Pub Date : 2024-02-26DOI: 10.1108/ijhma-11-2023-0156
Rosli Said, Mardhiati Sulaimi, Rohayu Ab Majid, Ainoriza Mohd Aini, O. Olanrele, O. Akinsomi
Purpose This study aims to address the critical need for innovative financing solutions in the global housing sector, focusing specifically on Malaysia’s distinct housing finance system encompassing both conventional and Islamic loans. The primary objective is to develop a transformative housing finance model that addresses affordability challenges and reshapes the Malaysian housing landscape. Design/methodology/approach The study presents an alternate housing finance model for Malaysia, integrating lower monthly payments and reduced household debt. Key variables include house price appreciation rates, interest rates, initial guarantee fees and loan-to-value ratios. Inspired by the Help to Buy (HTB) scheme, the model aligns with proven global initiatives for enhanced affordability, balancing payment amounts, loan interest rates and acceptable price thresholds. Findings The study’s findings promise to address affordability disparities and reshape Malaysia’s housing finance landscape. The emphasis is on introducing a structured repayment plan that offers a sustainable path to homeownership, particularly for low-income families. Incorporating the future value adaptation concept, inspired by reverse mortgages and Islamic finance, enhances adaptability, ensuring long-term sustainability despite economic shifts. Practical implications The proposed model promotes widespread access to homeownership, offering practical solutions for policymakers to improve affordability, prompting adaptable risk management strategies for financial institutions and empowering potential homebuyers with increased flexibility. Originality/value The study introduces a transformative housing finance model for Malaysia, merging elements from reverse mortgages, Islamic finance and the HTB scheme, offering potential applicability to similar systems globally.
{"title":"Transforming homeownership: an innovative financing model with a future value approach","authors":"Rosli Said, Mardhiati Sulaimi, Rohayu Ab Majid, Ainoriza Mohd Aini, O. Olanrele, O. Akinsomi","doi":"10.1108/ijhma-11-2023-0156","DOIUrl":"https://doi.org/10.1108/ijhma-11-2023-0156","url":null,"abstract":"\u0000Purpose\u0000This study aims to address the critical need for innovative financing solutions in the global housing sector, focusing specifically on Malaysia’s distinct housing finance system encompassing both conventional and Islamic loans. The primary objective is to develop a transformative housing finance model that addresses affordability challenges and reshapes the Malaysian housing landscape.\u0000\u0000\u0000Design/methodology/approach\u0000The study presents an alternate housing finance model for Malaysia, integrating lower monthly payments and reduced household debt. Key variables include house price appreciation rates, interest rates, initial guarantee fees and loan-to-value ratios. Inspired by the Help to Buy (HTB) scheme, the model aligns with proven global initiatives for enhanced affordability, balancing payment amounts, loan interest rates and acceptable price thresholds.\u0000\u0000\u0000Findings\u0000The study’s findings promise to address affordability disparities and reshape Malaysia’s housing finance landscape. The emphasis is on introducing a structured repayment plan that offers a sustainable path to homeownership, particularly for low-income families. Incorporating the future value adaptation concept, inspired by reverse mortgages and Islamic finance, enhances adaptability, ensuring long-term sustainability despite economic shifts.\u0000\u0000\u0000Practical implications\u0000The proposed model promotes widespread access to homeownership, offering practical solutions for policymakers to improve affordability, prompting adaptable risk management strategies for financial institutions and empowering potential homebuyers with increased flexibility.\u0000\u0000\u0000Originality/value\u0000The study introduces a transformative housing finance model for Malaysia, merging elements from reverse mortgages, Islamic finance and the HTB scheme, offering potential applicability to similar systems globally.\u0000","PeriodicalId":504638,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140428949","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 : 2024-02-23DOI: 10.1108/ijhma-12-2023-0181
Ishika Pradeep, Jossy P. George, Benny Godwin J. Davidson
Purpose This study aims to determine website quality, young adult socialization and dark triad personality as the factors influencing the real estate purchase decision. In addition, this study also measures the mediating effects of young adult socialization on real estate purchase buying behavior. Design/methodology/approach Related literature, quantifiable variables with a five-point Likert scale, hypothesis testing and mediators are used to study the model. A systematic questionnaire that was divided into four sections was used. A total of 336 valid responses were collected and analyzed through a structural equation model. Findings The results suggest that dark triad personality and young adult socialization considerably affect real estate purchase decisions. The development proves website quality does not significantly impact real estate purchase behavior. Research limitations/implications This study is limited to a few young consumers’ responses. Future studies could be more widespread globally and should include more variables and offline methods of purchasing behavior. Originality/value As per the review of existing literature, this research is the first, to the best of the authors’ knowledge, to determine the factors affecting the real estate purchase decision with factors like website quality, dark triad personalities and young adult socialization involving it.
{"title":"Examining the impact of website layout and dark triad approach on real estate purchase decisions in India: a young adult socialization mediated model","authors":"Ishika Pradeep, Jossy P. George, Benny Godwin J. Davidson","doi":"10.1108/ijhma-12-2023-0181","DOIUrl":"https://doi.org/10.1108/ijhma-12-2023-0181","url":null,"abstract":"\u0000Purpose\u0000This study aims to determine website quality, young adult socialization and dark triad personality as the factors influencing the real estate purchase decision. In addition, this study also measures the mediating effects of young adult socialization on real estate purchase buying behavior.\u0000\u0000\u0000Design/methodology/approach\u0000Related literature, quantifiable variables with a five-point Likert scale, hypothesis testing and mediators are used to study the model. A systematic questionnaire that was divided into four sections was used. A total of 336 valid responses were collected and analyzed through a structural equation model.\u0000\u0000\u0000Findings\u0000The results suggest that dark triad personality and young adult socialization considerably affect real estate purchase decisions. The development proves website quality does not significantly impact real estate purchase behavior.\u0000\u0000\u0000Research limitations/implications\u0000This study is limited to a few young consumers’ responses. Future studies could be more widespread globally and should include more variables and offline methods of purchasing behavior.\u0000\u0000\u0000Originality/value\u0000As per the review of existing literature, this research is the first, to the best of the authors’ knowledge, to determine the factors affecting the real estate purchase decision with factors like website quality, dark triad personalities and young adult socialization involving it.\u0000","PeriodicalId":504638,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140437646","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 : 2024-02-22DOI: 10.1108/ijhma-02-2024-186
Richard Reed
{"title":"Editorial: Introduction from the Editor – IJHMA Vol. 17 No. 2","authors":"Richard Reed","doi":"10.1108/ijhma-02-2024-186","DOIUrl":"https://doi.org/10.1108/ijhma-02-2024-186","url":null,"abstract":"","PeriodicalId":504638,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140441855","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 : 2024-02-21DOI: 10.1108/ijhma-11-2023-0157
Zafirah Al Sadat Zyed, Izma Syazana Badrudin, Peter Aning Tedong
Purpose This paper aims to discuss the issues and challenges related to housing continuity for individuals transitioning from homelessness to securing a place to live in Klang Valley, Malaysia. The aim of the study is to explore the problems and solutions in the context of housing policy, particularly as they pertain to homeless households. The study involves conducting in-depth interviews with various stakeholders involved in helping homeless households find shelter and access to public housing. Design/methodology/approach The research methodology comprises a comprehensive literature review encompassing housing affordability, affordable housing and homelessness both within Malaysia and globally to identify research gaps. One of the key questions highlighted the effectiveness of existing programs aimed at providing short-term shelter and social integration for homeless individuals. Additionally, it highlights one of the primary challenges in this process, which is the tendency of homeless individuals to return to homelessness due to various factors. The data collection uses a qualitative approach and the data are obtained through in-depth interviews with key stakeholders responsible for assisting homeless households in Klang Valley, Malaysia, encompassing federal, state and local government representatives. Purposive sampling ensures diverse stakeholder representation. Interviews are structured semi-structured to maintain consistency while allowing for open-ended discussions on challenges and successes in facilitating homeless individuals' transition to stable housing. Thematic analysis of transcribed interview data focuses on recurring themes related to housing continuity, affordability and homeless households' behavioural patterns. Findings There are five (n = 5) stakeholders consist of local government (Code: R1), ministries (Code: R2; R5) and government agencies (Code: R3; R4). The study revealed that various programs have been implemented to provide short-term shelter and facilitate the integration of homeless individuals into society. Nevertheless, a significant challenge identified was the recurring tendency of homeless households to return to homelessness. This “behavioural direction” was found to be influenced by multiple factors which includes mental health and attitude problem. The findings emphasise the need for collaborative efforts among all stakeholders to address the issues and challenges related to housing continuity in Klang Valley. Originality/value The originality of this research lies in its focus on the specific and under-researched context of Klang Valley, Malaysia, regarding the critical issues of housing affordability and the challenges of housing continuity for homeless households. While housing affordability and affordable housing are widely recognised as global housing policy concerns, this study delves into a localised setting where limited attention has been given to understanding the transitions of homeless i
{"title":"From homeless to home: issues and challenges of housing continuity in Klang Valley, Malaysia","authors":"Zafirah Al Sadat Zyed, Izma Syazana Badrudin, Peter Aning Tedong","doi":"10.1108/ijhma-11-2023-0157","DOIUrl":"https://doi.org/10.1108/ijhma-11-2023-0157","url":null,"abstract":"\u0000Purpose\u0000This paper aims to discuss the issues and challenges related to housing continuity for individuals transitioning from homelessness to securing a place to live in Klang Valley, Malaysia. The aim of the study is to explore the problems and solutions in the context of housing policy, particularly as they pertain to homeless households. The study involves conducting in-depth interviews with various stakeholders involved in helping homeless households find shelter and access to public housing.\u0000\u0000\u0000Design/methodology/approach\u0000The research methodology comprises a comprehensive literature review encompassing housing affordability, affordable housing and homelessness both within Malaysia and globally to identify research gaps. One of the key questions highlighted the effectiveness of existing programs aimed at providing short-term shelter and social integration for homeless individuals. Additionally, it highlights one of the primary challenges in this process, which is the tendency of homeless individuals to return to homelessness due to various factors. The data collection uses a qualitative approach and the data are obtained through in-depth interviews with key stakeholders responsible for assisting homeless households in Klang Valley, Malaysia, encompassing federal, state and local government representatives. Purposive sampling ensures diverse stakeholder representation. Interviews are structured semi-structured to maintain consistency while allowing for open-ended discussions on challenges and successes in facilitating homeless individuals' transition to stable housing. Thematic analysis of transcribed interview data focuses on recurring themes related to housing continuity, affordability and homeless households' behavioural patterns.\u0000\u0000\u0000Findings\u0000There are five (n = 5) stakeholders consist of local government (Code: R1), ministries (Code: R2; R5) and government agencies (Code: R3; R4). The study revealed that various programs have been implemented to provide short-term shelter and facilitate the integration of homeless individuals into society. Nevertheless, a significant challenge identified was the recurring tendency of homeless households to return to homelessness. This “behavioural direction” was found to be influenced by multiple factors which includes mental health and attitude problem. The findings emphasise the need for collaborative efforts among all stakeholders to address the issues and challenges related to housing continuity in Klang Valley.\u0000\u0000\u0000Originality/value\u0000The originality of this research lies in its focus on the specific and under-researched context of Klang Valley, Malaysia, regarding the critical issues of housing affordability and the challenges of housing continuity for homeless households. While housing affordability and affordable housing are widely recognised as global housing policy concerns, this study delves into a localised setting where limited attention has been given to understanding the transitions of homeless i","PeriodicalId":504638,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140445057","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 : 2024-02-19DOI: 10.1108/ijhma-10-2023-0144
B. Kwakye, Tze-Haw Chan
Purpose Market sentiment has shown to influence housing prices in the global north, but in emerging economies, the nexus is rare to chance on in the current state of science for policy direction. More importantly in the recent decade where policymakers are yet to conclude on the myriad of factors confronting the housing market in sub-Saharan Africa inhibiting affordability. This paper therefore examines the impact of market sentiment on house prices in South Africa. Design/methodology/approach The study used the Autoregressive Distributed Lag (ARDL) approach with quarterly data spanning from 2005Q1 to 2020Q4. Findings In all, it was established that market sentiment plays a minimal role in the property market in South Africa. But there was enough evidence of cointegration from the bound test between sentiment and house prices. Nevertheless, the lag values of sentiment pointed to a rise in house prices. Exchange rate volatilities and inflation had a statistically significant effect on prices in both the long and short term, respectively. Research limitations/implications Policymakers could still monitor market sentiment in the housing market due to the strong chemistry between house prices and sentiment, as evidenced from the bound test, but focus on economic fundamentals as the main policy tool for house price reduction. Originality/value The findings and the creation of the sentiment index make an invaluable contribution to the paper and add to the paucity of literature on the study of market sentiment in the housing market.
{"title":"Market sentiment in emerging economies: evidence from the South African property market","authors":"B. Kwakye, Tze-Haw Chan","doi":"10.1108/ijhma-10-2023-0144","DOIUrl":"https://doi.org/10.1108/ijhma-10-2023-0144","url":null,"abstract":"\u0000Purpose\u0000Market sentiment has shown to influence housing prices in the global north, but in emerging economies, the nexus is rare to chance on in the current state of science for policy direction. More importantly in the recent decade where policymakers are yet to conclude on the myriad of factors confronting the housing market in sub-Saharan Africa inhibiting affordability. This paper therefore examines the impact of market sentiment on house prices in South Africa.\u0000\u0000\u0000Design/methodology/approach\u0000The study used the Autoregressive Distributed Lag (ARDL) approach with quarterly data spanning from 2005Q1 to 2020Q4.\u0000\u0000\u0000Findings\u0000In all, it was established that market sentiment plays a minimal role in the property market in South Africa. But there was enough evidence of cointegration from the bound test between sentiment and house prices. Nevertheless, the lag values of sentiment pointed to a rise in house prices. Exchange rate volatilities and inflation had a statistically significant effect on prices in both the long and short term, respectively.\u0000\u0000\u0000Research limitations/implications\u0000Policymakers could still monitor market sentiment in the housing market due to the strong chemistry between house prices and sentiment, as evidenced from the bound test, but focus on economic fundamentals as the main policy tool for house price reduction.\u0000\u0000\u0000Originality/value\u0000The findings and the creation of the sentiment index make an invaluable contribution to the paper and add to the paucity of literature on the study of market sentiment in the housing market.\u0000","PeriodicalId":504638,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140451508","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 : 2024-01-18DOI: 10.1108/ijhma-10-2023-0145
Nor Nazihah Chuweni, N. Fauzi, Asmma’ Che Kasim, Sekar Mayangsari, N. Wardhani
Purpose Sustainability represents innovative elements in determining the profitability of real estate investments, among other factors, including the green component in real estate. Evidence from the literature has pointed out that incorporating green features into residential buildings can reduce operational costs and increase the building’s value. Although green real estate is considered the future trend of choice, it is still being determined whether prospective buyers are willing to accept the extra cost of green residential investment. Therefore, this study aims to investigate the effect of housing attributes and green certification on residential real estate prices. Design/methodology/approach The impact of the housing attribute and green certification in the residential sectors was assessed using a transaction data set comprising approximately 861 residential units sold in Selangor, Malaysia, between 2014 and 2022. Linear and quantile regression were used in this study by using SPSS software for a robust result. Findings The findings indicate that the market price of residential properties in Malaysia is influenced by housing attributes, transaction types and Green Building Index certification. The empirical evidence from this study suggests that green certification significantly affects the sales price of residential properties in Malaysia. The findings of this research will help investors identify measurable factors that affect the transaction prices of green-certified residential real estate. These identifications will facilitate the development of strategic plans aimed at achieving sustainable rates of return in the sustainable residential real estate market. Practical implications Specifically, this research will contribute to achieving area 4 of the 11th Malaysia Plan, which pertains to pursuing green growth for sustainability and resilience. This will be achieved by enhancing awareness among investors and homebuyers regarding the importance of green residential buildings in contributing to the environment, the economy and society. Originality/value The regression model for housing attributes and green certification on house price developed in this study could offer valuable benefits to support and advance Malaysia in realising its medium and long-term goals for green technology.
{"title":"Assessing the effect of housing attributes and green certification on Malaysian house price","authors":"Nor Nazihah Chuweni, N. Fauzi, Asmma’ Che Kasim, Sekar Mayangsari, N. Wardhani","doi":"10.1108/ijhma-10-2023-0145","DOIUrl":"https://doi.org/10.1108/ijhma-10-2023-0145","url":null,"abstract":"\u0000Purpose\u0000Sustainability represents innovative elements in determining the profitability of real estate investments, among other factors, including the green component in real estate. Evidence from the literature has pointed out that incorporating green features into residential buildings can reduce operational costs and increase the building’s value. Although green real estate is considered the future trend of choice, it is still being determined whether prospective buyers are willing to accept the extra cost of green residential investment. Therefore, this study aims to investigate the effect of housing attributes and green certification on residential real estate prices.\u0000\u0000\u0000Design/methodology/approach\u0000The impact of the housing attribute and green certification in the residential sectors was assessed using a transaction data set comprising approximately 861 residential units sold in Selangor, Malaysia, between 2014 and 2022. Linear and quantile regression were used in this study by using SPSS software for a robust result.\u0000\u0000\u0000Findings\u0000The findings indicate that the market price of residential properties in Malaysia is influenced by housing attributes, transaction types and Green Building Index certification. The empirical evidence from this study suggests that green certification significantly affects the sales price of residential properties in Malaysia. The findings of this research will help investors identify measurable factors that affect the transaction prices of green-certified residential real estate. These identifications will facilitate the development of strategic plans aimed at achieving sustainable rates of return in the sustainable residential real estate market.\u0000\u0000\u0000Practical implications\u0000Specifically, this research will contribute to achieving area 4 of the 11th Malaysia Plan, which pertains to pursuing green growth for sustainability and resilience. This will be achieved by enhancing awareness among investors and homebuyers regarding the importance of green residential buildings in contributing to the environment, the economy and society.\u0000\u0000\u0000Originality/value\u0000The regression model for housing attributes and green certification on house price developed in this study could offer valuable benefits to support and advance Malaysia in realising its medium and long-term goals for green technology.\u0000","PeriodicalId":504638,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139615285","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 : 2024-01-17DOI: 10.1108/ijhma-11-2023-0155
Xueqi Wang, Graham Squires, David Dyason
Purpose Homeownership for younger generations is exacerbated by the deterioration in affordability worldwide. As a result, the role of parental support in facilitating homeownership requires attention. This study aims to assess the influence of parental wealth and housing tenure as support mechanisms to facilitate homeownership for their children. Design/methodology/approach This study uses data from a representative survey of the New Zealand population. Findings Parents who are homeowners tend to offer more financial support to their children than those who rent. Additionally, the financial support increases when parents have investment housing as well. The results further reveal differences in financial support when considering one-child and multi-child families. The intergenerational transmission of wealth inequality appears to be more noticeable in multi-child families, where parental housing tenure plays a dominant role in determining the level of financial support provided to offspring. Originality/value The insights gained serve as a basis for refining housing policies to better account for these family transfers and promote equitable access to homeownership.
{"title":"Parental financial support for housing: the importance of investment homes and family size","authors":"Xueqi Wang, Graham Squires, David Dyason","doi":"10.1108/ijhma-11-2023-0155","DOIUrl":"https://doi.org/10.1108/ijhma-11-2023-0155","url":null,"abstract":"\u0000Purpose\u0000Homeownership for younger generations is exacerbated by the deterioration in affordability worldwide. As a result, the role of parental support in facilitating homeownership requires attention. This study aims to assess the influence of parental wealth and housing tenure as support mechanisms to facilitate homeownership for their children.\u0000\u0000\u0000Design/methodology/approach\u0000This study uses data from a representative survey of the New Zealand population.\u0000\u0000\u0000Findings\u0000Parents who are homeowners tend to offer more financial support to their children than those who rent. Additionally, the financial support increases when parents have investment housing as well. The results further reveal differences in financial support when considering one-child and multi-child families. The intergenerational transmission of wealth inequality appears to be more noticeable in multi-child families, where parental housing tenure plays a dominant role in determining the level of financial support provided to offspring.\u0000\u0000\u0000Originality/value\u0000The insights gained serve as a basis for refining housing policies to better account for these family transfers and promote equitable access to homeownership.\u0000","PeriodicalId":504638,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139616850","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 : 2024-01-16DOI: 10.1108/ijhma-10-2023-0137
Afees A. Salisu, Aliyu Akorede Rufai, M. C. Nsonwu
Purpose This study aims to construct alternative models to establish the dynamic relationship between exchange rates and housing affordability by estimating both the short- and long-run relationship between exchange rates and housing affordability for 18 OECD countries from 1975Q1 to 2022Q4. After that, this study demonstrates how this nexus behaves during high and low inflation regimes and turbulent times. Design/methodology/approach This study uses the panel autoregressive distributed lag technique to examine the nexus between housing affordability to capture the distinct characteristics of the sample countries and estimate various short- and long-run dynamics in the relationship between housing affordability and exchange rate. Findings Exchange rate appreciation improves housing affordability in the short run, whereas this connection tends to dissipate in the long run. Moreover, inflation can worsen housing affordability during turbulent times, such as the global financial crisis, in both the short and long run. Ignoring these changes in the relationship between exchange rates and housing affordability during turbulent times can lead to incorrect conclusions. Originality/value To the best of the authors’ knowledge, this study is the first to examine the association between exchange rates and housing affordability by demonstrating how these variables behave in high and low inflation regimes and turbulent times.
{"title":"Exchange rate and housing affordability in OECD countries","authors":"Afees A. Salisu, Aliyu Akorede Rufai, M. C. Nsonwu","doi":"10.1108/ijhma-10-2023-0137","DOIUrl":"https://doi.org/10.1108/ijhma-10-2023-0137","url":null,"abstract":"\u0000Purpose\u0000This study aims to construct alternative models to establish the dynamic relationship between exchange rates and housing affordability by estimating both the short- and long-run relationship between exchange rates and housing affordability for 18 OECD countries from 1975Q1 to 2022Q4. After that, this study demonstrates how this nexus behaves during high and low inflation regimes and turbulent times.\u0000\u0000\u0000Design/methodology/approach\u0000This study uses the panel autoregressive distributed lag technique to examine the nexus between housing affordability to capture the distinct characteristics of the sample countries and estimate various short- and long-run dynamics in the relationship between housing affordability and exchange rate.\u0000\u0000\u0000Findings\u0000Exchange rate appreciation improves housing affordability in the short run, whereas this connection tends to dissipate in the long run. Moreover, inflation can worsen housing affordability during turbulent times, such as the global financial crisis, in both the short and long run. Ignoring these changes in the relationship between exchange rates and housing affordability during turbulent times can lead to incorrect conclusions.\u0000\u0000\u0000Originality/value\u0000To the best of the authors’ knowledge, this study is the first to examine the association between exchange rates and housing affordability by demonstrating how these variables behave in high and low inflation regimes and turbulent times.\u0000","PeriodicalId":504638,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139618640","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 : 2024-01-11DOI: 10.1108/ijhma-10-2023-0139
S. H. Zulkarnain, A. S. Nawi, M. A. Esquivias, Anuar Husin
Purpose The purpose of this study is designed to achieve the learning process in producing studies involving economic issues and scenarios in business management in Malaysia. In addition, this study will provide exposure to the integration of managerial skills by using both microeconomics and macroeconomics concepts and theories to aid decision-making in a business environment. Design/methodology/approach The research method comprised qualitative methodology of literature review, case study and quantitative methodology of multiple linear regression (MLR). In this case, seven microeconomics and macroeconomics factors which are believed to significantly affect house price index (HPI) are taken into consideration which includes gross domestic product, consumer price index (CPI), government tax and subsidy on housing, overnight policy rate, unemployment rate (UNEMP), the median income (INC) and cost of production index. Findings This research has resulted in three significant factors affecting HPI from MLR, which include CPI, UNEMP and INC where the increase of these factors will cause a high increment of HPI. The other four factors are not significant. Originality/value Malaysia has been facing the stagnancy in house market these recent years due to issues such as massive oversupply, impacting Malaysia’s economy specifically focusing on domestic direct investment. To avoid oversupply issues, the vitality of future house demand and pricing forecast should be comprehended by involved bodies for more effective planning for the house development industry. To make a better and bigger impact, this research is intended to analyse the microeconomic and macroeconomic factors affecting the HPI to better understand the significance of each of these factors to the changes of HPI to resolve these economic issues.
{"title":"Determinants of housing prices: evidence from East Coast Malaysia","authors":"S. H. Zulkarnain, A. S. Nawi, M. A. Esquivias, Anuar Husin","doi":"10.1108/ijhma-10-2023-0139","DOIUrl":"https://doi.org/10.1108/ijhma-10-2023-0139","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study is designed to achieve the learning process in producing studies involving economic issues and scenarios in business management in Malaysia. In addition, this study will provide exposure to the integration of managerial skills by using both microeconomics and macroeconomics concepts and theories to aid decision-making in a business environment.\u0000\u0000\u0000Design/methodology/approach\u0000The research method comprised qualitative methodology of literature review, case study and quantitative methodology of multiple linear regression (MLR). In this case, seven microeconomics and macroeconomics factors which are believed to significantly affect house price index (HPI) are taken into consideration which includes gross domestic product, consumer price index (CPI), government tax and subsidy on housing, overnight policy rate, unemployment rate (UNEMP), the median income (INC) and cost of production index.\u0000\u0000\u0000Findings\u0000This research has resulted in three significant factors affecting HPI from MLR, which include CPI, UNEMP and INC where the increase of these factors will cause a high increment of HPI. The other four factors are not significant.\u0000\u0000\u0000Originality/value\u0000Malaysia has been facing the stagnancy in house market these recent years due to issues such as massive oversupply, impacting Malaysia’s economy specifically focusing on domestic direct investment. To avoid oversupply issues, the vitality of future house demand and pricing forecast should be comprehended by involved bodies for more effective planning for the house development industry. To make a better and bigger impact, this research is intended to analyse the microeconomic and macroeconomic factors affecting the HPI to better understand the significance of each of these factors to the changes of HPI to resolve these economic issues.\u0000","PeriodicalId":504638,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139438236","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 : 2024-01-09DOI: 10.1108/ijhma-10-2023-0133
B. Kwakye, Tze-Haw Chan
Purpose The primary aim of this paper is to concurrently use the data types to enhance econometric analysis in the housing market in developing countries, particularly Namibia. Design/methodology/approach Scholarly discussions on econometric analysis in the housing market in sub-Saharan Africa suggest that the inadequacy of time series data has impeded studies of such nature in the region. Hence, this paper aims to comparatively analyse the impact of economic fundamentals on house prices in Namibia using real and interpolated data from 1990 to 2021 supported by the ARDL model. Findings It was discovered that in all the three types of data house prices were affected by fundamentals except real GDP in the long term. It was also noted that there were not much significant variations between the real data and the interpolated data frequencies. However, the results of the annual data and the semi-annual interpolated data were more analogously comparable to the quarterly interpolated data Practical implications It is suggested that the adoption of interpolated data frequency type should be based on the statistical significance of the result. In addition, the need to monitor the nexus of the housing market and fundamentals is necessary for stable and sustainable housing market for enhanced policy direction and prudent property investment decision. Originality/value The study pioneer to concurrently use the data types to enhance econometric analysis in the housing market in developing countries.
{"title":"Economic fundamentals and house prices in Namibia: comparative evidence from real and interpolated data","authors":"B. Kwakye, Tze-Haw Chan","doi":"10.1108/ijhma-10-2023-0133","DOIUrl":"https://doi.org/10.1108/ijhma-10-2023-0133","url":null,"abstract":"\u0000Purpose\u0000The primary aim of this paper is to concurrently use the data types to enhance econometric analysis in the housing market in developing countries, particularly Namibia.\u0000\u0000\u0000Design/methodology/approach\u0000Scholarly discussions on econometric analysis in the housing market in sub-Saharan Africa suggest that the inadequacy of time series data has impeded studies of such nature in the region. Hence, this paper aims to comparatively analyse the impact of economic fundamentals on house prices in Namibia using real and interpolated data from 1990 to 2021 supported by the ARDL model.\u0000\u0000\u0000Findings\u0000It was discovered that in all the three types of data house prices were affected by fundamentals except real GDP in the long term. It was also noted that there were not much significant variations between the real data and the interpolated data frequencies. However, the results of the annual data and the semi-annual interpolated data were more analogously comparable to the quarterly interpolated data\u0000\u0000\u0000Practical implications\u0000It is suggested that the adoption of interpolated data frequency type should be based on the statistical significance of the result. In addition, the need to monitor the nexus of the housing market and fundamentals is necessary for stable and sustainable housing market for enhanced policy direction and prudent property investment decision.\u0000\u0000\u0000Originality/value\u0000The study pioneer to concurrently use the data types to enhance econometric analysis in the housing market in developing countries.\u0000","PeriodicalId":504638,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139442879","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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