Rising House Prices Research Articles

Urbanization Impacts the Soaring Housing Price of Hangzhou During 2018-2022

This paper examines the reasons for the rapid increase in housing prices in Hangzhou between 2018 and 2022. As one of China's fast-growing cities, Hangzhou has experienced significant changes in its real estate market due to continued population growth and accelerated urbanization, especially driven by major events such as the G20 Summit and the Asian Games. Firstly, the improvement and expansion of the city's infrastructure, especially the development of Hangzhou's metro network, has increased the attractiveness and property values of specific areas. Second, the government's talent admission policies and the city's overall attractiveness led to a population surge, further pushing up housing demand. In addition, special events such as the G20 Summit and the Asian Games and the urban renewal programs they bring have stimulated housing prices to a certain extent. In response to these reasons, it is recommended that the government take multifaceted measures to control the excessive rise in housing prices, including strengthening the regulation of the real estate market, rationalizing the planning of urban development, and providing more affordable and rental housing. The Government has optimized its policies to meet the housing needs of different income groups so as to achieve long-term stability and healthy development of the real estate market.

Credit easing, income gap, and housing price fluctuation

The COVID-19 pandemic has caused a global economic recession, forcing several countries to adopt credit easing policies. This study examines the impact of credit easing on housing price fluctuations from an income gap perspective. Through the construction and analysis of a heterogeneous agent model, we reveal that credit easing promotes the rise of house prices and a positive correlation exists between the income gap and the effect of credit easing on house prices. Additionally, credit easing substantially enhances the housing demand of low-income people, increasing debt and house prices. The analysis using panel data from 36 countries from 1970 to 2018 confirms that compared to rising income for high-income people, a decline in the income level of low-income people significantly increases credit easing effect on house prices.

The effect of housing prices on tourism employment: Evidence from China

This study highlights the importance of the relationship between housing prices and tourism labour mobility. This study uses dynamic panel threshold approach to examine the nonlinear effect of housing prices on tourism labour mobility in Chinese mainland during the years 2000-2021. The empirical results show that rising housing prices are positively associated with tourism and its subsectors’ employment across different levels of housing prices. At the regional level, there exists regional heterogeneity of housing price affecting labour mobility within tourism industry and its subsectors in Eastern, Central and Western regions. Lastly, further discussion and policy suggestion are provided.

Housing Market and Household Consumption in Urban China: A Debt Perspective

Urbanization precipitates substantial economic transformations, with housing markets playing a pivotal role. The expansion of cities escalates housing demand, subsequently increasing housing debt, which is a crucial factor influencing household consumption. This study utilizes data from six rounds of the China Family Panel Studies (CFPS) spanning 2010 to 2020 to investigate the impact of housing debt on household consumption in urban China. Given the dynamics changes in housing debt status, as well as the endogeneity problems caused by reverse causality and selection bias between households’ debt decisions and consumption behavior, this study employs both the difference-in differences with multiple periods and groups (DIDM) model and the two-way fixed effects model. The results show that the average consumption expenditure of households with housing debt is 14% higher than those without. A 1% increase in housing debt size correlates with a 0.011% rise in consumption. Moreover, this positive effect is more pronounced among low-income households and those with older household heads, as well as those owning multiple properties. Compared to non-durable consumption, the impact of housing debt is more substantial on durable consumption. Further mechanism analysis reveals that the effect of housing debt on household consumption is primarily driven by an increase in housing assets, spurred by the rising housing prices. This study underscores the importance of integrating housing debt management within the framework of sustainable urban development, which not only ensures equitable access to housing but also fosters the promotion of sustainable consumption.

Financial shock transmission in China's banking and housing sectors: A network analysis

Rising housing prices in China present a significant risk to financial and economic stability. Our study investigates this "gray rhino" risk by analyzing the financial shock transmission network, using a novel high-dimensional network approach applied to data from 45 real estate firms and 15 banks from 2011 to 2023. We discover that the network's connectedness is predominantly short-term and internal to each sector, with weaker inter-sectoral links. Key macroeconomic indicators, notably monetary policy uncertainty, and inflation, significantly drive this connectedness. Our results indicate that, despite concerns, China's real estate risk remains within manageable bounds, offering critical insights for market stakeholders.

Apartment with Social Interaction Approach in West Jakarta

This research departs from problems related to the high demand for housing and limited land in Jakarta, which makes it difficult for Jakarta residents to have a place to live, which is affected by rising house prices that are disproportionate to income. apartments can be a solution to this problem, because apartments do not require as much land as housing, apart from that apartments here are expected to be the answer to vertical housing in the city of Jakarta that is adequate and safe for residents of Jakarta with easy access to public transport, schools, hospitals, shopping centres, etc. Apartments as a high-rise residential environment could result in social isolation, social disruption and anonymity for its residents, where these problems are related to the issue of social sustainability, so that by implementing social interaction which is part of social sustainability in apartment design it is hoped that it can answer these problems because social interaction can increasing social cohesion, a sense of community and promote social welfare. This study uses qualitative methods by collecting data from literature studies, questionnaires and comparative studies. The results of this study discuss architectural indicators that can accommodate social interaction and architectural indicators of social interaction that are applied to apartment buildings.

The spatial effects of housing prices on innovation in cities: evidence from the Yangtze river economic belt in China

ABSTRACT Economic activities among cities are not mutually independent; rather, they exhibit significant spatial associations. Real estate prices also demonstrate a certain degree of spatial interdependence. Diverging from most of the relevant researches neglecting the existence of spatial spillover effect, our study employs spatial Durbin models for an in-deep investigation into the spatial spillover effects of housing prices on innovation within the Yangtze River Economic Belt. Furthermore, our study explores the talent agglomeration channel. In many studies on housing prices and innovation, the focus has often been on the channel of labour mobility, with limited in-depth exploration of labour characteristics. Our findings reveal the following: (1) An increase in housing prices stimulates innovative activities in local cities but hinders innovation in surrounding cities. (2) In the midstream and downstream regions of the Yangtze River Economic Belt, the escalation of housing prices fosters innovation in cities but suppresses innovation in surrounding cities. Conversely, in the upstream region, the rise in housing prices inhibits innovative activities both locally and in surrounding cities. (3) The talent agglomeration channel underscores regional disparities in the impact of housing prices on talent agglomeration, highlighting the significant role of talent agglomeration in the impact of housing prices on innovation. These results remain robust when subjected to tests, including the instrumental variable method, alternative spatial matrices, and alternative housing price measures.

Penerapan Akad Murabahah Terhadap Pembiayaan KPR Perumahan Bersubsidi Di PT. Bank Sumut Syariah KCP. Lubuk Pakam

A house is a basic human need, many people are rarely able to save in cash due to rising house prices. By providing pawn products (Home Ownership Credit), the Bank acts as a mediator between the interests of home buyers and sellers in this situation. However, Muslims are not allowed to use the usury transaction interest system used by mainstream banks. For Muslims who want interest-free financial services, the rise of Islamic banking is a good thing. However, the fact that sharia banking has not been able to match conventional banks in Indonesia is proof that the majority of Muslim communities there do not have full confidence in using sharia banks. Based on this, the author looks at and discusses how murabahah contracts are used in sharia finance at the Bank Sumut Syariah Lubuk Pakam Branch Office. The aim of this qualitative descriptive research which combines case study theory is to describe the implementation of the murabahah contract and determine its impact on sharia financing at Bank Sumut Syariah Lubuk Pakam Branch Office. To gather information regarding the use of murabahah contracts in Islam, the data collection approach uses interview procedures, namely questions and answers to officers, employees and authorized parties (in authority), as well as documentation. Descriptive techniques are used in data analysis procedures. The research findings, the application of the DSN-MUI fatwa regarding murabahah, turns out that the DSN-MUINo.04/DSNMUI/IV/2000 fatwa was followed in the case of murabahah financing for subsidized housing mortgage financing carried out by the North Sumatra Syariah Bank, Lubuk Pakam Branch Office.

Digital Financial Development, Rising Housing Prices and Non-residential Consumption

In recent years, the real estate market has become less popular, and real estate prices in a few places have declined slightly, mainly due to the effect of purchase restriction policies and the slowdown in economic growth. Will it be difficult for the real estate industry to develop in the future? Will the real estate market slump and remain cold for a long time? As some people believe, real estate will definitely not be sold and prices will have to be significantly reduced? I believe that the real estate industry will continue to develop. The long-term price reduction of real estate will not rebound. This is only the subjective wish of some people. This wish is neither in the national interest nor in the social interest, nor in line with the laws of the socialist market economy. Based on the analysis of various factors, my country's real estate industry will continue to develop, the real estate market will be more sound, and real estate prices will definitely not continue to fall, but will definitely "increase steadily."

Cyclical Pathways to Probation Violations: Housing, Financial Capabilities, and COVID-19

ABSTRACT Maintaining a stable residence is a primary requirement of probation compliance. Prior research has spoken to the increase in requirements for people on probation and how they are often tied to financial capability. Using data from in-depth interviews with people on probation and probation staff, our analysis extends extant research by highlighting the unique challenges of finding housing during a historic rise in housing and rental prices in the context of COVID-19. This work furthers research on the role that economic means play in the probation revocation process. Results from the research suggest that housing is a barrier to success on probation, which is further hampered by the lack of employment opportunities available to individuals with felony criminal records. Participants relayed that the lack of affordable housing led to heavy reliance on family members for assistance. Information from staff triangulated their concerns about how compliance was tied to poverty.

Market sentiment in emerging economies: evidence from the South African property market

Purpose Market sentiment has shown to influence housing prices in the global north, but in emerging economies, the nexus is rare to chance on in the current state of science for policy direction. More importantly in the recent decade where policymakers are yet to conclude on the myriad of factors confronting the housing market in sub-Saharan Africa inhibiting affordability. This paper therefore examines the impact of market sentiment on house prices in South Africa. Design/methodology/approach The study used the Autoregressive Distributed Lag (ARDL) approach with quarterly data spanning from 2005Q1 to 2020Q4. Findings In all, it was established that market sentiment plays a minimal role in the property market in South Africa. But there was enough evidence of cointegration from the bound test between sentiment and house prices. Nevertheless, the lag values of sentiment pointed to a rise in house prices. Exchange rate volatilities and inflation had a statistically significant effect on prices in both the long and short term, respectively. Research limitations/implications Policymakers could still monitor market sentiment in the housing market due to the strong chemistry between house prices and sentiment, as evidenced from the bound test, but focus on economic fundamentals as the main policy tool for house price reduction. Originality/value The findings and the creation of the sentiment index make an invaluable contribution to the paper and add to the paucity of literature on the study of market sentiment in the housing market.

The impact of changes in housing prices on China’s economy

China’s housing prices have experienced significant fluctuations over the years, with some cities experiencing rapid increases and others showing signs of stabilization. Similarly, China’s GDP growth has been a topic of interest, with the country maintaining robust economic expansion. This paper will start with the background of Chinese housing prices. A theoretical analysis will be conducted on the dynamic changes in China’s housing prices and GDP. Subsequently, I will analyze the impact of housing prices on economic growth and conclude that a steady increase in housing prices benefits economic growth. In contrast, a rapid rise in housing prices is not conducive to economic growth. Finally, I will provide a relevant policy recommendation regarding China’s current housing price issues.

Do housing prices affect individual physical health? Evidence from China.

This study identifies the health effect of rising housing prices on individual physical health using the Chinese General Social Survey (CGSS) data. Exploiting exogenous housing prices, I find that rising housing prices adversely affect physical health status. Heterogeneity analyses yield interesting findings. First, the adverse effects of high housing prices are pronounced in the group owning only one house. Second, significant effects of housing prices on health for the group aged 20 to 45 are observed, with no effects for the elderly group above 45. Third, males are more sensitive to high housing prices due to the intensified competition and traditional gender norm in marriage markets. I also further investigate the channel through which housing prices affect individual physical health. The findings indicate that rising housing prices can damage individual physical health via lowering social status, reducing physical exercise time and increasing mental health risk.

Increasing the energy efficiency of wooden house construction

Individual housing construction in the Krasnoyarsk Territory is actively developing. Rising housing prices in multi-storey buildings, increasing building density, and socio-demographic factors are increasing the popularity of individual construction. Technologies for such construction imply the widespread use of available local building materials, in particular wood. During the study, the designs of private houses in the settlement - the regional center of the Krasnoyarsk Territory - were analyzed. It was found that 90% of the sample examined were houses built from timber. Using simulation modeling methods, the actual thermal resistance of the enclosing structure made of timber with a cross-section of 0.15×0.15 m was determined. The calculated value was compared with the standard resistance indicator of the enclosing structure, taking into account energy saving standards. The Elcut solid modeling system was used in the work. The required heat flow power to maintain stationary heat transfer conditions was determined. It has been established that the design enclosing structure does not provide the required thermal resistance taking into account energy saving standards. It is necessary to consider a multilayer enclosing structure and increase the design resistance by insulating the outer surface of the wall with heat-insulating materials.

TOURISM GENTRIFICATION: IMPACTS ON LIVABILITY IN CIHIDEUNG VILLAGE, WEST BANDUNG, INDONESIA

The tourism presence affects the livability of the tourist destination area. It boosts development while simultaneously creating issues, namely rising housing prices, inequality, and displacement,which resembles the sign of gentrification. This study analyses how tourism and gentrification affect livability. This study chooses Cihideung Agritourism Village as a case study. It employs two parts of analysis. The first analysis is to pinpoint the tourism gentrification characteristics within the study area through indicators. The second analysis assesses the livability through a set of livability indicators. From the result of both analyses, it is discovered that Cihideung Agritourism Village is still in the early stage of gentrification, which is indicated by the transformation of land use and the influx of wealthier populations to the area. Based on livability assessment, gentrification is advantageous for the economic and spatial developments of the area, but less for environmental and social aspects.

THE IMPACT OF THE DEVELOPMENT OF THE HOUSING CONSTRUCTION INDUSTRY ON THE IMPROVEMENT OF THE SOCIO-ECONOMIC SITUATION OF THE REGIONS OF RUSSIA

The article is devoted to the analysis of the development of housing construction in modern conditions and its impact on socio-economic development. The reasons are identified that contribute to a decrease in the dynamics of the commissioning of residential buildings, in particular, a slowdown in the use of mortgage lending, geopolitical changes, an increase in the key interest rate by the central bank, a reduction in the provision of preferential loans in the budget housing segment and an increase in rates for them, rising housing prices.
 The authors substantiate that during the prolongation of the development program, support for housing construction for the next period, it should be based on the current principles given in the work. The key negative features of the current model of housing construction development are highlighted.
 It is concluded that a well-built, well-developed system of housing construction development is able to solve acute issues of improving the living conditions of citizens and contribute to the provision of housing for those in need, to maintain the attractiveness of investing money in this industry, both from developers and investors, to ensure the preservation of cultural and historical, architectural features of territory planning, ensure the housing
 construction industry an effective state under the influence of external and internal influences and, in general, contribute to the sustainable socio-economic development of the regions.

Discussion on the Key Factors of Real Estate Bubble Formation in The Process of Urbanization

With the acceleration of global urbanization, the real estate market plays a vital role in urban development. However, the emergence of real estate bubble has become a global problem, which poses a serious threat to economic and social stability. The purpose of this study is to explore the key factors of real estate bubble formation in the process of urbanization, so as to reveal its complex mechanism and influence. It is found that financial factors are one of the main driving forces for the formation of the real estate bubble. Low interest rate policy, loose monetary policy and easy access to credit conditions have stimulated investors' funds to flow into the real estate market, which has led to unreasonable price increases. The relationship between supply and demand also played an important role in the process of bubble formation. In addition, speculation has also played a key role in the real estate market. Investors usually pursue quick profits, but the volatility of the real estate market attracts speculative investment and promotes the unreasonable rise of housing prices. The government's land policy, planning restrictions and development control also have a direct impact on the market, and government policies and measures can affect land supply and real estate market prices. Generally speaking, the formation of real estate bubble in the process of urbanization is a complex phenomenon of multi-factor interaction, and its mechanism involves finance, supply and demand, speculation, policy and external factors. This study is expected to provide powerful theoretical basis and policy suggestions for decision makers to deal with the real estate bubble in the process of urbanization.

Analysis of Regional Differences and Influencing Factors of Real Estate Prices: An Empirical Study Based on 31 Provinces in China

Currently, the continuous rise in housing prices in China has brought about social issues regarding housing fairness. Therefore, it is of practical significance to study the influencing factors of China's real estate prices and the effects of these factors. This article first identifies ten variables that have a significant impact on housing prices through analysis, and then conducts empirical analysis separately for the eastern and central-western regions. Based on the correlation and model multicollinearity tests, two corresponding models are established. Subsequently, this article uses a multiple linear regression model for regression and uses a test set to verify the model's effectiveness, conducting quantitative analysis. Combining the analysis results, the factors that have a significant impact on housing prices in the eastern region of China are identified as the sales area of commercial housing, rental prices, and unemployment rates. In the central-western region, the factors with a significant impact on housing prices are disposable income and real estate development costs. Based on these conclusions, this article proposes relevant policy suggestions, which are expected to provide a basis for differentiated macro-control policies by the government.

A Study on the influence of China's green finance development on real estate prices

At present, the importance of green finance in the world market is becoming increasingly prominent. Various kinds of green products have emerged, and auxiliary policies have also come into being. China is one of the world's largest carbon dioxide emissions and the world's largest investor in new energy. In the face of severe environmental problems and challenges of sustainable development, the Chinese government attaches great importance to the development of green finance, and has adopted a series of positive policy documents and guidance, including the establishment of special funds, providing preferential fiscal and tax policies, and the establishment of a green bond market to promote its role in the financial system. In addition, China has set up a set of green financial standards and evaluation system to guide financial institutions and enterprises to be more transparent and sustainable in environmental risk management and green investment.
 The emergence of green finance has brought a certain impact on the real estate industry, a pillar industry of China's economy. At present, many people in China, especially in some central cities, have speculated on housing prices. This behavior has led to a speculative increase in the real estate market, a rapid rise in housing prices, an excessive consumption of resources, and the aggravation of social inequality. This conflicts the concept of sustainable development and environmental friendliness advocated by green finance. At the same time, the investment in green finance will squeeze out a part of the real estate market share. By directing investment in real estate to the flow of green buildings and energy conservation technologies, green finance can also promote the efficient use of resources and sustainable environmental development.
 Therefore, it is of great significance to deeply study the impact of green finance on real estate. By discussing the application of green finance in the real estate field, effective ways can be found to reduce the consumption of resources in the real estate industry, improve the energy efficiency of buildings, promote the development of green buildings, and guide China's real estate market towards the direction of sustainable development in practice. This is of great practical significance for realizing the dual goal of economic growth and environmental protection.
 Previous scholars have discussed a wide range of factors affecting real estate, including the monetary system, consumption level and so on. The related discussion on green finance also focuses on the impact of the ecological environment and some green products on the financial market. No scholar has specifically discussed the impact of green finance on real estate as a whole.
 Therefore, in order to ensure that the regression results are not affected by the economic turbulence during the epidemic period, this paper selects the relevant data of provinces and cities from 2008 to 2020 to regression the fixed effect model panel, conducts a study on the real estate price, and draws the following basic conclusions: green finance has a negative impact on the real estate price.
 The marginal contribution of this paper is the use of various green coefficient to build green financial index, to explore the influence of green finance as a whole, and make up the green finance influence the lack of the real estate research, to solve the current real estate investment market proportion and rising prices put forward new slow problems.
 The chapters of this paper are arranged as follows: the second part is the literature review, the third part is the experimental design and data, the fourth part is the empirical results, the fifth part is the robustness test, and the sixth part is the conclusion and policy suggestions.

Application of Machine Learning in Boston House Price Prediction

House prices are an important economic indicator for a country or region, rising house prices are often associated with economic growth and increased employment opportunities, while a decline in house prices may indicate an economic slowdown or other unfavorable factors. Governments and relevant agencies need to understand the dynamics of housing prices to formulate appropriate housing policies and plan urban development. As one of the major economic centers in the United States, the fluctuations in Boston's housing prices can reflect the local economic conditions and development trends. This paper selects data from Boston in 1970. Each record in this database describes a Boston suburb or town. The proposed method was evaluated using 5 metrics. By comparison, the paper ends up with the result that XGBoost works best out of the four regression models.