A cross-market analysis of land price and property price between the UK residential and commercial sectors
||A cross-market analysis of land price and property price between the UK residential and commercial sectors
||21st Annual European Real Estate Society Conference in Bucharest, Romania
||There are numerous studies on discussing the relationship between land price and property price, but none of them analysing the cross relationships between commercial and residential sectors. This paper conducts an inquiry into the own and cross causality relationships between property prices and land prices between commercial and residential sectors in the UK over the period 1990s to 2010. Granger causality models show that: (1) own causality models: land price growth rate and housing price growth rate are interdependent significantly in the housing market. Nevertheless, the causality analysis results are not significant between commercial (including office and industrial markets) land and property markets; (2) cross causality models: housing price growth rate surprisingly granger cause industrial land price growth rates, but not vice versa. At the same time, housing price growth rate and office land price growth rate are related to each other.
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||G : Market Research, Analysis & Forecasting
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