House Purchase Research Articles

ФАКТОРИ ВПЛИВУ НА РОЗВИТОК БУДІВЕЛЬНОГО СЕКТОРУ ЕКОНОМІКИ ТА РИНКУ НЕРУХОМОСТІ УКРАЇНИ

The factors of external and internal influence on the development of the construction sector of the economy and the real estate market of Ukraine were studied. The components of real estate statistics and the components of information and statistical support for real estate market research in the system of state statistics of Ukraine are defined. An analysis of housing construction in Ukraine by region was carried out, and on its basis key factors affecting the number of built housing were identified, the following can be distinguished: the level of investment in housing construction; income of the population and share of the population; the possibility of obtaining and paying loans for the purchase of housing. It has been established that the construction industry and the residential real estate market function under the influence of a number of interrelated factors of the internal and external environment, and even at the construction stage, it is worth considering the determination of the market value of the object based on a systematic analysis of the internal and external environment of the construction sector of the residential real estate industry. Internal factors of the industry are market, political, economic, social, demographic, natural-geographic and scientific-technical factors, and external factors include factors that influence regional markets and trends in the development of global real estate markets, scientific progress, global banking and financial systems It was determined that the influence factors can be divided into three groups according to the period of validity: long-term (total volumes of construction in the city/region; demand/supply of apartments in the segment; dynamics of average prices in the segment; average in the location; installment terms of competitors, terms of loans; indicators object, location; infrastructure of the object; quality of processing, building materials, technologies; functionality, additional services; legal status); medium-term (inflation; dollar exchange rate; average wage; minimum wage; consumer basket; NBU discount rate; weighted average interest rate on deposits of individuals; transaction costs; cost of commercial services; cost of materials; cost of energy carriers; taxation of legal entities; average interest rate on mortgages, lending volume, availability of loans); short-term (planned yield of 1 sq.m.; number of construction sites; timeliness of delivery of objects, lagging behind construction schedules).

Value of Qualification to Buy a House: Evidence from the Housing Purchase Restriction Policy in China

Value of Qualification to Buy a House: Evidence from the Housing Purchase Restriction Policy in China

An empirical study on the effect of child dependency ratio on household consumption—Focusing on the “two-child policy” from 2016

With the new normal development model proposed, China is exploring a paradigm shift from investment-driven economic growth to domestic demand-driven economic growth. At the same time, in response to the aging process of the population, the Chinese government introduced a universal two-child policy in 2016. This paper analyses the impact of the two-child policy on the average propensity to consume in the household sector. In conclusion, the young-age dependency ratio inhibits the household's consumption, which is inconsistent with the implications of the life-cycle hypothesis. The reason is that Chinese families have a strong propensity to save, aiming for house purchasing and children’s education in the future.

Government Speculation on Spillover Effect in the Housing Market: Quasi-Experimental Evidence from House Purchase Restrictions in China

Government Speculation on Spillover Effect in the Housing Market: Quasi-Experimental Evidence from House Purchase Restrictions in China

Analysis of Remittance on Well-being of Households: A Case Study of Sindhupalchok District of Nepal

Remittance is the backbone of Nepalese’s economy in the present time. This study analyses the wellbeing of the remittance receptive household in the Melamchi Municipality of the Sindhupalchok District. Primary data were used as the main sources of information and secondary data were also used as supplementary sources. Primary data were collected by the direct personal interview through the semi-structural questionnaire survey of the sample area people who were selected by judgmental sampling method. Descriptive statistics has been used as the tools of data analysis of wellbeing of the remittance receptive households. Main destination of the employees of the sample area people is Malasia and Golf-country and they had used unorganized sectors as the sources of financing. Bank and money transfer had been used for the sources of money transfer in the sample area migrants. In the sample area people used, remittance has emerged as one of the major sources of income earning and they used that amount for their wellbeing. They increase their living standard through health facility, education facility and purchase of durable and comfortable goods. They invest for land and house purchase but not invest for the production as well as business. It has played a vital role in changing the lifestyle of the sample area people.

1인 가구 정책 수요와 정책 대안에 관한 연구 - 서울특별시 설문조사를 중심으로 -

The reason for the increase in single-person households in Seoul is the fierce competition in education and the competitive structure of the labor market. Such an increase in single-person households will continue, leading to an imbalance of housing demand and a lack of supply, resulting in a low birth rate and a decrease in national competitiveness. The isolation and severance of single-person household members signifies a rift between the community order. Solving the problem of single-person households in private and private sector is bound to be limited. Now is the time for the public sector to find various ways to expand the role and function of social integration. A practical survey was conducted on what kind of policy each single household member wants. It was found that they were not very conscious of the social prejudice they felt while living as a single-person household member. Single-person households were chosen voluntarily. As a result of the survey on policy demands by age, income, and residence, which are characteristics of single-person households, support for housing stability were ranked first regardless of all characteristic variables. As for the support measures for housing stability, in the short term, rent support for young people, financial support for housing purchase for middle-aged people, and housing repair cost support for the elderly are effective. In the mid- to long-term, after designating the semi-industrial area in Seoul as a special district for single-person households, the state should develop shared housing for single-person households as a public direct implementation project.

공공임대주택제도 개선 방안 연구 - 공공임대주택 공급 방법론을 중심으로 -

The purpose of this study is to contribute to improving the nation's housing stability and the living standards of the low-income earners by suggesting an improvement plan for the supply methodology among the public rental housing systems in Korea.Chapter 2 established the concept of public rental housing. This part of the study systematically organized a total of 31 laws and regulations composing the current public rental housing system and further examined the transition process of the system itself. In addition, this study also analyzed the inventory and annual supplies of public rental housing that are currently available on the market. On that basis, this study presented three problems that are considered to be the most important among the other problems related to the operation of various public rental housing systems that are currently problematic to suggest a methodology to solve them. These three problems are as follows: First, the existing rental housing, 'jeonse', encourages gap investment. Second, there is confusion in the legal system in which the upper and lower laws collide. Third, the legal system is too complicated and excessive with a total of 631 articles. There are three ways to solve these problems. The first way is to propose a plan to partly amend a current law of 'Special Act on Public Housing' and suggest its main contents to make it less complicated and vast. This can be done by the enactment of a special law with the provisional title 'Act on the Supply of Public Rental Housing' separately regulating the selection and operation of occupants of public rental housing. The second solution would be the revision of the particular provisions. The provisions that are currently in conflict are as follows: Article 47, Paragraph 2, Items 4 and 5 of the Enforcement Decree of the Special Act on Public Housing, and Article 25, Paragraph 8, Item 1, and Paragraph 9 of the Enforcement Rule of the Special Act on Public Housing. The last way is to propose a method to convert the leasehold rental system to the housing purchase rental system since the current system is causing problems such as encouraging gap speculation among public rental housing available now.

Property Development Guarantee Fund – New Measures to Protect Purchasers of a Residential Unit or a Detached House

The article discusses the purchase of residential premises or single-family houses on the primary market and the rules of consumer protection in the event of the developer’s bankruptcy or other difficulties encountered while transferring the ownership of such real properties. The author presents the way that led to the adoption of new regulations of the Act on the Protection of the Rights of Purchasers of a Residential Unit or a Detached House and on the Property Development Guarantee Fund, passed in May 2021. A major change resulting from the adoption of the new regulations is the establishment of the Property Development Guarantee Fund within the Insurance Guarantee Fund, whose role will be to provide buyers with comprehensive protection as well as certainty that all funds deposited on the residential trust accounts are recovered in the event of the withdrawal from the property development agreement or the developer’s bankruptcy. In addition, the article discusses the operation principles of the Property Development Guarantee Fund as well as the rights and obligations of the participants of the property development market.

ASSESSMENT OF ACCESSIBILITY OF HOUSING BASED ON LIFE CYCLE COST METHODOLOGY

Indicators of security and affordability of housing are one of the main indicators of social security of the population, its level of well-being. Assessment of the security and affordability of housing is relevant and the subject of research in modern economic science. The article discloses approaches to the calculation of these indicators, provides statistical data showing the provision of housing in the Republic of Belarus, the dynamics of changes in this indicator. The deviations of the indicator of housing affordability by regions and the city of Minsk from the average republican value have been calculated, which makes it possible to assess the severity of the social problem of housing security in the capital. The estimated part includes an assessment of the life cycle cost of a multi-storey residential building of typical consumer characteristics for a period of 50 years. It is proposed to assess the affordability of housing, taking into account not only the one-time costs of building or purchasing housing, but also the periodic costs of the life cycle of real estate objects: operating costs, maintenance costs, capital repairs and, ultimately, demolition. This approach allows you to estimate the total cost of home ownership. In this case, the indicator of the affordability of housing is the period of time that a citizen spends in order to earn sufficient funds for the purchase and operation of housing.

Jointly acquired property of a working wife: A legal analysis from 'Urf perspective

In Malaysia, jointly acquired property has been recognized due to divorce, polygamy, or death. Section 122 of the Islamic Family Law Enactment (State of Kedah Darul Aman) 2008, clearly provides the jurisdiction of Court in division of jointly acquired property. Disputes arose between Muslim’s scholars on the status of property of a working wife whether it can be regarded as a private property or jointly acquired property. Nowadays, it seems that the domestic contributions for a living are attributed to the property of the working wife. These contributions include the purchase of house, car, and expenses in upbringing the children. Therefore, the objective of this study is to identify the classification of property of the working wives and the condition of jointly acquired property that can be claimed by the husband from Islamic perspective and subsequently analyse the custom recognition on it. This study is a qualitative study in which data is collected from Islamic law books and legal sources. Data analysis completed by applying content analysis methods through a descriptive approach. The findings indicated that the custom (‘urf) recognized the classification of property of a wife to be accepted as jointly acquired property.

PENERAPAN AKAD MURABAHAH TERHADAP PRODUK PEMBIAYAAN KPR iB BAROKAH DI BANK JATIM SYARIAH CABANG KEDIRI

The development of islamic banking in indonesia is a manifestation of the public’s demand for an alternative banking system which in addition to providing sound banking or financial services and also complies with sharia principles. In economic develoment activities, the financial sector is one of most important sectors in the success of an achievement in the indonesian economy. One of which is the kediri branch of the islamic bank of East Java, which provides financing for people who want to have a house namely the KPR IB Barokah financing. Kpr Ib barokah is short, medium or long-term finance the purchase of residential houses (consumptive) and renovation,both new and used ind developer and non – developer environments, in accordance with sharia principles and the contracts used are murabahah,IMBT and MMQ contracts. The formulation of the problem is about how the financing mechanism for Kpr Ib Barokah and whether the murabahah contract in Kpr Ib Barokah is in accordance with sharia principles.Key word: Islamic banking, KPR Financing,Murabahah

Non-recourse mortgage law and housing speculation

Borrowers in states with non-recourse mortgage law face limited liability on their mortgage loans. Using a regression discontinuity design at state borders, we show that non-recourse law causes greater increase in housing prices during the U.S. housing boom in the 2000s by encouraging speculative investment demands. Non-recourse states experience greater investment-purpose housing purchases with highly leveraged mortgages during the boom period 2004–2006. We find that the emergence of the originate-to-distribute model enables lenders to effectively shift risk to other investors, thereby promoting excessive loan originations and amplifying the housing price increase in non-recourse states during a boom period.

Latviešu literārā biedrība un skolotāja Pētera Zēvalda savāktais jaunvārdu un mazāk zināmo vārdu krājums (1874)

This research is a part of the analysis of the collection of articles of the Latvian Literary Society (Lettisch-literärische Gesellschaft) Magazin, herausgegeben von der Lettisch-Literärischen Gesellschaft (so-called “Magazin”) with special emphasis to the materials important in the history of Latvian language, especially, of the development of terminology in Latvian. This paper deals with the almost forgotten author Pēteris Zēvalds (Peter Seewald) (ca. 1838/1839–1910), a schoolteacher in Jelgava (Mitau) and active contributor of “Magazin” from 1865 to 1877. In 12 sequels (published in eight issues of “Magazin”), he collected 2198 words and expressions from his native place, now Birzgale parish, originally, from the private manor in Linde parish (aus Privatgut Lindenschen Gemeinde in Kurland)). This paper provides a more detailed analysis of two other word collections (both published in 1874 in issue 3 of XV volume of “Magazin”) of Zēvalds. They contained current lexis, including a lot of new terms. The first one is created as a successive excerpt of neologisms and lesser-known words (in Latvian-German comparison) from the weekly newspaper “Baltijas Vēstnesis” (using numbers 44th, 48th, 49th un 51st from 1872 and successive first 49 from 1873, excl. number 9th). There are 467 numbered entries or 495 words in total. Most of the words in Zēvalds’s collection are related to terminological lexis. They can be divided into four groups (indicating the serial number used in the original): (1) terms currently used in the same form or with minor changes of ending (7. greizsirdība, 29. pilnvare, 41. māksla, 33. cēlons, 69. veicināšana, 88. pirmvaloda, 237. izvilktne (= atvilktne), 275. viels); (2) terms which have a different correspondence in modern Latvian (32. valodas=iztirzāšana (= valodniecība), Sprachforschung; 49. lietuve (= lejkanna), Gieskanne; 54. rakstiens (=raksts, dokuments), Schriftstück; 183. atvēles=zīme (= atļauja), Erlaubnißschein; 187. jūras=pāržmauga (= jūrasšaurums), Meerenge); (3) words, that could still be considered as potential terms (11. tiesas=laulība, Zivilehe; 37. sauljumte, Sonnenschirm) and (4) those, which, from the moment of fixation, can be considered occasional words (43. spīdgans, Sternschnuppen, Meteor; 387. muldu=valsts, Reich der Träume; 409. tulpete (= runas=vieta), Katheder, Rednerbühne). Zēvalds’s collection is a unique material that allows identifying the perception of the interested reader about the lexical neologisms in one newspaper. Zēvalds’s second collection of words contains the technical expressions from legal country house purchase agreements. There are 83 numbered entries (in German-Latvian comparison) from the legal contract written in German with a lot of additional conditions and long pay-outs delay. This list (at least the part containing legal terms and terminological word-groups) can be regarded as the first term bulletin in Latvian. The possible addressee of this term list is the parish pastors to whom farmers sought advice on such matters. Publications of the teacher Pēteris Zēvalds is a small but interesting episode in the history of the Latvian language, which has not earned attention so far but provides researchers with interesting material about the lexical development in the 70s of XIX century.

The Conceptual Framework of Housing Purchase Decision-Making Process

Buying a housing property is exciting because it marks the beginning of a whole new chapter. Before start looking for a house, it is very important to understand the intention of buying a housing property, whether it is as an investment or for self-occupation. This will affect the type of property to be purchased, whether it is a landed property or a high-rise building. Many potential homebuyers, especially first-time homebuyers, make buying mistakes for the wrong reasons, which makes the process of trying to sell their homes long and expensive. Deciding on the type of property is one thing, but then you must weigh all the pros and cons, as well as the average house price, which can vary greatly. Housing property is a commodity and involves multiple processes. Therefore, this article intends to study and develop the conceptual framework of the housing purchase decision-making process. This article first reviews the conceptual definition of housing purchase intentions and decisions. Next, this article reviews past research to understand the similarities of housing purchase intentions, preferences, and decision-making, and to develop a basic conceptual framework. This article also discusses consumer behaviour as homebuyers in the housing purchase decision-making process.

Are Housing Prices Sustainable in 35 Large and Medium-Sized Chinese Cities? A Study Based on the Cheap Talk Game and Dynamic GMM

Focusing on the rapid rise of China’s housing prices in recent years, in this paper, we construct a model using the cheap talk game that centers on how information receivers in a market make inferences about the true state of the information based on the cost-free signals they receive and then make decisions based on these inferences, which in turn affect market equilibrium. By constructing a cheap talk game model of house prices, we examine the correlation between market expectations, economic fundamentals, and individual housing purchase decisions. Then, we conduct an empirical analysis using the dynamic GMM method based on the panel data of 35 large and medium-sized cities in China. The analysis reveals that: (1) when the whole of society expects housing prices to rise, housing prices will rise regardless of the true state of economic fundamentals; (2) when information on economic fundamentals is accurate and reliable, home buyers tend to make purchase decisions based on such information, thus maximizing the utility of society as a whole; but when information on economic fundamentals is unreliable, home buyers tend to make purchase decisions according to their own housing price expectations, which is not conducive to the optimization of the utility of society as a whole; (3) the empirical results also reveal that expectations are a non-negligible factor in the rise of housing prices, and the coefficient of expectations exceeds that of each economic fundamental; this demonstrates the investment-driven attribute of the housing market in China. At the same time, economic fundamentals have a definite effect on housing prices, which implies that the rise of housing prices in China is supported by objective conditions.

Spatial investments in the real estate industry: Based on the population flow within the city

In spatial decision-making, real estate developers should research the residential stratifications of people at different income levels. With some public services tied strictly to homeownership, and minimum size requirement for house purchasers, both completed stratification and mixed stratification exist in the model. In both patterns, developers should invest more in suburbs when the supply of urban land decreases (or the suburban land supply increases), or when the commuting cost of suburban residents decreases (or urban public services deteriorate). The quantity of property buyers with rigid demand under the mixed stratification is more than that under the completed stratification. Ignoring them, therefore, would lead to an underestimation of suburban profits when the commuting cost is reduced (or when the urban land supply decreases), and an overestimation of urban profits when the urban public services improve (or when the suburban land supply decreases), misleading the investment of developers as result.

Property in whose name? Intrahousehold bargaining over homeownership in China

Previous research typically examined homeownership inequality across individuals or households, overlooking the intrahousehold allocation of homeownership. Using couple-level data of the 2016 China Family Panel Studies, our study addresses the gap by examining the bargaining over homeownership between husbands and wives in China. Descriptive results reveal a large gender gap in homeownership: only about one-quarter of couples listed the wife as an owner on the Housing Ownership Certificate, whereas about 92% listed the husband. The gender gap in ownership, however, has narrowed among couples married after 2000. Multivariate analyses show that economic autonomy, relative resources, housing purchase conditions, and modernization significantly increase wives’ homeownership, but with varying degrees among rural and urban wives. Women’s own socioeconomic status is more important for acquiring homeownership for urban wives, yet rural wives’ homeownership depends more on the resource exchange with their husbands. Given the stratifying effects of homeownership, our findings of the unequal distribution of homeownership between husbands and wives underscore how family dynamics reproduce gender inequality.

Consumer Choice in Residential Mortgage Market: An Islamic Mortgage Contract

This paper examines the Islamic mortgage contract of Diminishing Musharakah and its impact on consumer welfare, house purchase, and mortgage payments. We build both static and dynamic models to study a homeowner’s decision-making. We pay special attention to expectation formations and simulate the model to analyze both Islamic and Conventional mortgage holders’ responses to changes in income growth, house prices, and interest rates. Estimates of the model, using housing data set of U.S. economy (1990–2018), indicate that Diminishing Musharakah contract holders achieve 2.5 to 4% higher discounted utility under constant and declining learning expectations. The reducing balance feature of the Diminishing Musharakah contract provides relative protection to a consumer from adverse income shocks and high-interest rate environments. Simulation results suggest that under dynamic conditions, the Diminishing Mushrakah provides 3.4% lower mortgage cost per housing unit. It prevents consumers of average and low-risk appetite from relatively riskier housing decisions. We learn that consumer chooses a 2.5% smaller house size under Diminishing Musharakah. The model also examines consumers with vector autoregressive (VAR) based expectations. We find that homeowners with optimistic forecasts may achieve a higher utility in a conventional mortgage.

청년 임차자의 주택구매에 대한 인식과 경제적 준비: 소비성향과의 관계를 중심으로

The purpose of this study was to explore the status of young renters’ perception of home purchase and their financial preparation, and to examine the influences on the perception and preparation with a focus on their consumption propensity (CP). In April 2021, an online questionnaire survey was conducted among 200 young renters (age 20-39 years) nationwide and data were analyzed statistically. The major findings were as follows: (1) Young renters tended to perceive home purchase as necessary, and 68.0% of them were financially preparing themselves for future home purchase. However, the unfavorable economic situation and negative outlook on the realities of housing purchase appeared to be the biggest obstacles in their financial preparation for home purchase. (2) Through factor analysis, two factors on perception of home purchase (essential-perception factor and active-tendency factor) and four CP factors (conspicuous CP factor, impulse CP factor, prudent CP factor, and planned CP factor) were retrieved. (3) The essential-perception factor on home purchase was found to be influenced by the prudent CP factor and household size; and the active-tendency factor was found to be influenced by the conspicuous CP factor, household size, income level, and impulse CP factor. (4) Actual financial preparation for home purchase was found to be influenced by the income level, employment status, and essential-perception factor on home purchase. CP factors showed no significant influences on the actual financial preparation. In conclusion, it is important to expand the opportunities for young people to accumulate assets by stabilizing their employment, increasing their income, and expanding the supply of affordable rental housing in order to promote their financial preparation for home purchase.

Factors Influencing House Purchase Intention among PKNS Housing Fair Visitors

Factors Influencing House Purchase Intention among PKNS Housing Fair Visitors