Development Of Housing Market Research Articles

Examining the policy outcomes of cancelling the house purchase restriction: quasi-experimental evidence from China

While the impact of the house purchase restriction (HPR) policy on the housing market in China has been deeply examined, there is still little known about how the housing market varies when such policy is abandoned. To fill this gap, we first theoretically propose two hypotheses concerning the relationship between abandoning HPR policy and housing price and transaction based on the housing literature. We then examine the hypotheses by taking Jinan, China as empirical case that offer an excellent policy setting of some districts having discarded the policy while the other remains. The results derived from Synthetic Control Method (SCM) showed that the cancellation of the HPR policy plays a vital role in increasing the transaction volume, but it fails to promote house prices. The findings remain reliable after a series of placebo and robustness tests. This article adds new insight to the debate on efficacy of government intervention via more granular quantitative data, and further contributes to policy implications regarding housing market development.

Market Sentiment and High-Rise Housing Prices in Hong Kong

Classical finance theories fall short of explaining volatile housing prices in Hong Kong. Employing principal component analysis (PCA) and factor analysis, this study constructs a unique Sentiment Index that integrates 11 market variables tailored to Hong Kong’s high-rise residential properties. Covering 2002Q1 to 2021Q2, including pivotal events such as the SARS epidemic, the Global Financial Crisis, stock downturns, political instability, and Covid-19, our analysis reveals the significant predictive capability of the Sentiment Index for property prices. A discernible relationship exists between housing prices and the Sentiment Index. While policies addressing smaller-sized flats (HPI40) should focus on demand-supply imbalances, those for larger apartments (HPI100 and HPI160) must consider speculative investments. An adaptive policy response with periodic assessments and measures responsive to market conditions, economic shifts, and geopolitical events is imperative for the robust and stable development of Hong Kong's housing market.

Policy network evaluation of China’s rental housing market from the perspective of text measurement

In recent years, the Chinese government has gradually paid attention to the development of the rental housing market and began to issue a large number of relevant policies by the central and local governments in 2016. In view of the lack of systematic evaluation of rental housing market policy in China, this study constructed an interdependent multi-layer network of ‘policy objective-policy instrument-issuing department-stakeholder’ from the perspective of text measurement, and used network indexes to measure the global features of the four-dimensional sub-policy network and the differential characteristics of the network evolution process, the results are as follows: (i) The four policy instruments in the network of policy instruments, namely, instruction, supply leading, management system and management system reform, are leaders in the network. (ii) The absolute central node in the policy objective network is to increase the effective supply of rental housing. (iii) The central nodes in the issuing department network are housing development department and the land department. (iv) Market subject and public are the central clusters in the stakeholder network. (v) The network nodes of stakeholder policy instruments have the strongest correlation, and there are three clusters with obvious spatial distance segmentation.

Анализ глобальных стратегических трендов, влияющих на региональный рынок недвижимости России

The article introduces a comprehensive strategic analysis of global trends that affect the development of the regional housing market in Russia. The list of trends included globalization, urbanization, world population growth, expansion of global real estate market, and preventive development of strategic scenarios to counteract the current emergency in the real estate market. Anti-emergency scenarios for regional markets should take into account these global trends. For a regional real estate market, an emergency period is a period of cyclical growth in real estate prices, characterized by excess investment caused by long-term speculative expectations of investors. The study relied on the theory of strategy and the methodology of strategizing developed by Professor V.L. Kvint, Dr.Sc.(Econ.), Foreign Member of the Russian Academy of Sciences. The author used the method of decomposition to divide the emergency period into stages: the time occupied by each stage depended on the abovementioned global trends via supply and demand factors. The demand factor referred to the regional population whereas the supply factor was associated with the construction sector. Therefore, global strategic trends cannot be overlooked by regional strategists who develop plans to counteract the current emergency scenarios.

Factor analysis of the housing market in Ukraine (2003–2023)

The residential real estate market plays a key role in the development of global and national economies, since it has acted as a powerful driver of GDP growth, increasing the level of employment, household incomes, and profitability of financial institutions, construction organizations and trading enterprises. The house price growth has two dimensions, threat to financial stability and source of economic development. The aim of this research is to formulate a list of criteria, based on which one can decide whether the house price at a given stage of housing market development needs to be constrained or not. The aim is achieved by a multi-perspective analysis of residential real estate market in Ukraine and its evolution. This research is based on general scientific and special methods of cognition, including abstract logical reasoning, grouping, and statistical analysis. The factors that con­tribute to the growth of house prices are formed using the method of principal component analysis, and the effect is estimated using least squares regression. Five stages of the evolution of the Ukrainian residential real estate market are identified according to two general indicators: housing price growth and credit activity. The segmentation is based on signi­ficant changes in market conditions and/or changes in housing price drivers, as well as changes in the regulatory environment. Factors affecting house prices at each of these stages were investigated using principal component analysis to identify variables for regression analysis. A set of criteria has been formed using which one can assess if the current rise in housing prices poses systemic risks to the national financial system and overall economy. Three hypotheses were put forward and their empirical verification was carried out, according to the results of which it was established that demand factors had the greatest impact on housing prices during the observation period; macro-financial conditions primarily affect prices on the primary real estate market; lending conditions affect price dynamics mainly only at the first stage of development of the housing market in Ukraine, which are determined in this study. The main drivers of the housing market in Ukraine are the unemployment rate, income growth levels, and population size. The conclusions drawn can significantly contribute to the monitoring system of the housing market in Ukraine and the analysis of the systemic risks it generates.

New peripheries in the making? Analysing German cities from the lens of a suburbanisation of poverty

In this paper we discuss evidence on new socio-spatial patterns in the relation between urban and suburban areas due to the involuntary outward residential mobility of low-income households from central urban areas. Our findings build upon research in three German cities from a comparative perspective, with interviews with local experts providing the main source of information. For analysing decentralisation or suburbanisation of poverty processes we focus on the role of the urban housing market, residential settlement changes, and the role of social security systems. We cannot confirm the displacement of low-income households beyond city limits as a general trend. Instead, our findings reveal a local and context-dependent variation of socio-spatial shifts in the three investigated cities, related to city-specific housing market and urban development factors. As a general factor, existing social security systems continue to work towards keeping low-income households inside cities, seemingly preventing a large-scale suburbanisation of poverty. There is, however, a worrying trend in the concentration of low-income households in ever-decreasing segments of affordable housing, alongside increasing burdens on low-income households coping with the current challenges of a housing affordability crisis. City-regional monitoring and further research are needed.

The Development History of International Housing Rental Market and Implication for China

Since the industrial revolution in the 18th century, under the background of different historical stages, this study chose the representative typical regions or countries of that period to analyze the origin, background and policy process of the development of the rental housing market. From the perspective of time evolution, it presents the “epitome” of the development of the rental housing market in each region under different stages of social development. Based on the perspective of international comparison, this paper summarized the general rules of the development of international rental housing market, with a view to forming useful experience and inspiration for the development of China’s housing rental market. At present, China’s housing rental market is under construction, and in the process of development, it is necessary to focus on balancing three pairs of relationships, namely, the relationship between foreign experience and domestic reality, the relationship between social market and the government, and the relationship between housing and people􀆳s livelihood. In this regard, it is recommended that the top-level policy design of policies for the housing rental market in line with the national conditions be accelerated and supporting measures be improved; the synergistic development of government-subsidized rental housing and market-oriented rental housing be strengthened, and the responsibility of employers be brought into play; and the housing rental market be in accordance with city-specific policies to meet the housing needs of different types of citizens.

Study on the Factors Affecting the Green Housing Purchase Intention in Urban Residents—Taking the Beijing-Tianjin-Hebei Region as an Example

Green housing has the characteristics of energy saving, environmental protection and comfort. Promoting the development of green housing market is of great significance to accelerate the green transformation of the construction industry and help the construction sector achieve the emission reduction target. This paper takes urban residents in the Beijing-Tianjin-Hebei region as the research object, and based on the theory of planned behavior, identifies five influencing factors such as purchasing attitude, subjective norms, perceived behavior control, environmental concern and green housing product attributes, and builds a model of influencing factors of urban residents’ green housing purchase intention in the Beijing-Tianjin-Hebei region. The results show that subjective norms, perceived behavioral control, environmental concerns and green housing product attributes all have positive effects on the purchase intention, and their influence paths and effects on the purchase intention of green housing are different.

Financing affordable housing for internally displaced persons using information and communication technologies

Introduction. The study of scientific and methodological approaches to financing affordable housing in the context of the ongoing armed aggression should contribute to the implementation of an effective economic policy to consolidate the efforts of public authorities, business, the public sector, charitable and volunteer organizations, international donors to solve the problems of internally displaced persons. In our country, the accommodation of IDPs in the places of resettlement was considered as a temporary need and was carried out with the belief that the military conflict is a small-scale phenomenon, so it was generally limited to state assistance for rental housing and settlement in modular towns. Most of the measures taken by the state so far are reactive measures that do not correspond to the current situation of geopolitical confrontation. The study of theoretical and empirical aspects of the implementation of state and regional programs of the so-called “sustainable settlement” requires the development of the affordable housing segment with the involvement of market, state and mixed financing mechanisms.The purpose of the study is to substantiate the theoretical concept and methodological provisions for assessing the organizational and legal framework for financing affordable housing for internally displaced persons using information and communication technologies. The research methods are based on theoretical generalization, systematization, dialectical method of scientific knowledge of economic phenomena and migration processes, which made it possible to reveal the problems of market, state and mixed mechanisms of financing the development of the affordable housing market for internally displaced persons, to develop an information system of economic and legal principles of functioning of the investment and construction consortium, which provides the use of several scenarios for the formation of the structure of sources of financing of the project for affordable housing and, accordingly, minimizes crisis situations.The results. The methodological foundations of market, state and mixed financing mechanisms for the development of the affordable housing market in the post-war period have been studied. The peculiarities of the national program for providing affordable housing for internally displaced persons were analyzed and its strategic directions were determined, taking into account the possibilities of donor support. The expediency and conditions for creating an investment and construction consortium involving legal entities, individuals, non-profit organizations and public entities are substantiated and an information system is developed. Attention is focused on the peculiarities of coordination of cooperation between state and non-governmental institutions, simplification of the provision of public administrative services for IDPs, attraction of funds from international donors for the implementation of integration projects of affordable housing for IDPs.Prospects. It is important to focus further research on increasing the efficiency of financing the integration projects of affordable housing and the construction of specialized social villages, taking into account the structural features adapted for the residence of families that include persons with disabilities as a result of the war.

Towards a Better-Functioning Private Rented Sector in Metropolitan China

In recent years, the Private Rented Sector (PRS) has witnessed rapid growth across numerous jurisdictions, with Chinese metropolises notably standing out. Throughout the history of housing policy development in China, the PRS has been largely disregarded. It was not until 2015 that the government proposed the idea of “accelerating the development of the rental housing market” to achieve a “balanced development between home renting and purchasing”. However, the PRS in China is still in its immature stage, as evidenced by unstable rents and tenure, insufficient tenant rights, low levels of tenant satisfaction, minimal institutional landlord participation, and a lack of motivation among local governments to develop the PRS. This dissertation aims to gain an indepth understanding of the PRS in metropolitan China and explore how to improve its functioning using Shenzhen as a case study. Both qualitative and quantitative data were collected to examine the determinants of tenants’ intention to rent and residential satisfaction, the relationship between residential environment, social exclusion, and life satisfaction, the impact of landlords' management practices on tenants' housing experiences, and main challenges and solutions for a well-developed PRS. The results suggest that the PRS in Shenzhen is highly heterogeneous and comprised of several distinct sub-sectors. Housing policies should be tailored to each subsector's unique characteristics. The dissertation also reveals that the PRS is interconnected with other institutions such as the hukou system and education system. Therefore, a well-functioning PRS depends on the simultaneous reform of other sectors and institutions.

Features and factors of regional market development

The article is devoted to the study of the specific features of the functioning of the regional market on the example of the residential real estate market. The features of the development of the regional housing market as the most important component of the territorial economy and its types are considered. Modern and topical market problems that hinder regional growth are identified. All the most significant factors influencing the state of the regional housing market are systematized and grouped into supply and demand factors. The competitive environment in the regional market is being transformed under the influence of an increase in supply and the desire of manufacturers to reduce costs, as well as the development and improvement of alternative financing mechanisms. The trend of promoting the improvement of the living conditions of citizens for the development of regional socio-economic systems and raising the standard of living of the population is determined.

Competitive strategy of sustainable and eco-oriented development of investment-construction company

The most important factor in increasing the sustainability of development companies is the emergence of an eco-oriented demand for residential real estate on the market. The purpose of the study is to form a complex of organizational, economic and managerial mechanisms to ensure the competitiveness of investment and construction organizations with a primary focus on market relations based on balanced eco–oriented supply and demand, ensuring the sustainability of development systems. Materials of domestic and foreign researchers in the field of implementation of projects of various scales with priority in the fields of ecology, economics, marketing, management of companies both in construction and in related industries served as the theoretical basis of the study. The article actualizes: transformations in the housing market based on the formation and growth of segments of eco-oriented demand and supply with conceptual refinement; analysis of trends in the development of the territorial housing market and priorities of its ecological development and eco-oriented consumer demand; a competitive strategy for sustainable and eco-oriented development of a development company is formed. Measures for the effective application of the development strategy will ensure a significant increase in both the volume of eco-oriented demand and the volume of eco-oriented supply for residential real estate.

Assessment of the impact of satisfaction with management companies on housing and communal services market development

Assessment of the impact of satisfaction with management companies on housing and communal services market development

Tourism housing price nexus

Abstract Tourism’s positive and negative externalities are of an extreme social and economic importance for the tourism dominant countries. In particular, studying tourism’s impact on housing prices has experienced increased interest over the past decade as it has a relevant influence on real estate economics and housing market development, which spills over the entire economy. Considering the limited existing literature, the objective of this paper is to provide an overview of the previous studies, which summarizes prevailing findings about the impact of tourism on housing prices with respect to three different streams: tourism activity, tourism accommodation capacity and tourism amenities. This paper offers a comprehensive theoretical background and clear-cut insight in tourism’s impact on housing prices, with a great attention to possible issues that may emerge due to tourism heterogeneity across countries. For the same reason, it is beneficiary not only to real estate agents but likewise to decision makers in tourism industry.

공공임대주택 선발 국가들의 정책 경험과 우리나라의 정책 방향

Since the end of the World War II, many advanced countries have developed public rental housing not only as a residential safety net but also as an active welfare policy. However, after 30-40 years of expansion, most of the advanced countries have reduced or retreated from public rental housing policies due to the development of the private housing market and financial constraints. On the other hand, Korea started its public rental housing policy late compared to the advanced countries and is still expanding it. Korea's public rental housing policy differs from the advanced countries in that housing market instability and the mass supply of housing to resolve it are the most important policy drivers. This paper tried to consider Korea's position, characteristics, and policy tasks in light of the changes in public rental housing policy in the advanced countries. Considering the experiences of the advanced countries, it is reasonable to assume that the quantitative target of our public rental housing policy is 10% of all households, and it is necessary to maintain the Korean characteristic of diversifying the number of tenants. The relationship between housing benefits and public rental housing needs to be established urgently. In addition, pointing out that hasty expectations are reflected in the current public rental housing statistics in Korea, this paper proposed to classify Jeonse public rental as one of the rental subsidy systems.

RENTAL HOUSING MARKET: DYNAMICS AND PROSPECTS OF DEVELOPMENT

The purpose of the article is to study the dynamics and development prospects of the rental housing market. Methods of statistical, economic and econometric analysis, methods of abstraction, analysis and synthesis, induction and deduction, and others were used for the study. The object of research is the processes that influence the development of the rental housing market and determine its functioning. The significant role of the rental housing market for expanding supply in the residential real estate market and providing urban residents with a place to live in various life situations is revealed, but insufficient regulation of the development of the rental housing market by the state. At the same time, the need for structural changes in this market and the need to create transparent and understandable conditions for the interaction of counterparties are growing.

Analysis of real estate market in Shenzhen

Since the reform and opening up, Shenzhen's population has increased greatly and its economic growth has accelerated, which has driven the development of the real estate market. It is worth noting that Shenzhen's housing market and real estate development have received a lot of attention. At the same time, there are some problems in Shenzhen's housing market, which hinder the high-quality development of the housing market. At present, the housing market in Shenzhen has a high price and a strong investment demand. Some targeted solutions are needed to promote the sustainable development of the housing market. This article provides some enlightenment.

Problems and solutions of Shenzhen’s housing market

Housing market is an important part of China's market economy, and the stability of housing market is of great significance to China's economic development and financial growth. However, China's housing boom has long created problems that need to be solved. This paper takes the housing market development of Shenzhen as an example, deeply discusses the real problems in the housing market process of Shenzhen, and puts forward some solutions, so as to provide effective support for promoting the improvement of housing market and economic stability of Shenzhen. Finally, this paper provides some references for understanding the housing market in Shenzhen.

Income, Housing and Inequality in Barnaul and Tomsk in the early 1910s. Based on the Materials of the Presence on the Apartment Tax

The subject of the study is the degree of severity of stratification of the urban population in pre–revolutionary Russia. The authors set the task to calculate the decile coefficient and identify other indicators useful for understanding the degree of inequality among the citizens of two large Western Siberian cities of the early XX century. For this purpose, rarely used sources are taken, some of which are introduced into scientific circulation for the first time. The advantageous difference between apartment tax documents is that they allow you to estimate the income of citizens for the period when there was no income tax in Russia yet. The advantage of the "Statements of homeowners on apartment tax" in comparison with other sources on this tax is that they contain information not only about rich citizens (tax payers), but also about those who were exempt from tax due to poverty. The authors conclude that the decile coefficient indicators in two large Western Siberian cities work rather in favor of the pessimistic tradition that considers inequality in pre-revolutionary Russia to be high. The difference between Tomsk and Barnaul was revealed by the following characteristics: the gap in apartment prices between homeowners and tenants ("housing scissors"), the share of tenants among citizens, the share of householders living "on the settlement" with tenants. These differences are associated with a higher level of development of the rental housing market in Tomsk, which can be explained by its greater attractiveness as an economic, cultural and administrative center. The authors consider it useful to study living standards as one of the ways to study inequality.

Обеспечение устойчивости территориальных жилищных рынков в условиях турбулентной экономики (на примере Пензенского региона)

The article provides a comprehensive structural analysis of ensuring stability for the territorial housing market in a turbulent economy on the example of the Penza region. The study was carried out in the following fields: structure of developers, volumes and dynamics of construction, the price range of new buildings. In addition, financial express analysis of the main developers in the region was carried out in order to identify their financial stability over the forecast horizon in the face of economic uncertainty. As a separate segment of the research, it is accepted to study dynamics of the main parameters of the mortgage territorial market as the main regulator of the housing market development. Formulated conclusions provide an opportunity to the subjects of the territorial housing market to form innovative individual corporate and government strategies of sustainable development for the short term in a turbulent economy.