Pub Date : 2023-08-23DOI: 10.1108/ijhma-05-2023-0071
J. Iqbal, Jeff Brdedthauer, Christopher S. Decker
Purpose This study aims to identify the determinants of housing affordability in an effort to inform policy. Design/methodology/approach The authors use econometric analysis to determine variables that impact housing affordability in the USA. Findings The authors find that affordability depends on a number of demographic factors as well as physical characteristics of properties, including average age of homeowner, family size and average dwelling square footage. The authors also find that vacancy rates, increase in house price and median family income also have a significant impact on housing affordability. Additionally, the authors find that households with high-cost burdens are more vulnerable to mortgage rates and property taxes than those with moderate-cost burdens. As a result, changes in economic or policy variables tend to have a disproportionate impact on high-cost-burdened households, and they are more vulnerable to economic and policy shocks. Originality/value To date, the literature has not done a systematic investigation of housing affordability using detailed census data.
{"title":"Determinants of housing affordability in the USA","authors":"J. Iqbal, Jeff Brdedthauer, Christopher S. Decker","doi":"10.1108/ijhma-05-2023-0071","DOIUrl":"https://doi.org/10.1108/ijhma-05-2023-0071","url":null,"abstract":"\u0000Purpose\u0000This study aims to identify the determinants of housing affordability in an effort to inform policy.\u0000\u0000\u0000Design/methodology/approach\u0000The authors use econometric analysis to determine variables that impact housing affordability in the USA.\u0000\u0000\u0000Findings\u0000The authors find that affordability depends on a number of demographic factors as well as physical characteristics of properties, including average age of homeowner, family size and average dwelling square footage. The authors also find that vacancy rates, increase in house price and median family income also have a significant impact on housing affordability. Additionally, the authors find that households with high-cost burdens are more vulnerable to mortgage rates and property taxes than those with moderate-cost burdens. As a result, changes in economic or policy variables tend to have a disproportionate impact on high-cost-burdened households, and they are more vulnerable to economic and policy shocks.\u0000\u0000\u0000Originality/value\u0000To date, the literature has not done a systematic investigation of housing affordability using detailed census data.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44430686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-15DOI: 10.1108/ijhma-05-2023-0064
Mats Wilhelmsson
Purpose This study aims to examine the impact of housing construction on single-family housing values and the implications for urban development. Design/methodology/approach To achieve this objective, the author used the difference-in-difference methodology to examine the effect of multifamily and single-family housing construction on surrounding single-family homes in Stockholm, Sweden. The author analysed data from approximately 480 housing construction projects between 2009 and 2014 and 17,000 single-family detached house transactions between 2005 and 2018. Findings The research found that multifamily construction projects did not affect the value of surrounding single-family homes, while single-family home construction had a negative impact. The author attributes this result to single-family housing projects typically located in areas with initially positive externalities, while multifamily housing projects are often located on the edge of areas with negative externalities before construction. Research limitations/implications The research is limited by its focus on a specific geographic area and time frame, and future research could expand the scope to include other cities and regions and different periods. Additionally, further research could examine the impact of housing construction on other economic factors beyond housing values. Practical implications The research has practical implications for urban planners and policymakers. They should consider the potential negative impact of new single-family home construction on existing single-family housing areas while balancing the need for new housing in urban areas. By carefully evaluating construction locations, policymakers can create more sustainable, livable and equitable urban environments that benefit all members of society. Originality/value This research paper contributes to the field of housing economics by examining the impact of housing construction on single-family housing values in the context of urban development and climate change mitigation. Using a difference-in-difference methodology, the study provides evidence of the price effect of multifamily and single-family housing construction on surrounding single-family homes, which has important policy implications for urban planners and policymakers. By identifying the negative impact of single-family home construction on surrounding areas and highlighting the need for careful evaluation of construction locations, the research provides valuable insights for creating sustainable, livable and equitable urban environments that benefit all members of society.
{"title":"Evaluating the price effects of multifamily and single-family housing construction on surrounding single-family homes in Stockholm: a difference-in-difference analysis","authors":"Mats Wilhelmsson","doi":"10.1108/ijhma-05-2023-0064","DOIUrl":"https://doi.org/10.1108/ijhma-05-2023-0064","url":null,"abstract":"\u0000Purpose\u0000This study aims to examine the impact of housing construction on single-family housing values and the implications for urban development.\u0000\u0000\u0000Design/methodology/approach\u0000To achieve this objective, the author used the difference-in-difference methodology to examine the effect of multifamily and single-family housing construction on surrounding single-family homes in Stockholm, Sweden. The author analysed data from approximately 480 housing construction projects between 2009 and 2014 and 17,000 single-family detached house transactions between 2005 and 2018.\u0000\u0000\u0000Findings\u0000The research found that multifamily construction projects did not affect the value of surrounding single-family homes, while single-family home construction had a negative impact. The author attributes this result to single-family housing projects typically located in areas with initially positive externalities, while multifamily housing projects are often located on the edge of areas with negative externalities before construction.\u0000\u0000\u0000Research limitations/implications\u0000The research is limited by its focus on a specific geographic area and time frame, and future research could expand the scope to include other cities and regions and different periods. Additionally, further research could examine the impact of housing construction on other economic factors beyond housing values.\u0000\u0000\u0000Practical implications\u0000The research has practical implications for urban planners and policymakers. They should consider the potential negative impact of new single-family home construction on existing single-family housing areas while balancing the need for new housing in urban areas. By carefully evaluating construction locations, policymakers can create more sustainable, livable and equitable urban environments that benefit all members of society.\u0000\u0000\u0000Originality/value\u0000This research paper contributes to the field of housing economics by examining the impact of housing construction on single-family housing values in the context of urban development and climate change mitigation. Using a difference-in-difference methodology, the study provides evidence of the price effect of multifamily and single-family housing construction on surrounding single-family homes, which has important policy implications for urban planners and policymakers. By identifying the negative impact of single-family home construction on surrounding areas and highlighting the need for careful evaluation of construction locations, the research provides valuable insights for creating sustainable, livable and equitable urban environments that benefit all members of society.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47638934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-14DOI: 10.1108/ijhma-07-2023-182
R. Reed
{"title":"Editorial: Introduction from the editor","authors":"R. Reed","doi":"10.1108/ijhma-07-2023-182","DOIUrl":"https://doi.org/10.1108/ijhma-07-2023-182","url":null,"abstract":"","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48460430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-11DOI: 10.1108/ijhma-04-2023-0059
Razib Chandra Chanda, Ali Vafaei-Zadeh, Haniruzila Hanifah, R. Thurasamy
Purpose The urgency to address climate change and its devastating consequences has never been more pressing. As societies become increasingly aware of the detrimental impact of traditional housing on the planet, there is a growing demand for eco-friendly housing solutions that prioritize energy efficiency, resource conservation and reduced carbon emissions. Therefore, this study aims to investigate the factors that influence customers’ priority toward eco-friendly house purchasing intention. Design/methodology/approach This study collected 386 data using a quantitative research strategy and purposive sampling method. This study uses a hybrid analysis technique using partial least squares structural equation modeling (PLS-SEM) and fuzzy-set qualitative comparative analysis (fsQCA) approaches to identify the influencing factors. Findings The PLS-SEM analysis found that attitude toward the eco-friendly house, subjective norms, performance expectancy, environmental knowledge and environmental sensitivity have a positive influence on eco-friendly house purchasing intention. However, perceived behavioral control and willingness to pay were found to have insignificant effect on customers’ intention to purchase eco-friendly houses. The fsQCA results further revealed complex causal relationships between the influencing factors. Practical implications This research will not only contribute to academic knowledge but also provide practical guidance to real estate developers, policymakers and individuals looking to make environmentally responsible choices. By understanding the factors that influence consumers’ intentions to purchase eco-friendly houses, we can pave the way for a more sustainable and resilient future. Originality/value This study has used a hybrid analysis technique, combining PLS-SEM and fsQCA, to enhance the predictive accuracy of eco-friendly house purchase intentions among individuals residing in densely populated and highly polluted developing countries, such as Bangladesh.
{"title":"Modeling eco-friendly house purchasing intention: a combined study of PLS-SEM and fsQCA approaches","authors":"Razib Chandra Chanda, Ali Vafaei-Zadeh, Haniruzila Hanifah, R. Thurasamy","doi":"10.1108/ijhma-04-2023-0059","DOIUrl":"https://doi.org/10.1108/ijhma-04-2023-0059","url":null,"abstract":"\u0000Purpose\u0000The urgency to address climate change and its devastating consequences has never been more pressing. As societies become increasingly aware of the detrimental impact of traditional housing on the planet, there is a growing demand for eco-friendly housing solutions that prioritize energy efficiency, resource conservation and reduced carbon emissions. Therefore, this study aims to investigate the factors that influence customers’ priority toward eco-friendly house purchasing intention.\u0000\u0000\u0000Design/methodology/approach\u0000This study collected 386 data using a quantitative research strategy and purposive sampling method. This study uses a hybrid analysis technique using partial least squares structural equation modeling (PLS-SEM) and fuzzy-set qualitative comparative analysis (fsQCA) approaches to identify the influencing factors.\u0000\u0000\u0000Findings\u0000The PLS-SEM analysis found that attitude toward the eco-friendly house, subjective norms, performance expectancy, environmental knowledge and environmental sensitivity have a positive influence on eco-friendly house purchasing intention. However, perceived behavioral control and willingness to pay were found to have insignificant effect on customers’ intention to purchase eco-friendly houses. The fsQCA results further revealed complex causal relationships between the influencing factors.\u0000\u0000\u0000Practical implications\u0000This research will not only contribute to academic knowledge but also provide practical guidance to real estate developers, policymakers and individuals looking to make environmentally responsible choices. By understanding the factors that influence consumers’ intentions to purchase eco-friendly houses, we can pave the way for a more sustainable and resilient future.\u0000\u0000\u0000Originality/value\u0000This study has used a hybrid analysis technique, combining PLS-SEM and fsQCA, to enhance the predictive accuracy of eco-friendly house purchase intentions among individuals residing in densely populated and highly polluted developing countries, such as Bangladesh.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46549588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-10DOI: 10.1108/ijhma-06-2023-0085
Xingrui Zhang, Eunhwa Yang
Purpose Housing market is predominantly driven by supply and demand, and the measurement of housing supply plays a crucial role in understanding market dynamics. One such measure is the number of building permits (BPs) issued. Despite the importance of BPs as an economic indicator, direct links have yet to be drawn between BP and housing value index (HVI). The purpose of this paper is to establish links between HVI and BP. Design/methodology/approach Trials were conducted using data at the national, state and metropolitan statistical area (MSA) levels. For each trial, the Granger causality test was used first to identify causal relationships between HVI and BP. Subsequently, the vector autoregression model was implemented in an attempt to observe impulse–response relationships and to create a forecast for HVI. Findings Bidirectional causal relationships were observed between HVI and BP at the national, state and MSA levels. The number of issued BPs proves to be an indicator for HVI. Impulse response functions indicate that HVI responds negatively to an increase in BP in the short term of 4–7 months but positively to an increase in BP with a lag of 10–12 months. Originality/value To the best of the authors’ knowledge, this paper is the first in the body of knowledge that establishes the number of issued BPs as an indicator for housing value. The results drawn using impulse–response function are also novel and had not been observed in previous studies.
{"title":"Observation of relationship between housing value and the number of building permits in the United States using time series method","authors":"Xingrui Zhang, Eunhwa Yang","doi":"10.1108/ijhma-06-2023-0085","DOIUrl":"https://doi.org/10.1108/ijhma-06-2023-0085","url":null,"abstract":"\u0000Purpose\u0000Housing market is predominantly driven by supply and demand, and the measurement of housing supply plays a crucial role in understanding market dynamics. One such measure is the number of building permits (BPs) issued. Despite the importance of BPs as an economic indicator, direct links have yet to be drawn between BP and housing value index (HVI). The purpose of this paper is to establish links between HVI and BP.\u0000\u0000\u0000Design/methodology/approach\u0000Trials were conducted using data at the national, state and metropolitan statistical area (MSA) levels. For each trial, the Granger causality test was used first to identify causal relationships between HVI and BP. Subsequently, the vector autoregression model was implemented in an attempt to observe impulse–response relationships and to create a forecast for HVI.\u0000\u0000\u0000Findings\u0000Bidirectional causal relationships were observed between HVI and BP at the national, state and MSA levels. The number of issued BPs proves to be an indicator for HVI. Impulse response functions indicate that HVI responds negatively to an increase in BP in the short term of 4–7 months but positively to an increase in BP with a lag of 10–12 months.\u0000\u0000\u0000Originality/value\u0000To the best of the authors’ knowledge, this paper is the first in the body of knowledge that establishes the number of issued BPs as an indicator for housing value. The results drawn using impulse–response function are also novel and had not been observed in previous studies.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46608964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-07DOI: 10.1108/ijhma-06-2023-0074
Xingrui Zhang, Eunhwa Yang, Liming Huang, Yunpeng Wang
Purpose The purpose of the study is to observe the feasibility of missing middle housing’s (MMH) realization under density-based zoning, form-based zoning and a combination of both while simultaneously providing affordable housing, improving quality of life and making efficient use of land. Design/methodology/approach This study takes a theorist approach and designs three hypothetical cottage court projects that comply with all relevant official local zoning ordinances to showcase design feasibility, followed by an analytical component in the form of a financial model constructed using official local economic and demographic conditions. Findings MMH, and in particular cottage clusters, can be implemented under rigorous density-based, form-based and hybrid (density-based + form-based) zoning ordinances and provide affordable housing (Atlanta, GA), improve quality of life (Blackpool, UK) and make efficient use of land (Jinan, China). All hypothetical projects are financially feasible under reasonable conditions. Originality/value To the best of the author’s knowledge, this paper is the first in the body of knowledge to discuss how the MMH can be integrated into urban density-based zoning rather than converting density-based zoning into form-based so that the MMH can fit. The paper also takes a cross-national perspective and discusses the feasibility of MMH in the resolution of housing issues in the USA, China and the UK. The study also concludes that the issue of housing unaffordability in the UK was caused by high construction cost relative to median income.
{"title":"Incremental population density improvement via missing middle housing under density-based and form-based zoning ordinances","authors":"Xingrui Zhang, Eunhwa Yang, Liming Huang, Yunpeng Wang","doi":"10.1108/ijhma-06-2023-0074","DOIUrl":"https://doi.org/10.1108/ijhma-06-2023-0074","url":null,"abstract":"\u0000Purpose\u0000The purpose of the study is to observe the feasibility of missing middle housing’s (MMH) realization under density-based zoning, form-based zoning and a combination of both while simultaneously providing affordable housing, improving quality of life and making efficient use of land.\u0000\u0000\u0000Design/methodology/approach\u0000This study takes a theorist approach and designs three hypothetical cottage court projects that comply with all relevant official local zoning ordinances to showcase design feasibility, followed by an analytical component in the form of a financial model constructed using official local economic and demographic conditions.\u0000\u0000\u0000Findings\u0000MMH, and in particular cottage clusters, can be implemented under rigorous density-based, form-based and hybrid (density-based + form-based) zoning ordinances and provide affordable housing (Atlanta, GA), improve quality of life (Blackpool, UK) and make efficient use of land (Jinan, China). All hypothetical projects are financially feasible under reasonable conditions.\u0000\u0000\u0000Originality/value\u0000To the best of the author’s knowledge, this paper is the first in the body of knowledge to discuss how the MMH can be integrated into urban density-based zoning rather than converting density-based zoning into form-based so that the MMH can fit. The paper also takes a cross-national perspective and discusses the feasibility of MMH in the resolution of housing issues in the USA, China and the UK. The study also concludes that the issue of housing unaffordability in the UK was caused by high construction cost relative to median income.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41718896","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-02DOI: 10.1108/ijhma-05-2023-0066
A. Owusu-Ansah, S. Azasu, William Seremi
Purpose This paper aims to investigate the effects of school quality (SQ) on residential property prices in Johannesburg, South Africa. Previous studies have empirically examined the quality of private and public schools without a standard proxy that is accepted in the literature. As a result, this paper extends the literature to the global south by the effect that SQ has on residential property price changes in the local markets of the City of Johannesburg. Design/methodology/approach The research adopts the hedonic pricing model to evaluate and quantify the impact that the structural attributes such as erf size; number of bedrooms and bathrooms; and SQ measured by pass rates, sport rankings and quality of facilities have on house prices. A total of 2,763 property transactions covering the Kensington and Observatory areas of the City of Johannesburg over the period 2010 and 2020 were obtained from the deeds registry and used for the empirical analysis. Findings The study finds that SQ has a positive impact on house prices. When the average pass rate of the model school increases by 1%, all other things being equal, house prices also increase by 1.8%. This suggests that people who live closer to the model school are willing to pay more when the school performance improves. The 1.8% premium this study attributes to a 1% increase in school performance is however generally low when compared to some findings in the literature suggesting that there may be some other important factors that households consider when purchasing their home. Originality/value The main contribution is uncovering the relationship between the SQ and residential property prices in the local markets, using Kensington and Observatory in Johannesburg as sampled areas. Due to the presence of reliable and quality of data sets, such studies are not many in the global south and a study of this nature in South Africa is notably not existing in the literature.
{"title":"The effect of school quality on house prices in the global south: evidence from South Africa","authors":"A. Owusu-Ansah, S. Azasu, William Seremi","doi":"10.1108/ijhma-05-2023-0066","DOIUrl":"https://doi.org/10.1108/ijhma-05-2023-0066","url":null,"abstract":"\u0000Purpose\u0000This paper aims to investigate the effects of school quality (SQ) on residential property prices in Johannesburg, South Africa. Previous studies have empirically examined the quality of private and public schools without a standard proxy that is accepted in the literature. As a result, this paper extends the literature to the global south by the effect that SQ has on residential property price changes in the local markets of the City of Johannesburg.\u0000\u0000\u0000Design/methodology/approach\u0000The research adopts the hedonic pricing model to evaluate and quantify the impact that the structural attributes such as erf size; number of bedrooms and bathrooms; and SQ measured by pass rates, sport rankings and quality of facilities have on house prices. A total of 2,763 property transactions covering the Kensington and Observatory areas of the City of Johannesburg over the period 2010 and 2020 were obtained from the deeds registry and used for the empirical analysis.\u0000\u0000\u0000Findings\u0000The study finds that SQ has a positive impact on house prices. When the average pass rate of the model school increases by 1%, all other things being equal, house prices also increase by 1.8%. This suggests that people who live closer to the model school are willing to pay more when the school performance improves. The 1.8% premium this study attributes to a 1% increase in school performance is however generally low when compared to some findings in the literature suggesting that there may be some other important factors that households consider when purchasing their home.\u0000\u0000\u0000Originality/value\u0000The main contribution is uncovering the relationship between the SQ and residential property prices in the local markets, using Kensington and Observatory in Johannesburg as sampled areas. Due to the presence of reliable and quality of data sets, such studies are not many in the global south and a study of this nature in South Africa is notably not existing in the literature.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":"40 9","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41306895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-28DOI: 10.1108/ijhma-04-2023-0050
V. Agnihotri, S. Paul
Purpose This paper aims to understand the spatiotemporal influence of metro rail connectivity on housing prices in surrounding areas. The study assesses the average annual price shift for apartments around metro stations in Delhi during the previous decade, specifically from 2010 to 2019. The authors examine the spatiotemporal extents to which housing prices are determined by the prominence of metro stations and spatial development around metro stations. Design/methodology/approach The authors perform the cross-tabulation analysis to calculate chi-square values to test the hypotheses concerning the responsiveness of the housing market in Delhi to the number of locational variables in the areas connected with the mass public transportation system. Findings The empirical findings verify the existence of a housing market overvaluation in Delhi around metro stations until 2013, which was eventually re-adjusted after 2014. The key findings of the study suggest the role of location variables concerning metro rails in the shooting up of the housing prices in the city. In addition, the research establishes the association of annual housing price shifts to the metro rails in the short-term, mid-term and long-term in conjunction with the distance from the metro station. Originality/value In the market, the prices are often overvalued by real estate agents due to better connectivity to the metro stations. The overvaluation eventually causes massive downfalls in housing markets and rollouts as a risk for the investors. However, the effect of mass transportation on housing prices is mixed in nature, limited to a certain extent only and not as influential as frequently portrayed by the market forces. This effect loses colour with time.
{"title":"Housing market shifts favouring transit-oriented development in emerging economies: the link between metro rails and housing price dynamics in Delhi","authors":"V. Agnihotri, S. Paul","doi":"10.1108/ijhma-04-2023-0050","DOIUrl":"https://doi.org/10.1108/ijhma-04-2023-0050","url":null,"abstract":"\u0000Purpose\u0000This paper aims to understand the spatiotemporal influence of metro rail connectivity on housing prices in surrounding areas. The study assesses the average annual price shift for apartments around metro stations in Delhi during the previous decade, specifically from 2010 to 2019. The authors examine the spatiotemporal extents to which housing prices are determined by the prominence of metro stations and spatial development around metro stations.\u0000\u0000\u0000Design/methodology/approach\u0000The authors perform the cross-tabulation analysis to calculate chi-square values to test the hypotheses concerning the responsiveness of the housing market in Delhi to the number of locational variables in the areas connected with the mass public transportation system.\u0000\u0000\u0000Findings\u0000The empirical findings verify the existence of a housing market overvaluation in Delhi around metro stations until 2013, which was eventually re-adjusted after 2014. The key findings of the study suggest the role of location variables concerning metro rails in the shooting up of the housing prices in the city. In addition, the research establishes the association of annual housing price shifts to the metro rails in the short-term, mid-term and long-term in conjunction with the distance from the metro station.\u0000\u0000\u0000Originality/value\u0000In the market, the prices are often overvalued by real estate agents due to better connectivity to the metro stations. The overvaluation eventually causes massive downfalls in housing markets and rollouts as a risk for the investors. However, the effect of mass transportation on housing prices is mixed in nature, limited to a certain extent only and not as influential as frequently portrayed by the market forces. This effect loses colour with time.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48498151","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-26DOI: 10.1108/ijhma-02-2023-0032
V. Yakubovsky, O. Bychkov, Kateryna Zhuk
Purpose This paper aims to examine the influence of Covid-19, current war and other factors on the dynamics of real estate prices in Ukraine from 2019Q2 to 2022Q4. More specifically, the authors examine the extent of the influence of Covid-19 and war on the real estate market in Ukraine. Design/methodology/approach The authors monitor and accumulate information flows from the existing real estate market with their subsequent in-depth math-stat processing to examine dynamics and drivers of Ukrainian real estate prices evolution. Findings The study finds that the Ukrainian residential property market has experienced an average growing trend from June 2019 to December 2022, despite the strong influence of pandemic and war. The analysis shows that the impact of these factors varies across different regions and property types, with some areas and property types being more affected than others. The study also identifies the main drivers of the market evolution, including cost-sensitive factors such as floor level, overall area, housing conditions and geographical location. Research limitations/implications This research is oriented to analyze evolution of residential property market in Ukraine in 2019–2022 years characterized by influence of such disturbing factors as pandemic and military actions. Practical implications Results gained are essential for any type of Ukrainian residential market analytics implementation including but not limited to investment analysis, valuation services, collateral, insurance and taxation purposes, etc. In broader sense, it can be also useful for comparison with same type market development in other geographical arears. Social implications Initial data base collected and constantly monitored covers all different regions of the country that gives a broad view on the overall market development influenced by pandemic and war. Originality/value The lack of a reliable database of the purchase and sale of residential properties remains one of the biggest obstacles in obtaining reliable data on their market value. This considerably complicates the process of carrying out a valuation and reduces the accuracy and reliability of the results of such work. This is especially important for market which evolves in times of unrest being influenced by such strongly disturbing factors as pandemic and military actions. The originality of the study lies in the development of a complete probabilistic processing of the initial database, which provides a reliable and accurate assessment of the market evolution. The results achieved could be used by various stakeholders, such as property owners, investors, valuers, insurers, regulators and other interested customers, to make informed decisions and mitigate risks in the turbulent Ukrainian real estate market.
{"title":"Deterministic and probabilistic analysis of Ukrainian residential property market evolution in turbulent 2019-2022 years","authors":"V. Yakubovsky, O. Bychkov, Kateryna Zhuk","doi":"10.1108/ijhma-02-2023-0032","DOIUrl":"https://doi.org/10.1108/ijhma-02-2023-0032","url":null,"abstract":"\u0000Purpose\u0000This paper aims to examine the influence of Covid-19, current war and other factors on the dynamics of real estate prices in Ukraine from 2019Q2 to 2022Q4. More specifically, the authors examine the extent of the influence of Covid-19 and war on the real estate market in Ukraine.\u0000\u0000\u0000Design/methodology/approach\u0000The authors monitor and accumulate information flows from the existing real estate market with their subsequent in-depth math-stat processing to examine dynamics and drivers of Ukrainian real estate prices evolution.\u0000\u0000\u0000Findings\u0000The study finds that the Ukrainian residential property market has experienced an average growing trend from June 2019 to December 2022, despite the strong influence of pandemic and war. The analysis shows that the impact of these factors varies across different regions and property types, with some areas and property types being more affected than others. The study also identifies the main drivers of the market evolution, including cost-sensitive factors such as floor level, overall area, housing conditions and geographical location.\u0000\u0000\u0000Research limitations/implications\u0000This research is oriented to analyze evolution of residential property market in Ukraine in 2019–2022 years characterized by influence of such disturbing factors as pandemic and military actions.\u0000\u0000\u0000Practical implications\u0000Results gained are essential for any type of Ukrainian residential market analytics implementation including but not limited to investment analysis, valuation services, collateral, insurance and taxation purposes, etc. In broader sense, it can be also useful for comparison with same type market development in other geographical arears.\u0000\u0000\u0000Social implications\u0000Initial data base collected and constantly monitored covers all different regions of the country that gives a broad view on the overall market development influenced by pandemic and war.\u0000\u0000\u0000Originality/value\u0000The lack of a reliable database of the purchase and sale of residential properties remains one of the biggest obstacles in obtaining reliable data on their market value. This considerably complicates the process of carrying out a valuation and reduces the accuracy and reliability of the results of such work. This is especially important for market which evolves in times of unrest being influenced by such strongly disturbing factors as pandemic and military actions. The originality of the study lies in the development of a complete probabilistic processing of the initial database, which provides a reliable and accurate assessment of the market evolution. The results achieved could be used by various stakeholders, such as property owners, investors, valuers, insurers, regulators and other interested customers, to make informed decisions and mitigate risks in the turbulent Ukrainian real estate market.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43933486","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-25DOI: 10.1108/ijhma-04-2023-0057
Trung Ba Nguyen, Chon Van Le
Purpose This paper aims to examine the dynamic impacts of the COVID-19 pandemic and government policy on real house price indices in five emerging economies, namely, Brazil, China, Thailand, Turkey and South Africa. Design/methodology/approach The authors use the local projection method with a panel data set of these countries spanning from January 2020 to July 2021. Findings The number of COVID-19 confirmed positive cases raised housing prices, whereas government containment measures reduced them. Both conventional and unconventional monetary policy implemented by central banks to cope with the COVID-19 helped increase housing prices. These effects were strengthened by the US monetary policy via globalized financial markets. Originality/value First, while previous researches typically concentrated on developed countries, the authors investigate emerging economies where proportionally more people were badly affected by the pandemic. Second, a panel data set of five emerging economies enabled the authors to examine the dynamic effects of the COVID-19 crisis on housing prices. Third, to the best of the authors’ knowledge, this is the first study evaluating the influences of easing monetary policy on housing prices in emerging economies during the pandemic.
{"title":"Impacts of monetary policy on housing prices in five emerging economies during the Covid-19 pandemic","authors":"Trung Ba Nguyen, Chon Van Le","doi":"10.1108/ijhma-04-2023-0057","DOIUrl":"https://doi.org/10.1108/ijhma-04-2023-0057","url":null,"abstract":"\u0000Purpose\u0000This paper aims to examine the dynamic impacts of the COVID-19 pandemic and government policy on real house price indices in five emerging economies, namely, Brazil, China, Thailand, Turkey and South Africa.\u0000\u0000\u0000Design/methodology/approach\u0000The authors use the local projection method with a panel data set of these countries spanning from January 2020 to July 2021.\u0000\u0000\u0000Findings\u0000The number of COVID-19 confirmed positive cases raised housing prices, whereas government containment measures reduced them. Both conventional and unconventional monetary policy implemented by central banks to cope with the COVID-19 helped increase housing prices. These effects were strengthened by the US monetary policy via globalized financial markets.\u0000\u0000\u0000Originality/value\u0000First, while previous researches typically concentrated on developed countries, the authors investigate emerging economies where proportionally more people were badly affected by the pandemic. Second, a panel data set of five emerging economies enabled the authors to examine the dynamic effects of the COVID-19 crisis on housing prices. Third, to the best of the authors’ knowledge, this is the first study evaluating the influences of easing monetary policy on housing prices in emerging economies during the pandemic.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43857369","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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