is used to examine the main determinants of RPPI in Turkey. A monthly time series data set for the period between January 2010 and October 2020 is included. Moreover, NRPPI and ORPPI are examined for robustness. Predictions for RPPI, NRPPI and ORPPI are carried out separately at the country (Turkey) level. The results show that market variables are more important than macroeconomic variables; the pandemic and rent have the highest effect on the indices; The effects of the explanatory variables on housing prices do not change much from low to high levels, the COVID-19 pandemic and weighted average cost of funding have a decreasing effect on indices while other variables have an increasing effect in low quantiles; the pandemic and monetary policy indicators have a negative and significant effect in low quantiles whereas they are not effective in high quantiles; the results for RPPI, NRPPI and ORPPI are consistent and robust. The results of the study emphasize the importance of the pandemic, rent, monetary policy indicators and interest rates on the indices, respectively. On the other hand, focusing solely on Turkey and excluding global variables is the main limitation of this study. Therefore, the authors encourage researchers to work on other emerging countries by considering global variables. Hence, future studies may extend this study. The COVID-19 pandemic and market variables are determined as influential variables on housing prices in Turkey whereas macroeconomic variables are not effective, which does not mean that macroeconomic variables can be fully ignored. Hence, the main priority should be on focusing on market variables by also considering the development in macroeconomic variables. Emerging countries can make housing prices stable and affordable, which will increase homeownership. Hence, they can benefit from stability in housing markets. The QR method is performed for the first time to examine housing prices in Turkey at the country level according to the existing literature. The results obtained from the QR analysis and policy implications can also be used by other emerging countries that would like to increase homeownership to provide better living conditions to citizens by making housing prices stable and keeping them under control. Hence, countries can control housing prices and stimulate housing affordability for citizens.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-10-15
      DOI: 10.1108/IJHMA-07-2021-0083
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • A study of boundedly rational behaviour in housing choice: evidence from
           Malaysia

    • Free pre-print version: Loading...

      Authors: Consilz Tan
      Abstract: Housing choice is always a complicated decision with its dual functions as a roof over the head and as an investment good. This paper aims to investigate the boundedly rational behaviours that affect the housing choice three bounded behaviours play roles in explaining the decision-making behaviour of homebuyers when they acquire/sell a property. These behaviours are endowment effect, loss aversion and herding, which have implications on the decision-making process. The research is based on cross-sectional questionnaires and collected from 587 respondents. Factor analysis and reliability tests were used to identify the latent construct of bounded rational housing choice behaviour. In the meantime, the study used one-way analysis of variance (ANOVA) to examine whether there are any differences in the housing choice based on the respondents’ demographic backgrounds. The findings indicated that a total of 11 items were reduced to three factors that accounted for the decision-making in housing choice. There are significant differences in herding behaviour amongst respondents with different level of education and their purpose of looking for a house. This paper helps to identify latent constructs that shed light on the housing choice, especially on the bounded rational behaviour. This is one of the few studies to explore boundedly rational behaviours in housing choice from the angle of homebuyers. Previous studies addressed housing choice in terms of price, demand and supply in general but not on individual homebuyers. The results will be useful to developers, policymakers, homebuyers as well as scholars in understanding the decision-making process in housing choice.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-10-15
      DOI: 10.1108/IJHMA-08-2021-0094
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Study of factors influencing apartment prices in Prishtina, Kosovo

    • Free pre-print version: Loading...

      Authors: Visar Hoxha , Dhurata Hoxha , Jehona Hoxha
      Abstract: The purpose of this study is to identify which are the main factors influencing the apartment prices in Prishtina, the capital of Kosovo, during the period 2018–2020. The factors identified will be used by real estate developers and investors for better decision-making in apartment investments. The research methodology is quantitative. The methodology analyzes 1,468 real estate transaction contracts of apartment buildings using a probability random sampling. The research methodology uses multiple regression analysis to identify whether the research model is significant in predicting apartment prices but also identify which are the main factors that influence the apartment prices in Prishtina, Kosovo. The present study finds that location, size, floor, access to road and building quality affect apartment prices in Prishtina, whereas surprisingly access to green spaces and availability of parking spaces have no statistically significant effect on apartment prices in Kosovo. The study has great implications for the real estate developers in Prishtina, Kosovo showing how to improve their decision-making process in real estate investments to know which characteristics are most valued by investors for investment in new apartment buildings in Prishtina, Kosovo and local authorities in Prishtina, Kosovo to modernize the access to road infrastructure for its inhabitants and adopt building regulations that will enforce strict criteria as far as building quality is concerned. The study is the first quantitative study that studies the factors influencing the apartment prices in Prishtina, Kosovo.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-10-14
      DOI: 10.1108/IJHMA-08-2021-0086
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • On the feasibility of reverse mortgages in Colombia

    • Free pre-print version: Loading...

      Authors: Julian Benavides Franco , Julio César Alonso Cifuentes , Jaime Andrés Carabalí Mosquera , Anibal Sosa
      Abstract: The Colombian Government proposed a reverse mortgage mechanism to complement retirement income in Colombia. This paper aims to study its feasibility by valuing its premia. Under a reverse mortgage scheme, banks issue put options on an owner’s home. To value the option, the authors apply a risk-neutral canonical approach modeling its three sources of risk: home future value, interest rate levels and homeowner life expectancy. In all, premia values do not seem too high. However, if future interest rates are above the simulations or home appreciation is below its historical behavior, the premia could sharply increase, jeopardizing the system viability. Limiting the loan-to-home-value ratio or fixed-term annuities are feasible alternatives to keep premium increases at bay. Complementary mechanisms may also help. The home price and interest rate path estimation do not include inflation dynamics; in recent years inflation level was very low. However, the future does not offer any warrants. Future research also should cap the maximum loss the bank can endure. The pandemic may cause demographic changes affecting the viability of the reverse mortgage (R.M.) program in Colombia. Based on the analysis, this work suggests possible government policies to help creditors and to maintain bank risks at a reasonable level. An adequate reverse mortgage program may help the policymakers in Colombia to face the adverse environment for Colombia’s housing market and the pressure of its pension system. A good R.M. program generates incentives to purchase homes, given the possibility of receiving an additional rent after retirement. The paper develops an econometrical improvement over previous work. The authors present a time-series analysis that includes stationarity and co-integration information to model the data-generation process of house prices and interest rates in a multivariate fashion. The authors also improve the valuation formula. Moreover, the paper presents a novel application to Colombia. The authors obtain our demographic data from the United Nations Population Division applying the Lee-Carter method to model mortality rates, which provides ample possibilities to extend reverse mortgage assessment to additional. Finally, this is the first scholarly effort to evaluate the R.M. for the Colombian case.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-10-11
      DOI: 10.1108/IJHMA-05-2021-0063
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Examining the spatial and non-spatial linkages between suburban housing
           markets

    • Free pre-print version: Loading...

      Authors: Morteza Moallemi , Daniel Melser , Ashton de Silva , Xiaoyan Chen
      Abstract: The purpose of this paper is on developing and implementing a model which provides a fuller and more comprehensive reflection of the interaction of house prices at the suburb level. The authors examine how changes in housing prices evolve across space within the suburban context. In doing so, the authors developed a model which allows for suburbs to be connected both because of their geographic proximity but also by non-spatial factors, such as similarities in socioeconomic or demographic characteristics. This approach is applied to modelling home price dynamics in Melbourne, Australia, from 2007 to 2018. The authors found that including both spatial and non-spatial linkages between suburbs provides a better representation of the data. It also provides new insights into the way spatial shocks are transmitted around the city and how suburban housing markets are clustered. The authors have generalized the widely used SAR model and advocated building a spatial weights matrix that allows for both geographic and socioeconomic linkages between suburbs within the HOSAR framework. As the authors outlined, such a model can be easily estimated using maximum likelihood. The benefits of such a model are that it yields an improved fit to the data and more accurate spatial spill-over estimates.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-09-27
      DOI: 10.1108/IJHMA-07-2021-0082
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Understanding tenants’ motivations for co-living arrangements: a case
           study of Klang Valley, Malaysia

    • Free pre-print version: Loading...

      Authors: Vania Christy , Teck Hong Tan
      Abstract: The purpose of this study is to fill a knowledge gap by analyzing the motivations of tenants to co-living spaces in Klang Valley, Malaysia as the motives of co-living spaces are related to how well that space supports their needs. Tenants’ behaviors were examined using a convergent parallel mixed-method approach, which included a survey and an in-depth interview. A total of 175 respondents were interviewed using purposive sampling. The results show that the preference for co-living attributes has changed during the pandemic. User ratings of preference for physical and leasing attributes of co-living spaces are significant in terms of co-living motivations. The findings also revealed that tenants prefer twin-sharing and master bedrooms when choosing a co-living space to stay in. Identifying the factors that influence such motivations is critical for housing developers and co-living service providers to pay close attention to improving tenants’ living experiences. There is interest in the co-living spaces that are available for rent. However, very little research is based on an understanding of how the tenants in Klang Valley, Malaysia perceive this type of living arrangement. A better understanding and prediction of tenants’ needs and preferences may lead to a better understanding of the attributes that influence their motivations for using co-living spaces.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-09-27
      DOI: 10.1108/IJHMA-07-2021-0084
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Factors influencing Jamaican householders’ housing choice

    • Free pre-print version: Loading...

      Authors: Anetheo Jackson , Carol Dean Archer
      Abstract: The purpose of this paper is to bridge the gap in knowledge of Jamaican householders’ housing choices and to provide empirical research that will support the inclusion of the householders’ perspectives in developing housing policies and programmes in Jamaica. A questionnaire survey of 430 householders drawn from public housing developments in 6 of 14 parishes in Jamaica was conducted. A pragmatic approach was taken in this study. As such, both qualitative and quantitative data were used to investigate the factors influencing householders’ housing choices. The data were analysed using exploratory factor analysis to extract the main factors influencing the householders’ housing choices. The research revealed that the dwelling features and its environment, accessibility and neighbourhood attributes are three factors influencing householders’ housing choice. Notably, the dwelling and its immediate environment explained the majority of the variance in housing choice. This suggests that if householders are given a choice between a larger more desirable dwelling in a clean, safe and well-maintained community and housing with proximity to work, job opportunities, urban services and other proximity variables, they are less likely to choose the latter. The factors obtained from this study provide some insights into the scale of preference of the household heads and desired attributes of affordable housing solutions. They also shed some light on what might have caused some past affordable housing solutions to be undesirable. In addition to this, there is some intuition that there may be efficacy in adopting a community development approach to housing. These results have strong implications for housing planning. However, given the island’s challenge with the proliferation of squatter settlements, it is recommended that further research, which includes these householders’ be carried out. This research is the first to examine the views of Jamaican householders’ with the purpose of understanding what influences their choice of housing. The findings provide new insights into the trade-off that householders may be willing to make in choosing their housing. The results provide a source of reference in reviewing the performance of past policies and programmes.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-09-25
      DOI: 10.1108/IJHMA-05-2021-0059
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Dynamic implications of GDP, interest rates, taxes, income, foreign direct
           investments, housing prices on property NPLs

    • Free pre-print version: Loading...

      Authors: Kuen-Wei Tham , Rosli Said , Yasmin Mohd Adnan
      Abstract: The study on how macroeconomic factors affect non-performing loans (NPLs) have not been focussed on property loans, which had been amongst the largest contributor of NPLs in many countries. At the same time, whilst there are many studies that focusses on NPLs during the recession and financial crises, not many studies focus on how macroeconomic factors affect property NPLs in a recovering economic environment. The purpose of this study seeks to fill the gap by analysing the relationships between gross domestic product (GDP), interest rates, income, foreign direct investments (FDI), housing prices and taxes on property NPLs with Malaysia as a case study in which NPLs rose for the first time after declining for almost a decade since the 2008–2009 global financial crisis. This study aims to understand the dynamics and direction of causation in relationships. The author uses the auto regressive distribution lag analysis between the independent variables of GDP, interest rates, housing prices, service taxes, percapita income and FDI affecting the dependent variable of property NPLs from 2009 to 2017, during a unique period of recovering economic environment where NPLs rose for the first time in almost a decade of decline. This study found that interest rates, housing prices, income, GDP and service taxes were found to possess long cause effects and long run elasticity with NPLs. At the same time, interest rates were found to implicate property NPLs significantly in longer periods, followed by GDP, housing prices, service taxes and income. FDIs were found to be insignificantly negative in implicating property NPLs in the long run. This paper allows policymakers to understand the dynamic implications of crucial macroeconomic factors in affecting NPLs so that appropriate strategic monetary policies could be formulated towards addressing them. More focus shall be given to addressing the long term implications of these factors on NPLs. Appropriate strategic monetary policy making can be channelled towards addressing these factors via understanding the short and long term implications of macroeconomic variables on property NPLs. Policymakers can take note of the long cause effects and long run elasticity of average interest rates, housing prices, income levels, GDP and service taxes with property NPLs so that appropriate long term policies can be addressed to control the rise of property NPLs in the country. At the same time, priority should be given towards strengthening of the GDP of the country due to its strongest impact in long term effects with reduction of NPLs in the country. The insights from the present study suggest policymakers interested in bringing stability in the real estate finance system need to account for the various macroeconomic variables found in this study. The paper is novel on at least two dimensions. First, this study involves focussing on a unique period of recovering economic environment where NPLs rose for the first time after a decade of decline since recovering from the 2008–2009 global financial crisis. At the same time, this study focusses on property NPLs, which is unique in nature compared to general NPLs. This study had enabled policymakers to better understand the dynamic implications of several macroeconomic variables affecting property NPLs and assist them in strategic monetary policy making.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-09-25
      DOI: 10.1108/IJHMA-07-2021-0078
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • A multifractal detrended fluctuation analysis of housing market: a role of
           financial crises in developed economies

    • Free pre-print version: Loading...

      Authors: Syed Ali Raza , Nida Shah , Muhammad Tahir Suleman , Md Al Mamun
      Abstract: This study aims to examine the house price fluctuations in G7 countries by using the multifractal detrended fluctuation analysis (MF-DFA) for the years 1970–2019. The study examined the market efficiency between the short-term and long-term in the full sample period, before and after the global financial crisis period. This study uses the MF-DFA to analyze house price fluctuations. The findings confirmed that the housing market series are multifractal. Furthermore, all the markets showed long-term persistence in both the short and long-term. The USA is identified as the most persistent house market in the short run and Japan in the long run. Moreover, in terms of efficiency, Canada is identified as the most efficient house market in the long run and the UK in the short run. Finally, the result of before and after the financial crisis period is consistent with the full sample result. The contribution of this study in the literature is fourfold. This is the first study that has examined the house prices efficiency by using the MF-DFA technique given by Kantelhardt et al. (2002). Previously, the house market prices and efficiency has been investigated using generalized Hurst exponent (Liu et al., 2019), Quantile Regression Approach (Chae and Bera, 2019; Tiwari et al., 2019) but no study to the best of the knowledge has been done that has used the MF-DFA technique on the housing market. Second, this is the first study that has focused on the house markets of G7 countries. Third, this study explores the house market efficiency by dividing the market into two periods i.e. before and after the financial crisis. The study strives to investigate if the financial crisis determines the change in the degree of market efficiency or not. Finally, the study gives valuable insights to the investors that will help them in their investment decisions.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-09-23
      DOI: 10.1108/IJHMA-06-2021-0068
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Early impact of Covid-19 on private sector employees finance homeownership
           in Kingdom of Saudi Arabia

    • Free pre-print version: Loading...

      Authors: Raed Khamis Alharbi
      Abstract: For almost two years, the economic shocks and financial uncertainty created by the Covid-19 pandemic have affected all sectors. The private sector employees may be the worst hit. This is because of the lockdown across many countries, including the Kingdom of Saudi Arabia (KSA), leading to income irregularities. Studies exploring private-sector employees concerning housing finance for the houses purchased and how the lockdown has affected their sources of income for repayment plans are scarce. Therefore, this study aims to investigate the possible early negative impacts of Covid-19 on private sector employees’ housing finance homeownership in KSA. A phenomenology type of qualitative research was used. Data were sourced from three cities (Riyadh, Al-Qassim and Medina) and three mortgage banks across KSA. Virtual interviews via Zoom and WhatsApp video calls were conducted with engaged participants (bankers, government agencies and private sector employees). Thematic analysis was adopted, and the analysed data was presented in themes. Findings show that the partial and full lockdown resulted in income irregularities in many private businesses. Also, findings identified downsizing, leading to large-scale unemployment, half-monthly income for employees, loss of profit, human resources wastage, etc. Findings reveal that because of the economic shock, many homeowners have not been able to meet up with their monthly mortgage repayment obligation. Also, the absence of financial support in form of socioeconomic needs has not helped the matter. The paper is limited to the early negative impacts of Covid-19 on private sector employees’ housing finance homeownership in KSA and data collected via Zoom and WhatsApp video calls across the three main cities. The recommendations that will emerge from this study may be adopted by other Gulf and Islamic countries with similar homeownership repayment challenges. This study would stir key stakeholders, especially the policymakers and mortgage institutions to consider future policy principles that focus on who is at the highest risk for housing-related hardships because of the Covid-19 or future pandemic. The outcome can be used to develop an equitable housing policy framework to foster long-term economic mobility and be validated in the future by scholars. Similar research in this area is limited, which makes this study one of the pioneering attempts to investigate the early negative impacts of Covid-19 on private sector employees’ housing finance homeownership in KSA. The paper sheds light on the emerged early negative impacts and proffer feasible possible solutions to promote homeownership amongst Saudi citizens.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-09-22
      DOI: 10.1108/IJHMA-08-2021-0093
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Consumer sentiment and house prices: asymmetric evidence from state-level
           data in the United States

    • Free pre-print version: Loading...

      Authors: Mohsen Bahmani-Oskooee , Hesam Ghodsi , Muris Hadzic
      Abstract: The purpose of this paper is to assess and compare the symmetric and asymmetric effects of consumer sentiment on house prices in each state of the USA. This is the first study that uses state-level data. Both linear and nonlinear autoregressive distributed lag approaches are used to assess the asymmetric effects of consumer sentiment on house prices in each state of the USA. When the authors estimated a linear symmetric model, this paper found short-run effects of consumer sentiment on house prices in 34 states that lasted into the long-run in only 13 states. The comparable numbers by estimating a nonlinear asymmetric model were 47 and 22, respectively. The increase in the number of states where consumer sentiment affects house prices was attributed to the nonlinear adjustments of consumer sentiment. The authors deviate from previous research and assess the impact of consumer sentiment on house prices by using data from each state of the USA. The authors also deviate from previous research by demonstrating that the effects could be asymmetric. No study has done this at the state-level.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-09-10
      DOI: 10.1108/IJHMA-06-2021-0075
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Determinant factors of urban housing preferences among low-income people
           in Greater Jakarta

    • Free pre-print version: Loading...

      Authors: Djoni Hartono , Tony Irawan , Khoirunurrofik Khoirunurrofik , Ramadani Partama , Nurul Wajah Mujahid , Desi Setiadestriati
      Abstract: High numbers of housing backlogs as well as inadequate housing for low-income are one of the Indonesian government’s major concerns, especially in urban areas where the price of house is high. This study aims to identify low-income communities’ preferences on house ownership status, renting or buying and house provider, public or private, in Jakarta and surrounding areas. This study adapts Longley multistage choice model in the Indonesian context to analyze people’s preferences in choosing a place to live in urban areas. This study analyzes two choices of models which are aspects of homeownership (buying or renting) and aspects of residential types (private or public). Using data collected through a survey of 1,000 households in greater Jakarta (Jakarta, Bogor, Depok, Tangerang, and Bekasi), this study found that households which have fixed employment status, an older age, a larger number of family members, higher level of education and literacy in housing policy, accessible house location and more affordable to own house have a higher probability to choose to own a house. In addition, education level, age, and family size are major determinants of a household’s decision to occupy a public house rather than a private house. The findings provide basic input to government development programs in designing housing policy for low-income people. There are only a few studies related to house-ownership preferences in low-income people, especially in developing countries, including Indonesia. This study contributes to the housing studies literature by strengthening empirical evidence from developing countries that have large populations and mostly live in urban areas.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-09-01
      DOI: 10.1108/IJHMA-05-2021-0056
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Does tourism affect house prices in Turkey' Evidence from smooth
           structural break tests

    • Free pre-print version: Loading...

      Authors: Mustafa Ozan Yıldırım , Cagin Karul
      Abstract: The purpose of this study is to examine the impact of tourism activities on house prices in Turkey from January 2010 to March 2020. It is used newly developed cointegration and causality tests based on Fourier approximation. These methods consider smooth structural breaks and do not need to recognize a priori date number and/or form of breaks. Empirical findings show that international tourism activities have a substantial role in the escalation of house prices in Turkey. Findings also indicate a rise in industrial production enhances house prices while the mortgage lending rate exhibits a negative influence on house prices. Additionally, the evidence from Fourier causality tests reveals the unilateral causal linkage from tourism to house prices. This situation also shows that the tourism sector has a substantial role in stabilizing house prices’ rapid rise as a policy implication. Although a large number of papers have been analyzing the link between house prices and macroeconomic variables, this study eliminates the lack of papers examining the link between tourism and house prices in Turkey by using the new cointegration and causality methods that consider smooth structural changes.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-30
      DOI: 10.1108/IJHMA-03-2021-0035
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Distance in geographic and characteristics space for real estate pricing

    • Free pre-print version: Loading...

      Authors: Evgeniy M. Ozhegov , Alina Ozhegova
      Abstract: A common approach to predicting the price of residential properties uses the hedonic price model and its spatial extensions. Within the hedonic approach, real estate prices are decomposed into internal characteristics of an apartment, apartment characteristics and external characteristics. To account for the unobserved quality of the surrounding environment, price models include spatial price correlation factors, where the distance is usually measured as the distance in geographic space. In determining the price, a seller focuses not only on the observed and unobserved factors of the apartment and its environment but also on the prices of similar marketed objects that can be selected both by geographic proximity and by characteristics similarity. The purpose of this study is to show the latter point empirically. This study uses an ensemble clustering approach to measure objects' proximity and test whether the proximity of objects in the property characteristics space along with spatial correlation explain the significant variation in prices. In this paper, the pricing behaviour of sellers in a reselling market in Perm, Russia is studied. This study shows that the price transmission mechanism includes both geographic and characteristics spaces. After testing on market data, the proposed framework for the distance construct could be used to obtain higher predictive power for price predictive models and construction of automated valuation services. This study tests the higher explanatory power of the model that includes both the distance measured in geographic and property characteristics spaces.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-17
      DOI: 10.1108/IJHMA-04-2021-0041
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Measuring the housing sector’s contribution to GDP in emerging
           market countries

    • Free pre-print version: Loading...

      Authors: Arthur Acolin , Marja Hoek-Smit , Richard K. Green
      Abstract: This paper aims to document the economic importance of the housing sector, as measured by its contribution to gross domestic product (GDP), which is not fully recognized. In response to the joint economic and health crises caused by the COVID-19 pandemic, there is an opportunity for emerging market countries to develop and implement inclusive housing strategies that stimulate the economy and improve community health outcomes. However, so far housing does not feature prominently in the recovery plans of many emerging market countries. This paper uses national account data and informal housing estimates for 11 emerging market economies to estimate the contribution of housing investments and housing services to the GDP of these countries. This paper finds that the combined contribution of housing investments and housing services represents between 6.9% and 18.5% of GDP, averaging 13.1% in the countries with information about both. This puts the housing sector roughly on par with other key sectors such as manufacturing. In addition, if the informal housing sector is undercounted in the official national account figures used in this analysis by 50% or 100%, for example, then the true averages of housing investments and housing services’ contribution to GDP would increase to 14.3% or 16.1% of GDP, respectively. Further efforts to improve data collection about housing investments and consumption, particularly imputed rent for owner occupiers and informal activity require national government to conduct regular household and housing surveys. Researcher can help make these surveys more robust and leverage new data sources such as scraped housing price and rent data to complement traditional surveys. Better data are needed in order to capture housing contribution to the economy. The size of the housing sector and its impact in terms of employment and community resilience indicate the potential of inclusive housing investments to both serve short-term economic stimulus and increase long-term community resilience. The role of housing in the economy is often limited to housing investment, despite the importance of housing services and well-documented methodologies to include them. This analysis highlights the importance of housing to the economy of emerging market countries (in addition to all the non-GDP related impact of housing on welfare) and indicate data limitation that need to be addressed to further strengthen the case for focusing on housing as part of economic recovery plans.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-16
      DOI: 10.1108/IJHMA-04-2021-0042
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • A systematic analysis of the spatial migration patterns and the linkages
           between market components in Greater Manchester, United Kingdom

    • Free pre-print version: Loading...

      Authors: Le-Vinh-Lam Doan , Adipandang Yudono
      Abstract: This paper aims to bring together research on housing market area, submarket and household migration into a systems approach that helps us gain a better understanding of the structure and dynamics of a housing market and identify housing problems for a large metropolitan area. The paper uses a geographic information system (GIS)-based method with simple quantitative techniques, including spatial analysis, location analysis, house price clustering and cross-tabulation. The analysis is based on migration data from the 2011 Census, house price data from the Land Registry in 2011 for Greater Manchester at the ward level and the output areas level. The results show that different submarkets and housing market areas had different patterns of spatial migration and connections with other areas. Through a systematic analysis of migration and house price in combination, it also found a close connection between destination submarkets and the ages of migrants and identified specific problematic patterns for a large metropolitan area. The interactions between the owner-occupied sector and the social and private rented sectors are arguably an important omission from the analysis. Also, it is acknowledged that clustering ward units based on price differentials is subject to distortions in terms of specification, size and shape. Moreover, the use of the large samples may result in very small p-values, leading to the problem of the rejection of the predefined hypothesis. A systematic analysis of migration and house price in combination may be used to gain a better understanding of the housing market dynamics and identify housing problems systematically for a large metropolitan. It may help to identify low-demand areas, high-demand areas and assist planners with decisions in allocating suitable land for new housing constructions. The GIS-based method introduced in the paper could be considered as an effective approach to provide a better basis for determining policy interventions and public investment designed to allocate land resources effectively and improve transport systems to change existing problematic migration patterns. This paper fills a gap in the international literature in relation to adopting a systems approach that analyses migration and house price data sets in combination to systematically explore migration patterns and linkages and identify housing problems for a large metropolitan area. This systems approach can be applied in any metropolitan area where migration and house price data are available.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-16
      DOI: 10.1108/IJHMA-04-2021-0045
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Gentrification effects on housing prices in neighbouring areas
         This is an Open Access Article Open Access Article

    • Free pre-print version: Loading...

      Authors: Mats Wilhelmsson , Mohammad Ismail , Abukar Warsame
      Abstract: This study aims to measure the occurrence of gentrification and to relate gentrification with housing values. The authors have used Getis-Ord statistics to identify and quantify gentrification in different residential areas in a case study of Stockholm, Sweden. Gentrification will be measured in two dimensions, namely, income and population. In step two, this measure is included in a traditional hedonic pricing model where the intention is to explain future housing prices. The results indicate that the parameter estimate is statistically significant, suggesting that gentrification contributes to higher housing values in gentrified areas and near gentrified neighbourhoods. This latter possible spillover effect of house prices due to gentrification by income and population was similar in both the hedonic price and treatment effect models. According to the hedonic price model, proximity to the gentrified area increases housing value by around 6%–8%. The spillover effect on price distribution seems to be consistent and stable in gentrified areas. A few studies estimate the effect of gentrification on property values. Those studies focussed on analysing the impacts of gentrification in higher rents and increasing house prices within the gentrifying areas, not gentrification on property prices in neighbouring areas. Hence, one of the paper’s contributions is to bridge the gap in previous studies by measuring gentrification’s impact on neighbouring housing prices.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-16
      DOI: 10.1108/IJHMA-04-2021-0049
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • The effects of tourism on housing prices: applying a
           difference-in-differences methodology to the Portuguese market

         This is an Open Access Article Open Access Article

    • Free pre-print version: Loading...

      Authors: António Manuel Cunha , Júlio Lobão
      Abstract: This paper aims to explore the effects of a surge in tourism short-term rentals (STR) on housing prices in municipalities within Portugal’s two largest Metropolitan Statistical Areas. This study applies the difference-in-differences (DiD) methodology by using a feasible generalized least squares (FGLS) estimator in a seemingly unrelated regression (SUR) equation model. The results show that the liberalization of STR had a significant impact on housing prices in municipalities where a higher percentage of housing was transferred to tourism. This transfer led to a leftward shift in the housing supply and a consequent increase in housing prices. These price increases are much higher than those found in previous studies on the same subject. The authors also found that municipalities with more STR had low housing elasticities, which indicates that adjustments to the transfer of real estate from housing to tourism were made by increasing house prices, and not by increasing supply quantities. The study suggests that an unforeseen consequence of allowing property owners to transfer the use of real estate from housing to other services (namely, tourism) was extreme housing price increases due to inelastic housing supply. This is the first time that the DiD methodology has been applied in real estate markets using FGLS in a SUR equation model and the authors show that it produces more precise estimates than the baseline OLS FE. The authors also find evidence of a supply shock provoked by STR.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-14
      DOI: 10.1108/IJHMA-04-2021-0047
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Factors affecting commercial housing prices in Vietnam

    • Free pre-print version: Loading...

      Authors: Pham Phuong Nam , Tran Trong Phuong
      Abstract: The study aims to identify the affecting factors and their impact rates on the commercial housing prices. The study also aims to suggest implications related to commercial housing prices to develop the commercial housing market. The study investigates housing investors, real estate agents and buyers to identify factors that might affect commercial housing prices. The proposed research model has 7 latent factors and is tested by Cronbach' alpha and exploratory factor analysis by SPSS20.0 software. There are 7 groups with 24 factors affecting commercial housing prices. The neighboring factor group has the greatest impact rate (18.54%); the housing service group has the lowest impact rate (11.48%). The study has only determined the affecting factors and their impact rates on commercial housing prices in Bac Ninh city. Therefore, it is necessary to conduct research on factors affecting commercial housing prices in other provinces and cities of Vietnam in the coming time. In addition, the proposed research method can also be consulted when it is necessary to determine the factors affecting commercial housing prices in other countries around the world. The study proposes some implications related to commercial housing prices such as commercial housing valuation; housing selection with suitable prices for people intending to buy houses; state support policies for commercial housing investors to develop commercial housing with reasonable prices. The implementing the implications proposed in the study will facilitate people's easier access to commercial housing; real estate investors do business more efficiently. To the best of the authors’ knowledge, this paper presents for the first time a method to determine the affecting factors and their impact rates on commercial housing prices in Vietnam. The paper also points out a number of specific factors affecting commercial housing prices that are different from those shown in previous studies.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-14
      DOI: 10.1108/IJHMA-06-2021-0065
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • The impact of COVID-19 on home value in major Texas cities

    • Free pre-print version: Loading...

      Authors: Mira R. Bhat , Junfeng Jiao , Amin Azimian
      Abstract: This study aims to analyze the impact of COVID-19 on housing price within four major metropolitan areas in Texas: Austin, Dallas, Houston and San Antonio. The analysis intends to understand economic and mobility drivers behind the housing market under the inclusion of fixed and random effects. This study used a linear mixed effects model to assess the socioeconomic and housing and transport-related factors contributing to median home prices in four major cities in Texas and to capture unobserved factors operating at spatial and temporal level during the COVID-19 pandemic. The regression results indicated that an increase in new COVID-19 cases resulted in an increase in housing price. Additionally, housing price had a significant and negative relationship with the following variables: business cycle index, mortgage rate, percent of single-family homes, population density and foot traffic. Interestingly, unemployment claims did not have a significant impact on housing price, contrary to previous COVID-19 housing market related literature. Previous literature analyzed the housing market within the first phase of COVID-19, whereas this study analyzed the effects of the COVID-19 throughout the entirety of 2020. The mixed model includes spatial and temporal analyses as well as provides insight into how quantitative-based mobility behavior impacted housing price, rather than relying on qualitative indicators such as shutdown order implementation.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-13
      DOI: 10.1108/IJHMA-05-2021-0058
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Modelling housing market fundamentals and the response to economic and
           political events: empirical evidence from Kuwait

    • Free pre-print version: Loading...

      Authors: Abdullah Alfalah , Eamonn D’Arcy , Steffen Heinig , Simon Stevenson
      Abstract: The purpose of this paper is to examine the sensitivity of the Kuwait housing market to major local and regional geo-political and economic events. This paper examines the market dynamics of the housing market in Kuwait. Kuwait provides an interesting market to consider owing to its position as a major oil producer, its sensitivity to geo-political events and its unusual demographic characteristics. The error-correction model highlights that market is relatively volatile, with evidence of mean-reverting behaviour. Only when the data is smoothed are their more consistent findings with respect to underlying fundamentals. This paper also examines the response of the market to seven regional and local events. Of particular interest is that the one event that results in a consistent significant response is domestic legislation directly concerned with housing. This has a far greater impact than local or regional geo-political events. Very few papers have considered how economic and political shocks directly impact housing markets using an event study approach. Given its geographic location and also its economic dependence on oil, Kuwait is an interesting market to consider.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-10
      DOI: 10.1108/IJHMA-01-2021-0011
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • An investigation into the investment potential of purpose-built student
           accommodation in Sydney

    • Free pre-print version: Loading...

      Authors: Terence Y.M. Lam , Calvin Chen
      Abstract: Higher education is now one of the biggest export sectors in the Australian economy. Purpose-built student accommodation (PBSA) has emerged as a new asset class in Australia, as demanded by international and domestic students. As of 25 October 2020, there were still approximately 400,000 onshore international students and 135,000 offshore students despite the COVID pandemic. Various universities remain optimistic about their returns to Australia. Active PBSA investors remain focussed on the longer-term fundamentals and return of the Australian student market. This study aims to examine the investment potential of the PBSA sector in Sydney. The triangulation method was used to confirm whether the literature findings on the high potential of PBSA investment apply to the context of the Sydney market. Qualitative expert interviews with two directors of major international real estate consulting firms, one private family trust investor and one director of a development company, were conducted in tandem with a qualitative multiple-case study of three major PBSAs via interviews with their building managers. These selected participants broadly covered the stakeholder settings across the industry. A positive and solid trend of demand and rental growth was confirmed by the expert interviews and the performance of PBSA cases in Sydney, as supported by the growing number of international students in the longer term. To enhance the rental growth, and hence total returns, self-contained studio-type accommodation with quality facilities and social support should be provided, and operators should consistently track the needs of students and provide them with a better living experience. PBSA is a new asset class and there have been limited supply and sale transactions to enable detailed examination of the capital growth, so this research has focussed on rental growth. When the PBSA market becomes more mature, further research should be conducted to analyse the strength of this emerging investment’s capital growth and total returns. In the longer term, PBSA is a low-risk property investment with potentially high returns in Sydney. Institutional investors and real estate consultants can make informed decisions to build up the property portfolio. PBSA is capital-intensive and has low liquidity, so this type of investment is particularly suitable for institutional investors. Universities should provide more suitable PBSA accommodations by themselves or partnerships with private developers. Planning authorities should include more PBSA residential uses in the land zoning plan. This is to provide more affordable accommodations to meet the demand of cost-sensitive students. This research confirms PBSA is a low-risk investment with potentially high returns within the context of the Sydney market. The findings will benefit the major stakeholders of PBSA in their investment decisions, including investors, developers and universities.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-09
      DOI: 10.1108/IJHMA-05-2021-0054
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • The influence of design-related features on houses time-on-market: a
           statistical analysis

    • Free pre-print version: Loading...

      Authors: Samer BuHamdan , Seyedmohammadamin Minayhashemi , Aladdin Alwisy , Ahmed Bouferguene
      Abstract: Researchers have not widely explored design-based factors that govern buildings’ physical properties and human–building interactions. This paper aims to understand the influence of design-related factors on the time-on-market (TOM) of listed houses and, consequently, study the effect of design features on the desirability of a given house. This research analyzes a dataset of listed houses, provided by the REALTORS® Association of Edmonton (RAE) and covers a period extending from January 2009 to August 2019, using Cox proportional-hazards regression model to identify building features that influence people purchasing decisions. The research findings affirm the statistical insignificance of the price on the TOM compared to other design features, such as the construction method, the installed mechanical systems and cladding materials. The data used in the analysis comes from a single North American region, i.e. Edmonton, Alberta, Canada. Also, the data provided by the RAE includes only records that involve a realtor. The observations of the research presented in this paper influence the housing market players’ decisions about housing designs, mainly those concerned with building new residential dwellings such as speculative builders and designers. The research novelty stems from two aspects: the medium used for analysis, i.e. Cox proportional-hazards regression model, which allows considering the listed-but-not-sold units and helps to eliminate the survivorship bias that leads to over-optimistic outcomes; and the assessment of design-related features which allows to understand people’s preferences in design alternatives.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-09
      DOI: 10.1108/IJHMA-05-2021-0062
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Dynamic effects and spatial heterogeneity of land supply on housing price:
           evidence from Nanchang, China

    • Free pre-print version: Loading...

      Authors: Zhijiang Wu , Yongxiang Wang , Wei Liu
      Abstract: Economic fundamentals are recognized as determining factors for housing on the city level, but the relationship between housing price and land supply has been disputed. This study aims to examine what kind of impact housing prices have on land supply and whether there is heterogeneity in different regional spaces. This study collects the relevant data of land supply and housing prices in Nanchang from 2010 to 2018, constructs a vector autoregression (VAR) model, including one external factor and four internal factors of land supply to explore the dynamic effects and spatial heterogeneity of land supply on housing prices through regression analysis. Also, the authors use the geographic detector to analyze the spatial heterogeneity of housing prices in Nanchang. This study found that the interaction between land supply and housing price is extremely complex because of the significant differences in the study area; the variables of land supply have both positive and negative effects on housing price, and the actual effect varies with the region; and residential land and GDP are the two major factors leading to the spatial heterogeneity in housing price. The dynamic effects of land supply on housing price are mainly reflected in the center and edge of the city, the new development area, and the old town, which is consistent with the spatial pattern of the double core, three circles and five groups in Nanchang. This is a novel work to analyze the dynamic effects of land supply on house prices, instead of a single amount of land supply or land prices. Furthermore, the authors also explore the spatial heterogeneity according to the regional characteristics, which is conducive to targeted policymaking.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-06
      DOI: 10.1108/IJHMA-02-2021-0022
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Flood risk and buyer search behavior in Ho Chi Minh City

    • Free pre-print version: Loading...

      Authors: Hong Thi Bich Nguyen , Norman G. Miller , Nam Khanh Pham , Hiep Thanh Truong
      Abstract: This study aims to investigate countries without national property insurance and see how experience affects behavior toward higher-risk flood prone property. Using a unique data set that captures the flood experiences of homeowners that search for new housing, the authors examine the premiums or discounts of such experience on homes at risk. The authors use hedonic property modeling to estimate the effects of experience on values. The authors find that such experiences play a strong role in convincing buyers of the real risks imposed by climate change and sea level rise and the authors expect these demand-side behavioral changes to persist. This finding is unlike more developed markets where insurance may be subsidized and negative effects on value dissipate within a few years. The world is starting to pay more attention to climate risk and the results in developed countries have been biased by the extensive insurance provided by the government or emergency funding. Providing market transparency on climate risks will result in permanent market effects, if not otherwise subsidized. The governments should encourage market disclosure. No one has ever had a data set like this before where the authors get to observe the behavior of those already experiencing property losses from flooding.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-06
      DOI: 10.1108/IJHMA-05-2021-0060
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Causal effects of immigration inflows on house prices in a traditionally
           non-destination country

    • Free pre-print version: Loading...

      Authors: Woei Chyuan Wong , Jan-Jan Soon
      Abstract: The purpose of this study is to examine the causal impact of international immigration inflows on housing prices at the state level in Malaysia from 2007 to 2018. Hedonic regressions using both fixed effects and first difference approaches are used to estimate the impact of immigration inflows on house prices in Malaysia. This study deals with potential endogeneity of immigrants’ choices of destination states in Malaysia by using a shift-share instrument variable approach. Specifically, historical shares of immigrants in a state are used to predict current immigrant inflows to a particular state. The predicted value of immigration flows is then inserted into the house price regression models in place of the actual immigration flows. Using annual data for 14 states from 2007 to 2018, this study documents the positive impact of immigration inflows on house prices in Malaysia. The authors find that a 1% increase in immigration inflows is associated with an increase of 10.2% (first difference) and 13.4% (fixed effects) in house prices. The economic impact is larger in magnitude than that found in developed countries. Contrary to existing studies that find immigration inflows to be associated with native flight, the authors find support for the attraction effects hypothesis, where immigration inflow is positive and significantly related to net native flows. The effects of immigration inflows are economically significant, considering that the effects are 10 times larger than those documented in the USA. Policymakers in Malaysia ought to monitor house price trends in immigrant-popular states to ensure that natives are not priced out by new immigrants. To the best of the authors’ knowledge, this is perhaps the first study to focus on the relationship between immigration inflows and house prices in Malaysia. Focusing on Malaysia has at least two originality aspects. First, Malaysia is relatively not an immigrant-popular destination. Second, Malaysia has a multiracial and heterogenous society among its natives. The findings, obtained within these two settings, would therefore provide a wider scope of result generalization, and natural experiment grounds for causal implications of our results.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-03
      DOI: 10.1108/IJHMA-05-2021-0051
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Housing policies with case studies

    • Free pre-print version: Loading...

      Authors: Abdol Aziz Shahraki
      Abstract: This paper aims to suggest a practical model for the production of new homes according to demands. After understanding the inhabitants’ priorities and preferences, the authors will present a programming model for building projects. The authors will meet the goal with knowledge-based development ideas and the experiences of skilled engineers and scholars. The research methods are theoretical studies, a case study strategy, a market analysis, linear planning and classic procedures. All the research methods are problem-oriented. The authors have studied theories related to housing policies and performed field studies with a case study. The case study considers the preferences of applicants and programs building productions according to the ideas and needs. The outcome of this research is a home-building program. The program stands on the particular requirements of responded people and regional characteristics. The authors can simulate this model anywhere in the world where there is a housing crisis. This paper is originally based on my studies and practices.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-07-30
      DOI: 10.1108/IJHMA-05-2021-0057
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • The impact of external factors on housing prices in Lithuania

    • Free pre-print version: Loading...

      Authors: Alina Stundziene , Vaida Pilinkienė , Andrius Grybauskas
      Abstract: This paper aims to identify the external factors that have the greatest impact on housing prices in Lithuania. The econometric analysis includes stationarity test, Granger causality test, correlation analysis, linear and non-linear regression modes, threshold regression and autoregressive distributed lag models. The analysis is performed based on 137 external factors that can be grouped into macroeconomic, business, financial, real estate market, labour market indicators and expectations. The research reveals that housing price largely depends on macroeconomic indicators such as gross domestic product growth and consumer spending. Cash and deposits of households are the most important indicators from the group of financial indicators. The impact of financial, business and labour market indicators on housing price varies depending on the stage of the economic cycle. Real estate market experts and policymakers can monitor the changes in external factors that have been identified as key indicators of housing prices. Based on that, they can prepare for the changes in the real estate market better and take the necessary decisions in a timely manner, if necessary. This study considerably adds to the existing literature by providing a better understanding of external factors that affect the housing price in Lithuania and let predict the changes in the real estate market. It is beneficial for policymakers as it lets them choose reasonable decisions aiming to stabilize the real estate market.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-07-26
      DOI: 10.1108/IJHMA-04-2021-0048
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Continuing care retirement community senior housing in Shanghai: an
           analysis of the development barriers

    • Free pre-print version: Loading...

      Authors: Terence Y. M. Lam , Junjie Yan
      Abstract: Shanghai is currently faced with a rapid increase in the ageing population and demand for elderly homes. Continuing care retirement community (CCRC) has been emerging as a high-end alternative to offer specialised accommodation to the elderly in major cities. Since the first development in 2008, the industry is now still at the infancy stage. This study aims to examine the investment barriers hindering the supply and demand of CCRCs with an aim to recommend practical and senior housing policy measures to facilitate CCRC developments. Multiple-case study method was used to confirm whether the literature findings on investment barriers apply to the context of Shanghai. Four representative CCRC development cases in Shanghai were examined, in which qualitative data were collected from interviews with experienced CCRC development managers and quantitative data from a questionnaire survey of the CCRC residents. Operation management experience, financial risks and government support policy were found to be the main supply barriers. Chinese traditional family-oriented culture and affordability were not the main demand barriers of CCRCs in Shanghai. Poor quality of services and living environment were identified as the main barriers suppressing the demand for CCRC. Although common trends and views can be drawn from the representative cases in Shanghai to provide valid results, further research should be conducted on other major cities in China so that the results can be widely applied. Successful CCRC investment strategy should focus on partnering with experienced professional eldercare management companies, provisions of high-quality medical professionals and trained care personnel and delivery of flexible care service, along with intensive capital flows for land, construction and operating costs. Additional senior housing policy support should be established to promote the CCRC supply to address the ageing needs, particularly granting lands for CCRC developments at Tiers 1 and 2 major cities where the land cost is high. This research’s practical and policy measures can be applied to enable and promote CCRC developments in Shanghai, thus benefitting both housing investors and the government. The findings also form a baseline for CCRC developments in other major cities.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-07-13
      DOI: 10.1108/IJHMA-04-2021-0038
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • The price-rent dynamics and linkage of urban housing: evidence from
           Singapore

    • Free pre-print version: Loading...

      Authors: Philip Inyeob Ji , Seema Bogati Bhandari
      Abstract: The aim of this paper is to examine dynamic linkages between price and rent and between property types. Intuition suggests that housing market segments experience different market cycles in response to macroeconomic shocks. However, they may be dynamically interlinked in urban areas because of substitutability. The linkage may even change, if preference weakens for multiple occupancies. A sudden reduction in apartment demand may create repercussions to other housing segments. Past analyses, despite their contributions, are static and do not consider possible linkages between property types. To fill this void, this paper investigates the price-rent dynamics for urban homes by adopting the case of Singapore. This paper applies a methodology from Phillips et al. (2015) to Singaporean housing (price and rent) data. Phillips et al. (2015) recently proposed a test for an explosive root in time series data and has spurred several empirical applications in the bubble literature. This paper finds for Singapore that the markets were subjected to explosive growth (where rents grew at a higher rate than prices did) during the Global Financial Crisis. Also, the results suggest that rent drives price and that non-landed housing (offices in central areas) leads to other residential housing (non-residential housing) in both price and rent. Overall, the present findings suggest that rent drives price, while property types are interlinked. Non-landed homes and offices in central areas are the sources of repercussions. Under normal circumstances, rental shocks may be propagated positively from nonlanded housing (central offices) to the other residential (non-residential) property types as the present findings suggest, which enables us to infer that a decrease in non-landed housing (central offices) rent may lead to an increase in rent on other property types because pandemic shocks only shift demand fromone property type to another, unlike typical macroeconomic shocks. Urban homes are faced with uncertainty arising from the COVID-19 outbreak for which city residents have a stronger incentive to exile to suburbs. Urban life may no longer be attractive because of social distancing and work from home policy. This has implications for urban home demands that are closely linked to urban house price and rent. In the present study, the paper set out to investigate the price-rent and property-type dynamics for urban homes in Singapore.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-07
      DOI: 10.1108/IJHMA-02-2021-0023
      Issue No: Vol. 15 , No. 3 (2021)
       
  • Understanding the behaviour of house prices and household income per
           capita in South Africa: application of the asymmetric autoregressive
           distributed lag model

         This is an Open Access Article Open Access Article

    • Free pre-print version: Loading...

      Authors: Anthanasius Fomum Tita , Pieter Opperman
      Abstract: Homeownership provides shelter and is a vital component of wealth, and house purchase signifies a lifetime achievement for many households. For South Africa confronted with social and structural challenges, homeownership by the low and lower middle-income household is pivotal for its structural transformation process. In spite of these potential benefits, research on the affordable housing market in the context of South Africa is limited. This study aims to contribute to this knowledge gap by answering the question “do changes in household income per capita have a symmetric or asymmetric effect on affordable house prices'” A survey of the international literature on house prices and income revealed that linear modelling that assumes symmetric reaction of macroeconomic variables dominates the empirical strategy. This linearity assumption is restrictive and fails to capture possible asymmetric dynamics inherent in the housing market. The authors address this empirical limitation by using asymmetric non-linear autoregressive distributed lag models that can test and detect the existence of asymmetry in both the long and short run using data from 1985Q1 to 2016Q3. The results revealed the presence of an asymmetric long-run relationship between affordable house prices and household income per capita. The estimated asymmetric long-run coefficients of logIncome[+] and logIncome[−] are 1.080 and −4.354, respectively, implying that a 1% increase/decrease in household income per capita induces a 1.08% rise/4.35% decline in affordable house prices everything being equal. The positive increase in affordable house prices creates wealth, helps low and middle-income household climb the property ladder and can reduce inequality, which provides support for the country’s structural transformation process. Conversely, a decline in affordable house prices tends to reduce wealth and widen inequality. This paper recommends both supply- and demand-side policies to support affordable housing development. Supply-side stimulants should include incentives to attract developers to affordable markets such as municipal serviced land and tax credit. Demand-side policy should focus on asset-based welfare policy; for example, the current Finance Linked Income Subsidy Programme (FLISP). Efficient management and coordination of the FLISP are essential to enhance the affordability of first-time buyers. Given the enormous size of the affordable property market, the practice of mortgage securitization by financial institutions should be monitored, as a persistent decline in income can trigger a systemic risk to the economy. The study results illustrate the importance of homeownership by low- and middle-income households and that the development of the affordable market segment can boost wealth creation and reduce residential segregation. This, in turn, provides support to the country’s structural transformation process. The affordable housing market in South Africa is of strategic importance to the economy, accounting for 71.4% of all residential properties. Homeownership by low and lower middle-income households creates wealth, reduces wealth inequality and improves revenue collection for local governments. This paper contributes to the empirical literature by modelling the asymmetric behaviour of affordable house prices to changes in household income per capita and other macroeconomic fundamentals. Based on available evidence, this is the first attempt to examine the dynamic asymmetry between affordable house prices and household income per capita in South Africa.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-08-05
      DOI: 10.1108/IJHMA-02-2021-0018
      Issue No: Vol. 15 , No. 3 (2021)
       
  • Dynamics of affordability and immigration in the Canadian housing market

    • Free pre-print version: Loading...

      Authors: Vikkram Singh
      Abstract: This study aims to make two major contributions. First, given the literature gap in housing unaffordability for different immigrant groups in Canada, it makes an essential contribution to the literature. To the best of the knowledge, this study is the first study of its kind to examine housing unaffordability by examining different immigrant groups. Second, differences in unaffordability can help understand the decline in welfare, as it can have financial implications and a negative impact on health outcomes. Third, this study’s findings are valuable for policy formulation to improve immigrant integration and ease the housing unaffordability crisis. This study examines the determinants of housing affordability to investigate differences among various immigrant groups in Canada. A bivariate logit model using public microdata from the Canadian census estimates the determinants of moderate and severe unaffordability. Additionally, the separation of tenants and owners provides insights into the dynamics of unaffordability. The results show significant differences between immigrant groups with higher levels of unaffordability among Asian immigrants. The insights can help devise and implement housing assistance programs to address the challenges arising from the post-COVID-19 pandemic phase. The results indicate that unaffordability declines with increasing age, education and full-time employment. Gender dynamics are evident, with women faring worse than men regarding the likelihood of extreme housing unaffordability. Households face a greater likelihood of unaffordability in more populous provinces and larger census metropolitan areas that struggle with the high cost of living, racial disparities and low income. Immigrants, especially from Asia, Africa and the Middle East, continue to struggle with chronic and severe unaffordability issues. The impact is much more severe for those renting, exemplifying the strain it is taking on the financial health of recent immigrants. Given the literature gap in housing unaffordability for different immigrant groups in Canada, it makes an essential contribution to the literature. To the best of the knowledge, this study is the first study of its kind to examine housing unaffordability by examining different immigrant groups.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-07-19
      DOI: 10.1108/IJHMA-04-2021-0037
      Issue No: Vol. 15 , No. 3 (2021)
       
  • Impact of light rail line on residential property values – a case of
           Sydney, Australia

    • Free pre-print version: Loading...

      Authors: Rotimi Boluwatife Abidoye , Felice Fam , Olalekan Shamsideen Oshodi , Abiodun Kolawole Oyetunji
      Abstract: The construction of new transportation infrastructure tends to affect the adjoining properties, economy and environment. In particular, studies have investigated the change in the value of properties due to increased access to transportation facilities. The purpose of this paper is to examine the impact of the recently completed light rail on residential property values in Sydney, Australia. Sales data of residential properties was extracted from the CoreLogic’s RP database. The hedonic pricing model was used to assess the effect of proximity to the light rail stops. Two models were developed for the announcement and construction phases of the light rail project. It was found that during the announcement phase, properties located within the 400 m radius from the station were 3.3% more expensive than those within the 400–800 radius. At the construction stage, the properties within the 0–400 m radius from the stops sold at 3.1% more than those within the 400–800 m radius. This study concludes that a positive relationship exists between the values of residential property and proximity to light rail stations. These findings would be useful for policymakers to develop land value capture programs for infrastructure funding and to real estate professionals and investors for investment in future transit-oriented development. Previous studies that aimed at examining the impact of light rails on residential properties values around universities are limited. Hence, this study provides a broad perspective on the impact of light rail on residential properties values.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-07-16
      DOI: 10.1108/IJHMA-03-2021-0033
      Issue No: Vol. 15 , No. 3 (2021)
       
  • Valuation for compensation of communal properties in Zimbabwe: the case of
           Chiyadzwa and Tokwe-Mukosi projects

    • Free pre-print version: Loading...

      Authors: Joseph Awoamim Yacim , Partson Paradza , Benita Zulch (Kotze)
      Abstract: This study aims to examine the statutory provisions as it concerns the practice of valuation for compensation of expropriated communal properties in Zimbabwe. The primary motivation was to have informed policies that would regulate the practice of landed property assessments for compensation purposes and further contributes to existing compensation debates. A multiple case study approach was adopted, in which property valuation projects for Chiyadzwa and Tokwe-Mukosi, provinces were selected. These two projects were chosen because they are the most recent property valuation for compensation on expropriated communal properties. Content analysis was used to analyse the statutory provisions guiding property valuation and compensation rates adopted and used during the Chiyadzwa and Tokwe Mukosi valuation projects. The study found an absence of statutory guidelines on the choice of valuation methodologies, leading to inconsistencies in compensation estimates for the communal properties. The study dwells on data from the previous assessment of communal properties that triggered discontentment amongst the people to build a framework for future valuations of communal properties. This study reviewed the existing expropriation and compensation laws and built a comprehensive guiding framework for property valuers to choose appropriate valuation methodologies and procedures for the assessment of expropriated communal properties in Zimbabwe. The main motivation for this study is to find a lasting solution to frequent court cases and clashes between the government of Zimbabwe and the displaced people. No study unravels the detailed property valuation processes used in determining the amount of payment for the expropriated communal properties in Zimbabwe. This study built a framework that will serve as a guide to the property valuers in the assessment of compensation for communal properties.
      Citation: International Journal of Housing Markets and Analysis
      PubDate: 2021-07-14
      DOI: 10.1108/IJHMA-01-2021-0001
      Issue No: Vol. 15 , No. 3 (2021)
       
  • International Journal of Housing Markets and Analysis

    • Free pre-print version: Loading...

       
 
JournalTOCs
School of Mathematical and Computer Sciences
Heriot-Watt University
Edinburgh, EH14 4AS, UK
Email: journaltocs@hw.ac.uk
Tel: +00 44 (0)131 4513762
 


Your IP address: 3.238.180.255
 
Home (Search)
API
About JournalTOCs
News (blog, publications)
JournalTOCs on Twitter   JournalTOCs on Facebook

JournalTOCs © 2009-