Eres : Digital Library : Works

Paper eres2008_300:
HOUSING PRICE DYNAMICS: A CASE IN BEIJING

id eres2008_300
authors YAN, Jinhai
year 2008
title HOUSING PRICE DYNAMICS: A CASE IN BEIJING
source Book of Abstracts: 15th Annual European Real Estate Society Conference in Kraków, Poland
summary This article explores the dynamics of real housing price changes in Beijing from 1998 to 2007. The study confirms the importance of economic conditions including the growth of population, change of real income, construction costs and credit on housing price appreciation. A positive relationship between regulation degree such as controlling of construction permits and availability of land supply and housing price growth is also found, especially after the government monopolized land supply in 2003. By estimating the price elasticity of new residential construction and simulating the impulse responsive model we find that the responsiveness of housing supply is weaker compared with other countries. The study also finds that the lags of change of housing price can be used to explain housing price appreciation, which confirms the inefficiency of housing market in Beijing. At last an error correction model is estimated to see the dynamic adjustment process of housing price appreciation.
series ERES:conference
email jy288@cam.ac.uk
discussion No discussions. Post discussion ...
ratings
session E6
last changed 2008/11/26 14:05
HOMELOGIN (you are user _anon_202826 from group guest) Powered by SciX Open Publishing Services 1.002