Private Housing Market Research Articles

Communicative Interaction оf Participants in the Process оf Promotion оn the Individual Residential Market in Russia

In order to achieve the maximum possible efficiency of modern management in Russia in the market of individual housing communication should be built considering the relationship between market actors, on the basis of which is formed by the housing promotion object that allows you to improve the economic efficiency of an entity in the long term through the generated values relationships. The article is devoted to the consideration of the interaction of key actors in the private housing market, participating in the promotion: building organisations, Realtor firms and consumers. The subject of research: the process of interaction between construction companies, real estate agents and consumer firms, which formed values which affect the effectiveness of the promotion. Tendencies of the development of the individual residential market on the example of the city of Novosibirsk, which allowed updating communication processes of market agents. Despite massive amounts of residential construction, the sales volume of objects of individual pages.

The use of markets in housing policy: a comparative analysis of housing subsidy programs

Many countries use demand-side housing subsidies to support low-income households. Unlike public or social housing programs, demand-side subsidies require recipients to enter the private market to use their benefits. The focus of this study is the experiences of assisted households in the private housing market and the outcomes they achieve. Given the link between policy design and program outcomes and because all housing subsidy programs are not created equal, one might expect the experiences and outcomes of recipients to also vary. To examine this relationship, using data from national housing surveys, this study analyzes cross-national variation in housing support programs and compares the housing and neighbourhood outcomes of subsidized households in the US, the UK, and the Netherlands. The findings of this study highlight that market context and policy design are associated with housing outcomes. In particular, the strong tenant supports and favourable design of housing assistance in the Netherlands is associated with favourable outcomes for subsidized households. In the US and the UK, subsidized households, in general, underperform their unsubsidized peers. This article underscores the importance of institutional context and program design when public assistance programs require recipients to enter the private market to use a benefit.

Housing market financialization, neoliberalism and everyday retrenchment of social housing

Social housing policy in Ireland has evolved over several decades into a significantly marketized tenure which relies on, supports and expands the private housing market. In this paper we argue that it does so in ways that contribute to the financialization of housing by embedding housing in volatile financial market cycles. Although the majority of the literature on financialization, both in Ireland and internationally, has tended to focus on home ownership and mortgage markets, we argue that the retrenchment of social housing and the shift towards subsidized private rental accommodation have been key features of the process of financialization and of Ireland’s experience of boom and bust. The neoliberal turn in social housing policy, however, did not take shape in the form of either a coherent ideological project or a coherent suite of policy measures, but rather through the kind of piecemeal, ad hoc and typically ‘pragmatic’ processes identified by Kitchin et al. It is by examining the unfolding of these ad hoc processes that we identify both the neoliberalization of social housing policy and the interfaces between this process and that of financialization, particularly by highlighting how the former has enabled and facilitated the latter.

Towards a Hedonic Pricing Method for the Bucharest Private Housing Market

This paper aims at exploring the drivers of dwellings’sale prices in Bucharest, Romania, over the period 2014-2018. Several housing structural attributes are covered, such as the number of rooms, useful and constructed surface, type of comfort, floor, the number of bathrooms, balconies and parking, the seniority from construction, as well as from renovation, structure type, height regime, and the duration until completion of the real estate transaction. By estimating a standard hedonic price model via OLS regression for a sample of 765 transactions, we notice that all the selected variables, except the floor level and seniority from construction, positively influence the property prices. However, in case of useful and constructed surface, nonlinear relationships with property prices were acknowledged. Robustness checks in form of quantile regressions reinforce the empirical findings.

Floor-level premiums in private housing: the case of condominiums in Singapore

ABSTRACTUsing a sample consists of 3367 actual condominium sales transacted in resale market from May 2012 to April 2015 from the Singapore Urban and Redevelopment Authority, a hedonic pricing model is used to investigate for the presence of floor-level premiums in the private housing market, condominium, in District 23 of Singapore. Unit size, types of land tenure and the distance to the nearest mass rapid transit (MRT) station are also used as other independent variables. The estimated coefficient of each of these independent variables is statistically significant. Each of these independent variables also has positive estimated coefficient, suggesting that they have positive effects on condominium resale prices. Main findings are (a) there is a presence of floor-level premium; (b) the condominiums with a distance more than 400 m to the MRT station get higher resale prices; and (c) there is an increasing effect of floor level on condominium price.

Does energy efficiency matter to real estate-consumers? Survey evidence on willingness to pay from a cost-optimal analysis in the context of a developing country

In most countries, energy efficiency at the residential level has been largely delegated to the dynamics of real-estate markets after setting a minimum level. This regulatory definition is in certain cases supplemented by energy performance certificates, such as in the case of the European Union. This approach is based on the understanding that avoided energy-consumption costs positively affect the willingness to pay for them, thus leading to higher prices capable of offsetting production costs and thereby encouraging developers. The case of the private housing market in Santiago de Chile was selected as a reference for a developing country in which energy performance certificates, although they exist as an instrument, are not required to be applied in property transactions. However, unlike most of the research performed in developed countries, it is difficult to analyse price formation using methods based on observed preferences in areas in which there are few energy-certified buildings. Using the technique of contingent valuation, such as the method based on stated preferences, enables one to overcome this difficulty. This article investigates willingness to pay for improvements in the energy efficiency of buyers for new homes based on a representative investment/operation cost analysis. This approach has been addressed to open the debate on the convenience of modifying the national construction code and rethinking the energy certification scheme as well as an exploratory study to undercover further research lines to support the aforementioned discussion. The results suggests that there is a number of potential home buyers ready to pay for energy efficiency when they are informed on the cost savings associated to structural modifications and the cost of providing such improvements and such willingness to pay is not monolithic across the respondents, but seems to be influenced by the education level plausibly associated to the purchase power.

Modeling coastal land and housing markets: Understanding the competing influences of amenities and storm risks

The costs from coastal storms and hurricanes are expected to increase with climate change yet populations in coastal areas continue to grow. In this paper, we develop a dynamic spatial simulation model of coastal land and housing markets and study the competing influences of storm risks and amenities. The model is parameterized to the Mid-Atlantic region of the United States, where hurricanes occur relatively infrequently, and then used to assess how spatial patterns of development would change if storm frequency increases. Results show that spatial patterns change very little—approximately 45 percent of the land area in the coastal region is developed by the final model period in both the baseline and high storm risk scenarios and the coast sees more development than inland areas in all scenarios. The countervailing coastal amenity matters more with the percent developed in the coastal region varying between 29 and 51 percent depending on the scenario. Perhaps more importantly, we find that heterogeneous households sort differently on the landscape in our different scenarios. When storms are more frequent, average land prices near the coast are 1.2–11.8 percent lower, which leads to households with lower average incomes locating there. The results highlight the difficulty policymakers may have in altering private land and housing market outcomes to reduce storm costs in coastal regions.

Are inclusionary housing programs color-blind? The case of Montgomery County MPDU program

Relying on exhaustive administrative data spanned over four decades, this paper studies the treatment of African American applicants by the Moderately Priced Dwelling Unit (MPDU) program in Montgomery County, MD. We show that this program was equally accessible to African-American applicants, except between 1995 and 2000, when African Americans’ conditional probability of purchasing a home through the program was lowered by 10% compared to that of other applicants, maybe as a temporary response to the sudden surge in African American applicants that occurred at that time, even though we cannot rule out that this may also have reflected changes in applicant behavior. Turning to the outcome of the allocation process, we show that African American MPDU beneficiaries purchase homes located in cheaper neighborhoods and that the spatial allocation of beneficiaries does reflect preference-based sorting patterns observed on the private housing market at the neighborhood level. However, we also show that the program seems to induce some scattering of different ethnic groups at the most local level: when comparing beneficiaries living in the same housing development, but at different addresses, we find that African American beneficiaries have fewer African–American neighbors.

Lessons Learnt from Chinese Housing Development the Case of Affordable Housing and Its Funding

Dated back to the opening up policy, Chinese economy had been rising tremendously, coupled with achievement, though housing challenges across the country greatly arose. Under the traditional planned economy since 1949, entirely housing construction became the State responsibility. As a result of lack of finances, new housing production has not emerged while nation population on rise. Till 1988 when Urban housing reform existed as proposed strategy of affordable housing for the ordinary households through the private housing market. However, the strategy faced numerous obstacles such as lack of sec-ond hands market, an undeveloped real estate profession, indistinct land and property and property regulation plus absence of proper property management support. Amid these obstacles, the lack of housing ?nance would appeared to be a vital problem. Government Introduction of housing provident fund (HPF) scheme in 1991 applied as right measures for curving housing funding problems, under the Housing development fun, all employees required to contribute a percentage of their incomes to housing funding problems and employers contributed a similar amount. individual workers Accounts were opened with Construction Bank of China. Currently workers allowed to withdraw their housing development savings at retirement period, instead their application for their housing development savings as homes purchases in housing market. This has been implemented to the letter in most cities in China, regardless of variations of operational schemes and architectural demands in consideration to geological that varies from locality to another [1]. Applying an experiential research of the housing development savings Scheme in Shanghai as a case research, this paper reviews the role of the HPF in ?nancing affordable housing expansion in most parts of China.

Application of the Relationship Portfolio in Marketing Activities in the Private Housing Market

Application of the Relationship Portfolio in Marketing Activities in the Private Housing Market

'Simply to be let in': opening the doors to lower-income older adults and their companion animals.

Inspired by poet J.L. Borges's intimations on acceptance, this commentary highlights the eviction of an older woman and her kitten from an affordable independent living facility as representing exclusionary practices and policies that compromise the ability for some lower-income older adults to age-in-place. Even as efforts to promote aging-in-place have prioritized housing as a key need, and public health evidence suggests benefits from animal companionship later in life, there is a shortage of social and other types of affordable housing in Canada and elsewhere that allows older adult tenants to reside independently with companion animals. Within the private housing market, however, companion animals may be leveraged as a marketing tactic, with 'pets' being welcomed into rental arrangements. In light of this means-patterned discrepancy, this commentary troubles the persistent undervaluing of human-animal relationships that exists at policy and practice levels. Furthermore, banning companion animals from affordable housing subsumes an accepted yet insidious practise of regulating the lives of older adults who have not achieved idealized conceptions of responsible aging, including home ownership. We draw these two concerns together by advocating for adequate provision of affordable housing opportunities where lower-income older adults may be granted the choice to establish a home that includes a companion animal as they age-in-place.

The decline of ‘advantageous disadvantage’ in gateway suburbs in Australia: The challenge of private housing market settlement for newly arrived migrants

The spatial concentration of recently arrived immigrants in gateway cities and suburbs is usually seen as undesirable by urban academics and policy makers. This paper presents a counter-argument that the concentration of disadvantaged new immigrants in the form of humanitarian refugees and their families can, and does, result in positive outcomes for those groups. In part, our argument is based on making a distinction between people-based disadvantage and place-based disadvantage. The paper examines the changing nature of place-based ‘advantage’ for immigrants in Australian gateway cities through a focus on two metropolitan locations, Auburn (Sydney) and Springvale (Melbourne), known as popular destination suburbs for recent immigrants. While these two cases validate the benefits of such gateway suburbs, they also demonstrate that the capacity of recent migrants to emulate concentrated settlement patterns is now significantly undermined by changes in the labour market and affordability problems in the housing market. The paper concludes with a discussion on the possible future of gateway suburbs and the implications of this shift for the wellbeing of particular groups of disadvantaged residents.

Fundamentals and Market Sentiment in Housing Market

The primary purpose of this study was to explore the predictive power of sentiment on three market indicators (price, rent and transaction volume) in the housing market. Using an advanced causality analysis called Integrated Renormalized Partial Directed Coherence, the study focuses on the private housing market in Hong Kong during 1993–2012. The findings suggest that sentiment not only is a prominent indicator of price and liquidity (volume), but also provides an indirect linkage between rent and house prices in the short run. Armed with causality results, this paper further examines the effect of sentiment on the long run trend of housing market. The results explore different roles of sentiment in rent and transaction markets: sentiment affects housing price and its lagged term has an important bearing on rent.

Modeling housing supply and demand using system dynamics

Purpose The housing sector in Egypt represents a considerable share of the gross domestic product (GDP) and accordingly the economy. Further, it is considered vital for any population around the world, because it provides the shelter needed by people. Egyptian housing market is facing many problems which need to be solved. The paper aims to discuss these issues. Design/methodology/approach This research reviews and analyzes the Egyptian public and private housing market’s key variables. As such, it highlights the importance of informed decision making through detailed analysis and study of the market, especially when planning for the future by any housing market stakeholder. The research proposes the use of system dynamics (SD) modeling to analyze the market by creating a stock and flow model using STELLA modeling and simulation software. Findings The results reveal that the expected newly established families will be nearly 800,000 families in year 2015/2016. Out of these numbers, 600,000 families require economic housing units, while the expected supply is nearly 300,000 units. Originality/value A study is made for the economic housing market, which is a very big housing market and population segment that has been suffering from negligence for years.

How Do Households Discount Over Centuries? Evidence from Singapore's Private Housing Market

We examine Singapore's fairly homogeneous private-housing market and show that new apartments on historical multi-century leases trade at a non-zero discount relative to property owned in perpetuity. Descriptive regressions indicate that new apartments with 825 to 986 years of tenure remaining are priced 4 to 6% below new apartments under perpetual ownership contracts that are otherwise comparable. We consider an empirical model in which asset value is decomposed into the utility of housing services and a second factor that shifts with asset tenure and the discount rate schedule. Exploiting the supply of new property with tenure ranging from multiple decades to multiple centuries, we estimate the discount rate schedule, restricting it to vary smoothly over time through alternative parametric forms. Across different specifications and subsamples, we estimate discount rates that decline over time and, accounting for the observed price differences, are of the order of 0.5% p.a. by year 400-500. The finding that households making sizable transactions do not entirely discount benefits accruing many centuries from today is new to the empirical literature on discounting and, with the appropriate risk adjustment, of relevance to evaluating climate-change investments.

Study protocol: developing a decision system for inclusive housing: applying a systematic, mixed-method quasi-experimental design.

BackgroundIdentifying the housing preferences of people with complex disabilities is a much needed, but under-developed area of practice and scholarship. Despite the recognition that housing is a social determinant of health and quality of life, there is an absence of empirical methodologies that can practically and systematically involve consumers in this complex service delivery and housing design market. A rigorous process for making effective and consistent development decisions is needed to ensure resources are used effectively and the needs of consumers with complex disability are properly met.Methods/DesignThis 3-year project aims to identify how the public and private housing market in Australia can better respond to the needs of people with complex disabilities whilst simultaneously achieving key corporate objectives. First, using the Customer Relationship Management framework, qualitative (Nominal Group Technique) and quantitative (Discrete Choice Experiment) methods will be used to quantify the housing preferences of consumers and their carers. A systematic mixed-method, quasi-experimental design will then be used to quantify the development priorities of other key stakeholders (e.g., architects, developers, Government housing services etc.) in relation to inclusive housing for people with complex disabilities. Stakeholders randomly assigned to Group 1 (experimental group) will participate in a series of focus groups employing Analytical Hierarchical Process (AHP) methodology. Stakeholders randomly assigned to Group 2 (control group) will participate in focus groups employing existing decision making processes to inclusive housing development (e.g., Risk, Opportunity, Cost, Benefit considerations). Using comparative stakeholder analysis, this research design will enable the AHP methodology (a proposed tool to guide inclusive housing development decisions) to be tested.DiscussionIt is anticipated that the findings of this study will enable stakeholders to incorporate consumer housing preferences into commercial decisions. Housing designers and developers will benefit from the creation of a parsimonious set of consumer-led housing preferences by which to make informed investments in future housing and contribute to future housing policy. The research design has not been applied in the Australian research context or elsewhere, and will provide a much needed blueprint for market investment to develop viable, consumer directed inclusive housing options for people with complex disability.

School allocation rules and housing prices: A quasi-experiment with school relocation events in Singapore

This study uses a unique distance-based school allocation priority rule in Singapore as an identification to test school relocation effects on housing prices in the school zone. Using housing samples during the period from 1999 to 2009, our main results show that private housing prices within 1-km zone and in 1-km to 2-km zone from the old school zone decline by 2.9% and 6.0%, respectively, 6months before the school relocation events. Larger price declines of 5.5% and 6.9% are found for houses located in 1km and 1km to 2km school zones 12months before the school relocations. In the public housing market, we find that school relocations cause significant housing price declines of between 0.7% and 1.4% for households living within the 1-km school zone. The school relocation treatment effects are amplified by the school popularity ranking. The prioritization in school allocation accorded to houses within 1-km school zone has significant economic value in the private housing market.

The extreme primacy of location: Beijing's underground rental housing market

This article analyzes Beijing's subterranean housing market within the context of the city's larger housing supply system. The emergence of this widespread market of rooms for rent in bomb shelters and basements indicates a demand for housing attributes that neither the mainstream private housing market nor public housing programs yet supply. The study collected market data about these rental units from internet ads during October 2012–September 2013 and mapped their locations, displaying their general spatial distribution. Next, a hedonic price model was deployed on this data which reveals the relative priorities and preferences in price levels, location, and housing amenities of the middle–lower income population, particularly migrants who do not possess hukou, Chinese urban residence rights.

How Do Households Discount Over Centuries? Evidence from Singapore's Private Housing Market

We examine Singapore's fairly homogeneous private-housing market and show that new apartments on historical multi-century leases trade at a non-zero discount relative to property owned in perpetuity. Descriptive regressions indicate that new apartments with 825 to 986 years of tenure remaining are priced 4 to 6% below new apartments under perpetual ownership contracts that are otherwise comparable. We consider an empirical model in which asset value is decomposed into the utility of housing services and a second factor that shifts with asset tenure and the discount rate schedule. Exploiting the supply of new property with tenure ranging from multiple decades to multiple centuries, we estimate the discount rate schedule, restricting it to vary smoothly over time through alternative parametric forms. Across different specifications and subsamples, we estimate discount rates that decline over time and, accounting for the observed price differences, are of the order of 0.5% p.a. by year 400-500. The finding that households making sizable transactions do not entirely discount benefits accruing many centuries from today is new to the empirical literature on discounting and, with the appropriate risk adjustment, of relevance to evaluating climate-change investments.

Determinants of Housing Prices in an Oil Based Economy

This paper is trying to analyze the determinants of housing prices in an oil-based economy, where the price of oil plays a major role in such economies. It is also common to find that government spending represents the most important component of aggregate spending and that governments usually play a central role in the provision of public services to citizens at substantial subsidies, housing is on top of them. The paper is trying to identify the role played by oil price in the housing market in Kuwait. The model is composed of four major determinants of house prices including the price of oil, government expenditures, inflation rate and interest rate. Results confirm the role played by the four factors in determining the price of houses. Variance decomposition indicates that up to 10 quarters, 94.3% of the forecast error variance in housing prices is explained by house price itself, whereas, only 2.3%, 1.6%, 1.5% and 0.8% are explained by Interest rates, inflation rates, government expenditures, and price of oil respectively. The oil price does not seem to play an important impact on price changes in Kuwait. One important recommendation is for the government to relax its monopoly on land and invite the private sector to come up with housing solutions to increase the supply of houses in the private housing market and reduce the upward pressures on house prices.