Abstract
This paper examines whether high land prices in urban areas Granger cause high propertyprices or whether high property prices lead to high land prices. A constant quality priceindex is constructed for the urban land market in Singapore using hedonic methodology.A cointegration analysis reveals that the land price and house price series are integratedin the long run and that Granger causality runs from the housing market to the landmarket. No reverse causality was found from the land market to the housing market. Thismeans that price movements in the land market do not filter to the housing market inthe short run.
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