Abstract
Despite the increasing use of forward contracts to pre-sell uncompleted properties, limited research has been conducted to explore the additional risks transferred from developers to buyers in presales of uncompleted properties. This research explored the risk-transfer mechanism specific to the forward property market and how the risks affect the construction of a forward property price index compared to that of spot property price indices. The proposed model using the repeat sales method for constructing the forward property price index is found to be more efficient over the other models in reflecting the general price change of the forward property market.
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