International Journal of Housing Markets and AnalysisTable of Contents for International Journal of Housing Markets and Analysis. List of articles from the current issue, including Just Accepted (EarlyCite)https://www.emerald.com/insight/publication/issn/1753-8270/vol/17/iss/7?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestInternational Journal of Housing Markets and AnalysisEmerald Publishing LimitedInternational Journal of Housing Markets and AnalysisInternational Journal of Housing Markets and Analysishttps://www.emerald.com/insight/proxy/containerImg?link=/resource/publication/journal/9ff147b73cedbd6b19e19b4f6b64a225/urn:emeraldgroup.com:asset:id:binary:ijhma.cover.jpghttps://www.emerald.com/insight/publication/issn/1753-8270/vol/17/iss/7?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestShort-run dynamics and long-run effects of monetary policy on residential property prices in South Africahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2023-0126/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study aims to estimate the short- and long-run effects of monetary policy on residential property prices in South Africa. Over the past decades, there has been a monetary policy shift, from targeting money supply and exchange rate to inflation. The shifts have affected residential property market dynamics. The Johansen cointegration approach was used to estimate the effects of changes in monetary policy proxies on residential property prices using quarterly data from 1980 to 2022. Mortgage finance and economic growth have a significant positive long-run effect on residential property prices. The consumer price index, the inflation targeting framework, interest rates and exchange rates have a significant negative long-run effect on residential property prices. The Granger causality test has depicted that exchange rate significantly influences residential property prices in the short run, and interest rates, inflation targeting framework, gross domestic product, money supply consumer price index and exchange rate can quickly return to equilibrium when they are in disequilibrium. There are limited arguments whether the inflation targeting monetary policy framework in South Africa has prevented residential property market boom and bust scenarios. The study has found that the implementation of inflation targeting framework has successfully reduced booms in residential property prices in South Africa.Short-run dynamics and long-run effects of monetary policy on residential property prices in South Africa
Robert Mwanyepedza, Syden Mishi
International Journal of Housing Markets and Analysis, Vol. 17, No. 7, pp.1-26

The study aims to estimate the short- and long-run effects of monetary policy on residential property prices in South Africa. Over the past decades, there has been a monetary policy shift, from targeting money supply and exchange rate to inflation. The shifts have affected residential property market dynamics.

The Johansen cointegration approach was used to estimate the effects of changes in monetary policy proxies on residential property prices using quarterly data from 1980 to 2022.

Mortgage finance and economic growth have a significant positive long-run effect on residential property prices. The consumer price index, the inflation targeting framework, interest rates and exchange rates have a significant negative long-run effect on residential property prices. The Granger causality test has depicted that exchange rate significantly influences residential property prices in the short run, and interest rates, inflation targeting framework, gross domestic product, money supply consumer price index and exchange rate can quickly return to equilibrium when they are in disequilibrium.

There are limited arguments whether the inflation targeting monetary policy framework in South Africa has prevented residential property market boom and bust scenarios. The study has found that the implementation of inflation targeting framework has successfully reduced booms in residential property prices in South Africa.

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Short-run dynamics and long-run effects of monetary policy on residential property prices in South Africa10.1108/IJHMA-09-2023-0126International Journal of Housing Markets and Analysis2023-12-12© 2023 Robert Mwanyepedza and Syden Mishi.Robert MwanyepedzaSyden MishiInternational Journal of Housing Markets and Analysis1772023-12-1210.1108/IJHMA-09-2023-0126https://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2023-0126/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Robert Mwanyepedza and Syden Mishi.
The relationship between macroeconomic variables on residential property price: case study in Malaysia before and during COVID-19https://www.emerald.com/insight/content/doi/10.1108/IJHMA-01-2022-0013/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to analyse numerous aspects affecting residential property price in Malaysia against macroeconomics issues such as gross domestic product (GDP), exchange rate, unemployment and wage. The hedonic pricing model has been adopted as econometric model for this research to investigate the relationship between residential property price against macroeconomics indicator. The data for residential property price and macroeconomic variables were collected from 1991 to 2019. Multiple linear regression had been adopted to find the relationship between the dependent and independent variables. The result shows that the GDP has a significant positive impact on residential property price, while exchange rate has no significant impact although it was positive. In addition, the unemployment rate has a significant impact on the residential property price and has a negative relationship. Similar to the wage that shows the negative relationship with residential property prices. Moreover, during the pandemic COVID-19 in Malaysia, this research shows a more transparent view of the relationship between residential property price and the macroeconomic issues of GDP, exchange rate, unemployment and wage. The findings of this research found that macroeconomics issue cannot be eliminated due to Malaysia is a developing country, and there will always be an issue that will happen, but the issues can be reduced to maximise the advantages, e.g. during COVID-19, the solution to fight against COVID-19 were crucial and weaken the macroeconomics issues.The relationship between macroeconomic variables on residential property price: case study in Malaysia before and during COVID-19
Siti Hafsah Zulkarnain, Abdol Samad Nawi
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to analyse numerous aspects affecting residential property price in Malaysia against macroeconomics issues such as gross domestic product (GDP), exchange rate, unemployment and wage.

The hedonic pricing model has been adopted as econometric model for this research to investigate the relationship between residential property price against macroeconomics indicator. The data for residential property price and macroeconomic variables were collected from 1991 to 2019. Multiple linear regression had been adopted to find the relationship between the dependent and independent variables.

The result shows that the GDP has a significant positive impact on residential property price, while exchange rate has no significant impact although it was positive. In addition, the unemployment rate has a significant impact on the residential property price and has a negative relationship. Similar to the wage that shows the negative relationship with residential property prices. Moreover, during the pandemic COVID-19 in Malaysia, this research shows a more transparent view of the relationship between residential property price and the macroeconomic issues of GDP, exchange rate, unemployment and wage.

The findings of this research found that macroeconomics issue cannot be eliminated due to Malaysia is a developing country, and there will always be an issue that will happen, but the issues can be reduced to maximise the advantages, e.g. during COVID-19, the solution to fight against COVID-19 were crucial and weaken the macroeconomics issues.

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The relationship between macroeconomic variables on residential property price: case study in Malaysia before and during COVID-1910.1108/IJHMA-01-2022-0013International Journal of Housing Markets and Analysis2023-02-08© 2023 Emerald Publishing LimitedSiti Hafsah ZulkarnainAbdol Samad NawiInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-02-0810.1108/IJHMA-01-2022-0013https://www.emerald.com/insight/content/doi/10.1108/IJHMA-01-2022-0013/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Young consumers' green marketing orientation: role of customer citizenship behaviour in determining real estate purchase intention in Indiahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-01-2023-0002/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to assess green marketing as an influential factor in the purchase of real estate. In this study, the consumer citizenship behaviour of young individuals will be studied with an assessment of real estate purchase intention, strategic green marketing orientation (GMO) and tactical GMO. The sample frame consists of young consumers from India’s metropolitan cities. The respondents were in the range of 18 to 35 years of age. These cities provide a high standard of living, more career options and better educational opportunities. Five separate sections of a standardised questionnaire were used, and a structural equation model was used to assess a total of 393 valid replies. Green marketing impacts the behaviour that influences the desire of young customer to buy green real estate. As the focus of this study is primarily on major cities, future research may study similar behaviour in non-metropolitan cities. The study can also be conducted among consumers of other age groups. The originality, to the best of the author’s knowledge, exists in examining how young consumers’ opinions about green marketing impact their intentions to purchase green houses and real estate in India. This study will be accessible to all parties involved in the housing and real estate industries.Young consumers' green marketing orientation: role of customer citizenship behaviour in determining real estate purchase intention in India
Jobin Jacob, Arun Antony Chully, Benny J. Godwin, Jossy P. George
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this paper is to assess green marketing as an influential factor in the purchase of real estate. In this study, the consumer citizenship behaviour of young individuals will be studied with an assessment of real estate purchase intention, strategic green marketing orientation (GMO) and tactical GMO.

The sample frame consists of young consumers from India’s metropolitan cities. The respondents were in the range of 18 to 35 years of age. These cities provide a high standard of living, more career options and better educational opportunities. Five separate sections of a standardised questionnaire were used, and a structural equation model was used to assess a total of 393 valid replies.

Green marketing impacts the behaviour that influences the desire of young customer to buy green real estate.

As the focus of this study is primarily on major cities, future research may study similar behaviour in non-metropolitan cities. The study can also be conducted among consumers of other age groups.

The originality, to the best of the author’s knowledge, exists in examining how young consumers’ opinions about green marketing impact their intentions to purchase green houses and real estate in India. This study will be accessible to all parties involved in the housing and real estate industries.

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Young consumers' green marketing orientation: role of customer citizenship behaviour in determining real estate purchase intention in India10.1108/IJHMA-01-2023-0002International Journal of Housing Markets and Analysis2023-04-13© 2023 Emerald Publishing LimitedJobin JacobArun Antony ChullyBenny J. GodwinJossy P. GeorgeInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-04-1310.1108/IJHMA-01-2023-0002https://www.emerald.com/insight/content/doi/10.1108/IJHMA-01-2023-0002/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Young adults’ experience of housing and real estate chatbots in India: effort expectancy moderated modelhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-01-2023-0004/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to recognize the role of information system (IS) model on young adults’ experience of housing and real estate chatbots. This model of IS takes into account the quality of information, the quality of system and the quality of service. This study uses a sample frame for analysis which comprises young adult population in India, i.e. between the ages of 18 and 35. A questionnaire consisting of five components was used to collect information in a structured manner. The 386 responses thus collected were analysed using the structural equation model. It was found that there is a significant influence of the quality of information, quality of system and quality of service on young adults’ experience of housing and real estate chatbots. The findings also showed that there is moderation role of effort expectancy between the quality parameters and young adults’ user experience of housing and real estate chatbots. This study focusses exclusively on the young adults from various parts of India. Future research can consider larger population categories across age groups and across sectors employing chatbots. This study will enable in-depth understanding of IS model – quality dimensions’ relation with the user experience. In particular, housing and real estate organisations will profit from the expanded usage of artificial intelligence through chatbots for user correspondence and communication. To the best of the authors’ knowledge, this study is first of its kind, as it investigates how IS model – quality dimensions affect the young adults’ experience of housing and real estate chatbots in India. This study also ventures into identifying the moderation role of effort expectancy between the quality dimensions as per IS model and young adults’ experience of housing and real estate chatbots. This study will be useful for the stakeholders of housing and real estate industry.Young adults’ experience of housing and real estate chatbots in India: effort expectancy moderated model
Blesson Varghese James, David Joseph, Nisha Daniel
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to recognize the role of information system (IS) model on young adults’ experience of housing and real estate chatbots. This model of IS takes into account the quality of information, the quality of system and the quality of service.

This study uses a sample frame for analysis which comprises young adult population in India, i.e. between the ages of 18 and 35. A questionnaire consisting of five components was used to collect information in a structured manner. The 386 responses thus collected were analysed using the structural equation model.

It was found that there is a significant influence of the quality of information, quality of system and quality of service on young adults’ experience of housing and real estate chatbots. The findings also showed that there is moderation role of effort expectancy between the quality parameters and young adults’ user experience of housing and real estate chatbots.

This study focusses exclusively on the young adults from various parts of India. Future research can consider larger population categories across age groups and across sectors employing chatbots.

This study will enable in-depth understanding of IS model – quality dimensions’ relation with the user experience. In particular, housing and real estate organisations will profit from the expanded usage of artificial intelligence through chatbots for user correspondence and communication.

To the best of the authors’ knowledge, this study is first of its kind, as it investigates how IS model – quality dimensions affect the young adults’ experience of housing and real estate chatbots in India. This study also ventures into identifying the moderation role of effort expectancy between the quality dimensions as per IS model and young adults’ experience of housing and real estate chatbots. This study will be useful for the stakeholders of housing and real estate industry.

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Young adults’ experience of housing and real estate chatbots in India: effort expectancy moderated model10.1108/IJHMA-01-2023-0004International Journal of Housing Markets and Analysis2023-04-04© 2023 Emerald Publishing LimitedBlesson Varghese JamesDavid JosephNisha DanielInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-04-0410.1108/IJHMA-01-2023-0004https://www.emerald.com/insight/content/doi/10.1108/IJHMA-01-2023-0004/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Do real estate investment companies profit from house price growth? Evidence from Portugalhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-01-2023-0007/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to study the sensitivity of nonlisted real estate investment companies’ accounting earnings to house prices. This study evaluates whether house price changes determined these companies’ return on equity (ROE) or if other factors influenced the industry’s profitability beyond house price growth. The authors collected a ten-year sample with the aggregate ROE of Portugal’s real estate investment companies, split by regions, and data on house prices and the per capita gross domestic product as a control variable. The authors ran a national-level time series with the canonical cointegrating regression estimator, which is robust to a small sample size; the authors also performed a regression on regional-level panel data with the common correlated effects mean group estimator, thus allowing slope coefficient heterogeneity and controlling for cross-sectional dependence. The authors also ran ordinary least squares regressions as a means of comparison. This study found that an increase in the house price is not translated into an increase in the aggregate ROE. The results are robust with a reduced survivorship-biased sample, meaning that even the best-succeeded real estate investment companies do not have their accounting ROE dependent on house price growth. The sample size is small and specific to one country. This paper did not study the housing market structure to verify whether it operates under monopolistic competition, which could further explain the attained results. Policy decision-makers should know that there are no excess profits in the real estate investment companies’ industry because of house price growth that could be subject to windfall taxes. To the best of the authors’ knowledge, the connections between house prices and real estate investment companies’ accounting earnings have never been studied.Do real estate investment companies profit from house price growth? Evidence from Portugal
António Manuel Cunha, Ana Pinto Borges, Miguel Ferreira
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to study the sensitivity of nonlisted real estate investment companies’ accounting earnings to house prices. This study evaluates whether house price changes determined these companies’ return on equity (ROE) or if other factors influenced the industry’s profitability beyond house price growth.

The authors collected a ten-year sample with the aggregate ROE of Portugal’s real estate investment companies, split by regions, and data on house prices and the per capita gross domestic product as a control variable. The authors ran a national-level time series with the canonical cointegrating regression estimator, which is robust to a small sample size; the authors also performed a regression on regional-level panel data with the common correlated effects mean group estimator, thus allowing slope coefficient heterogeneity and controlling for cross-sectional dependence. The authors also ran ordinary least squares regressions as a means of comparison.

This study found that an increase in the house price is not translated into an increase in the aggregate ROE. The results are robust with a reduced survivorship-biased sample, meaning that even the best-succeeded real estate investment companies do not have their accounting ROE dependent on house price growth.

The sample size is small and specific to one country. This paper did not study the housing market structure to verify whether it operates under monopolistic competition, which could further explain the attained results.

Policy decision-makers should know that there are no excess profits in the real estate investment companies’ industry because of house price growth that could be subject to windfall taxes.

To the best of the authors’ knowledge, the connections between house prices and real estate investment companies’ accounting earnings have never been studied.

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Do real estate investment companies profit from house price growth? Evidence from Portugal10.1108/IJHMA-01-2023-0007International Journal of Housing Markets and Analysis2023-03-27© 2023 Emerald Publishing LimitedAntónio Manuel CunhaAna Pinto BorgesMiguel FerreiraInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-03-2710.1108/IJHMA-01-2023-0007https://www.emerald.com/insight/content/doi/10.1108/IJHMA-01-2023-0007/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Development of a housing quality (HQ) scale in the context of Pakistanhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-01-2023-0011/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to develop a scale for measuring housing quality in the context of Pakistan. The inductive and deductive approaches for item generation have been combined, and items have been purified using multistage expert review. Data was collected from a sizeable purposive sample of 445 respondents, and exploratory and confirmatory factor approaches used for assessing psychometric properties of the scale. The result is a 21-item scale covering five dimensions, namely, Design and Construction Quality, Neighborhood Quality, Adequacy of Space, Quality of Institutional Services and Proximity of Basic Amenities. This study contributes to housing quality literature by deepening our understanding of the concept of housing quality in the context of Pakistan, the world’s fifth most populous country. The findings of the study have important implications for both theory and practice.Development of a housing quality (HQ) scale in the context of Pakistan
Ummer Farooque, Muhammad Usman Awan, Muhammad Shafiq
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to develop a scale for measuring housing quality in the context of Pakistan.

The inductive and deductive approaches for item generation have been combined, and items have been purified using multistage expert review. Data was collected from a sizeable purposive sample of 445 respondents, and exploratory and confirmatory factor approaches used for assessing psychometric properties of the scale.

The result is a 21-item scale covering five dimensions, namely, Design and Construction Quality, Neighborhood Quality, Adequacy of Space, Quality of Institutional Services and Proximity of Basic Amenities.

This study contributes to housing quality literature by deepening our understanding of the concept of housing quality in the context of Pakistan, the world’s fifth most populous country. The findings of the study have important implications for both theory and practice.

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Development of a housing quality (HQ) scale in the context of Pakistan10.1108/IJHMA-01-2023-0011International Journal of Housing Markets and Analysis2023-04-06© 2023 Emerald Publishing LimitedUmmer FarooqueMuhammad Usman AwanMuhammad ShafiqInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-04-0610.1108/IJHMA-01-2023-0011https://www.emerald.com/insight/content/doi/10.1108/IJHMA-01-2023-0011/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
A dynamic analysis of the influence of foreign real estate investments on residential land prices in Mauritiushttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-01-2023-0016/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestMauritius’s residential real estate sector has undergone an increase in foreign investment over the past decades. This study aims to establish if the increasing level of foreign real estate investments (FREI) has increased land demand and land prices. The study also aims to depict whether the relation between FREI and land prices prevails at an aggregate and/ or a regional level. Data from 26 regions, classified as urban, rural and coastal is collected on an annual basis over the period 2000 to 2019, and a dynamic panel regression framework, namely, an autoregressive distributed lag model, is used to take into account the dynamic nature of land price modeling. The findings show that, at the aggregate level, in the long-term, FREI does not have a significant influence on land prices, while in the short term, a positive significant relationship is noted between the two variables. A regional breakdown of the data into urban, rural and coastal was done. In the long term, only in coastal regions, a positive significant link was observed, whereas in urban and rural regions FREI did not influence land prices. In the short term, the positive link subsists in the coastal regions, and in rural regions also land prices are positively affected by FREI. Unlike other studies which have used quite general measures of FREI, the present research has focused on FREI mainly undertaken in the residential real estate market and how these have affected residential land prices. This study also contributes to research on the determinants of land prices which is relatively scarce compared to research on housing prices.A dynamic analysis of the influence of foreign real estate investments on residential land prices in Mauritius
Narvada Gopy-Ramdhany, Boopen Seetanah
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Mauritius’s residential real estate sector has undergone an increase in foreign investment over the past decades. This study aims to establish if the increasing level of foreign real estate investments (FREI) has increased land demand and land prices. The study also aims to depict whether the relation between FREI and land prices prevails at an aggregate and/ or a regional level.

Data from 26 regions, classified as urban, rural and coastal is collected on an annual basis over the period 2000 to 2019, and a dynamic panel regression framework, namely, an autoregressive distributed lag model, is used to take into account the dynamic nature of land price modeling.

The findings show that, at the aggregate level, in the long-term, FREI does not have a significant influence on land prices, while in the short term, a positive significant relationship is noted between the two variables. A regional breakdown of the data into urban, rural and coastal was done. In the long term, only in coastal regions, a positive significant link was observed, whereas in urban and rural regions FREI did not influence land prices. In the short term, the positive link subsists in the coastal regions, and in rural regions also land prices are positively affected by FREI.

Unlike other studies which have used quite general measures of FREI, the present research has focused on FREI mainly undertaken in the residential real estate market and how these have affected residential land prices. This study also contributes to research on the determinants of land prices which is relatively scarce compared to research on housing prices.

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A dynamic analysis of the influence of foreign real estate investments on residential land prices in Mauritius10.1108/IJHMA-01-2023-0016International Journal of Housing Markets and Analysis2023-05-08© 2023 Emerald Publishing LimitedNarvada Gopy-RamdhanyBoopen SeetanahInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-05-0810.1108/IJHMA-01-2023-0016https://www.emerald.com/insight/content/doi/10.1108/IJHMA-01-2023-0016/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Integrating rational and irrational factors towards explicating investment satisfaction and reinvestment intentions: a study in the context of direct residential real estatehttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-01-2024-0004/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to understand the investment decision-making of real estate investors in housing, highlighting the interplay between rational and irrational factors. In this study, investment satisfaction was a mediator, while reinvestment intention was the dependent variable. A quantitative, cross-sectional and descriptive research design was used, gathering data from a sample of 550 residential real estate investors using a multi-stage stratified sampling technique. The partial least squares structural equation modelling disjoint two-stage approach was used for data analysis. This methodological approach allowed for an in-depth examination of the relationship between rational factors such as location, profitability, financial viability, environmental considerations and legal aspects alongside irrational factors including various biases like overconfidence, availability, anchoring, representative and information cascade. This study strongly supports the adaptive market hypothesis, showing that residential real estate investor behaviour is dynamic, combining rational and irrational elements influenced by evolutionary psychology. This challenges traditional views of investment decision-making. It also establishes that behavioural biases, key to adapting to market changes, are crucial in shaping residential property market efficiency. Essentially, the study uncovers an evolving real estate investment landscape driven by evolutionary behavioural patterns. This research redefines rationality in behavioural finance by illustrating psychological biases as adaptive tools within the residential property market, urging a holistic integration of these insights into real estate investment theories. The study reshapes property valuation models by blending economic and psychological perspectives, enhancing investor understanding and market efficiency. These interdisciplinary insights offer a blueprint for improved regulatory policies, investor education and targeted real estate marketing, fundamentally transforming the sector’s dynamics. Unlike previous studies, the research uniquely integrates human cognitive behaviour theories from psychology and business studies, specifically in the context of residential property investment. This interdisciplinary approach offers a more nuanced understanding of investor behaviour.Integrating rational and irrational factors towards explicating investment satisfaction and reinvestment intentions: a study in the context of direct residential real estate
Sharmila Devi R., Swamy Perumandla, Som Sekhar Bhattacharyya
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to understand the investment decision-making of real estate investors in housing, highlighting the interplay between rational and irrational factors. In this study, investment satisfaction was a mediator, while reinvestment intention was the dependent variable.

A quantitative, cross-sectional and descriptive research design was used, gathering data from a sample of 550 residential real estate investors using a multi-stage stratified sampling technique. The partial least squares structural equation modelling disjoint two-stage approach was used for data analysis. This methodological approach allowed for an in-depth examination of the relationship between rational factors such as location, profitability, financial viability, environmental considerations and legal aspects alongside irrational factors including various biases like overconfidence, availability, anchoring, representative and information cascade.

This study strongly supports the adaptive market hypothesis, showing that residential real estate investor behaviour is dynamic, combining rational and irrational elements influenced by evolutionary psychology. This challenges traditional views of investment decision-making. It also establishes that behavioural biases, key to adapting to market changes, are crucial in shaping residential property market efficiency. Essentially, the study uncovers an evolving real estate investment landscape driven by evolutionary behavioural patterns.

This research redefines rationality in behavioural finance by illustrating psychological biases as adaptive tools within the residential property market, urging a holistic integration of these insights into real estate investment theories.

The study reshapes property valuation models by blending economic and psychological perspectives, enhancing investor understanding and market efficiency. These interdisciplinary insights offer a blueprint for improved regulatory policies, investor education and targeted real estate marketing, fundamentally transforming the sector’s dynamics.

Unlike previous studies, the research uniquely integrates human cognitive behaviour theories from psychology and business studies, specifically in the context of residential property investment. This interdisciplinary approach offers a more nuanced understanding of investor behaviour.

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Integrating rational and irrational factors towards explicating investment satisfaction and reinvestment intentions: a study in the context of direct residential real estate10.1108/IJHMA-01-2024-0004International Journal of Housing Markets and Analysis2024-03-29© 2024 Emerald Publishing LimitedSharmila Devi R.Swamy PerumandlaSom Sekhar BhattacharyyaInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-03-2910.1108/IJHMA-01-2024-0004https://www.emerald.com/insight/content/doi/10.1108/IJHMA-01-2024-0004/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Measuring long-run housing affordability for Malaysian millennial households: a geospatial and income distribution analysishttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-02-2023-0017/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to use a lifetime income measure to evaluate the long-run housing affordability for an understudied cohort of households in the literature – the millennials. The authors do this in the context of Malaysia, measuring long-run affordability for four housing types across geographic locations and income distributions. This study calculates a long-run housing affordability index (HAI) using data on house prices and household incomes. Essentially a ratio of predicted lifetime incomes to house prices, the HAI is computed for four common housing types in Malaysia from 2005 to 2016 and for six states in the country. The HAI is also compared across four income percentiles. The analysis reveals varying patterns of housing affordability among different states in Malaysia. Housing affordability has declined since 2010, with most housing types being unaffordable for millennial-led households with the lowest income. Housing is most affordable for those in the highest income bracket, although even here, there are pockets of unaffordable housing as well. Based on the findings, this study proposes three targeted interventions to improve housing affordability for Malaysian millennials. This study fills a gap in the literature by examining the long-run housing affordability of Malaysian millennial-led households based on both geographic location and income distribution. The millennial population is understudied in the housing affordability literature, making this study a valuable contribution to the field.Measuring long-run housing affordability for Malaysian millennial households: a geospatial and income distribution analysis
Gary John Rangel, Jason Wei Jian Ng., Thangarajah Thiyagarajan Murugasu, Wai Ching Poon
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to use a lifetime income measure to evaluate the long-run housing affordability for an understudied cohort of households in the literature – the millennials. The authors do this in the context of Malaysia, measuring long-run affordability for four housing types across geographic locations and income distributions.

This study calculates a long-run housing affordability index (HAI) using data on house prices and household incomes. Essentially a ratio of predicted lifetime incomes to house prices, the HAI is computed for four common housing types in Malaysia from 2005 to 2016 and for six states in the country. The HAI is also compared across four income percentiles.

The analysis reveals varying patterns of housing affordability among different states in Malaysia. Housing affordability has declined since 2010, with most housing types being unaffordable for millennial-led households with the lowest income. Housing is most affordable for those in the highest income bracket, although even here, there are pockets of unaffordable housing as well.

Based on the findings, this study proposes three targeted interventions to improve housing affordability for Malaysian millennials.

This study fills a gap in the literature by examining the long-run housing affordability of Malaysian millennial-led households based on both geographic location and income distribution. The millennial population is understudied in the housing affordability literature, making this study a valuable contribution to the field.

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Measuring long-run housing affordability for Malaysian millennial households: a geospatial and income distribution analysis10.1108/IJHMA-02-2023-0017International Journal of Housing Markets and Analysis2023-04-17© 2023 Emerald Publishing LimitedGary John RangelJason Wei Jian Ng.Thangarajah Thiyagarajan MurugasuWai Ching PoonInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-04-1710.1108/IJHMA-02-2023-0017https://www.emerald.com/insight/content/doi/10.1108/IJHMA-02-2023-0017/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Extrapolative time-series modelling of house prices: a case study from Sydney, Australiahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-02-2023-0018/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestHouse price fluctuations send vital signals to many parts of the economy, and long-term predictions of house prices are of great interest to governments and property developers. Although predictive models based on economic fundamentals are widely used, the common requirement for such studies is that underlying data are stationary. This paper aims to demonstrate the usefulness of alternative filtering methods for forecasting house prices. We specifically focus on exponential smoothing with trend adjustment and multiplicative decomposition using median house prices for Sydney from Q3 1994 to Q1 2017. The model performance is evaluated using out-of-sample forecasting techniques and a robustness check against secondary data sources. Multiplicative decomposition outperforms exponential smoothing at forecasting accuracy. The superior decomposition model suggests that seasonal and cyclical components provide important additional information for predicting house prices. The forecasts for 2017–2028 suggest that prices will slowly increase, going past 2016 levels by 2020 in the apartment market and by 2022/2023 in the detached housing market. We demonstrate that filtering models are simple (univariate models that only require historical house prices), easy to implement (with no condition of stationarity) and widely used in financial trading, sports betting and other fields where producing accurate forecasts is more important than explaining the drivers of change. The paper puts forward a case for the inclusion of filtering models within the forecasting toolkit as a useful reference point for comparing forecasts from alternative models. To the best of the authors’ knowledge, this paper undertakes the first systematic comparison of two filtering models for the Sydney housing market.Extrapolative time-series modelling of house prices: a case study from Sydney, Australia
Shanaka Herath, Vince Mangioni, Song Shi, Xin Janet Ge
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

House price fluctuations send vital signals to many parts of the economy, and long-term predictions of house prices are of great interest to governments and property developers. Although predictive models based on economic fundamentals are widely used, the common requirement for such studies is that underlying data are stationary. This paper aims to demonstrate the usefulness of alternative filtering methods for forecasting house prices.

We specifically focus on exponential smoothing with trend adjustment and multiplicative decomposition using median house prices for Sydney from Q3 1994 to Q1 2017. The model performance is evaluated using out-of-sample forecasting techniques and a robustness check against secondary data sources.

Multiplicative decomposition outperforms exponential smoothing at forecasting accuracy. The superior decomposition model suggests that seasonal and cyclical components provide important additional information for predicting house prices. The forecasts for 2017–2028 suggest that prices will slowly increase, going past 2016 levels by 2020 in the apartment market and by 2022/2023 in the detached housing market.

We demonstrate that filtering models are simple (univariate models that only require historical house prices), easy to implement (with no condition of stationarity) and widely used in financial trading, sports betting and other fields where producing accurate forecasts is more important than explaining the drivers of change. The paper puts forward a case for the inclusion of filtering models within the forecasting toolkit as a useful reference point for comparing forecasts from alternative models.

To the best of the authors’ knowledge, this paper undertakes the first systematic comparison of two filtering models for the Sydney housing market.

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Extrapolative time-series modelling of house prices: a case study from Sydney, Australia10.1108/IJHMA-02-2023-0018International Journal of Housing Markets and Analysis2023-04-19© 2023 Emerald Publishing LimitedShanaka HerathVince MangioniSong ShiXin Janet GeInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-04-1910.1108/IJHMA-02-2023-0018https://www.emerald.com/insight/content/doi/10.1108/IJHMA-02-2023-0018/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
How frequent and visible criminal violence affects housing prices: evidence from Mexico City (2007–2011)https://www.emerald.com/insight/content/doi/10.1108/IJHMA-02-2023-0020/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestBetween 2006 and 2012, Mexico implemented a “frontal war against organized crime”. This strategy increased criminal violence and triggered negative consequences across the country’s economic, political and social spheres. This study aims to analyse how the magnitude and visibility of criminal violence impact the housing market of Mexico City. The authors used different violent proxies to measure the effect of the magnitude and visibility of violence in housing prices. The structure of the data set is an unbalanced panel with no conditions of strict exogeneity. To address endogeneity, the authors calculate the first differences to estimate an Arellano–Bond estimator and use the lags of the dependent variable to instrumentalise the endogenous variable. Results suggest that the magnitude of violence negatively impacts housing prices. Similarly, housing prices are negatively affected the closer the property is to visible violence, measured through narcomessages placed next to the bodies of executed victims. Lastly, housing prices are not always affected when a violent event occurs nearby, specifically, when neighbours or potential buyers consider this event as sporadic violence. There are only a few studies of violence in housing prices using data from developing countries, and most of these studies are conducted with aggregated data at the municipality or state level. The authors are using geocoded information, both violence events and housing prices, to estimate more disaggregated effects. Moreover, the authors used different proxies to measure different characteristics of violence (magnitude and visibility) to estimate the heterogeneous effects of violence on housing prices.How frequent and visible criminal violence affects housing prices: evidence from Mexico City (2007–2011)
Laura H. Atuesta, Monserrat Carrasco
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Between 2006 and 2012, Mexico implemented a “frontal war against organized crime”. This strategy increased criminal violence and triggered negative consequences across the country’s economic, political and social spheres. This study aims to analyse how the magnitude and visibility of criminal violence impact the housing market of Mexico City.

The authors used different violent proxies to measure the effect of the magnitude and visibility of violence in housing prices. The structure of the data set is an unbalanced panel with no conditions of strict exogeneity. To address endogeneity, the authors calculate the first differences to estimate an Arellano–Bond estimator and use the lags of the dependent variable to instrumentalise the endogenous variable.

Results suggest that the magnitude of violence negatively impacts housing prices. Similarly, housing prices are negatively affected the closer the property is to visible violence, measured through narcomessages placed next to the bodies of executed victims. Lastly, housing prices are not always affected when a violent event occurs nearby, specifically, when neighbours or potential buyers consider this event as sporadic violence.

There are only a few studies of violence in housing prices using data from developing countries, and most of these studies are conducted with aggregated data at the municipality or state level. The authors are using geocoded information, both violence events and housing prices, to estimate more disaggregated effects. Moreover, the authors used different proxies to measure different characteristics of violence (magnitude and visibility) to estimate the heterogeneous effects of violence on housing prices.

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How frequent and visible criminal violence affects housing prices: evidence from Mexico City (2007–2011)10.1108/IJHMA-02-2023-0020International Journal of Housing Markets and Analysis2023-05-05© 2023 Emerald Publishing LimitedLaura H. AtuestaMonserrat CarrascoInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-05-0510.1108/IJHMA-02-2023-0020https://www.emerald.com/insight/content/doi/10.1108/IJHMA-02-2023-0020/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Three decades of house purchase decisions: a scoping review and thematic classificationhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-02-2023-0030/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to develop a database of existing academic information in house purchase decision (HPD) using systematic literature review (SLR), to facilitate worldwide advancement of research under HPD domain. This research examined papers from two reputable databases – Scopus and Google Scholar – from 1992 to 2022 using a scoping review technique (Arksey and O’Malley, 2005) and a theme analysis method. Out of 374, 181 articles fit the inclusion parameters and were evaluated using the theme analysis approach. Data from 181 articles was evaluated thematically to create a thematic map of HPD research. Five main themes and their sub-themes were identified: consumer behaviour, housing attributes, factors influencing purchasing decisions, investment analysis and demographics, which proved essential in understanding HPD and customer preferences for house purchase. Data from 181 articles were evaluated thematically to create a thematic map of HPD research. This SLR intends to provide useful new insights on consumer concerns about home purchases in the rapidly developing residential real estate market and the issues that marketers, housing sector stakeholders, real estate industry and existing and future researchers should prioritize. This research is unique such that it is the only 30-year-long SLR on the subject matter of HPD. This paper makes a significant contribution to residential real estate domain signifying the present state of research in HPD.Three decades of house purchase decisions: a scoping review and thematic classification
Janhavi Abhang, V.V. Ravi Kumar
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to develop a database of existing academic information in house purchase decision (HPD) using systematic literature review (SLR), to facilitate worldwide advancement of research under HPD domain.

This research examined papers from two reputable databases – Scopus and Google Scholar – from 1992 to 2022 using a scoping review technique (Arksey and O’Malley, 2005) and a theme analysis method. Out of 374, 181 articles fit the inclusion parameters and were evaluated using the theme analysis approach.

Data from 181 articles was evaluated thematically to create a thematic map of HPD research. Five main themes and their sub-themes were identified: consumer behaviour, housing attributes, factors influencing purchasing decisions, investment analysis and demographics, which proved essential in understanding HPD and customer preferences for house purchase.

Data from 181 articles were evaluated thematically to create a thematic map of HPD research. This SLR intends to provide useful new insights on consumer concerns about home purchases in the rapidly developing residential real estate market and the issues that marketers, housing sector stakeholders, real estate industry and existing and future researchers should prioritize.

This research is unique such that it is the only 30-year-long SLR on the subject matter of HPD. This paper makes a significant contribution to residential real estate domain signifying the present state of research in HPD.

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Three decades of house purchase decisions: a scoping review and thematic classification10.1108/IJHMA-02-2023-0030International Journal of Housing Markets and Analysis2023-06-20© 2023 Emerald Publishing LimitedJanhavi AbhangV.V. Ravi KumarInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-06-2010.1108/IJHMA-02-2023-0030https://www.emerald.com/insight/content/doi/10.1108/IJHMA-02-2023-0030/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The US monetary conditions and Dubai’s real estate market: twist or tango?https://www.emerald.com/insight/content/doi/10.1108/IJHMA-03-2023-0035/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe monetary policy is an important driver of the real estate sector’s performance. The recent wave of monetary tightening in 2022 in response to the cost-of-living crisis has been associated with the decline in housing prices across the globe. There are two main channels through which the US monetary policy may affect the real estate market in the dollar-pegged countries: the cost of serving mortgages (financing cost) and the exchange rate channel (for example, the appreciation of the US dollar and consequently the local currency). The exchange rate channel, which involves the appreciation of the US dollar and the subsequent effect on the local currency, is particularly significant in the case of Dubai, given how international the housing market in Dubai and might be viewed as a tradable good. Using recent data, the purpose of this study to evaluate the spillover impact of the US monetary policy on the housing market performance in the dollar-pegged countries using Dubai as a case study. For this purpose, this study collected unique longitudinal data on the volume of the monthly transactions of residential properties and performs a panel-data analysis using within-variation models. The changes in the interest rate policy in the USA are determined by the domestic inflation in the USA, thereby, representing an exogenous shock in the UAE. The results are robust to different specifications and suggest that a strong negative correlation between the interest rate in the USA and the housing sector demand in Dubai. Fiscal policy measures can be taken to mitigate tighter financial conditions in case of policy misalignment. Few studies have looked at the spillover impact of the global monetary conditions on the real estate market in the GCC region. This study fills this gap by exploring the impact of the US financial conditions on Dubai’s real estate, using panel data analysis.The US monetary conditions and Dubai’s real estate market: twist or tango?
Ahmed Shoukry Rashad, Mahmoud Farghally
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The monetary policy is an important driver of the real estate sector’s performance. The recent wave of monetary tightening in 2022 in response to the cost-of-living crisis has been associated with the decline in housing prices across the globe. There are two main channels through which the US monetary policy may affect the real estate market in the dollar-pegged countries: the cost of serving mortgages (financing cost) and the exchange rate channel (for example, the appreciation of the US dollar and consequently the local currency). The exchange rate channel, which involves the appreciation of the US dollar and the subsequent effect on the local currency, is particularly significant in the case of Dubai, given how international the housing market in Dubai and might be viewed as a tradable good. Using recent data, the purpose of this study to evaluate the spillover impact of the US monetary policy on the housing market performance in the dollar-pegged countries using Dubai as a case study.

For this purpose, this study collected unique longitudinal data on the volume of the monthly transactions of residential properties and performs a panel-data analysis using within-variation models. The changes in the interest rate policy in the USA are determined by the domestic inflation in the USA, thereby, representing an exogenous shock in the UAE.

The results are robust to different specifications and suggest that a strong negative correlation between the interest rate in the USA and the housing sector demand in Dubai. Fiscal policy measures can be taken to mitigate tighter financial conditions in case of policy misalignment.

Few studies have looked at the spillover impact of the global monetary conditions on the real estate market in the GCC region. This study fills this gap by exploring the impact of the US financial conditions on Dubai’s real estate, using panel data analysis.

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The US monetary conditions and Dubai’s real estate market: twist or tango?10.1108/IJHMA-03-2023-0035International Journal of Housing Markets and Analysis2023-05-17© 2023 Emerald Publishing LimitedAhmed Shoukry RashadMahmoud FarghallyInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-05-1710.1108/IJHMA-03-2023-0035https://www.emerald.com/insight/content/doi/10.1108/IJHMA-03-2023-0035/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Diversified urban housing markets and decentralized market regulation in Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-03-2023-0036/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIn 2016, the Chinese central government decentralized the responsibilities of housing market regulation to the municipal level. This paper aims to assess whether the decentralized market regulation is effective. This study first investigates the fundamental drivers of urban housing prices in China. Taking into consideration the factors driving housing prices, the authors further investigate the effectiveness of decentralized housing market regulation by a pre- and post-policy comparison test using a panel data set of 35 major cities for the years from 2014 to 2019. The results reveal heterogenous policy effects on housing price growth among cities with a one-year lag in effectiveness. With the decentralized housing market regulation, cities with fast price growth are incentivized to implement tightening measures, while cities with relatively low housing prices and slow price growth are more likely to do nothing or deregulate the markets. The findings indicate that the shift from a centralized housing market regulation to a decentralized one is more appropriate and effective for the individual cities. Few policy evaluation studies have been done to examine the effects of decentralized housing market regulation on the performance of urban housing markets in China. The authors devise a methodology to conduct a policy evaluation that is important to inform public policy and decisions. This study helps enhance the understanding of the fundamental factors in China’s urban housing markets and the effectiveness of municipal government interventions.Diversified urban housing markets and decentralized market regulation in China
Wenjing Li, Zhi Liu
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

In 2016, the Chinese central government decentralized the responsibilities of housing market regulation to the municipal level. This paper aims to assess whether the decentralized market regulation is effective.

This study first investigates the fundamental drivers of urban housing prices in China. Taking into consideration the factors driving housing prices, the authors further investigate the effectiveness of decentralized housing market regulation by a pre- and post-policy comparison test using a panel data set of 35 major cities for the years from 2014 to 2019.

The results reveal heterogenous policy effects on housing price growth among cities with a one-year lag in effectiveness. With the decentralized housing market regulation, cities with fast price growth are incentivized to implement tightening measures, while cities with relatively low housing prices and slow price growth are more likely to do nothing or deregulate the markets. The findings indicate that the shift from a centralized housing market regulation to a decentralized one is more appropriate and effective for the individual cities.

Few policy evaluation studies have been done to examine the effects of decentralized housing market regulation on the performance of urban housing markets in China. The authors devise a methodology to conduct a policy evaluation that is important to inform public policy and decisions. This study helps enhance the understanding of the fundamental factors in China’s urban housing markets and the effectiveness of municipal government interventions.

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Diversified urban housing markets and decentralized market regulation in China10.1108/IJHMA-03-2023-0036International Journal of Housing Markets and Analysis2023-06-07© 2023 Emerald Publishing LimitedWenjing LiZhi LiuInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-06-0710.1108/IJHMA-03-2023-0036https://www.emerald.com/insight/content/doi/10.1108/IJHMA-03-2023-0036/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Relationship between market share and rent level: understanding supply structure in the Japanese private rental housing markethttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-03-2023-0037/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to investigate the relationship between market share and rent levels to understand the supply structure in the Japanese private rental housing market. The study calculates the municipal-level market share of a dominant rental housing operator in Japan and ascertained the overall market rent and the dominant operator’s rent premium at the municipal level by using a major web portal’s listing data of rental houses. The study shows that, as market share increased, overall market rent tends to decrease, and analyzed by market share, there is no significant difference between the rent of the dominant operator and the overall market rent. The results of the study suggest that dominant operators may have lowered the rent of their own property to prioritize filling vacancies, which, in turn, causes the overall level of market rent to decline. This is an outcome of rental housing operators’ strategy to maximize long-term rental income under sublease contracts with individual owners, which ensures stable rental income for owners regardless of the occupation status of the apartments. Previous research on regional monopolies in mortgage sales and brokerage businesses in the USA implies that rental housing operators in a position of great influence over the market can control and keep the market rents at high levels, that is, at large costs for consumers. The findings of the study are novel in showing the inverse relationship in the Japanese private rental market.Relationship between market share and rent level: understanding supply structure in the Japanese private rental housing market
Masatomo Suzuki, Chihiro Shimizu
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to investigate the relationship between market share and rent levels to understand the supply structure in the Japanese private rental housing market.

The study calculates the municipal-level market share of a dominant rental housing operator in Japan and ascertained the overall market rent and the dominant operator’s rent premium at the municipal level by using a major web portal’s listing data of rental houses.

The study shows that, as market share increased, overall market rent tends to decrease, and analyzed by market share, there is no significant difference between the rent of the dominant operator and the overall market rent.

The results of the study suggest that dominant operators may have lowered the rent of their own property to prioritize filling vacancies, which, in turn, causes the overall level of market rent to decline. This is an outcome of rental housing operators’ strategy to maximize long-term rental income under sublease contracts with individual owners, which ensures stable rental income for owners regardless of the occupation status of the apartments.

Previous research on regional monopolies in mortgage sales and brokerage businesses in the USA implies that rental housing operators in a position of great influence over the market can control and keep the market rents at high levels, that is, at large costs for consumers. The findings of the study are novel in showing the inverse relationship in the Japanese private rental market.

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Relationship between market share and rent level: understanding supply structure in the Japanese private rental housing market10.1108/IJHMA-03-2023-0037International Journal of Housing Markets and Analysis2023-07-12© 2023 Emerald Publishing LimitedMasatomo SuzukiChihiro ShimizuInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-07-1210.1108/IJHMA-03-2023-0037https://www.emerald.com/insight/content/doi/10.1108/IJHMA-03-2023-0037/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Housing affordability in the capital cities of three Northwestern China provinceshttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-03-2023-0040/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestPrevious studies on housing affordability in China were concentrated in China’s coastal and central regions. The purpose of this paper is to investigate housing affordability of urban residents in Northwest China. Moreover, this paper attempts to understand the consistency and influencing factors of various indicators on the evaluation of housing affordability. This paper uses multiyear data on house sales, residents’ incomes and living expenses from 2011 to 2022. House price-to-income ratio, housing affordability index and residual income approach were calculated by using these data and used as the measure of housing affordability. The results show that there are obvious differences in the housing affordability among the Xi’an, Lanzhou and Yinchuan during 2011–2022, and the housing affordability of residents in cities with small population and economic scale is better. The ability of most urban residents to afford suitable housing is still poor, and the ability to afford small-sized housing is better. Most families with below-middle income have poor housing affordability. It is also observed that although various indicators had similarities in the evaluation of residents’ housing affordability, the comprehensive evaluation results of multiple indicators were more reliable. The research results provide a basis for the decision-making of the government’s urban housing policy and improvement of residents’ housing conditions. The results have a clear understanding of the housing affordability of urban residents in Northwest China. The study found that the geographical location and topography of the city is also a factor affecting the housing affordability.Housing affordability in the capital cities of three Northwestern China provinces
Mingchen Duan, Yi Duan
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Previous studies on housing affordability in China were concentrated in China’s coastal and central regions. The purpose of this paper is to investigate housing affordability of urban residents in Northwest China. Moreover, this paper attempts to understand the consistency and influencing factors of various indicators on the evaluation of housing affordability.

This paper uses multiyear data on house sales, residents’ incomes and living expenses from 2011 to 2022. House price-to-income ratio, housing affordability index and residual income approach were calculated by using these data and used as the measure of housing affordability.

The results show that there are obvious differences in the housing affordability among the Xi’an, Lanzhou and Yinchuan during 2011–2022, and the housing affordability of residents in cities with small population and economic scale is better. The ability of most urban residents to afford suitable housing is still poor, and the ability to afford small-sized housing is better. Most families with below-middle income have poor housing affordability. It is also observed that although various indicators had similarities in the evaluation of residents’ housing affordability, the comprehensive evaluation results of multiple indicators were more reliable.

The research results provide a basis for the decision-making of the government’s urban housing policy and improvement of residents’ housing conditions.

The results have a clear understanding of the housing affordability of urban residents in Northwest China. The study found that the geographical location and topography of the city is also a factor affecting the housing affordability.

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Housing affordability in the capital cities of three Northwestern China provinces10.1108/IJHMA-03-2023-0040International Journal of Housing Markets and Analysis2023-06-16© 2023 Emerald Publishing LimitedMingchen DuanYi DuanInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-06-1610.1108/IJHMA-03-2023-0040https://www.emerald.com/insight/content/doi/10.1108/IJHMA-03-2023-0040/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The impact of energy certificates on sales and rental prices: a comparative analysishttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-03-2023-0041/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe current literature on energy certificates shows that Energy Performance Certificate labels have an important effect on real estate prices. However, interestingly, the limited studies that address the rental market find significantly lower price premiums than the sales market. The purpose of this paper is to add to this literature, by doing a comparative analysis of price premiums in the sales and rental market in Flanders (Belgium). This study uses a hedonic regression model to analyze 177,670 real estate listings between 2016 and 2021. The data is provided by Immoweb – the largest online real estate platform in Belgium. The data set was divided in sold and rented properties: the authors evaluated 126,217 sales listings and 51,453 rent listings. The results confirm that energy efficient properties generate a price premium, but that this premium is significantly larger in the sales market than in the rental market. In addition, the findings indicate that both investors and landlords could benefit strongly from renovating dwellings – especially when renovating from an F label to an A label. Previous research focuses strongly on the sales market, although in many countries the rental market is similar in size and responsible from much energy consumption. Interestingly, the few studies that are addressing the rental market, find singificantly smaller price premiums than in the sales market. The findings add to this literature tradition and offer a comparative analysis of price premiums in the sales and rental market in Flanders. This allows us to not only show the similarities between both markets but also highlight the differences – creating valuable insights for academia, governments and real estate professionals.The impact of energy certificates on sales and rental prices: a comparative analysis
Alesia Gerassimenko, Laurens Defau, Lieven De Moor
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The current literature on energy certificates shows that Energy Performance Certificate labels have an important effect on real estate prices. However, interestingly, the limited studies that address the rental market find significantly lower price premiums than the sales market. The purpose of this paper is to add to this literature, by doing a comparative analysis of price premiums in the sales and rental market in Flanders (Belgium).

This study uses a hedonic regression model to analyze 177,670 real estate listings between 2016 and 2021. The data is provided by Immoweb – the largest online real estate platform in Belgium. The data set was divided in sold and rented properties: the authors evaluated 126,217 sales listings and 51,453 rent listings.

The results confirm that energy efficient properties generate a price premium, but that this premium is significantly larger in the sales market than in the rental market. In addition, the findings indicate that both investors and landlords could benefit strongly from renovating dwellings – especially when renovating from an F label to an A label.

Previous research focuses strongly on the sales market, although in many countries the rental market is similar in size and responsible from much energy consumption. Interestingly, the few studies that are addressing the rental market, find singificantly smaller price premiums than in the sales market. The findings add to this literature tradition and offer a comparative analysis of price premiums in the sales and rental market in Flanders. This allows us to not only show the similarities between both markets but also highlight the differences – creating valuable insights for academia, governments and real estate professionals.

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The impact of energy certificates on sales and rental prices: a comparative analysis10.1108/IJHMA-03-2023-0041International Journal of Housing Markets and Analysis2023-05-25© 2023 Emerald Publishing LimitedAlesia GerassimenkoLaurens DefauLieven De MoorInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-05-2510.1108/IJHMA-03-2023-0041https://www.emerald.com/insight/content/doi/10.1108/IJHMA-03-2023-0041/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Impact of ethnic and cultural diversity on millennial living preferences and homeownershiphttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-03-2023-0042/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine living preference and tenure among millennials, with a particular focus on the impact of ethnic and cultural diversity on housing outcomes including observed homeownership inequalities. Using the individual panel data from three waves in American Housing Survey, 2015–2019, this study compares the likelihood of co-residing among Asian and Hispanic millennials with non-Hispanic white millennial peers. Furthermore, this study estimates the effect of co-residence on homeownership across generational and ethnic backgrounds. This study finds a preference for coresident adult familial households among foreign-born Asian and Hispanic millennials, and US-born Hispanic millennials when compared to their non-Hispanic white millennial peers. The results are robust after considering neighborhood selection bias, affordability and education. The effect of co-residence on ownership is significant and positive, suggesting this living arrangement contributes to homeownership across all generational and ethnic groups. Housebuilders should be aware of Asian and Hispanic millennials’ increased appetite for extended family living arrangements and consider increasing the physical size of affordable or workforce-oriented rental housing and new single family construction to accommodate more adult co-living arrangements. This study provides a more comprehensive understanding of the role ethnic and cultural diversity has on millennial adult living preferences and its generational differences, which is not just “boomeranging” as identified by previous literature, contributing to the growing interest in the housing research on the effect of ethnic diversity and culture on millennials’ homeownership rates.Impact of ethnic and cultural diversity on millennial living preferences and homeownership
Yi Wu, Alan Tidwell, Vivek Sah
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine living preference and tenure among millennials, with a particular focus on the impact of ethnic and cultural diversity on housing outcomes including observed homeownership inequalities.

Using the individual panel data from three waves in American Housing Survey, 2015–2019, this study compares the likelihood of co-residing among Asian and Hispanic millennials with non-Hispanic white millennial peers. Furthermore, this study estimates the effect of co-residence on homeownership across generational and ethnic backgrounds.

This study finds a preference for coresident adult familial households among foreign-born Asian and Hispanic millennials, and US-born Hispanic millennials when compared to their non-Hispanic white millennial peers. The results are robust after considering neighborhood selection bias, affordability and education. The effect of co-residence on ownership is significant and positive, suggesting this living arrangement contributes to homeownership across all generational and ethnic groups.

Housebuilders should be aware of Asian and Hispanic millennials’ increased appetite for extended family living arrangements and consider increasing the physical size of affordable or workforce-oriented rental housing and new single family construction to accommodate more adult co-living arrangements.

This study provides a more comprehensive understanding of the role ethnic and cultural diversity has on millennial adult living preferences and its generational differences, which is not just “boomeranging” as identified by previous literature, contributing to the growing interest in the housing research on the effect of ethnic diversity and culture on millennials’ homeownership rates.

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Impact of ethnic and cultural diversity on millennial living preferences and homeownership10.1108/IJHMA-03-2023-0042International Journal of Housing Markets and Analysis2023-06-26© 2023 Emerald Publishing LimitedYi WuAlan TidwellVivek SahInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-06-2610.1108/IJHMA-03-2023-0042https://www.emerald.com/insight/content/doi/10.1108/IJHMA-03-2023-0042/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The long-run impact of remittances on house prices in Kenyahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-04-2023-0047/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestGiven the coincidental and sustained rise in house prices and foreign capital flows in Kenya, this study aims to understand whether a long-run relationship exists between real diaspora remittances and real house prices. This study uses data from 2004-Q1 to 2020-Q4 and applies an autoregressive distributed lag model for estimation. The results indicate that a positive and significant relationship exists between real remittances and real house prices in Kenya in the long run. To the best of the authors’ knowledge, there is no study exploring the relationship between real remittance inflows and house prices in Kenya, after controlling for other key macroeconomic determinants of house prices. This study addresses this research gap.The long-run impact of remittances on house prices in Kenya
Fredrick Chege, Hassan F. Gholipour, Sharon Yam
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Given the coincidental and sustained rise in house prices and foreign capital flows in Kenya, this study aims to understand whether a long-run relationship exists between real diaspora remittances and real house prices.

This study uses data from 2004-Q1 to 2020-Q4 and applies an autoregressive distributed lag model for estimation.

The results indicate that a positive and significant relationship exists between real remittances and real house prices in Kenya in the long run.

To the best of the authors’ knowledge, there is no study exploring the relationship between real remittance inflows and house prices in Kenya, after controlling for other key macroeconomic determinants of house prices. This study addresses this research gap.

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The long-run impact of remittances on house prices in Kenya10.1108/IJHMA-04-2023-0047International Journal of Housing Markets and Analysis2023-06-16© 2023 Emerald Publishing LimitedFredrick ChegeHassan F. GholipourSharon YamInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-06-1610.1108/IJHMA-04-2023-0047https://www.emerald.com/insight/content/doi/10.1108/IJHMA-04-2023-0047/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
for Malaysian landlords of residential propertieshttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-04-2023-0048/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the zakat al-mustaghallat acceptance index (ZAMAi) through the examination of its predictors identified in this work, including attitude, social influence, self-efficacy, amount of information and Islamic altruism, at best. Drawing from the attitude-social influence-self efficacy model, this study evaluated the effects of these factors on ZAMAi using an empirical investigation surveying 184 respondents who were identified as the owners of residential properties in Malaysia. In the core model, this study found significant outcomes for the effects of attitude, social influence, self-efficacy, amount of information and Islamic altruism, along with the demographic items tested. For post hoc analysis, this study found two significant outcomes drawn from the role of attitude as a mediating variable in this study. The results obtained from this study should be used with caution owing to its limited applicability and the constraints of subjects and variables in the framework developed. The results obtained can become a yardstick to gauge the success of zakat al-mustaghallat acceptance in Malaysia. This study introduced new measures of ZAMAi, where Malaysian landlords are brought into play. for Malaysian landlords of residential properties
Hanudin Amin, Imran Mehboob Shaikh
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the zakat al-mustaghallat acceptance index (ZAMAi) through the examination of its predictors identified in this work, including attitude, social influence, self-efficacy, amount of information and Islamic altruism, at best.

Drawing from the attitude-social influence-self efficacy model, this study evaluated the effects of these factors on ZAMAi using an empirical investigation surveying 184 respondents who were identified as the owners of residential properties in Malaysia.

In the core model, this study found significant outcomes for the effects of attitude, social influence, self-efficacy, amount of information and Islamic altruism, along with the demographic items tested. For post hoc analysis, this study found two significant outcomes drawn from the role of attitude as a mediating variable in this study.

The results obtained from this study should be used with caution owing to its limited applicability and the constraints of subjects and variables in the framework developed.

The results obtained can become a yardstick to gauge the success of zakat al-mustaghallat acceptance in Malaysia.

This study introduced new measures of ZAMAi, where Malaysian landlords are brought into play.

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for Malaysian landlords of residential properties10.1108/IJHMA-04-2023-0048International Journal of Housing Markets and Analysis2023-10-24© 2023 Emerald Publishing LimitedHanudin AminImran Mehboob ShaikhInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-10-2410.1108/IJHMA-04-2023-0048https://www.emerald.com/insight/content/doi/10.1108/IJHMA-04-2023-0048/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Does urban tourism development impact urban housing prices?https://www.emerald.com/insight/content/doi/10.1108/IJHMA-04-2023-0054/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to investigate the relationship between tourism development and urban housing prices in Chinese cities. Specifically, the study aimed to explore whether there is a relationship between the two variables in tourist and non-tourist cities and whether there is a non-linear relationship between them. In this study, the entropy method was used to construct the China City Tourism Development Index, which provides a more comprehensive measure of the level of tourism development in different cities. In total, 45 major cities in China were studied using the panel data approach for the period of 2011 to 2019. The empirical analysis conducted for this study found that tourism development affects urban house prices, and that there is an inverted U-shaped relationship. However, this varies across cities, with house prices in tourist cities tending to be more influenced by tourism development than non-tourist cities. Also, foreign direct investment, population size, fixed asset investment and disposable income per capita were found to have an impact on house prices in both tourism and non-tourism cities. There are significant differences in tourism development and urban house prices in different cities in China. This study considers these differences when examining the impact of tourism on house prices in 45 major cities in China by dividing the sample cities into tourist and non-tourist cities.Does urban tourism development impact urban housing prices?
Shufeng Cong, Lee Chin, Abdul Rahim Abdul Samad
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to investigate the relationship between tourism development and urban housing prices in Chinese cities. Specifically, the study aimed to explore whether there is a relationship between the two variables in tourist and non-tourist cities and whether there is a non-linear relationship between them.

In this study, the entropy method was used to construct the China City Tourism Development Index, which provides a more comprehensive measure of the level of tourism development in different cities. In total, 45 major cities in China were studied using the panel data approach for the period of 2011 to 2019.

The empirical analysis conducted for this study found that tourism development affects urban house prices, and that there is an inverted U-shaped relationship. However, this varies across cities, with house prices in tourist cities tending to be more influenced by tourism development than non-tourist cities. Also, foreign direct investment, population size, fixed asset investment and disposable income per capita were found to have an impact on house prices in both tourism and non-tourism cities.

There are significant differences in tourism development and urban house prices in different cities in China. This study considers these differences when examining the impact of tourism on house prices in 45 major cities in China by dividing the sample cities into tourist and non-tourist cities.

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Does urban tourism development impact urban housing prices?10.1108/IJHMA-04-2023-0054International Journal of Housing Markets and Analysis2023-06-19© 2023 Emerald Publishing LimitedShufeng CongLee ChinAbdul Rahim Abdul SamadInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-06-1910.1108/IJHMA-04-2023-0054https://www.emerald.com/insight/content/doi/10.1108/IJHMA-04-2023-0054/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Impact of decentralized long-term rental apartments on the value of community housing--taking Tianjin, China, as an examplehttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-04-2023-0055/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to explore the impact of decentralized long-term rental apartments on the value of in-community housing from two perspectives of housing price and rent. This study uses the hedonic model to identify the factors affecting the housing value, and the influence of distributed long-rented apartments on the housing value in the community is analyzed from two aspects of housing price and rent by using the ordinary least square method and propensity score matching method. The primary finding indicates that decentralized long-term rental apartments increase housing prices while decreasing general rental housing rents in the community, with the average degree of increase ranging from 0.93% to 2.59% and the average degree of decrease ranging from 2.23% to 4.34%. According to additional research, the prices of houses within communities rise by 0.042% for every 1% increase in the share of decentralized long-term rentals, while the rents for other types of rental property fall by 0.162%. The government can regulate the housing market by regulating the access and layout of distributed long-rent apartments. The findings of this study indicate that the existence and share of distributed long-rent apartments have a heterogeneous impact on the housing price and rent in the community, respectively.Impact of decentralized long-term rental apartments on the value of community housing--taking Tianjin, China, as an example
Guangping Liu, Guo Zhang
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to explore the impact of decentralized long-term rental apartments on the value of in-community housing from two perspectives of housing price and rent.

This study uses the hedonic model to identify the factors affecting the housing value, and the influence of distributed long-rented apartments on the housing value in the community is analyzed from two aspects of housing price and rent by using the ordinary least square method and propensity score matching method.

The primary finding indicates that decentralized long-term rental apartments increase housing prices while decreasing general rental housing rents in the community, with the average degree of increase ranging from 0.93% to 2.59% and the average degree of decrease ranging from 2.23% to 4.34%. According to additional research, the prices of houses within communities rise by 0.042% for every 1% increase in the share of decentralized long-term rentals, while the rents for other types of rental property fall by 0.162%.

The government can regulate the housing market by regulating the access and layout of distributed long-rent apartments.

The findings of this study indicate that the existence and share of distributed long-rent apartments have a heterogeneous impact on the housing price and rent in the community, respectively.

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Impact of decentralized long-term rental apartments on the value of community housing--taking Tianjin, China, as an example10.1108/IJHMA-04-2023-0055International Journal of Housing Markets and Analysis2023-06-09© 2023 Emerald Publishing LimitedGuangping LiuGuo ZhangInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-06-0910.1108/IJHMA-04-2023-0055https://www.emerald.com/insight/content/doi/10.1108/IJHMA-04-2023-0055/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Impacts of monetary policy on housing prices in five emerging economies during the Covid-19 pandemichttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-04-2023-0057/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to examine the dynamic impacts of the COVID-19 pandemic and government policy on real house price indices in five emerging economies, namely, Brazil, China, Thailand, Turkey and South Africa. The authors use the local projection method with a panel data set of these countries spanning from January 2020 to July 2021. The number of COVID-19 confirmed positive cases raised housing prices, whereas government containment measures reduced them. Both conventional and unconventional monetary policy implemented by central banks to cope with the COVID-19 helped increase housing prices. These effects were strengthened by the US monetary policy via globalized financial markets. First, while previous researches typically concentrated on developed countries, the authors investigate emerging economies where proportionally more people were badly affected by the pandemic. Second, a panel data set of five emerging economies enabled the authors to examine the dynamic effects of the COVID-19 crisis on housing prices. Third, to the best of the authors’ knowledge, this is the first study evaluating the influences of easing monetary policy on housing prices in emerging economies during the pandemic.Impacts of monetary policy on housing prices in five emerging economies during the Covid-19 pandemic
Trung Ba Nguyen, Chon Van Le
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to examine the dynamic impacts of the COVID-19 pandemic and government policy on real house price indices in five emerging economies, namely, Brazil, China, Thailand, Turkey and South Africa.

The authors use the local projection method with a panel data set of these countries spanning from January 2020 to July 2021.

The number of COVID-19 confirmed positive cases raised housing prices, whereas government containment measures reduced them. Both conventional and unconventional monetary policy implemented by central banks to cope with the COVID-19 helped increase housing prices. These effects were strengthened by the US monetary policy via globalized financial markets.

First, while previous researches typically concentrated on developed countries, the authors investigate emerging economies where proportionally more people were badly affected by the pandemic. Second, a panel data set of five emerging economies enabled the authors to examine the dynamic effects of the COVID-19 crisis on housing prices. Third, to the best of the authors’ knowledge, this is the first study evaluating the influences of easing monetary policy on housing prices in emerging economies during the pandemic.

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Impacts of monetary policy on housing prices in five emerging economies during the Covid-19 pandemic10.1108/IJHMA-04-2023-0057International Journal of Housing Markets and Analysis2023-07-25© 2023 Emerald Publishing LimitedTrung Ba NguyenChon Van LeInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-07-2510.1108/IJHMA-04-2023-0057https://www.emerald.com/insight/content/doi/10.1108/IJHMA-04-2023-0057/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Modeling eco-friendly house purchasing intention: a combined study of PLS-SEM and fsQCA approacheshttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-04-2023-0059/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe urgency to address climate change and its devastating consequences has never been more pressing. As societies become increasingly aware of the detrimental impact of traditional housing on the planet, there is a growing demand for eco-friendly housing solutions that prioritize energy efficiency, resource conservation and reduced carbon emissions. Therefore, this study aims to investigate the factors that influence customers’ priority toward eco-friendly house purchasing intention. This study collected 386 data using a quantitative research strategy and purposive sampling method. This study uses a hybrid analysis technique using partial least squares structural equation modeling (PLS-SEM) and fuzzy-set qualitative comparative analysis (fsQCA) approaches to identify the influencing factors. The PLS-SEM analysis found that attitude toward the eco-friendly house, subjective norms, performance expectancy, environmental knowledge and environmental sensitivity have a positive influence on eco-friendly house purchasing intention. However, perceived behavioral control and willingness to pay were found to have insignificant effect on customers’ intention to purchase eco-friendly houses. The fsQCA results further revealed complex causal relationships between the influencing factors. This research will not only contribute to academic knowledge but also provide practical guidance to real estate developers, policymakers and individuals looking to make environmentally responsible choices. By understanding the factors that influence consumers’ intentions to purchase eco-friendly houses, we can pave the way for a more sustainable and resilient future. This study has used a hybrid analysis technique, combining PLS-SEM and fsQCA, to enhance the predictive accuracy of eco-friendly house purchase intentions among individuals residing in densely populated and highly polluted developing countries, such as Bangladesh.Modeling eco-friendly house purchasing intention: a combined study of PLS-SEM and fsQCA approaches
Razib Chandra Chanda, Ali Vafaei-Zadeh, Haniruzila Hanifah, Ramayah Thurasamy
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The urgency to address climate change and its devastating consequences has never been more pressing. As societies become increasingly aware of the detrimental impact of traditional housing on the planet, there is a growing demand for eco-friendly housing solutions that prioritize energy efficiency, resource conservation and reduced carbon emissions. Therefore, this study aims to investigate the factors that influence customers’ priority toward eco-friendly house purchasing intention.

This study collected 386 data using a quantitative research strategy and purposive sampling method. This study uses a hybrid analysis technique using partial least squares structural equation modeling (PLS-SEM) and fuzzy-set qualitative comparative analysis (fsQCA) approaches to identify the influencing factors.

The PLS-SEM analysis found that attitude toward the eco-friendly house, subjective norms, performance expectancy, environmental knowledge and environmental sensitivity have a positive influence on eco-friendly house purchasing intention. However, perceived behavioral control and willingness to pay were found to have insignificant effect on customers’ intention to purchase eco-friendly houses. The fsQCA results further revealed complex causal relationships between the influencing factors.

This research will not only contribute to academic knowledge but also provide practical guidance to real estate developers, policymakers and individuals looking to make environmentally responsible choices. By understanding the factors that influence consumers’ intentions to purchase eco-friendly houses, we can pave the way for a more sustainable and resilient future.

This study has used a hybrid analysis technique, combining PLS-SEM and fsQCA, to enhance the predictive accuracy of eco-friendly house purchase intentions among individuals residing in densely populated and highly polluted developing countries, such as Bangladesh.

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Modeling eco-friendly house purchasing intention: a combined study of PLS-SEM and fsQCA approaches10.1108/IJHMA-04-2023-0059International Journal of Housing Markets and Analysis2023-08-11© 2023 Emerald Publishing LimitedRazib Chandra ChandaAli Vafaei-ZadehHaniruzila HanifahRamayah ThurasamyInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-08-1110.1108/IJHMA-04-2023-0059https://www.emerald.com/insight/content/doi/10.1108/IJHMA-04-2023-0059/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Population modeling and housing demand prediction for the Saudi 2030 Vision: a case study of Riyadh Cityhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-05-2023-0062/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe Saudi 2030 Housing Program Vision aims to increase the population of Riyadh City, the capital of the Kingdom of Saudi Arabia, to between 15 and 20 million people. This paper aims to predict the demand for residential units in Riyadh City by 2030 in line with this vision. This paper adopts a statistical modeling approach to estimate the residential demands for Riyadh City. Several population growth models, including the nonlinear quadratic polynomial spline regression model, the sigmoidal logistic power model and the exponential model, are tested and applied to Riyadh to estimate the expected population in 2030. The growth model closest to the Kingdom’s goal of reaching between 15 and 20 million people in 2030 is selected, and the paper predicts the required number of residential units for the population obtained from the selected model. Desktop database research is conducted to obtain the data required for the modeling and analytical stage. The exponential model predicts a population of 16,476,470 in Riyadh City by 2030, and as a result, 2,636,235 household units are needed. This number of housing units required in Riyadh City exceeds the available residential units by almost 1,370,000, representing 108% of the available residential units in Riyadh in 2020. This study provides valuable insights into the demand for residential units in Riyadh City by 2030 in line with the Saudi 2030 Housing Program Vision, filling the gap in prior research. The findings suggest that significant efforts are required to meet the housing demand in Riyadh City by 2030, and policymakers and stakeholders need to take appropriate measures to address this issue.Population modeling and housing demand prediction for the Saudi 2030 Vision: a case study of Riyadh City
Mohammed A.M. Alhefnawi, Umar Lawal Dano, Abdulrahman M. Alshaikh, Gamal Abd Elghany, Abed A. Almusallam, Sivakumar Paraman
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The Saudi 2030 Housing Program Vision aims to increase the population of Riyadh City, the capital of the Kingdom of Saudi Arabia, to between 15 and 20 million people. This paper aims to predict the demand for residential units in Riyadh City by 2030 in line with this vision.

This paper adopts a statistical modeling approach to estimate the residential demands for Riyadh City. Several population growth models, including the nonlinear quadratic polynomial spline regression model, the sigmoidal logistic power model and the exponential model, are tested and applied to Riyadh to estimate the expected population in 2030. The growth model closest to the Kingdom’s goal of reaching between 15 and 20 million people in 2030 is selected, and the paper predicts the required number of residential units for the population obtained from the selected model. Desktop database research is conducted to obtain the data required for the modeling and analytical stage.

The exponential model predicts a population of 16,476,470 in Riyadh City by 2030, and as a result, 2,636,235 household units are needed. This number of housing units required in Riyadh City exceeds the available residential units by almost 1,370,000, representing 108% of the available residential units in Riyadh in 2020.

This study provides valuable insights into the demand for residential units in Riyadh City by 2030 in line with the Saudi 2030 Housing Program Vision, filling the gap in prior research. The findings suggest that significant efforts are required to meet the housing demand in Riyadh City by 2030, and policymakers and stakeholders need to take appropriate measures to address this issue.

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Population modeling and housing demand prediction for the Saudi 2030 Vision: a case study of Riyadh City10.1108/IJHMA-05-2023-0062International Journal of Housing Markets and Analysis2023-06-14© 2023 Emerald Publishing LimitedMohammed A.M. AlhefnawiUmar Lawal DanoAbdulrahman M. AlshaikhGamal Abd ElghanyAbed A. AlmusallamSivakumar ParamanInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-06-1410.1108/IJHMA-05-2023-0062https://www.emerald.com/insight/content/doi/10.1108/IJHMA-05-2023-0062/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The effect of school quality on house prices in the global south: evidence from South Africahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-05-2023-0066/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to investigate the effects of school quality (SQ) on residential property prices in Johannesburg, South Africa. Previous studies have empirically examined the quality of private and public schools without a standard proxy that is accepted in the literature. As a result, this paper extends the literature to the global south by the effect that SQ has on residential property price changes in the local markets of the City of Johannesburg. The research adopts the hedonic pricing model to evaluate and quantify the impact that the structural attributes such as erf size; number of bedrooms and bathrooms; and SQ measured by pass rates, sport rankings and quality of facilities have on house prices. A total of 2,763 property transactions covering the Kensington and Observatory areas of the City of Johannesburg over the period 2010 and 2020 were obtained from the deeds registry and used for the empirical analysis. The study finds that SQ has a positive impact on house prices. When the average pass rate of the model school increases by 1%, all other things being equal, house prices also increase by 1.8%. This suggests that people who live closer to the model school are willing to pay more when the school performance improves. The 1.8% premium this study attributes to a 1% increase in school performance is however generally low when compared to some findings in the literature suggesting that there may be some other important factors that households consider when purchasing their home. The main contribution is uncovering the relationship between the SQ and residential property prices in the local markets, using Kensington and Observatory in Johannesburg as sampled areas. Due to the presence of reliable and quality of data sets, such studies are not many in the global south and a study of this nature in South Africa is notably not existing in the literature.The effect of school quality on house prices in the global south: evidence from South Africa
Anthony Owusu-Ansah, Samuel Azasu, William Seremi Thantsha
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to investigate the effects of school quality (SQ) on residential property prices in Johannesburg, South Africa. Previous studies have empirically examined the quality of private and public schools without a standard proxy that is accepted in the literature. As a result, this paper extends the literature to the global south by the effect that SQ has on residential property price changes in the local markets of the City of Johannesburg.

The research adopts the hedonic pricing model to evaluate and quantify the impact that the structural attributes such as erf size; number of bedrooms and bathrooms; and SQ measured by pass rates, sport rankings and quality of facilities have on house prices. A total of 2,763 property transactions covering the Kensington and Observatory areas of the City of Johannesburg over the period 2010 and 2020 were obtained from the deeds registry and used for the empirical analysis.

The study finds that SQ has a positive impact on house prices. When the average pass rate of the model school increases by 1%, all other things being equal, house prices also increase by 1.8%. This suggests that people who live closer to the model school are willing to pay more when the school performance improves. The 1.8% premium this study attributes to a 1% increase in school performance is however generally low when compared to some findings in the literature suggesting that there may be some other important factors that households consider when purchasing their home.

The main contribution is uncovering the relationship between the SQ and residential property prices in the local markets, using Kensington and Observatory in Johannesburg as sampled areas. Due to the presence of reliable and quality of data sets, such studies are not many in the global south and a study of this nature in South Africa is notably not existing in the literature.

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The effect of school quality on house prices in the global south: evidence from South Africa10.1108/IJHMA-05-2023-0066International Journal of Housing Markets and Analysis2023-08-02© 2023 Emerald Publishing LimitedAnthony Owusu-AnsahSamuel AzasuWilliam Seremi ThantshaInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-08-0210.1108/IJHMA-05-2023-0066https://www.emerald.com/insight/content/doi/10.1108/IJHMA-05-2023-0066/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Determinants of housing affordability in the USAhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-05-2023-0071/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to identify the determinants of housing affordability in an effort to inform policy. The authors use econometric analysis to determine variables that impact housing affordability in the USA. The authors find that affordability depends on a number of demographic factors as well as physical characteristics of properties, including average age of homeowner, family size and average dwelling square footage. The authors also find that vacancy rates, increase in house price and median family income also have a significant impact on housing affordability. Additionally, the authors find that households with high-cost burdens are more vulnerable to mortgage rates and property taxes than those with moderate-cost burdens. As a result, changes in economic or policy variables tend to have a disproportionate impact on high-cost-burdened households, and they are more vulnerable to economic and policy shocks. To date, the literature has not done a systematic investigation of housing affordability using detailed census data.Determinants of housing affordability in the USA
Javed Iqbal, Jeff Brdedthauer, Christopher S. Decker
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to identify the determinants of housing affordability in an effort to inform policy.

The authors use econometric analysis to determine variables that impact housing affordability in the USA.

The authors find that affordability depends on a number of demographic factors as well as physical characteristics of properties, including average age of homeowner, family size and average dwelling square footage. The authors also find that vacancy rates, increase in house price and median family income also have a significant impact on housing affordability. Additionally, the authors find that households with high-cost burdens are more vulnerable to mortgage rates and property taxes than those with moderate-cost burdens. As a result, changes in economic or policy variables tend to have a disproportionate impact on high-cost-burdened households, and they are more vulnerable to economic and policy shocks.

To date, the literature has not done a systematic investigation of housing affordability using detailed census data.

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Determinants of housing affordability in the USA10.1108/IJHMA-05-2023-0071International Journal of Housing Markets and Analysis2023-08-23© 2023 Emerald Publishing LimitedJaved IqbalJeff BrdedthauerChristopher S. DeckerInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-08-2310.1108/IJHMA-05-2023-0071https://www.emerald.com/insight/content/doi/10.1108/IJHMA-05-2023-0071/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Incremental population density improvement via missing middle housing under density-based and form-based zoning ordinanceshttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-06-2023-0074/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of the study is to observe the feasibility of missing middle housing’s (MMH) realization under density-based zoning, form-based zoning and a combination of both while simultaneously providing affordable housing, improving quality of life and making efficient use of land. This study takes a theorist approach and designs three hypothetical cottage court projects that comply with all relevant official local zoning ordinances to showcase design feasibility, followed by an analytical component in the form of a financial model constructed using official local economic and demographic conditions. MMH, and in particular cottage clusters, can be implemented under rigorous density-based, form-based and hybrid (density-based + form-based) zoning ordinances and provide affordable housing (Atlanta, GA), improve quality of life (Blackpool, UK) and make efficient use of land (Jinan, China). All hypothetical projects are financially feasible under reasonable conditions. To the best of the author’s knowledge, this paper is the first in the body of knowledge to discuss how the MMH can be integrated into urban density-based zoning rather than converting density-based zoning into form-based so that the MMH can fit. The paper also takes a cross-national perspective and discusses the feasibility of MMH in the resolution of housing issues in the USA, China and the UK. The study also concludes that the issue of housing unaffordability in the UK was caused by high construction cost relative to median income.Incremental population density improvement via missing middle housing under density-based and form-based zoning ordinances
Xingrui Zhang, Eunhwa Yang, Liming Huang, Yunpeng Wang
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of the study is to observe the feasibility of missing middle housing’s (MMH) realization under density-based zoning, form-based zoning and a combination of both while simultaneously providing affordable housing, improving quality of life and making efficient use of land.

This study takes a theorist approach and designs three hypothetical cottage court projects that comply with all relevant official local zoning ordinances to showcase design feasibility, followed by an analytical component in the form of a financial model constructed using official local economic and demographic conditions.

MMH, and in particular cottage clusters, can be implemented under rigorous density-based, form-based and hybrid (density-based + form-based) zoning ordinances and provide affordable housing (Atlanta, GA), improve quality of life (Blackpool, UK) and make efficient use of land (Jinan, China). All hypothetical projects are financially feasible under reasonable conditions.

To the best of the author’s knowledge, this paper is the first in the body of knowledge to discuss how the MMH can be integrated into urban density-based zoning rather than converting density-based zoning into form-based so that the MMH can fit. The paper also takes a cross-national perspective and discusses the feasibility of MMH in the resolution of housing issues in the USA, China and the UK. The study also concludes that the issue of housing unaffordability in the UK was caused by high construction cost relative to median income.

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Incremental population density improvement via missing middle housing under density-based and form-based zoning ordinances10.1108/IJHMA-06-2023-0074International Journal of Housing Markets and Analysis2023-08-07© 2023 Emerald Publishing LimitedXingrui ZhangEunhwa YangLiming HuangYunpeng WangInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-08-0710.1108/IJHMA-06-2023-0074https://www.emerald.com/insight/content/doi/10.1108/IJHMA-06-2023-0074/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Marital house and marriage: evidence from micro-level datahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-06-2023-0079/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIn China, having a home before getting married is viewed as being a crucial indicator of the sincerity of romance. Despite recent increases in housing costs, men who have their homes ready for marriage stand out in the marriage market. This study aims to explore the association between readiness to marry, marriage age and the home that men purchase prior to marriage using the China Labor-force Dynamics Survey, the first countrywide follow-up survey with the theme of labor force. The authors suggest new standards for determining the marital residence. In addition, contrary to the existing literature, which focuses on “Sheng Nu” (women who do not marry by the traditional marriage age in China), the authors focus on “Sheng Nan” (men who do not marry by the traditional marriage age in China). The results show that men who own a house before marriage are reluctant to get married. The authors document robust evidence that the preexistence of the marital house decreases the willingness to marry and postpones the marriage date, regardless of location and time. The authors document robust evidence that the preexistence of the marital house decreases the willingness to marry and postpones the marriage date, regardless of location and time.Marital house and marriage: evidence from micro-level data
XiaoJun Yuan, Aslihan Gizem Korkmaz, Haigang Zhou
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

In China, having a home before getting married is viewed as being a crucial indicator of the sincerity of romance. Despite recent increases in housing costs, men who have their homes ready for marriage stand out in the marriage market. This study aims to explore the association between readiness to marry, marriage age and the home that men purchase prior to marriage using the China Labor-force Dynamics Survey, the first countrywide follow-up survey with the theme of labor force.

The authors suggest new standards for determining the marital residence. In addition, contrary to the existing literature, which focuses on “Sheng Nu” (women who do not marry by the traditional marriage age in China), the authors focus on “Sheng Nan” (men who do not marry by the traditional marriage age in China).

The results show that men who own a house before marriage are reluctant to get married. The authors document robust evidence that the preexistence of the marital house decreases the willingness to marry and postpones the marriage date, regardless of location and time.

The authors document robust evidence that the preexistence of the marital house decreases the willingness to marry and postpones the marriage date, regardless of location and time.

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Marital house and marriage: evidence from micro-level data10.1108/IJHMA-06-2023-0079International Journal of Housing Markets and Analysis2023-10-05© 2023 Emerald Publishing LimitedXiaoJun YuanAslihan Gizem KorkmazHaigang ZhouInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-10-0510.1108/IJHMA-06-2023-0079https://www.emerald.com/insight/content/doi/10.1108/IJHMA-06-2023-0079/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Determinants of apartment price volatility in Vietnam: a comparison between Hanoi and Ho Chi Minh Cityhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-06-2023-0081/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to explore factors influencing apartment price volatility in the two biggest cities in Vietnam, Hanoi and Ho Chi Minh City. The study uses the supply and demand approach and provides a literature review of previous studies to develop four main hypotheses using four determinants of apartment price volatility in Vietnam: gross domestic product (GDP), inflation rate, lending interest rate and construction cost. Subsequently, the Vector Error Correction Model (VECM) is used to analyze a monthly data sample of 117. The research highlights the important role of construction costs in apartment price volatility in the two largest cities. Moreover, there are significant differences in how all four determinants affect apartment price volatility in the two cities. In addition, there is a long-run relationship between the determinants and apartment price volatility in both Hanoi and Ho Chi Minh City. Limitations related to data transparency of the real estate industry in Vietnam lead to three main limitations of this paper, including: this paper only collects a sample of 117 valid monthly observations; apartment price volatility is calculated by changes in the apartment price index instead of apartment price standard deviation; and this paper is limited by only four determinants, those being GDP, inflation rate, lending interest rate and construction cost. The study provides evidence of differences in how the above determinants affect apartment price volatility in Hanoi and Ho Chi Minh City, which helps investors and policymakers to make informed decisions relating to the real estate market in the two biggest cities in Vietnam. This paper makes several recommendations to policymakers and investors in Vietnam to ensure a stable real estate market, contributing to the stability of the national economy. This paper provides a new approach using VECM to analyze both long-run and short-run relationships between macroeconomic and sectoral independent variables and apartment price volatility in the two biggest cities in Vietnam.Determinants of apartment price volatility in Vietnam: a comparison between Hanoi and Ho Chi Minh City
Nhung Thi Nguyen, Lan Hoang Mai Nguyen, Quyen Do, Linh Khanh Luu
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to explore factors influencing apartment price volatility in the two biggest cities in Vietnam, Hanoi and Ho Chi Minh City.

The study uses the supply and demand approach and provides a literature review of previous studies to develop four main hypotheses using four determinants of apartment price volatility in Vietnam: gross domestic product (GDP), inflation rate, lending interest rate and construction cost. Subsequently, the Vector Error Correction Model (VECM) is used to analyze a monthly data sample of 117.

The research highlights the important role of construction costs in apartment price volatility in the two largest cities. Moreover, there are significant differences in how all four determinants affect apartment price volatility in the two cities. In addition, there is a long-run relationship between the determinants and apartment price volatility in both Hanoi and Ho Chi Minh City.

Limitations related to data transparency of the real estate industry in Vietnam lead to three main limitations of this paper, including: this paper only collects a sample of 117 valid monthly observations; apartment price volatility is calculated by changes in the apartment price index instead of apartment price standard deviation; and this paper is limited by only four determinants, those being GDP, inflation rate, lending interest rate and construction cost.

The study provides evidence of differences in how the above determinants affect apartment price volatility in Hanoi and Ho Chi Minh City, which helps investors and policymakers to make informed decisions relating to the real estate market in the two biggest cities in Vietnam.

This paper makes several recommendations to policymakers and investors in Vietnam to ensure a stable real estate market, contributing to the stability of the national economy.

This paper provides a new approach using VECM to analyze both long-run and short-run relationships between macroeconomic and sectoral independent variables and apartment price volatility in the two biggest cities in Vietnam.

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Determinants of apartment price volatility in Vietnam: a comparison between Hanoi and Ho Chi Minh City10.1108/IJHMA-06-2023-0081International Journal of Housing Markets and Analysis2023-09-19© 2023 Emerald Publishing LimitedNhung Thi NguyenLan Hoang Mai NguyenQuyen DoLinh Khanh LuuInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-09-1910.1108/IJHMA-06-2023-0081https://www.emerald.com/insight/content/doi/10.1108/IJHMA-06-2023-0081/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Technology as an enabler for securing tenure rights for the slum dwellershttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-06-2023-0083/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestAchieving tenure security is a global challenge impacting cities of the global south. The purpose of this paper is to evaluate the role of technology-enabled solutions as an enabler for the tenure rights of slum dwellers. In this paper, we adopted a case study approach to analyze the use cases for technologies aiding India’s securitization of land tenure. The flagship state mission of Odisha, named the Jaga Mission, and that of Punjab, named BASERA – the Chief Minister’s Slum Development Program – were used as cases for this paper. It was found that technologies like drone imagery and digital surveys fast-tracked the data collection and helped in mapping the slums with accuracy, mitigating human errors arising during measurement – a necessary condition for ensuring de jure tenure security. The adoption of a technology-based solution, along with a suitable policy and legal framework, has helped in the distribution of secure land titles to the slum dwellers in these states. Odisha’s and Punjab’s journey in using technology to enable tenure security for its urban poor residents can serve as a model for the cities of the global south, dealing with the challenges of providing secure tenure and property rights.Technology as an enabler for securing tenure rights for the slum dwellers
Anindita Mukherjee, Ashish Gupta, Piyush Tiwari, Baisakhi Sarkar Dhar
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Achieving tenure security is a global challenge impacting cities of the global south. The purpose of this paper is to evaluate the role of technology-enabled solutions as an enabler for the tenure rights of slum dwellers.

In this paper, we adopted a case study approach to analyze the use cases for technologies aiding India’s securitization of land tenure. The flagship state mission of Odisha, named the Jaga Mission, and that of Punjab, named BASERA – the Chief Minister’s Slum Development Program – were used as cases for this paper.

It was found that technologies like drone imagery and digital surveys fast-tracked the data collection and helped in mapping the slums with accuracy, mitigating human errors arising during measurement – a necessary condition for ensuring de jure tenure security. The adoption of a technology-based solution, along with a suitable policy and legal framework, has helped in the distribution of secure land titles to the slum dwellers in these states.

Odisha’s and Punjab’s journey in using technology to enable tenure security for its urban poor residents can serve as a model for the cities of the global south, dealing with the challenges of providing secure tenure and property rights.

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Technology as an enabler for securing tenure rights for the slum dwellers10.1108/IJHMA-06-2023-0083International Journal of Housing Markets and Analysis2023-10-18© 2023 Emerald Publishing LimitedAnindita MukherjeeAshish GuptaPiyush TiwariBaisakhi Sarkar DharInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-10-1810.1108/IJHMA-06-2023-0083https://www.emerald.com/insight/content/doi/10.1108/IJHMA-06-2023-0083/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Observation of relationship between housing value and the number of building permits in the United States using time series methodhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-06-2023-0085/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestHousing market is predominantly driven by supply and demand, and the measurement of housing supply plays a crucial role in understanding market dynamics. One such measure is the number of building permits (BPs) issued. Despite the importance of BPs as an economic indicator, direct links have yet to be drawn between BP and housing value index (HVI). The purpose of this paper is to establish links between HVI and BP. Trials were conducted using data at the national, state and metropolitan statistical area (MSA) levels. For each trial, the Granger causality test was used first to identify causal relationships between HVI and BP. Subsequently, the vector autoregression model was implemented in an attempt to observe impulse–response relationships and to create a forecast for HVI. Bidirectional causal relationships were observed between HVI and BP at the national, state and MSA levels. The number of issued BPs proves to be an indicator for HVI. Impulse response functions indicate that HVI responds negatively to an increase in BP in the short term of 4–7 months but positively to an increase in BP with a lag of 10–12 months. To the best of the authors’ knowledge, this paper is the first in the body of knowledge that establishes the number of issued BPs as an indicator for housing value. The results drawn using impulse–response function are also novel and had not been observed in previous studies.Observation of relationship between housing value and the number of building permits in the United States using time series method
Xingrui Zhang, Eunhwa Yang
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Housing market is predominantly driven by supply and demand, and the measurement of housing supply plays a crucial role in understanding market dynamics. One such measure is the number of building permits (BPs) issued. Despite the importance of BPs as an economic indicator, direct links have yet to be drawn between BP and housing value index (HVI). The purpose of this paper is to establish links between HVI and BP.

Trials were conducted using data at the national, state and metropolitan statistical area (MSA) levels. For each trial, the Granger causality test was used first to identify causal relationships between HVI and BP. Subsequently, the vector autoregression model was implemented in an attempt to observe impulse–response relationships and to create a forecast for HVI.

Bidirectional causal relationships were observed between HVI and BP at the national, state and MSA levels. The number of issued BPs proves to be an indicator for HVI. Impulse response functions indicate that HVI responds negatively to an increase in BP in the short term of 4–7 months but positively to an increase in BP with a lag of 10–12 months.

To the best of the authors’ knowledge, this paper is the first in the body of knowledge that establishes the number of issued BPs as an indicator for housing value. The results drawn using impulse–response function are also novel and had not been observed in previous studies.

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Observation of relationship between housing value and the number of building permits in the United States using time series method10.1108/IJHMA-06-2023-0085International Journal of Housing Markets and Analysis2023-08-10© 2023 Emerald Publishing LimitedXingrui ZhangEunhwa YangInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-08-1010.1108/IJHMA-06-2023-0085https://www.emerald.com/insight/content/doi/10.1108/IJHMA-06-2023-0085/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Housing supply and development contributions: a case study of sidewalks in Seattlehttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-07-2023-0090/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to test the effect of Seattle’s discontinuous sidewalk requirement, on the number of housing units per construction permit. This study uses discontinuity linear regression (DLR) on a database of Seattle’s housing construction permits during January-2015 to January-2018, controlled by 51 socioeconomic, planning and geographic variables. The sidewalk requirement is continuous inside the designated urban villages; however, it is spatially and quantitatively discontinuous in the rest of the city: certain blocks at certain locations require sidewalks’ design and construction in permits with six or more housing units. DLR detects the effect of the discontinuity while controlling for a vast array of confounding variables. The primary finding is that the discontinuous requirement reduces the number of housing units in about 75% of a housing unit per permit, which at the aggregate level amounts to around 335 fewer housing units during the period of analysis. The database is relatively small, which has limited a more thorough specification process and robustness tests. Besides directly testing the effect of a discontinuous in-kind development contribution, the research setup allows to discuss a wider, more structural problem: the possibility of contributions avoidance due to spatial substitution. In contrast, spatially continuous (i.e. city-level) contributions cannot be avoided by performing spatial substitution, and they are internalized by the housing supply side (market-neutral).Housing supply and development contributions: a case study of sidewalks in Seattle
Nestor Garza, Michael Goldman
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to test the effect of Seattle’s discontinuous sidewalk requirement, on the number of housing units per construction permit.

This study uses discontinuity linear regression (DLR) on a database of Seattle’s housing construction permits during January-2015 to January-2018, controlled by 51 socioeconomic, planning and geographic variables. The sidewalk requirement is continuous inside the designated urban villages; however, it is spatially and quantitatively discontinuous in the rest of the city: certain blocks at certain locations require sidewalks’ design and construction in permits with six or more housing units. DLR detects the effect of the discontinuity while controlling for a vast array of confounding variables.

The primary finding is that the discontinuous requirement reduces the number of housing units in about 75% of a housing unit per permit, which at the aggregate level amounts to around 335 fewer housing units during the period of analysis.

The database is relatively small, which has limited a more thorough specification process and robustness tests.

Besides directly testing the effect of a discontinuous in-kind development contribution, the research setup allows to discuss a wider, more structural problem: the possibility of contributions avoidance due to spatial substitution. In contrast, spatially continuous (i.e. city-level) contributions cannot be avoided by performing spatial substitution, and they are internalized by the housing supply side (market-neutral).

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Housing supply and development contributions: a case study of sidewalks in Seattle10.1108/IJHMA-07-2023-0090International Journal of Housing Markets and Analysis2023-10-03© 2023 Emerald Publishing LimitedNestor GarzaMichael GoldmanInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-10-0310.1108/IJHMA-07-2023-0090https://www.emerald.com/insight/content/doi/10.1108/IJHMA-07-2023-0090/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Drivers of Nigeria’s real house prices: long-run analysis and short-run dynamicshttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-07-2023-0093/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to assess the long-run and short-run drivers of real house prices in Nigeria from 1991Q1 to 2020Q4. Vector autoregression and cointegration tests were used to assess the key drivers of Nigeria’s real house prices in the long run and short run. The empirical findings revealed that household disposable income is the most important determinant of house prices in Nigeria. House prices increased by 1.6% and 60.8% in response to a 1% increase in disposable income in the long run and short run, respectively, while real mortgage credits pushed up house prices by 5% and have no long-run effects, suggesting that most Nigerians depend on their money income rather than credits in securing a home. In addition, prices of oil sector products and real interest rates had negative and significant relationship with house prices, while positive correlations were found for real effective exchange rate and real housing investments regardless of the time horizon. The impact of construction costs and cement prices was also documented. This is likely a pioneering study of its kind to focus on the determinants of real house prices in Nigeria. It is probably the first study, the best of the author’s knowledge, to empirically examine the impact of the oil sector on house prices in the country.Drivers of Nigeria’s real house prices: long-run analysis and short-run dynamics
Paul Chinedu Okey
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this paper is to assess the long-run and short-run drivers of real house prices in Nigeria from 1991Q1 to 2020Q4.

Vector autoregression and cointegration tests were used to assess the key drivers of Nigeria’s real house prices in the long run and short run.

The empirical findings revealed that household disposable income is the most important determinant of house prices in Nigeria. House prices increased by 1.6% and 60.8% in response to a 1% increase in disposable income in the long run and short run, respectively, while real mortgage credits pushed up house prices by 5% and have no long-run effects, suggesting that most Nigerians depend on their money income rather than credits in securing a home. In addition, prices of oil sector products and real interest rates had negative and significant relationship with house prices, while positive correlations were found for real effective exchange rate and real housing investments regardless of the time horizon. The impact of construction costs and cement prices was also documented.

This is likely a pioneering study of its kind to focus on the determinants of real house prices in Nigeria. It is probably the first study, the best of the author’s knowledge, to empirically examine the impact of the oil sector on house prices in the country.

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Drivers of Nigeria’s real house prices: long-run analysis and short-run dynamics10.1108/IJHMA-07-2023-0093International Journal of Housing Markets and Analysis2023-09-15© 2023 Emerald Publishing LimitedPaul Chinedu OkeyInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-09-1510.1108/IJHMA-07-2023-0093https://www.emerald.com/insight/content/doi/10.1108/IJHMA-07-2023-0093/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Macro-economic indicators and housing price index in Spain: fresh evidence from FMOLS and DOLShttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-07-2023-0094/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to determine how changes in macroeconomic indicators and the housing prices index (HPI) are related. These factors can cause short-term and long-term changes in the housing market in Spain. The study used cointegrating regression, fully modified ordinary least squares and dynamic ordinary least squares methodologies. The models are trained using quarterly time series data for these parameters from 2010 to 2022. A comprehensive examination is conducted to explore the relationship between macroeconomic issues and fluctuations in the HPI. The results indicate statistically significant short-run effects (p < 0.05) of economic growth, inflation, Spanish stock indices, foreign trade and the interest rate on HPI. The inflation variables, Spain’s stock indices, interest rate and monetary rate, have statistically significant long-run effects (p < 0.05) on HPI. The exchange rate, unemployment and money supply have no substantial impact on HPI in Spain. The study’s findings significantly contribute to increased information concerning the level of investing activity in the Spanish housing sector. After conducting an in-depth study of both the long-run and short-run connections with HPI, the study proved to be highly effective in formulating appropriate policies.Macro-economic indicators and housing price index in Spain: fresh evidence from FMOLS and DOLS
Ali Raza, Laiba Asif, Turgut Türsoy, Mehdi Seraj, Gül Erkol Bayram
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to determine how changes in macroeconomic indicators and the housing prices index (HPI) are related. These factors can cause short-term and long-term changes in the housing market in Spain.

The study used cointegrating regression, fully modified ordinary least squares and dynamic ordinary least squares methodologies. The models are trained using quarterly time series data for these parameters from 2010 to 2022. A comprehensive examination is conducted to explore the relationship between macroeconomic issues and fluctuations in the HPI.

The results indicate statistically significant short-run effects (p < 0.05) of economic growth, inflation, Spanish stock indices, foreign trade and the interest rate on HPI. The inflation variables, Spain’s stock indices, interest rate and monetary rate, have statistically significant long-run effects (p < 0.05) on HPI. The exchange rate, unemployment and money supply have no substantial impact on HPI in Spain.

The study’s findings significantly contribute to increased information concerning the level of investing activity in the Spanish housing sector. After conducting an in-depth study of both the long-run and short-run connections with HPI, the study proved to be highly effective in formulating appropriate policies.

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Macro-economic indicators and housing price index in Spain: fresh evidence from FMOLS and DOLS10.1108/IJHMA-07-2023-0094International Journal of Housing Markets and Analysis2023-09-20© 2023 Emerald Publishing LimitedAli RazaLaiba AsifTurgut TürsoyMehdi SerajGül Erkol BayramInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-09-2010.1108/IJHMA-07-2023-0094https://www.emerald.com/insight/content/doi/10.1108/IJHMA-07-2023-0094/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
How the single-family residence housing market capitalizes green property upgraded features: evidence from city of Austinhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-07-2023-0095/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestBy comparing regression models, this study aims to analyze the added home value of green sustainability features and green efficiency characteristics, rather than green certifications, in the city of Austin. The adoption of home green energy efficiency upgrades has emerged as a new trend in the real estate industry, offering several benefits to builders and home buyers. These include tax reductions, health improvements and energy savings. Previous studies have shown that energy-certified single-family homes command a premium in the marketplace. However, the literature is limited in its analysis of the effects of green upgrades and certification on different types of single-family homes. To address this gap, this research collected data from 21,292 multiple listing services (MLS) closed home-selling listings in Austin, Texas, over a period of 35 months. The analysis results showed that green efficiency features could generally increase single-family housing prices by 11.9%, whereas green sustainability upgrades can potentially bring a 11.7% higher selling price. Although green housing certification did not have significant effects on most housing groups, it did increase closing prices by 13.2% for single-family residences sold at the medium price range, which is higher than the impacts from simply listing the green features on MLS. The study contributes to the body of knowledge by examining the market value of broadly defined energy efficiency and sustainability features in the residential housing market. The findings can help policymakers, brokerage firms, home builders and owners adjust their policies and strategies related to single-family home sales and mortgage approvals. The research also highlights the potential benefits of capitalizing on green housing features other than certifications.How the single-family residence housing market capitalizes green property upgraded features: evidence from city of Austin
Junfeng Jiao, Xiaohan Wu, Yefu Chen, Arya Farahi
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

By comparing regression models, this study aims to analyze the added home value of green sustainability features and green efficiency characteristics, rather than green certifications, in the city of Austin.

The adoption of home green energy efficiency upgrades has emerged as a new trend in the real estate industry, offering several benefits to builders and home buyers. These include tax reductions, health improvements and energy savings. Previous studies have shown that energy-certified single-family homes command a premium in the marketplace. However, the literature is limited in its analysis of the effects of green upgrades and certification on different types of single-family homes. To address this gap, this research collected data from 21,292 multiple listing services (MLS) closed home-selling listings in Austin, Texas, over a period of 35 months.

The analysis results showed that green efficiency features could generally increase single-family housing prices by 11.9%, whereas green sustainability upgrades can potentially bring a 11.7% higher selling price. Although green housing certification did not have significant effects on most housing groups, it did increase closing prices by 13.2% for single-family residences sold at the medium price range, which is higher than the impacts from simply listing the green features on MLS.

The study contributes to the body of knowledge by examining the market value of broadly defined energy efficiency and sustainability features in the residential housing market. The findings can help policymakers, brokerage firms, home builders and owners adjust their policies and strategies related to single-family home sales and mortgage approvals. The research also highlights the potential benefits of capitalizing on green housing features other than certifications.

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How the single-family residence housing market capitalizes green property upgraded features: evidence from city of Austin10.1108/IJHMA-07-2023-0095International Journal of Housing Markets and Analysis2023-10-30© 2023 Emerald Publishing LimitedJunfeng JiaoXiaohan WuYefu ChenArya FarahiInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-10-3010.1108/IJHMA-07-2023-0095https://www.emerald.com/insight/content/doi/10.1108/IJHMA-07-2023-0095/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Time series observation of relationship between United States private residential construction spending and its indicatorshttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-07-2023-0096/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestPrivate residential construction spending (PRRESCON) is an important indicator for assessing housing supply/demand and economic strength. Currently, there are no comprehensive studies on PRRESCON forecasting. This study aims to address the gap in knowledge by conducting a comprehensive exploration of indicators for PRRESCON using time series methods. Granger causality test trials were conducted between PRRESCON and all of its potential indicators before the vector autoregression model was implemented. Extensive effort was exerted toward model interpretation in the form of impulse–response functions. Impulse–response functions indicated that the escalation of labor supply, material/construction costs and issued building permits at any given time consistently had a positive impact on PRRESCON 10–11 months later, with a 95% confidence interval. Conversely, the unemployment rate and housing value escalations at any given time were found to have a negative impact on PRRESCON 10–11 months later in more than 95% of the instances. Furthermore, material/construction cost escalations at any given time were shown to have a negative impact on PRRESCON 7 months later in more than 95% of the instances. Current forecasting literature on construction spending focuses exclusively on the parameter’s relationship with gross domestic product and the architectural billing index. This study reveals many additional indicators, many of which are directly related to the implementation of housing development projects. The paper is also the first in the body of forecasting literature, to the best of the authors’ knowledge, to conduct impulse–response analysis on residential construction spending.Time series observation of relationship between United States private residential construction spending and its indicators
Xingrui Zhang, Eunhwa Yang, Yunpeng Wang
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Private residential construction spending (PRRESCON) is an important indicator for assessing housing supply/demand and economic strength. Currently, there are no comprehensive studies on PRRESCON forecasting. This study aims to address the gap in knowledge by conducting a comprehensive exploration of indicators for PRRESCON using time series methods.

Granger causality test trials were conducted between PRRESCON and all of its potential indicators before the vector autoregression model was implemented. Extensive effort was exerted toward model interpretation in the form of impulse–response functions.

Impulse–response functions indicated that the escalation of labor supply, material/construction costs and issued building permits at any given time consistently had a positive impact on PRRESCON 10–11 months later, with a 95% confidence interval. Conversely, the unemployment rate and housing value escalations at any given time were found to have a negative impact on PRRESCON 10–11 months later in more than 95% of the instances. Furthermore, material/construction cost escalations at any given time were shown to have a negative impact on PRRESCON 7 months later in more than 95% of the instances.

Current forecasting literature on construction spending focuses exclusively on the parameter’s relationship with gross domestic product and the architectural billing index. This study reveals many additional indicators, many of which are directly related to the implementation of housing development projects. The paper is also the first in the body of forecasting literature, to the best of the authors’ knowledge, to conduct impulse–response analysis on residential construction spending.

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Time series observation of relationship between United States private residential construction spending and its indicators10.1108/IJHMA-07-2023-0096International Journal of Housing Markets and Analysis2023-09-29© 2023 Emerald Publishing LimitedXingrui ZhangEunhwa YangYunpeng WangInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-09-2910.1108/IJHMA-07-2023-0096https://www.emerald.com/insight/content/doi/10.1108/IJHMA-07-2023-0096/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Am I being abandoned? The value of retirement homes in Malaysian societyhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-07-2023-0100/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe world population over the age of 60 is expected to increase from 900 million in 2015 to two billion by 2050. Retirement homes have emerged as a prominent housing alternative and become a trend for the older adults; however, older population in Malaysia could have a negative view of retirement homes. Different generations could have different perceptions of the value of retirement homes. This study aims to explore the value of retirement homes across diverse age cohorts in Malaysia. A qualitative approach is adopted for this study. Thematic analysis is used to analyse the interview transcripts obtained from semi-structured interviews. The results indicated that baby boomers tend to have more negative values towards retirement homes, whereas Generations X and Y demonstrated more favourable and positive values for retirement homes. This study serves as a useful reference for housing developers, policymakers and the management of retirement homes to better understand how different age cohorts value retirement homes, thereby encouraging relevant housing strategies to enhance the quality and support systems of retirement homes in society.Am I being abandoned? The value of retirement homes in Malaysian society
Sheau-Ting Low, Li-Ting Neo, Weng-Wai Choong, Razlin Mansor, Siaw-Chui Wee, Jing-Ying Woon
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The world population over the age of 60 is expected to increase from 900 million in 2015 to two billion by 2050. Retirement homes have emerged as a prominent housing alternative and become a trend for the older adults; however, older population in Malaysia could have a negative view of retirement homes. Different generations could have different perceptions of the value of retirement homes. This study aims to explore the value of retirement homes across diverse age cohorts in Malaysia.

A qualitative approach is adopted for this study. Thematic analysis is used to analyse the interview transcripts obtained from semi-structured interviews.

The results indicated that baby boomers tend to have more negative values towards retirement homes, whereas Generations X and Y demonstrated more favourable and positive values for retirement homes.

This study serves as a useful reference for housing developers, policymakers and the management of retirement homes to better understand how different age cohorts value retirement homes, thereby encouraging relevant housing strategies to enhance the quality and support systems of retirement homes in society.

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Am I being abandoned? The value of retirement homes in Malaysian society10.1108/IJHMA-07-2023-0100International Journal of Housing Markets and Analysis2023-12-04© 2023 Emerald Publishing LimitedSheau-Ting LowLi-Ting NeoWeng-Wai ChoongRazlin MansorSiaw-Chui WeeJing-Ying WoonInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-12-0410.1108/IJHMA-07-2023-0100https://www.emerald.com/insight/content/doi/10.1108/IJHMA-07-2023-0100/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Analyzing the spatial determinants of housing prices in Dammam, Saudi Arabia: an AHP approachhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-07-2023-0101/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the determinants that influence housing prices in Dammam metropolitan area (DMA), Saudi Arabia, by using the analytic hierarchy process (AHP) model. The study considers determinants such as building age (BLD AG), building size (BLD SZ), building condition (BLD CN), access to parking (ACC PK), proximity to transport infrastructure (PRX TRS), proximity to green areas (PRX GA) and proximity to amenities (PRX AM). The AHP decision model was used to assess the determinants of housing prices in DMA, using a pair-wise comparison matrix to determine the influence of the investigated factors on housing prices. The study’s results revealed that building size (BLD SZ) was the most critical determinant affecting housing prices in DMA, with a weight of 0.32, trailed by proximity to transport infrastructure (PRX TRS), with a weight of 0.24 as the second most influential housing price determinant in DMA. The third most important determinant was proximity to amenities (PRX AM), with a weight of 0.18. This study addresses a research gap by using the AHP model to assess the spatial determinants of housing prices in DMA, Saudi Arabia. Few studies have used this model in examining housing price factors, particularly in the context of Saudi Arabia. Consequently, the findings of this study provide unique insights for policymakers, housing developers and other stakeholders in understanding the importance of building size, proximity to transport infrastructure and proximity to amenities in influencing housing prices in DMA. By considering these determinants, stakeholders can make informed decisions to improve housing quality and prices in the region.Analyzing the spatial determinants of housing prices in Dammam, Saudi Arabia: an AHP approach
Umar Lawal Dano
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the determinants that influence housing prices in Dammam metropolitan area (DMA), Saudi Arabia, by using the analytic hierarchy process (AHP) model. The study considers determinants such as building age (BLD AG), building size (BLD SZ), building condition (BLD CN), access to parking (ACC PK), proximity to transport infrastructure (PRX TRS), proximity to green areas (PRX GA) and proximity to amenities (PRX AM).

The AHP decision model was used to assess the determinants of housing prices in DMA, using a pair-wise comparison matrix to determine the influence of the investigated factors on housing prices.

The study’s results revealed that building size (BLD SZ) was the most critical determinant affecting housing prices in DMA, with a weight of 0.32, trailed by proximity to transport infrastructure (PRX TRS), with a weight of 0.24 as the second most influential housing price determinant in DMA. The third most important determinant was proximity to amenities (PRX AM), with a weight of 0.18.

This study addresses a research gap by using the AHP model to assess the spatial determinants of housing prices in DMA, Saudi Arabia. Few studies have used this model in examining housing price factors, particularly in the context of Saudi Arabia. Consequently, the findings of this study provide unique insights for policymakers, housing developers and other stakeholders in understanding the importance of building size, proximity to transport infrastructure and proximity to amenities in influencing housing prices in DMA. By considering these determinants, stakeholders can make informed decisions to improve housing quality and prices in the region.

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Analyzing the spatial determinants of housing prices in Dammam, Saudi Arabia: an AHP approach10.1108/IJHMA-07-2023-0101International Journal of Housing Markets and Analysis2023-10-03© 2023 Emerald Publishing LimitedUmar Lawal DanoInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-10-0310.1108/IJHMA-07-2023-0101https://www.emerald.com/insight/content/doi/10.1108/IJHMA-07-2023-0101/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The impact of immigration on urban housing prices in Indonesiahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-08-2022-0114/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestRural–urban migration has led to an increase in the community’s need for housing in the migration area. The demand for housing is getting higher while the land availability does not increase so that house prices will continue to increase. This study aims to estimate the impact of immigration on urban housing prices in Indonesia. This study examines the effect of immigration on urban housing prices at the city level in Indonesia by using 14 major cities data from 2012 to 2020 to build a panel data model. The model also incorporates urban economic conditions as control variables. From the national level, the authors find that inter-regional migration has a significant and positive impact on urban housing prices. Based on the results, this paper suggested addressing the volatility of house prices through the provision of decent and affordable housing improvement to meet the growing needs and demands of the immigrant population. This study still has several limitations: the sample of cities used is not comprehensive enough, and the time period used is not long enough; the spatial impact on house prices is not taken into account, and the effect of migrant characteristics in each city has not been considered. There is limited research on the impact of immigration on urban housing prices in city levels, especially in the case of Indonesia. In addition, recent migration is used to proxy the immigration pattern. This paper provides a valuable contribution to the empirical literature on the effect of immigration at the city level in developing countries.The impact of immigration on urban housing prices in Indonesia
Farida Nurkhayati, Ardyanto Fitrady
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Rural–urban migration has led to an increase in the community’s need for housing in the migration area. The demand for housing is getting higher while the land availability does not increase so that house prices will continue to increase. This study aims to estimate the impact of immigration on urban housing prices in Indonesia.

This study examines the effect of immigration on urban housing prices at the city level in Indonesia by using 14 major cities data from 2012 to 2020 to build a panel data model. The model also incorporates urban economic conditions as control variables.

From the national level, the authors find that inter-regional migration has a significant and positive impact on urban housing prices. Based on the results, this paper suggested addressing the volatility of house prices through the provision of decent and affordable housing improvement to meet the growing needs and demands of the immigrant population.

This study still has several limitations: the sample of cities used is not comprehensive enough, and the time period used is not long enough; the spatial impact on house prices is not taken into account, and the effect of migrant characteristics in each city has not been considered.

There is limited research on the impact of immigration on urban housing prices in city levels, especially in the case of Indonesia. In addition, recent migration is used to proxy the immigration pattern. This paper provides a valuable contribution to the empirical literature on the effect of immigration at the city level in developing countries.

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The impact of immigration on urban housing prices in Indonesia10.1108/IJHMA-08-2022-0114International Journal of Housing Markets and Analysis2023-02-27© 2023 Emerald Publishing LimitedFarida NurkhayatiArdyanto FitradyInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-02-2710.1108/IJHMA-08-2022-0114https://www.emerald.com/insight/content/doi/10.1108/IJHMA-08-2022-0114/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Housing in the greater Paris area as an inflation hedge?https://www.emerald.com/insight/content/doi/10.1108/IJHMA-08-2022-0118/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestOver a long period, even low inflation has an impact on portfolio value and households’ purchasing power. In such a context, inflation hedging should remain an important issue for investors. In particular, long-term investors, who are concerned with the protection of their wealth, seek to hold effective hedging assets. This study aims to demonstrate that residential assets in “Grand Paris” are a hedge against inflation and particularly against its unexpected component. In this study, the physical residential markets in 127 communes in Paris and the Parisian first-ring suburbs are considered as potential asset classes. We simplified the analysis by clustering the 127 communes into five homogenous groups using ascending hierarchical classification (AHC). Then, we test the hedging ability of these groups within a mixed asset portfolios using both correlation and regression analysis. This paper presents an analysis of the “Grand Paris” housing market and its inflation hedging ability with comparison to other financial asset classes. Results show that the five housing groups act as a highly positive hedge against unexpected inflation. Furthermore, cash and bonds seem to provide, respectively, a partial and an over hedge against unexpected inflation. Stocks act as a perverse hedge against unexpected inflation and provide no significant hedge against expected inflation. Also, indirect listed real estate demonstrates little correlation with inflation, which makes us reject its hedging ability contrary to physical residential real estate. The inflation topic: although several researches exist that question the hedging property of real estate, very few concentrate on physical residential assets and to the best of the authors’ knowledge, this study is the only one that targets the “Grand Paris” area. Residential assets of the “Grand Paris” communes are confirmed to be a hedge against inflation and particularly against its unexpected component thanks to its capital appreciation rather than income one. Also, we show that the listed real estate in France (Sociétés d’Investissement Immobilier Cotée) does not provide the same hedging properties contrary to the US real estate investment trusts (REITs) who demonstrate this ability. Listed real estate could thus not be used interchangeably with housing to protect from inflation in the French market. Protection of investors against inflation and in particular in the face of its return to France in 2022. Reassuring promoters and investors of the interest of residential investment projects in “Greater Paris” and of the potential that this holds. Inflation takes a chunk out of the purchasing power of money and thereby erodes the real value of people’s finance. Investors and households who seek protection from inflation erosion should invest in direct housing, and in particular within areas that are experiencing an effective metropolization process. The originality of the study is precisely relative to the geographical area studied. The latter has experienced favorable economic conditions for several years and offers interesting fundamentals to explore and exploit in investment strategies that prove capable of protecting against imminent inflation. The database is specific to this project and has been built through the compilation of several sources and with the support of BNP Paribas Real Estate.Housing in the greater Paris area as an inflation hedge?
Yasmine Essafi Zouari, Aya Nasreddine
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Over a long period, even low inflation has an impact on portfolio value and households’ purchasing power. In such a context, inflation hedging should remain an important issue for investors. In particular, long-term investors, who are concerned with the protection of their wealth, seek to hold effective hedging assets. This study aims to demonstrate that residential assets in “Grand Paris” are a hedge against inflation and particularly against its unexpected component.

In this study, the physical residential markets in 127 communes in Paris and the Parisian first-ring suburbs are considered as potential asset classes. We simplified the analysis by clustering the 127 communes into five homogenous groups using ascending hierarchical classification (AHC). Then, we test the hedging ability of these groups within a mixed asset portfolios using both correlation and regression analysis.

This paper presents an analysis of the “Grand Paris” housing market and its inflation hedging ability with comparison to other financial asset classes. Results show that the five housing groups act as a highly positive hedge against unexpected inflation. Furthermore, cash and bonds seem to provide, respectively, a partial and an over hedge against unexpected inflation. Stocks act as a perverse hedge against unexpected inflation and provide no significant hedge against expected inflation. Also, indirect listed real estate demonstrates little correlation with inflation, which makes us reject its hedging ability contrary to physical residential real estate.

The inflation topic: although several researches exist that question the hedging property of real estate, very few concentrate on physical residential assets and to the best of the authors’ knowledge, this study is the only one that targets the “Grand Paris” area. Residential assets of the “Grand Paris” communes are confirmed to be a hedge against inflation and particularly against its unexpected component thanks to its capital appreciation rather than income one. Also, we show that the listed real estate in France (Sociétés d’Investissement Immobilier Cotée) does not provide the same hedging properties contrary to the US real estate investment trusts (REITs) who demonstrate this ability. Listed real estate could thus not be used interchangeably with housing to protect from inflation in the French market.

Protection of investors against inflation and in particular in the face of its return to France in 2022. Reassuring promoters and investors of the interest of residential investment projects in “Greater Paris” and of the potential that this holds.

Inflation takes a chunk out of the purchasing power of money and thereby erodes the real value of people’s finance. Investors and households who seek protection from inflation erosion should invest in direct housing, and in particular within areas that are experiencing an effective metropolization process.

The originality of the study is precisely relative to the geographical area studied. The latter has experienced favorable economic conditions for several years and offers interesting fundamentals to explore and exploit in investment strategies that prove capable of protecting against imminent inflation. The database is specific to this project and has been built through the compilation of several sources and with the support of BNP Paribas Real Estate.

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Housing in the greater Paris area as an inflation hedge?10.1108/IJHMA-08-2022-0118International Journal of Housing Markets and Analysis2023-02-13© 2023 Emerald Publishing LimitedYasmine Essafi ZouariAya NasreddineInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-02-1310.1108/IJHMA-08-2022-0118https://www.emerald.com/insight/content/doi/10.1108/IJHMA-08-2022-0118/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Predictors of home insurance purchase: the homeowners’ knowledge, perceived benefits and perceived vulnerability towards disaster losseshttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-08-2022-0127/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestHome insurance is widely recognised as a tool for mitigating economic risk associated with natural disasters. This study aims to analyse the influence of homeowners’ home insurance knowledge (both objective and subjective types), perceived benefits (PB) and perceived vulnerability towards disaster loss (PVUL) on their intention to purchase (ITP). This research makes use of survey data collected from 394 respondents (the homeowners) residing in various parts of India. The structural equation modelling is used to verify 11 hypotheses proposed in the study. The findings indicate that both objective knowledge (OK) and subjective knowledge (SK) of home insurance have significant influence on homeowners’ benefit perception and PVUL. The homeowners’ PB of home insurance negatively affect PVUL. The OK of home insurance has a stronger influence on homeowners’ ITP home insurance than SK while the homeowners benefit perceptions and PVUL significantly affects homeowners’ ITP home insurance. These findings confirms that if homeowners are knowledgeable about home insurance, they perceive the plans as more beneficial and feel less vulnerable about catastrophic events, resulting in positive intentions towards purchasing them. To the best of the authors’ knowledge, this is the first comprehensive research that assesses the Indian homeowners’ knowledge, PB and PVUL in influencing their ITP home insurance. The finding of this paper will assist both public and private insurance companies in India and similar markets in designing and implementing effective strategies to sell home insurance policies.Predictors of home insurance purchase: the homeowners’ knowledge, perceived benefits and perceived vulnerability towards disaster losses
Tanuj Mathur, Ujjwal Kanti Paul
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Home insurance is widely recognised as a tool for mitigating economic risk associated with natural disasters. This study aims to analyse the influence of homeowners’ home insurance knowledge (both objective and subjective types), perceived benefits (PB) and perceived vulnerability towards disaster loss (PVUL) on their intention to purchase (ITP).

This research makes use of survey data collected from 394 respondents (the homeowners) residing in various parts of India. The structural equation modelling is used to verify 11 hypotheses proposed in the study.

The findings indicate that both objective knowledge (OK) and subjective knowledge (SK) of home insurance have significant influence on homeowners’ benefit perception and PVUL. The homeowners’ PB of home insurance negatively affect PVUL. The OK of home insurance has a stronger influence on homeowners’ ITP home insurance than SK while the homeowners benefit perceptions and PVUL significantly affects homeowners’ ITP home insurance. These findings confirms that if homeowners are knowledgeable about home insurance, they perceive the plans as more beneficial and feel less vulnerable about catastrophic events, resulting in positive intentions towards purchasing them.

To the best of the authors’ knowledge, this is the first comprehensive research that assesses the Indian homeowners’ knowledge, PB and PVUL in influencing their ITP home insurance. The finding of this paper will assist both public and private insurance companies in India and similar markets in designing and implementing effective strategies to sell home insurance policies.

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Predictors of home insurance purchase: the homeowners’ knowledge, perceived benefits and perceived vulnerability towards disaster losses10.1108/IJHMA-08-2022-0127International Journal of Housing Markets and Analysis2022-12-15© 2022 Emerald Publishing LimitedTanuj MathurUjjwal Kanti PaulInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2022-12-1510.1108/IJHMA-08-2022-0127https://www.emerald.com/insight/content/doi/10.1108/IJHMA-08-2022-0127/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Impact of solid waste landfill proximity on residential property offer values: a case study of Punehttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-08-2023-0109/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine whether or not residential properties closer to landfill sites have lower offer values by the developers. That is, by analyzing real estate data and landfill site locations, the study seeks to provide insights into whether properties situated closer to landfill sites tend to have a lower offer values than those located farther away. The study is exploratory in nature, and a case study approach is applied. A landfill site named “Uruli Devachi” is selected in the region of Pune district, and data is collected from 102 developers selling residential projects within a radius of 15 km (about 9.32 mi). The gathered data is analyzed by using basic descriptive statistics, one-way ANOVA and ordinary least squares (OLS) regression. The OLS regression helps to determine whether there is a relationship between the distance of a residential property from a landfill site and its offer value. The findings suggest that landfill sites have a detrimental impact on residential property offer values, with the negative impact increasing with proximity to a landfill site. The negative effect seems to vanish after over 10 km (about 6.21 mi). The developers provide extra facilities including a clubhouse, a children’s play area, a gym and a swimming pool in an effort to mitigate the negative effects of the landfill site on residential properties. The findings of this study could have implications for property developers, real estate professionals and policymakers in understanding how landfill proximity might impact property offer values. This study presents many novelties for the Indian housing market: the landfill sites do have a negative effect on the offer value of residential property; the closer the residential property to a landfill site, the higher the negative effect. Further, the developers try and mitigate the negative effect of landfill sites on residential properties by providing additional amenities such as a clubhouse, children’s play park, gym and swimming pool.Impact of solid waste landfill proximity on residential property offer values: a case study of Pune
Abhijat Arun Abhyankar, Anand Prakash, Harish Kumar Singla
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine whether or not residential properties closer to landfill sites have lower offer values by the developers. That is, by analyzing real estate data and landfill site locations, the study seeks to provide insights into whether properties situated closer to landfill sites tend to have a lower offer values than those located farther away.

The study is exploratory in nature, and a case study approach is applied. A landfill site named “Uruli Devachi” is selected in the region of Pune district, and data is collected from 102 developers selling residential projects within a radius of 15 km (about 9.32 mi). The gathered data is analyzed by using basic descriptive statistics, one-way ANOVA and ordinary least squares (OLS) regression. The OLS regression helps to determine whether there is a relationship between the distance of a residential property from a landfill site and its offer value.

The findings suggest that landfill sites have a detrimental impact on residential property offer values, with the negative impact increasing with proximity to a landfill site. The negative effect seems to vanish after over 10 km (about 6.21 mi). The developers provide extra facilities including a clubhouse, a children’s play area, a gym and a swimming pool in an effort to mitigate the negative effects of the landfill site on residential properties.

The findings of this study could have implications for property developers, real estate professionals and policymakers in understanding how landfill proximity might impact property offer values.

This study presents many novelties for the Indian housing market: the landfill sites do have a negative effect on the offer value of residential property; the closer the residential property to a landfill site, the higher the negative effect. Further, the developers try and mitigate the negative effect of landfill sites on residential properties by providing additional amenities such as a clubhouse, children’s play park, gym and swimming pool.

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Impact of solid waste landfill proximity on residential property offer values: a case study of Pune10.1108/IJHMA-08-2023-0109International Journal of Housing Markets and Analysis2023-10-02© 2023 Emerald Publishing LimitedAbhijat Arun AbhyankarAnand PrakashHarish Kumar SinglaInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-10-0210.1108/IJHMA-08-2023-0109https://www.emerald.com/insight/content/doi/10.1108/IJHMA-08-2023-0109/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Sale to list ratio, for-sale inventory, sale count, and housing valuehttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-08-2023-0113/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of the paper is twofold: first, to observe the relationship between sale to list ratio (SLR)/ for-sale inventory (FSI)/ sale count nowcast (SCN) and real/nominal housing value, and second, to produce a handbook of empirical evidence that can serve as a foundation for future research on this topic. This paper broadly compiles empirical evidence, using three of the most common causality tests in the field of housing economics. The analysis methods include lagged Pearson correlation test, Granger causality test and cointegration test. Causal relationships were observed between SLR/FSI/SCN and both nominal and real housing values. SLR and SCN showed positive long-term correlations with housing value, whereas FSI had a negative correlation. Adjusting the housing value with the Consumer Price Index (CPI) to derive real housing values could potentially alter the direction of the causal relationships. It is crucial to distinguish the long-term relationship from temporal dynamics, as FSI displayed a positive immediate impulse–response relationship with nominal housing price despite the negative long-term correlation. SLR/FSI/SCN are housing market parameters that have only recently begun to be documented and have seen little use in research. So far, housing market research has revolved around traditional macroeconomic indicators such as unemployment rate. To the best of the authors’ knowledge, this study is one of the first studies that introduce these three parameters into housing market research.Sale to list ratio, for-sale inventory, sale count, and housing value
Xingrui Zhang, Yunpeng Wang, Eunhwa Yang, Shuai Xu, Yihang Yu
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of the paper is twofold: first, to observe the relationship between sale to list ratio (SLR)/ for-sale inventory (FSI)/ sale count nowcast (SCN) and real/nominal housing value, and second, to produce a handbook of empirical evidence that can serve as a foundation for future research on this topic.

This paper broadly compiles empirical evidence, using three of the most common causality tests in the field of housing economics. The analysis methods include lagged Pearson correlation test, Granger causality test and cointegration test.

Causal relationships were observed between SLR/FSI/SCN and both nominal and real housing values. SLR and SCN showed positive long-term correlations with housing value, whereas FSI had a negative correlation. Adjusting the housing value with the Consumer Price Index (CPI) to derive real housing values could potentially alter the direction of the causal relationships. It is crucial to distinguish the long-term relationship from temporal dynamics, as FSI displayed a positive immediate impulse–response relationship with nominal housing price despite the negative long-term correlation.

SLR/FSI/SCN are housing market parameters that have only recently begun to be documented and have seen little use in research. So far, housing market research has revolved around traditional macroeconomic indicators such as unemployment rate. To the best of the authors’ knowledge, this study is one of the first studies that introduce these three parameters into housing market research.

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Sale to list ratio, for-sale inventory, sale count, and housing value10.1108/IJHMA-08-2023-0113International Journal of Housing Markets and Analysis2023-10-19© 2023 Emerald Publishing LimitedXingrui ZhangYunpeng WangEunhwa YangShuai XuYihang YuInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-10-1910.1108/IJHMA-08-2023-0113https://www.emerald.com/insight/content/doi/10.1108/IJHMA-08-2023-0113/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Oil prices and gold prices on housing market in China: novel findings from the bootstrap approachhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2022-0132/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to assess how real income, oil prices and gold prices affect housing prices in China from 2010 to 2021. This study uses a novel bootstrap autoregressive distributed lag (ARDL) testing to empirically analyze the short and long links among the tested variables. The ARDL estimations demonstrate a positive impact of oil price shocks and real income on housing market prices in both the phrases of the short and long run. Furthermore, the results reveal that gold price shocks negatively affect housing prices both in the short and long run. The result can be attributed to China’s housing market and advanced infrastructure, resulting in a drop in housing prices as gold prices increase. Additionally, the prediction of housing market prices will provide a base and direction for housing market investors to forecast housing prices and avoid losses. To the best of the authors’ knowledge, this is the first attempt to analyze the effect of gold price shocks on housing market prices in China.Oil prices and gold prices on housing market in China: novel findings from the bootstrap approach
Mumtaz Ali, Ahmed Samour, Foday Joof, Turgut Tursoy
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to assess how real income, oil prices and gold prices affect housing prices in China from 2010 to 2021.

This study uses a novel bootstrap autoregressive distributed lag (ARDL) testing to empirically analyze the short and long links among the tested variables.

The ARDL estimations demonstrate a positive impact of oil price shocks and real income on housing market prices in both the phrases of the short and long run. Furthermore, the results reveal that gold price shocks negatively affect housing prices both in the short and long run. The result can be attributed to China’s housing market and advanced infrastructure, resulting in a drop in housing prices as gold prices increase. Additionally, the prediction of housing market prices will provide a base and direction for housing market investors to forecast housing prices and avoid losses.

To the best of the authors’ knowledge, this is the first attempt to analyze the effect of gold price shocks on housing market prices in China.

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Oil prices and gold prices on housing market in China: novel findings from the bootstrap approach10.1108/IJHMA-09-2022-0132International Journal of Housing Markets and Analysis2022-12-15© 2022 Emerald Publishing LimitedMumtaz AliAhmed SamourFoday JoofTurgut TursoyInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2022-12-1510.1108/IJHMA-09-2022-0132https://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2022-0132/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Network analysis of comovements among newly-built residential house price indices of seventy Chinese citieshttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2022-0134/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestUnderstandings of house prices and their interrelationships have undoubtedly drawn a great amount of attention from various market participants. This study aims to investigate the monthly newly-built residential house price indices of seventy Chinese cities during a 10-year period spanning January 2011–December 2020 for understandings of issues related to their interdependence and synchronizations. Analysis here is facilitated through network analysis together with topological and hierarchical characterizations of price comovements. This study determines eight sectoral groups of cities whose house price indices are directly connected and the price synchronization within each group is higher than that at the national level, although each shows rather idiosyncratic patterns. Degrees of house price comovements are generally lower starting from 2018 at the national level and for the eight sectoral groups. Similarly, this study finds that the synchronization intensity associated with the house price index of each city generally switches to a lower level starting from early 2019. Results here should be of use to policy design and analysis aiming at housing market evaluations and monitoring.Network analysis of comovements among newly-built residential house price indices of seventy Chinese cities
Xiaojie Xu, Yun Zhang
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Understandings of house prices and their interrelationships have undoubtedly drawn a great amount of attention from various market participants. This study aims to investigate the monthly newly-built residential house price indices of seventy Chinese cities during a 10-year period spanning January 2011–December 2020 for understandings of issues related to their interdependence and synchronizations.

Analysis here is facilitated through network analysis together with topological and hierarchical characterizations of price comovements.

This study determines eight sectoral groups of cities whose house price indices are directly connected and the price synchronization within each group is higher than that at the national level, although each shows rather idiosyncratic patterns. Degrees of house price comovements are generally lower starting from 2018 at the national level and for the eight sectoral groups. Similarly, this study finds that the synchronization intensity associated with the house price index of each city generally switches to a lower level starting from early 2019.

Results here should be of use to policy design and analysis aiming at housing market evaluations and monitoring.

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Network analysis of comovements among newly-built residential house price indices of seventy Chinese cities10.1108/IJHMA-09-2022-0134International Journal of Housing Markets and Analysis2022-12-19© 2022 Emerald Publishing LimitedXiaojie XuYun ZhangInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2022-12-1910.1108/IJHMA-09-2022-0134https://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2022-0134/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Spatial variation of the determinants affecting urban land value in Thiruvananthapuram, Indiahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2022-0135/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestLand value varies at a micro level depending on the location’s economic, geographical and political determinants. The purpose of this study is to present a comprehensive assessment of the determinants affecting land value in the Indian city of Thiruvananthapuram in the state of Kerala. The global influence of the identified 20 explanatory variables on land value is measured using the traditional hedonic price modeling approach. The localized spatial variations of the influencing parameters are examined using the non-parametric regression method, geographically weighted regression. This study used advertised land value prices collected from Web sources and screened through field surveys. Global regression results indicate that access to transportation facilities, commercial establishments, crime sources, wetland classification and disaster history has the strongest influence on land value in the study area. Local regression results demonstrate that the factors influencing land value are not stationary in the study area. Most variables have a different influence in Kazhakootam and the residential areas than in the central business district region. This study confirms findings from previous studies and provides additional evidence in the spatial dynamics of land value creation. It is to be noted that advanced modeling approaches used in the research have not received much attention in Indian property valuation studies. The outcomes of this study have important implications for the property value fixation of urban Kerala. The regional variation of land value within an urban agglomeration shows the need for a localized method for land value calculation.Spatial variation of the determinants affecting urban land value in Thiruvananthapuram, India
B.V. Binoy, M.A. Naseer, P.P. Anil Kumar
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Land value varies at a micro level depending on the location’s economic, geographical and political determinants. The purpose of this study is to present a comprehensive assessment of the determinants affecting land value in the Indian city of Thiruvananthapuram in the state of Kerala.

The global influence of the identified 20 explanatory variables on land value is measured using the traditional hedonic price modeling approach. The localized spatial variations of the influencing parameters are examined using the non-parametric regression method, geographically weighted regression. This study used advertised land value prices collected from Web sources and screened through field surveys.

Global regression results indicate that access to transportation facilities, commercial establishments, crime sources, wetland classification and disaster history has the strongest influence on land value in the study area. Local regression results demonstrate that the factors influencing land value are not stationary in the study area. Most variables have a different influence in Kazhakootam and the residential areas than in the central business district region.

This study confirms findings from previous studies and provides additional evidence in the spatial dynamics of land value creation. It is to be noted that advanced modeling approaches used in the research have not received much attention in Indian property valuation studies. The outcomes of this study have important implications for the property value fixation of urban Kerala. The regional variation of land value within an urban agglomeration shows the need for a localized method for land value calculation.

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Spatial variation of the determinants affecting urban land value in Thiruvananthapuram, India10.1108/IJHMA-09-2022-0135International Journal of Housing Markets and Analysis2022-12-08© 2022 Emerald Publishing LimitedB.V. BinoyM.A. NaseerP.P. Anil KumarInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2022-12-0810.1108/IJHMA-09-2022-0135https://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2022-0135/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The effect of proximity and spatial dependence on the house price index for Dar es Salaamhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2022-0136/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the effect of proximity and spatial dependence on the house price index for the nascent market Dar es Salaam, Tanzania. Despite the ongoing housing market transactions, there is no single house price index that takes into account proximity and spatial dependence. The proximity considerations in question are proximal to arterial roads, public hospitals, an airport and food markets. Previous studies on sub-Saharan Africa have focused on the ordinary least squares (OLS)-based hedonic model for the index and ignored spatial and proximity considerations. Using the OLS and spatial econometric approach, the paper tests for the significance of the two effects – proximity and spatial dependence in the hedonic price model with year dummy variables from 2010 to 2019. The paper then compares the three indices in the following configurations: without the two effects, with proximity factors only, and with both effects, i.e. proximity and spatial dependence. The inclusion of proximity factors and spatial dependence – spatial autocorrelation – seems to improve the hedonic price model but does not significantly improve the house price index. However, further research should be called for on account of the nascent nature of the market. The paper brings new knowledge by demonstrating that it may not be necessary to take into account proximity factors and spatial dependence for the Dar es Salaam house price index.The effect of proximity and spatial dependence on the house price index for Dar es Salaam
Frank Nyanda
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the effect of proximity and spatial dependence on the house price index for the nascent market Dar es Salaam, Tanzania. Despite the ongoing housing market transactions, there is no single house price index that takes into account proximity and spatial dependence. The proximity considerations in question are proximal to arterial roads, public hospitals, an airport and food markets. Previous studies on sub-Saharan Africa have focused on the ordinary least squares (OLS)-based hedonic model for the index and ignored spatial and proximity considerations.

Using the OLS and spatial econometric approach, the paper tests for the significance of the two effects – proximity and spatial dependence in the hedonic price model with year dummy variables from 2010 to 2019. The paper then compares the three indices in the following configurations: without the two effects, with proximity factors only, and with both effects, i.e. proximity and spatial dependence.

The inclusion of proximity factors and spatial dependence – spatial autocorrelation – seems to improve the hedonic price model but does not significantly improve the house price index. However, further research should be called for on account of the nascent nature of the market.

The paper brings new knowledge by demonstrating that it may not be necessary to take into account proximity factors and spatial dependence for the Dar es Salaam house price index.

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The effect of proximity and spatial dependence on the house price index for Dar es Salaam10.1108/IJHMA-09-2022-0136International Journal of Housing Markets and Analysis2023-03-02© 2023 Emerald Publishing LimitedFrank NyandaInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-03-0210.1108/IJHMA-09-2022-0136https://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2022-0136/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Elderly condominium attributes that enhance resident satisfaction and word of mouth: evidence from Thailandhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2022-0137/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the influence of condominium attributes on resident satisfaction and word of mouth from the perspectives of the elderly in Thailand. Data were collected from 338 elderly residents through a questionnaire survey and analysed by using descriptive statistics and structural equation modelling procedures. The results showed that the strongest predictor of resident satisfaction was design functionality, followed by social environment, safety and security and service quality. In addition, the strongest predictor of word of mouth was safety and security, followed by design functionality, proximity, service quality and social environment. The data were drawn at the level of the overall characteristics of elderly residents. People may be different in terms of their demographic characters such as gender, age, and user experience. The study suggests that condominium developers and designers should pay attention to design functionality both physically and mentally such as suitable materials, lighting and common areas. Moreover, the developers should focus on the proximity of the nearest hospitals, safety and security measures, well-trained security personnel and social activity arrangement. Elderly condominium markets are increasingly growing as a result of the ageing society in Thailand. However, very few empirical studies investigate condominium attributes that affect resident satisfaction and word of mouth provided by real estate developers. The paper aims to determine driving factors that enhance the better well-being of elderly residents.Elderly condominium attributes that enhance resident satisfaction and word of mouth: evidence from Thailand
Kanokwan Pimchan, Chonlatis Darawong
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the influence of condominium attributes on resident satisfaction and word of mouth from the perspectives of the elderly in Thailand.

Data were collected from 338 elderly residents through a questionnaire survey and analysed by using descriptive statistics and structural equation modelling procedures.

The results showed that the strongest predictor of resident satisfaction was design functionality, followed by social environment, safety and security and service quality. In addition, the strongest predictor of word of mouth was safety and security, followed by design functionality, proximity, service quality and social environment.

The data were drawn at the level of the overall characteristics of elderly residents. People may be different in terms of their demographic characters such as gender, age, and user experience.

The study suggests that condominium developers and designers should pay attention to design functionality both physically and mentally such as suitable materials, lighting and common areas. Moreover, the developers should focus on the proximity of the nearest hospitals, safety and security measures, well-trained security personnel and social activity arrangement.

Elderly condominium markets are increasingly growing as a result of the ageing society in Thailand. However, very few empirical studies investigate condominium attributes that affect resident satisfaction and word of mouth provided by real estate developers. The paper aims to determine driving factors that enhance the better well-being of elderly residents.

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Elderly condominium attributes that enhance resident satisfaction and word of mouth: evidence from Thailand10.1108/IJHMA-09-2022-0137International Journal of Housing Markets and Analysis2022-12-22© 2022 Emerald Publishing LimitedKanokwan PimchanChonlatis DarawongInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2022-12-2210.1108/IJHMA-09-2022-0137https://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2022-0137/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Development risk and unit size within the UK property markethttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2022-0142/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to explore the relationship between market pricing and design quality within the development industry. Currently, there is a lack of research that examines real estate at the property level. Development quality is widely believed to have diminished over the past decades, while many investors seem uninterested in the design process. The study aims to address these issues through a pricing model that integrates design attributes. It is hoped that empirical findings will invite broader stakeholder interest in the design process. The research establishes a framework for assessing spatial compliance across residential developments within London. Compliance is assessed across ten boroughs, with technical space guidelines used as a proxy for design quality. Transaction prices and spatial assessments are aligned within a hedonic pricing model. Empirical findings are used to establish whether undermining spatial standards presents a significant development risk. Findings suggest a relationship between sale time and unit size, with “compliant” units typically transacting earlier than “non-compliant” units. Almost half of the 1,600 apartments surveyed appear to undermine technical guidelines. It is suggested that an array of design attributes be explored that extend beyond unit size. Additionally, future studies may consider the long-term implications of design quality via secondary transaction prices. Practical implications include the development of a more scientific approach to design valuation. This may enhance the position of product design management within the development industry and architectural services. Social implications may include improvement in residential design. An innovative approach combines a thorough understanding of both design and economic principles.Development risk and unit size within the UK property market
Cassandra Caitlin Moore
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to explore the relationship between market pricing and design quality within the development industry. Currently, there is a lack of research that examines real estate at the property level. Development quality is widely believed to have diminished over the past decades, while many investors seem uninterested in the design process. The study aims to address these issues through a pricing model that integrates design attributes. It is hoped that empirical findings will invite broader stakeholder interest in the design process.

The research establishes a framework for assessing spatial compliance across residential developments within London. Compliance is assessed across ten boroughs, with technical space guidelines used as a proxy for design quality. Transaction prices and spatial assessments are aligned within a hedonic pricing model. Empirical findings are used to establish whether undermining spatial standards presents a significant development risk.

Findings suggest a relationship between sale time and unit size, with “compliant” units typically transacting earlier than “non-compliant” units. Almost half of the 1,600 apartments surveyed appear to undermine technical guidelines.

It is suggested that an array of design attributes be explored that extend beyond unit size. Additionally, future studies may consider the long-term implications of design quality via secondary transaction prices.

Practical implications include the development of a more scientific approach to design valuation. This may enhance the position of product design management within the development industry and architectural services.

Social implications may include improvement in residential design.

An innovative approach combines a thorough understanding of both design and economic principles.

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Development risk and unit size within the UK property market10.1108/IJHMA-09-2022-0142International Journal of Housing Markets and Analysis2022-12-14© 2022 Emerald Publishing LimitedCassandra Caitlin MooreInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2022-12-1410.1108/IJHMA-09-2022-0142https://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2022-0142/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The asymmetric effects of real variables on real housing prices: a nonlinear ARDL analysis for Turkeyhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2022-0143/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the impact of some real variables such as real effective exchange rates, real mortgage rates, real money supply, real construction cost index and housing sales on the real housing prices. This study uses a nonlinear autoregressive distributed lag (NARDL) model in the monthly period of 2010:1–2021:10. The real effective exchange rate has a positive and symmetric effect. The decreasing effect of negative changes in real money supply on real housing prices is higher than the increasing effect of positive changes. Only positive changes in the real construction cost index have an increasing and statistically significant effect on real house prices, while only negative changes in housing sales have a small negative sign and a small increasing effect on housing prices. The fact that the positive and negative changes in real mortgage rates are negative and positive, respectively, indicates that both have a reducing effect on real housing prices. This study suggests the first NARDL model that investigates the asymmetric effects on real housing prices instead of nominal housing prices for Turkey. In addition, the study is the first, to the best of the authors’ knowledge, to examine the effects of the five real variables on real housing prices.The asymmetric effects of real variables on real housing prices: a nonlinear ARDL analysis for Turkey
Ahmet Gökçe Akpolat
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the impact of some real variables such as real effective exchange rates, real mortgage rates, real money supply, real construction cost index and housing sales on the real housing prices.

This study uses a nonlinear autoregressive distributed lag (NARDL) model in the monthly period of 2010:1–2021:10.

The real effective exchange rate has a positive and symmetric effect. The decreasing effect of negative changes in real money supply on real housing prices is higher than the increasing effect of positive changes. Only positive changes in the real construction cost index have an increasing and statistically significant effect on real house prices, while only negative changes in housing sales have a small negative sign and a small increasing effect on housing prices. The fact that the positive and negative changes in real mortgage rates are negative and positive, respectively, indicates that both have a reducing effect on real housing prices.

This study suggests the first NARDL model that investigates the asymmetric effects on real housing prices instead of nominal housing prices for Turkey. In addition, the study is the first, to the best of the authors’ knowledge, to examine the effects of the five real variables on real housing prices.

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The asymmetric effects of real variables on real housing prices: a nonlinear ARDL analysis for Turkey10.1108/IJHMA-09-2022-0143International Journal of Housing Markets and Analysis2022-11-16© 2022 Emerald Publishing LimitedAhmet Gökçe AkpolatInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2022-11-1610.1108/IJHMA-09-2022-0143https://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2022-0143/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Comparative analysis of machine learning models in predicting housing prices: a case study of Prishtina's real estate markethttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2023-0120/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to carry out a comparative analysis of four machine learning models such as linear regression, decision trees, k-nearest neighbors and support vector regression in predicting housing prices in Prishtina. Using Python, the models were assessed on a data set of 1,512 property transactions with mean squared error, coefficient of determination, mean absolute error and root mean squared error as metrics. The study also conducts variable importance test. Upon preprocessing and standardization of the data, the models were trained and tested, with the decision tree model producing the best performance. The variable importance test found the distance from central business district and distance to the road leading to central business district as the most relevant drivers of housing prices across all models, with the exception of support vector machine model, which showed minimal importance for all variables. To the best of the author’s knowledge, the originality of this research rests in its methodological approach and emphasis on Prishtina's real estate market, which has never been studied in this context, and its findings may be generalizable to comparable transitional economies with booming real estate sector like Kosovo.Comparative analysis of machine learning models in predicting housing prices: a case study of Prishtina's real estate market
Visar Hoxha
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to carry out a comparative analysis of four machine learning models such as linear regression, decision trees, k-nearest neighbors and support vector regression in predicting housing prices in Prishtina.

Using Python, the models were assessed on a data set of 1,512 property transactions with mean squared error, coefficient of determination, mean absolute error and root mean squared error as metrics. The study also conducts variable importance test.

Upon preprocessing and standardization of the data, the models were trained and tested, with the decision tree model producing the best performance. The variable importance test found the distance from central business district and distance to the road leading to central business district as the most relevant drivers of housing prices across all models, with the exception of support vector machine model, which showed minimal importance for all variables.

To the best of the author’s knowledge, the originality of this research rests in its methodological approach and emphasis on Prishtina's real estate market, which has never been studied in this context, and its findings may be generalizable to comparable transitional economies with booming real estate sector like Kosovo.

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Comparative analysis of machine learning models in predicting housing prices: a case study of Prishtina's real estate market10.1108/IJHMA-09-2023-0120International Journal of Housing Markets and Analysis2024-01-09© 2023 Emerald Publishing LimitedVisar HoxhaInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-01-0910.1108/IJHMA-09-2023-0120https://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2023-0120/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Housing affordability and housing demand assessment for urban poor in India using the hedonic modelhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2023-0124/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to assess housing affordability and estimate demand using a hedonic regression model in the context of Lucknow city, India. This study assesses housing affordability by considering various housing and household-related variables. This study focuses on the impoverished urban population, as they experience the most severe housing scarcity. This study’s primary objective is to understand the demand dynamics within the market comprehensively. An understanding of housing demand can be achieved through an examination of its characteristics and components. Individuals consider the implicit values associated with various components when deciding to purchase or rent a home. The components and characteristics have been obtained from variables relating to housing and households. A socioeconomic survey was conducted for 450 households from slums in Lucknow city. Two-stage regression models were developed for this research paper. A hedonic price index was prepared for the first model to understand the relationship between housing expenditure and various housing characteristics. The housing characteristics considered for the hedonic model are dwelling unit size, typology, condition, amenities and infrastructure. In the second stage, a regression model is created between household characteristics. The household characteristics considered for the demand estimation model are household size, age, education, social category, income, nonhousing expenditure, migration and overcrowding. Based on the findings of regression model results, it is evident that the hedonic model is an effective tool for the estimation of housing affordability and housing demand for urban poor. Various housing and household-related variables affect housing expenditure positively or negatively. The two-stage hedonic regression model can define willingness to pay for a particular set of housing with various attributes of a particular household. The results show the significance of dwelling unit size, quality and amenities (R2 > 0.9, p < 0.05) for rent/imputed rent. The demand function shows that income has a direct effect, whereas other variables have mixed effects. This study is case-specific and uses a data set generated from a primary survey. Although household surveys for a large sample size are resource-intensive exercises, they provide an opportunity to exploit microdata for a better understanding of the complex housing situation in slums. All the stakeholders can use the findings to create an effective housing policy. The variables that are statistically significant and have a positive relationship with housing costs should be deliberated upon to provide the basic standard of living for the urban poor. The formulation of policies should duly include the housing preferences of the economically disadvantaged population residing in slum areas. This paper uses primary survey data (collected by the authors) to assess housing affordability for the urban poor of Lucknow city. It makes the results of the study credible and useful for further applications.Housing affordability and housing demand assessment for urban poor in India using the hedonic model
Prabhat Kumar Rao, Arindam Biswas
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to assess housing affordability and estimate demand using a hedonic regression model in the context of Lucknow city, India. This study assesses housing affordability by considering various housing and household-related variables. This study focuses on the impoverished urban population, as they experience the most severe housing scarcity. This study’s primary objective is to understand the demand dynamics within the market comprehensively. An understanding of housing demand can be achieved through an examination of its characteristics and components. Individuals consider the implicit values associated with various components when deciding to purchase or rent a home. The components and characteristics have been obtained from variables relating to housing and households.

A socioeconomic survey was conducted for 450 households from slums in Lucknow city. Two-stage regression models were developed for this research paper. A hedonic price index was prepared for the first model to understand the relationship between housing expenditure and various housing characteristics. The housing characteristics considered for the hedonic model are dwelling unit size, typology, condition, amenities and infrastructure. In the second stage, a regression model is created between household characteristics. The household characteristics considered for the demand estimation model are household size, age, education, social category, income, nonhousing expenditure, migration and overcrowding.

Based on the findings of regression model results, it is evident that the hedonic model is an effective tool for the estimation of housing affordability and housing demand for urban poor. Various housing and household-related variables affect housing expenditure positively or negatively. The two-stage hedonic regression model can define willingness to pay for a particular set of housing with various attributes of a particular household. The results show the significance of dwelling unit size, quality and amenities (R2 > 0.9, p < 0.05) for rent/imputed rent. The demand function shows that income has a direct effect, whereas other variables have mixed effects.

This study is case-specific and uses a data set generated from a primary survey. Although household surveys for a large sample size are resource-intensive exercises, they provide an opportunity to exploit microdata for a better understanding of the complex housing situation in slums.

All the stakeholders can use the findings to create an effective housing policy. The variables that are statistically significant and have a positive relationship with housing costs should be deliberated upon to provide the basic standard of living for the urban poor. The formulation of policies should duly include the housing preferences of the economically disadvantaged population residing in slum areas.

This paper uses primary survey data (collected by the authors) to assess housing affordability for the urban poor of Lucknow city. It makes the results of the study credible and useful for further applications.

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Housing affordability and housing demand assessment for urban poor in India using the hedonic model10.1108/IJHMA-09-2023-0124International Journal of Housing Markets and Analysis2023-12-29© 2023 Emerald Publishing LimitedPrabhat Kumar RaoArindam BiswasInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-12-2910.1108/IJHMA-09-2023-0124https://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2023-0124/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Relationship between housing, oil, gold and stock markets: evidence from UK and Norwayhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2023-0125/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to explore the intricate relationship between oil prices, house prices in the UK and Norway, and the mediating role of gold and stock prices in both the short- and long-term, unraveling these complex linkages by employing an empirical approach. This study benefits from a comprehensive set of econometric tools, including a multiequation vector autoregressive (VAR) system, Granger causality test, impulse response function, variance decomposition and a single-equation autoregressive distributed lag (ARDL) system. This rigorous approach enables to identify both short- and long-run dynamics to unravel the intricate linkages between Brent oil prices, housing prices, gold prices and stock prices in the UK and Norway over the period from 2005:Q1 to 2022:Q2. The findings indicate that rising oil prices negatively impact house prices, whereas the positive influence of stock market performance on housing is more pronounced. A two-way causal relationship exists between stock market indices and house prices, whereas a one-way causal relationship exists from crude oil prices to house prices in both countries. The VAR model reveals that past housing prices, stock market indices in each country and Brent oil prices are the primary determinants of current housing prices. The single-equation ARDL results for housing prices demonstrate the existence of a long-run cointegrating relationship between real estate and stock prices. The variance decomposition analysis indicates that oil prices have a more pronounced impact on housing prices compared with stock prices. The findings reveal that shocks in stock markets have a greater influence on housing market prices than those in oil or gold prices. Consequently, house prices exhibit a stronger reaction to general financial market indicators than to commodity prices. This study may have several limitations. First, the model does not include all relevant macroeconomic variables, such as interest rates, unemployment rates and gross domestic product growth. This omission may affect the accuracy of the model’s predictions and lead to inefficiencies in the real estate market. Second, this study does not consider alternative explanations for market inefficiencies, such as behavioral finance factors, information asymmetry or market microstructure effects. Third, the models have limitations in revealing how predictors react to positive and negative shocks. Therefore, the results of this study should be interpreted with caution. These findings hold significant implications for formulating dynamic policies aimed at stabilizing the housing markets of these two oil-producing nations. The practical implications of this study extend to academics, investors and policymakers, particularly in light of the volatility characterizing both housing and commodity markets. The findings reveal that shocks in stock markets have a more profound impact on housing market prices compared with those in oil or gold prices. Consequently, house prices exhibit a stronger reaction to general financial market indicators than to commodity prices. These findings could also serve as valuable insights for future research endeavors aimed at constructing models that link real estate market dynamics to macroeconomic indicators. Using a variety of econometric approaches, this paper presents an innovative empirical analysis of the intricate relationship between euro property prices, stock prices, gold prices and oil prices in the UK and Norway from 2005:Q1 to 2022:Q2. Expanding upon the existing literature on housing market price determinants, this study delves into the role of gold and oil prices, considering their impact on industrial production and overall economic growth. This paper provides valuable policy insights for effectively managing the impact of oil price shocks on the housing market.Relationship between housing, oil, gold and stock markets: evidence from UK and Norway
Z. Göknur Büyükkara, İsmail Cem Özgüler, Ali Hepsen
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to explore the intricate relationship between oil prices, house prices in the UK and Norway, and the mediating role of gold and stock prices in both the short- and long-term, unraveling these complex linkages by employing an empirical approach.

This study benefits from a comprehensive set of econometric tools, including a multiequation vector autoregressive (VAR) system, Granger causality test, impulse response function, variance decomposition and a single-equation autoregressive distributed lag (ARDL) system. This rigorous approach enables to identify both short- and long-run dynamics to unravel the intricate linkages between Brent oil prices, housing prices, gold prices and stock prices in the UK and Norway over the period from 2005:Q1 to 2022:Q2.

The findings indicate that rising oil prices negatively impact house prices, whereas the positive influence of stock market performance on housing is more pronounced. A two-way causal relationship exists between stock market indices and house prices, whereas a one-way causal relationship exists from crude oil prices to house prices in both countries. The VAR model reveals that past housing prices, stock market indices in each country and Brent oil prices are the primary determinants of current housing prices. The single-equation ARDL results for housing prices demonstrate the existence of a long-run cointegrating relationship between real estate and stock prices. The variance decomposition analysis indicates that oil prices have a more pronounced impact on housing prices compared with stock prices. The findings reveal that shocks in stock markets have a greater influence on housing market prices than those in oil or gold prices. Consequently, house prices exhibit a stronger reaction to general financial market indicators than to commodity prices.

This study may have several limitations. First, the model does not include all relevant macroeconomic variables, such as interest rates, unemployment rates and gross domestic product growth. This omission may affect the accuracy of the model’s predictions and lead to inefficiencies in the real estate market. Second, this study does not consider alternative explanations for market inefficiencies, such as behavioral finance factors, information asymmetry or market microstructure effects. Third, the models have limitations in revealing how predictors react to positive and negative shocks. Therefore, the results of this study should be interpreted with caution.

These findings hold significant implications for formulating dynamic policies aimed at stabilizing the housing markets of these two oil-producing nations. The practical implications of this study extend to academics, investors and policymakers, particularly in light of the volatility characterizing both housing and commodity markets. The findings reveal that shocks in stock markets have a more profound impact on housing market prices compared with those in oil or gold prices. Consequently, house prices exhibit a stronger reaction to general financial market indicators than to commodity prices.

These findings could also serve as valuable insights for future research endeavors aimed at constructing models that link real estate market dynamics to macroeconomic indicators.

Using a variety of econometric approaches, this paper presents an innovative empirical analysis of the intricate relationship between euro property prices, stock prices, gold prices and oil prices in the UK and Norway from 2005:Q1 to 2022:Q2. Expanding upon the existing literature on housing market price determinants, this study delves into the role of gold and oil prices, considering their impact on industrial production and overall economic growth. This paper provides valuable policy insights for effectively managing the impact of oil price shocks on the housing market.

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Relationship between housing, oil, gold and stock markets: evidence from UK and Norway10.1108/IJHMA-09-2023-0125International Journal of Housing Markets and Analysis2023-12-06© 2023 Emerald Publishing LimitedZ. Göknur Büyükkaraİsmail Cem ÖzgülerAli HepsenInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-12-0610.1108/IJHMA-09-2023-0125https://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2023-0125/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Dynamics of property prices and asymmetrical impacts of economic policy uncertainty: new evidence from Indian citieshttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2023-0129/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis research study aims to delve into the enduring relationship between housing property prices and economic policy uncertainty across eight major Indian cities. Using the panel non-linear autoregressive distributed lag model, this study meticulously investigates the asymmetric impact of economic policy uncertainty on apartment and house (unit) prices in India during the period from 2000 to 2022. The findings of this study indicate that economic policy uncertainty exerts a negative influence on property prices, but noteworthy asymmetry is observed, with positive changes in effect having a more pronounced impact than negative changes. This asymmetrical effect is particularly prominent in the case of unit prices. This research reveals that long-run price trends are also influenced by factors such as interest rates, building costs and housing loans. Through a comprehensive analysis of these factors and their interplay with property prices, this research paper contributes valuable insights to the understanding of the real estate market dynamics in Indian cities.Dynamics of property prices and asymmetrical impacts of economic policy uncertainty: new evidence from Indian cities
Nenavath Sreenu
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This research study aims to delve into the enduring relationship between housing property prices and economic policy uncertainty across eight major Indian cities.

Using the panel non-linear autoregressive distributed lag model, this study meticulously investigates the asymmetric impact of economic policy uncertainty on apartment and house (unit) prices in India during the period from 2000 to 2022.

The findings of this study indicate that economic policy uncertainty exerts a negative influence on property prices, but noteworthy asymmetry is observed, with positive changes in effect having a more pronounced impact than negative changes. This asymmetrical effect is particularly prominent in the case of unit prices.

This research reveals that long-run price trends are also influenced by factors such as interest rates, building costs and housing loans. Through a comprehensive analysis of these factors and their interplay with property prices, this research paper contributes valuable insights to the understanding of the real estate market dynamics in Indian cities.

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Dynamics of property prices and asymmetrical impacts of economic policy uncertainty: new evidence from Indian cities10.1108/IJHMA-09-2023-0129International Journal of Housing Markets and Analysis2023-11-16© 2023 Emerald Publishing LimitedNenavath SreenuInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-11-1610.1108/IJHMA-09-2023-0129https://www.emerald.com/insight/content/doi/10.1108/IJHMA-09-2023-0129/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Does loadshedding affect the housing market in South Africa? Some empirical evidencehttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2022-0148/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to quantify the impact of electricity power outages on the local housing market in South Africa. This study uses the autoregressive distributive lag (ARDL) and quantile autoregressive distributive lag (QARDL) models on annual time series data, for the period 1971–2014. The interest rate, real income and inflation were used as control variables to enable a multivariate framework. The results from the ARDL model show that real income is the only factor influencing housing price over the long run, whereas other variables only have short-run effects. The estimates from the QARDL further reveal hidden cointegration relationship over the long run with higher quantile levels of distribution and transmission losses raising the residential price growth. Overall, the findings of this study imply that the South African housing market is more vulnerable to property devaluation caused by power outages over the short run and yet remains resilient to loadshedding over the long run. Other macro-economic factors, such as real income and inflation, are more influential factors towards long-run developments in the residential market. To the best of the authors’ knowledge, this is the first study to examine the empirical relationship between power outages and housing price growth.Does loadshedding affect the housing market in South Africa? Some empirical evidence
Amogelang Marope, Andrew Phiri
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to quantify the impact of electricity power outages on the local housing market in South Africa.

This study uses the autoregressive distributive lag (ARDL) and quantile autoregressive distributive lag (QARDL) models on annual time series data, for the period 1971–2014. The interest rate, real income and inflation were used as control variables to enable a multivariate framework.

The results from the ARDL model show that real income is the only factor influencing housing price over the long run, whereas other variables only have short-run effects. The estimates from the QARDL further reveal hidden cointegration relationship over the long run with higher quantile levels of distribution and transmission losses raising the residential price growth.

Overall, the findings of this study imply that the South African housing market is more vulnerable to property devaluation caused by power outages over the short run and yet remains resilient to loadshedding over the long run. Other macro-economic factors, such as real income and inflation, are more influential factors towards long-run developments in the residential market.

To the best of the authors’ knowledge, this is the first study to examine the empirical relationship between power outages and housing price growth.

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Does loadshedding affect the housing market in South Africa? Some empirical evidence10.1108/IJHMA-10-2022-0148International Journal of Housing Markets and Analysis2023-01-11© 2022 Emerald Publishing LimitedAmogelang MaropeAndrew PhiriInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-01-1110.1108/IJHMA-10-2022-0148https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2022-0148/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
How much to invest for house purchase? The consumer purchase intention perspective of real estate investment decisionhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2022-0151/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study is based on the consumer purchase intention (CPI) in real estate. The purpose of this study is to investigate the link between CPI and preferred individual investment capacity in buying real estate properties. This study investigates if commonly known factors of CPI such as attitude, social power or subjective norms, perceived behavior power or control, location, surrounding environment and socialization can influence a consumer’s preferred investment amount when buying a house, either for own use or for rental purpose. A total of 334 respondents participated in this study. The survey data was analyzed using factor analysis technique, ordinary least square technique and Poisson pseudo maximum likelihood technique. This study finds that location, surrounding environment, property/construction papers, roads, mosque/temple and fire services significantly influence the preferred investment amount of a real estate investor. This study suggests that a link exists between CPI and real estate investment decision through factors such as location, surrounding environment, legal documentation and communication facility. These identified CPI factors require serious consideration by the real estate developers and their financing partners.How much to invest for house purchase? The consumer purchase intention perspective of real estate investment decision
Shahriar Kabir, Zakia Binte Jamal, Bindu Proshad Kairy
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study is based on the consumer purchase intention (CPI) in real estate. The purpose of this study is to investigate the link between CPI and preferred individual investment capacity in buying real estate properties. This study investigates if commonly known factors of CPI such as attitude, social power or subjective norms, perceived behavior power or control, location, surrounding environment and socialization can influence a consumer’s preferred investment amount when buying a house, either for own use or for rental purpose.

A total of 334 respondents participated in this study. The survey data was analyzed using factor analysis technique, ordinary least square technique and Poisson pseudo maximum likelihood technique.

This study finds that location, surrounding environment, property/construction papers, roads, mosque/temple and fire services significantly influence the preferred investment amount of a real estate investor.

This study suggests that a link exists between CPI and real estate investment decision through factors such as location, surrounding environment, legal documentation and communication facility. These identified CPI factors require serious consideration by the real estate developers and their financing partners.

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How much to invest for house purchase? The consumer purchase intention perspective of real estate investment decision10.1108/IJHMA-10-2022-0151International Journal of Housing Markets and Analysis2023-02-03© 2023 Emerald Publishing LimitedShahriar KabirZakia Binte JamalBindu Proshad KairyInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-02-0310.1108/IJHMA-10-2022-0151https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2022-0151/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
An Islamic principle-based integrated solution for China’s housing affordability issueshttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2022-0152/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to merge the world’s proven ways of housing finance, including musharakah mutanaqisah, housing cooperatives and real estate crowdfunding, to present an alternative housing unaffordability solution based on the Islamic finance principle. It is intended to reduce the burden of funding for both sides (consumers and developers) and create win–win chances for all stakeholders, including intermediaries. By moving away from debt financing and merging the features of crowdfunding and cooperative, it is hopeful that the burden of home ownership will no longer be the case. This paper presents the opinions of potential Chinese homebuyers (minority Muslims and most non-Muslims) and a few industry experts toward the proposed model via a mixed research method. According to the findings, the majority of respondents agreed with the proposed paradigm. Just concerned that China’s lack of community culture and trust could pose a major threat to implementation. However, this paper argues that Chinese local governments may perform pilot testing in places where Islamic culture is prevalent. Their unique community culture and fundamental understanding of Shariah law may affect the viability of the proposed model. The proposed model would increase the applicability of Islamic finance as a way of protecting the social order of communities in the spirit of upholding justice and fairness. A new type of housing loan based on musharakah mutanaqisah may squeeze out the real estate bubble and provide stakeholders with a multidimensional investment channel. In particular, the study identifies the impact of Chinese Islamic financing on government and cultural needs. It presents possible challenges for implementing the proposed model in reality and helps bridge the gap between theory and practice.An Islamic principle-based integrated solution for China’s housing affordability issues
Yaxin Ma, Fauziah Md Taib, Nusirat Ojuolape Gold
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to merge the world’s proven ways of housing finance, including musharakah mutanaqisah, housing cooperatives and real estate crowdfunding, to present an alternative housing unaffordability solution based on the Islamic finance principle. It is intended to reduce the burden of funding for both sides (consumers and developers) and create win–win chances for all stakeholders, including intermediaries. By moving away from debt financing and merging the features of crowdfunding and cooperative, it is hopeful that the burden of home ownership will no longer be the case.

This paper presents the opinions of potential Chinese homebuyers (minority Muslims and most non-Muslims) and a few industry experts toward the proposed model via a mixed research method.

According to the findings, the majority of respondents agreed with the proposed paradigm. Just concerned that China’s lack of community culture and trust could pose a major threat to implementation. However, this paper argues that Chinese local governments may perform pilot testing in places where Islamic culture is prevalent. Their unique community culture and fundamental understanding of Shariah law may affect the viability of the proposed model.

The proposed model would increase the applicability of Islamic finance as a way of protecting the social order of communities in the spirit of upholding justice and fairness. A new type of housing loan based on musharakah mutanaqisah may squeeze out the real estate bubble and provide stakeholders with a multidimensional investment channel. In particular, the study identifies the impact of Chinese Islamic financing on government and cultural needs. It presents possible challenges for implementing the proposed model in reality and helps bridge the gap between theory and practice.

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An Islamic principle-based integrated solution for China’s housing affordability issues10.1108/IJHMA-10-2022-0152International Journal of Housing Markets and Analysis2023-01-10© 2022 Emerald Publishing LimitedYaxin MaFauziah Md TaibNusirat Ojuolape GoldInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-01-1010.1108/IJHMA-10-2022-0152https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2022-0152/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Low-income housing policy in Iran (1990–2020): lessons and modificationshttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2022-0153/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe housing policies targeting low-income households have not been effective to address the housing needs of target groups in Iran over the past four decades. According to the World Bank’s data on population living in slums (% of urban population) in Iran in 2018 was 25% which is slightly higher than the rate 23% of upper-middle-income countries. This study aims to understand what major revisions are required in the process of housing policymaking to have more effective policies. The authors conduct one-to-one interviews with 41 housing experts and apply discourse analysis and interpretive–structural modeling to achieve the goals. The panel of experts argue that the success of housing policies in Iran depends on the following: all academic disciplines should be included in the process of housing policymaking process; land policymaking should be modified; housing policy is a regional issue, and it should be designed and implemented differently in each province; main modifications are required in the tax and tenancy system; and new policies are required to push vacant houses into the rental market. This study is a prescriptive study based on a general trend (four decades).Low-income housing policy in Iran (1990–2020): lessons and modifications
Moslem Zarghamfard, Mohammadreza Rezaei, Hassan F. Gholipour
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The housing policies targeting low-income households have not been effective to address the housing needs of target groups in Iran over the past four decades. According to the World Bank’s data on population living in slums (% of urban population) in Iran in 2018 was 25% which is slightly higher than the rate 23% of upper-middle-income countries. This study aims to understand what major revisions are required in the process of housing policymaking to have more effective policies.

The authors conduct one-to-one interviews with 41 housing experts and apply discourse analysis and interpretive–structural modeling to achieve the goals.

The panel of experts argue that the success of housing policies in Iran depends on the following: all academic disciplines should be included in the process of housing policymaking process; land policymaking should be modified; housing policy is a regional issue, and it should be designed and implemented differently in each province; main modifications are required in the tax and tenancy system; and new policies are required to push vacant houses into the rental market.

This study is a prescriptive study based on a general trend (four decades).

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Low-income housing policy in Iran (1990–2020): lessons and modifications10.1108/IJHMA-10-2022-0153International Journal of Housing Markets and Analysis2023-03-27© 2023 Emerald Publishing LimitedMoslem ZarghamfardMohammadreza RezaeiHassan F. GholipourInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-03-2710.1108/IJHMA-10-2022-0153https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2022-0153/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
House price dynamics under lower leverage: the case of metropolitan cities in Indiahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2022-0161/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to examine the dynamics of house prices in metropolitan cities in an emerging economy. The purpose of this study is to characterise the house price dynamics and the spatial heterogeneity in the dynamics. The author explores spatial heterogeneity in house price dynamics, using data for 35 Indian cities with a million-plus population. The research methodology uses panel econometrics allowing for spatial heterogeneity, cross-sectional dependence and non-stationary data. The author tests for spatial differences and analyses the income elasticity of prices, the role of construction costs and lending to the real estate industry by commercial banks. Long-term fundamentals drive the Indian housing markets, where wealth parameters are stronger than supply-side parameters such as construction costs or availability of financing for housing projects. The long-term elasticity of house prices to aggregate household deposits (wealth proxy) varies considerably across cities. However, the elasticity estimated at 0.39 is low. The highest coefficient is for Ludhiana (1.14), followed by Bhubaneswar (0.78). The short-term dynamics are robust and show spatial heterogeneity. Short-term momentum (lagged housing price changes) has a parameter value of 0.307. The momentum factor is the crucial dynamic in the short term. The second driver, the reversion rate to long-term equilibrium (estimated at −0.18), is higher than rates reported from developed markets. This research applies to markets that require some home equity contributions from buyers of housing services. Stakeholders can characterise stable housing markets based on long-term fundamental value and short-run house price dynamics. Because stable housing markets benefit all stakeholders, weak or non-existent mean reversion dynamics may prompt the intervention of policymakers. The role of urban planners, and local and regional governance, is essential to remove the bottlenecks from the demand side or supply side factors that can lead to runaway prices. Existing literature is concerned about the risk of a housing bubble due to relaxed credit norms. To prevent housing market bubbles, some regulators require higher contributions from home buyers in the form of equity. The dynamics of house prices in markets with higher owner equity requirements vary from high-leverage markets. The influence of wealth effects is examined using novel data sets. This research, documents in an emerging market context, the observations cited in low-leverage developed markets such as Germany and Japan.House price dynamics under lower leverage: the case of metropolitan cities in India
Sudhanshu Sekhar Pani
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to examine the dynamics of house prices in metropolitan cities in an emerging economy. The purpose of this study is to characterise the house price dynamics and the spatial heterogeneity in the dynamics.

The author explores spatial heterogeneity in house price dynamics, using data for 35 Indian cities with a million-plus population. The research methodology uses panel econometrics allowing for spatial heterogeneity, cross-sectional dependence and non-stationary data. The author tests for spatial differences and analyses the income elasticity of prices, the role of construction costs and lending to the real estate industry by commercial banks.

Long-term fundamentals drive the Indian housing markets, where wealth parameters are stronger than supply-side parameters such as construction costs or availability of financing for housing projects. The long-term elasticity of house prices to aggregate household deposits (wealth proxy) varies considerably across cities. However, the elasticity estimated at 0.39 is low. The highest coefficient is for Ludhiana (1.14), followed by Bhubaneswar (0.78). The short-term dynamics are robust and show spatial heterogeneity. Short-term momentum (lagged housing price changes) has a parameter value of 0.307. The momentum factor is the crucial dynamic in the short term. The second driver, the reversion rate to long-term equilibrium (estimated at −0.18), is higher than rates reported from developed markets.

This research applies to markets that require some home equity contributions from buyers of housing services.

Stakeholders can characterise stable housing markets based on long-term fundamental value and short-run house price dynamics. Because stable housing markets benefit all stakeholders, weak or non-existent mean reversion dynamics may prompt the intervention of policymakers. The role of urban planners, and local and regional governance, is essential to remove the bottlenecks from the demand side or supply side factors that can lead to runaway prices.

Existing literature is concerned about the risk of a housing bubble due to relaxed credit norms. To prevent housing market bubbles, some regulators require higher contributions from home buyers in the form of equity. The dynamics of house prices in markets with higher owner equity requirements vary from high-leverage markets. The influence of wealth effects is examined using novel data sets. This research, documents in an emerging market context, the observations cited in low-leverage developed markets such as Germany and Japan.

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House price dynamics under lower leverage: the case of metropolitan cities in India10.1108/IJHMA-10-2022-0161International Journal of Housing Markets and Analysis2022-12-29© 2022 Emerald Publishing LimitedSudhanshu Sekhar PaniInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2022-12-2910.1108/IJHMA-10-2022-0161https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2022-0161/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Examining key macroeconomic determinants of serviced apartments price index: the case of Kuala Lumpur, Malaysiahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2022-0162/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIncreasing overhang of serviced apartments poses a serious concern to the national property market. This study aims to examine the impacts of macroeconomic determinants, namely, gross domestic product (GDP), consumer confidence index (CF), existing stocks (ES), incoming supply (IS) and completed project (CP) on serviced apartment price changes. To achieve more accurate, quality price changes, a serviced apartment price index (SAPI) was constructed through a self-developed hedonic price index model. This study has collected 1,567 transaction data in Kuala Lumpur, covering 2009Q1–2018Q4 for price index construction and data were analysed using the vector autoregressive model, the vector error correction model and the fully modified ordinary least squares (OLS) (FMOLS). Results of the regression model show that only GDP, ES and IS were significantly associated with SAPI, with an R2 of 0.7, where both ES and IS have inverse relationships with SAPI. More precisely, it is predicted that the price of serviced apartments will be reduced by 0.56% and 0.21% for every 1% increase in ES and IS, respectively. Therefore, government monitoring of serviced apartments’ future supply is crucial by enforcing land use-planning regulations via stricter development approval of serviced apartments to safeguard and achieve more stable property prices. By adopting an innovative approach to estimating the response of price change to supply and demand in a situation where there is no price indicator for serviced apartments, the study addresses the knowledge gap, especially in terms of understanding what are the key determinants of, and to what extent they influence, the SAPI.Examining key macroeconomic determinants of serviced apartments price index: the case of Kuala Lumpur, Malaysia
Chin Tiong Cheng, Gabriel Hoh Teck Ling
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Increasing overhang of serviced apartments poses a serious concern to the national property market. This study aims to examine the impacts of macroeconomic determinants, namely, gross domestic product (GDP), consumer confidence index (CF), existing stocks (ES), incoming supply (IS) and completed project (CP) on serviced apartment price changes.

To achieve more accurate, quality price changes, a serviced apartment price index (SAPI) was constructed through a self-developed hedonic price index model. This study has collected 1,567 transaction data in Kuala Lumpur, covering 2009Q1–2018Q4 for price index construction and data were analysed using the vector autoregressive model, the vector error correction model and the fully modified ordinary least squares (OLS) (FMOLS).

Results of the regression model show that only GDP, ES and IS were significantly associated with SAPI, with an R2 of 0.7, where both ES and IS have inverse relationships with SAPI. More precisely, it is predicted that the price of serviced apartments will be reduced by 0.56% and 0.21% for every 1% increase in ES and IS, respectively.

Therefore, government monitoring of serviced apartments’ future supply is crucial by enforcing land use-planning regulations via stricter development approval of serviced apartments to safeguard and achieve more stable property prices.

By adopting an innovative approach to estimating the response of price change to supply and demand in a situation where there is no price indicator for serviced apartments, the study addresses the knowledge gap, especially in terms of understanding what are the key determinants of, and to what extent they influence, the SAPI.

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Examining key macroeconomic determinants of serviced apartments price index: the case of Kuala Lumpur, Malaysia10.1108/IJHMA-10-2022-0162International Journal of Housing Markets and Analysis2023-01-03© 2022 Emerald Publishing LimitedChin Tiong ChengGabriel Hoh Teck LingInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-01-0310.1108/IJHMA-10-2022-0162https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2022-0162/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Nexus between monetary policy uncertainty and real estate market volatility in COVID-19 peak and recovery periodhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0130/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestMonetary policy has major impacts on macroeconomic indicators of the country. Accordingly, uncertainty regarding monetary policy shifts can cause challenges and risks for businesses, financial markets and investors. Thus, the purpose of this study is to investigate how real estate market volatility responds to monetary policy uncertainty. The GARCH-MIDAS model is applied in this study to investigate the nexus between monetary policy uncertainty and real estate market volatility. This model was fundamentally instituted to accommodate low-frequency variables. The results of this study reveal that increased monetary policy uncertainty highly affects the volatility in real estate market during the peak period of COVID-19 as compared to full sample period and COVID-19 recovery period; hence, a significant decline is evident in real estate market volatility during crisis. This study is particularly focused on peak and recovery period of COVID-19 considering the geographical region of Greece, Japan and the USA. This study provides a complete perspective on the nexus between monetary policy uncertainty and real estate markets volatility in three distinct economic views.Nexus between monetary policy uncertainty and real estate market volatility in COVID-19 peak and recovery period
Haobo Zou, Mansoora Ahmed, Syed Ali Raza, Rija Anwar
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Monetary policy has major impacts on macroeconomic indicators of the country. Accordingly, uncertainty regarding monetary policy shifts can cause challenges and risks for businesses, financial markets and investors. Thus, the purpose of this study is to investigate how real estate market volatility responds to monetary policy uncertainty.

The GARCH-MIDAS model is applied in this study to investigate the nexus between monetary policy uncertainty and real estate market volatility. This model was fundamentally instituted to accommodate low-frequency variables.

The results of this study reveal that increased monetary policy uncertainty highly affects the volatility in real estate market during the peak period of COVID-19 as compared to full sample period and COVID-19 recovery period; hence, a significant decline is evident in real estate market volatility during crisis.

This study is particularly focused on peak and recovery period of COVID-19 considering the geographical region of Greece, Japan and the USA. This study provides a complete perspective on the nexus between monetary policy uncertainty and real estate markets volatility in three distinct economic views.

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Nexus between monetary policy uncertainty and real estate market volatility in COVID-19 peak and recovery period10.1108/IJHMA-10-2023-0130International Journal of Housing Markets and Analysis2023-11-21© 2023 Emerald Publishing LimitedHaobo ZouMansoora AhmedSyed Ali RazaRija AnwarInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-11-2110.1108/IJHMA-10-2023-0130https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0130/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Economic fundamentals and house prices in Namibia: comparative evidence from real and interpolated datahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0133/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe primary aim of this paper is to concurrently use the data types to enhance econometric analysis in the housing market in developing countries, particularly Namibia. Scholarly discussions on econometric analysis in the housing market in sub-Saharan Africa suggest that the inadequacy of time series data has impeded studies of such nature in the region. Hence, this paper aims to comparatively analyse the impact of economic fundamentals on house prices in Namibia using real and interpolated data from 1990 to 2021 supported by the ARDL model. It was discovered that in all the three types of data house prices were affected by fundamentals except real GDP in the long term. It was also noted that there were not much significant variations between the real data and the interpolated data frequencies. However, the results of the annual data and the semi-annual interpolated data were more analogously comparable to the quarterly interpolated data It is suggested that the adoption of interpolated data frequency type should be based on the statistical significance of the result. In addition, the need to monitor the nexus of the housing market and fundamentals is necessary for stable and sustainable housing market for enhanced policy direction and prudent property investment decision. The study pioneer to concurrently use the data types to enhance econometric analysis in the housing market in developing countries.Economic fundamentals and house prices in Namibia: comparative evidence from real and interpolated data
Benjamin Kwakye, Tze-Haw Chan
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The primary aim of this paper is to concurrently use the data types to enhance econometric analysis in the housing market in developing countries, particularly Namibia.

Scholarly discussions on econometric analysis in the housing market in sub-Saharan Africa suggest that the inadequacy of time series data has impeded studies of such nature in the region. Hence, this paper aims to comparatively analyse the impact of economic fundamentals on house prices in Namibia using real and interpolated data from 1990 to 2021 supported by the ARDL model.

It was discovered that in all the three types of data house prices were affected by fundamentals except real GDP in the long term. It was also noted that there were not much significant variations between the real data and the interpolated data frequencies. However, the results of the annual data and the semi-annual interpolated data were more analogously comparable to the quarterly interpolated data

It is suggested that the adoption of interpolated data frequency type should be based on the statistical significance of the result. In addition, the need to monitor the nexus of the housing market and fundamentals is necessary for stable and sustainable housing market for enhanced policy direction and prudent property investment decision.

The study pioneer to concurrently use the data types to enhance econometric analysis in the housing market in developing countries.

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Economic fundamentals and house prices in Namibia: comparative evidence from real and interpolated data10.1108/IJHMA-10-2023-0133International Journal of Housing Markets and Analysis2024-01-09© 2023 Emerald Publishing LimitedBenjamin KwakyeTze-Haw ChanInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-01-0910.1108/IJHMA-10-2023-0133https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0133/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Exchange rate and housing affordability in OECD countrieshttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0137/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to construct alternative models to establish the dynamic relationship between exchange rates and housing affordability by estimating both the short- and long-run relationship between exchange rates and housing affordability for 18 OECD countries from 1975Q1 to 2022Q4. After that, this study demonstrates how this nexus behaves during high and low inflation regimes and turbulent times. This study uses the panel autoregressive distributed lag technique to examine the nexus between housing affordability to capture the distinct characteristics of the sample countries and estimate various short- and long-run dynamics in the relationship between housing affordability and exchange rate. Exchange rate appreciation improves housing affordability in the short run, whereas this connection tends to dissipate in the long run. Moreover, inflation can worsen housing affordability during turbulent times, such as the global financial crisis, in both the short and long run. Ignoring these changes in the relationship between exchange rates and housing affordability during turbulent times can lead to incorrect conclusions. To the best of the authors’ knowledge, this study is the first to examine the association between exchange rates and housing affordability by demonstrating how these variables behave in high and low inflation regimes and turbulent times.Exchange rate and housing affordability in OECD countries
Afees Adebare Salisu, Aliyu Akorede Rufai, Modestus Chidi Nsonwu
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to construct alternative models to establish the dynamic relationship between exchange rates and housing affordability by estimating both the short- and long-run relationship between exchange rates and housing affordability for 18 OECD countries from 1975Q1 to 2022Q4. After that, this study demonstrates how this nexus behaves during high and low inflation regimes and turbulent times.

This study uses the panel autoregressive distributed lag technique to examine the nexus between housing affordability to capture the distinct characteristics of the sample countries and estimate various short- and long-run dynamics in the relationship between housing affordability and exchange rate.

Exchange rate appreciation improves housing affordability in the short run, whereas this connection tends to dissipate in the long run. Moreover, inflation can worsen housing affordability during turbulent times, such as the global financial crisis, in both the short and long run. Ignoring these changes in the relationship between exchange rates and housing affordability during turbulent times can lead to incorrect conclusions.

To the best of the authors’ knowledge, this study is the first to examine the association between exchange rates and housing affordability by demonstrating how these variables behave in high and low inflation regimes and turbulent times.

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Exchange rate and housing affordability in OECD countries10.1108/IJHMA-10-2023-0137International Journal of Housing Markets and Analysis2024-01-16© 2023 Emerald Publishing LimitedAfees Adebare SalisuAliyu Akorede RufaiModestus Chidi NsonwuInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-01-1610.1108/IJHMA-10-2023-0137https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0137/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Islamic home financing products: a study of customer intentions in Indonesiahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0138/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIslamic home financing products with Murabaha contracts are widely favored among the Muslim community in Indonesia, given that the country has a population of over 230 million Muslims. To facilitate the development of products and enhance public interest, it is important for Islamic banking institutions to comprehend the elements that may impact the intents of Muslim communities in Indonesia when selecting Islamic home financing products with Murabaha contracts. The purpose of this study is to ascertain the many aspects that may have an impact on the decision-making process of Muslim communities in Indonesia when selecting Islamic home financing product that use Murabaha contracts. The partial least square-structural equation modeling data processing techniques will be used to process and evaluate these components. The data used in this study was acquired by administering questionnaires to a sample of 298 Muslim communities, which were randomly selected from a pool of 301 possible customers of Islamic house finance in Indonesia. The results of this research show that attitude, subjective norms and perceived behavioral control have positive influence on intention to choose an Islamic home financing scheme with Murabaha agreement, while price fairness of Islamic home financing and Islamic altruism have direct and indirect influence on intention to choose Islamic home financing. Analyzing factors that affect intention to choose Islamic home financing product under Murabaha contract is essential. Future study is required to analyze other Islamic home financing products, such as istisna, ijarah muntahia bi tamlik and diminishing musharakah. This study only serves as a foundation for further investigations into conventional approaches to home financing in emerging nations. The areas can be expanded to be implemented in other countries. It is anticipated that Islamic banks have the capacity to cultivate a favorable and constructive perception, hence fostering a positive disposition among the Muslim populace in Indonesia. Furthermore, it is essential for Islamic banks to guarantee that all stakeholders within the sharia-compliant institution, particularly the frontline staff, have enough expertise and understanding of the intricacies of Islamic home financing products including Murabaha contracts, which are intended for prospective customers. In the foreseeable future, it is anticipated that the Muslim population in Indonesia would exhibit a greater intention toward the use of Islamic home financing solutions that use Murabaha contracts, facilitated by the establishment of a conducive environment. This research integrates the impacts of pricing fairness and Islamic charity as a modified model, alongside the theory of planned behavior model, to examine the influence of these factors on individuals’ intentions to use Islamic home financing in Indonesia.Islamic home financing products: a study of customer intentions in Indonesia
Permata Wulandari, Muhammad Nadhif Ubaidillah
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Islamic home financing products with Murabaha contracts are widely favored among the Muslim community in Indonesia, given that the country has a population of over 230 million Muslims. To facilitate the development of products and enhance public interest, it is important for Islamic banking institutions to comprehend the elements that may impact the intents of Muslim communities in Indonesia when selecting Islamic home financing products with Murabaha contracts. The purpose of this study is to ascertain the many aspects that may have an impact on the decision-making process of Muslim communities in Indonesia when selecting Islamic home financing product that use Murabaha contracts.

The partial least square-structural equation modeling data processing techniques will be used to process and evaluate these components. The data used in this study was acquired by administering questionnaires to a sample of 298 Muslim communities, which were randomly selected from a pool of 301 possible customers of Islamic house finance in Indonesia.

The results of this research show that attitude, subjective norms and perceived behavioral control have positive influence on intention to choose an Islamic home financing scheme with Murabaha agreement, while price fairness of Islamic home financing and Islamic altruism have direct and indirect influence on intention to choose Islamic home financing.

Analyzing factors that affect intention to choose Islamic home financing product under Murabaha contract is essential. Future study is required to analyze other Islamic home financing products, such as istisna, ijarah muntahia bi tamlik and diminishing musharakah. This study only serves as a foundation for further investigations into conventional approaches to home financing in emerging nations. The areas can be expanded to be implemented in other countries.

It is anticipated that Islamic banks have the capacity to cultivate a favorable and constructive perception, hence fostering a positive disposition among the Muslim populace in Indonesia. Furthermore, it is essential for Islamic banks to guarantee that all stakeholders within the sharia-compliant institution, particularly the frontline staff, have enough expertise and understanding of the intricacies of Islamic home financing products including Murabaha contracts, which are intended for prospective customers. In the foreseeable future, it is anticipated that the Muslim population in Indonesia would exhibit a greater intention toward the use of Islamic home financing solutions that use Murabaha contracts, facilitated by the establishment of a conducive environment.

This research integrates the impacts of pricing fairness and Islamic charity as a modified model, alongside the theory of planned behavior model, to examine the influence of these factors on individuals’ intentions to use Islamic home financing in Indonesia.

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Islamic home financing products: a study of customer intentions in Indonesia10.1108/IJHMA-10-2023-0138International Journal of Housing Markets and Analysis2024-02-01© 2024 Emerald Publishing LimitedPermata WulandariMuhammad Nadhif UbaidillahInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-02-0110.1108/IJHMA-10-2023-0138https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0138/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Determinants of housing prices: evidence from East Coast Malaysiahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0139/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is designed to achieve the learning process in producing studies involving economic issues and scenarios in business management in Malaysia. In addition, this study will provide exposure to the integration of managerial skills by using both microeconomics and macroeconomics concepts and theories to aid decision-making in a business environment. The research method comprised qualitative methodology of literature review, case study and quantitative methodology of multiple linear regression (MLR). In this case, seven microeconomics and macroeconomics factors which are believed to significantly affect house price index (HPI) are taken into consideration which includes gross domestic product, consumer price index (CPI), government tax and subsidy on housing, overnight policy rate, unemployment rate (UNEMP), the median income (INC) and cost of production index. This research has resulted in three significant factors affecting HPI from MLR, which include CPI, UNEMP and INC where the increase of these factors will cause a high increment of HPI. The other four factors are not significant. Malaysia has been facing the stagnancy in house market these recent years due to issues such as massive oversupply, impacting Malaysia’s economy specifically focusing on domestic direct investment. To avoid oversupply issues, the vitality of future house demand and pricing forecast should be comprehended by involved bodies for more effective planning for the house development industry. To make a better and bigger impact, this research is intended to analyse the microeconomic and macroeconomic factors affecting the HPI to better understand the significance of each of these factors to the changes of HPI to resolve these economic issues.Determinants of housing prices: evidence from East Coast Malaysia
Siti Hafsah Zulkarnain, Abdol Samad Nawi, Miguel Angel Esquivias, Anuar Husin
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is designed to achieve the learning process in producing studies involving economic issues and scenarios in business management in Malaysia. In addition, this study will provide exposure to the integration of managerial skills by using both microeconomics and macroeconomics concepts and theories to aid decision-making in a business environment.

The research method comprised qualitative methodology of literature review, case study and quantitative methodology of multiple linear regression (MLR). In this case, seven microeconomics and macroeconomics factors which are believed to significantly affect house price index (HPI) are taken into consideration which includes gross domestic product, consumer price index (CPI), government tax and subsidy on housing, overnight policy rate, unemployment rate (UNEMP), the median income (INC) and cost of production index.

This research has resulted in three significant factors affecting HPI from MLR, which include CPI, UNEMP and INC where the increase of these factors will cause a high increment of HPI. The other four factors are not significant.

Malaysia has been facing the stagnancy in house market these recent years due to issues such as massive oversupply, impacting Malaysia’s economy specifically focusing on domestic direct investment. To avoid oversupply issues, the vitality of future house demand and pricing forecast should be comprehended by involved bodies for more effective planning for the house development industry. To make a better and bigger impact, this research is intended to analyse the microeconomic and macroeconomic factors affecting the HPI to better understand the significance of each of these factors to the changes of HPI to resolve these economic issues.

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Determinants of housing prices: evidence from East Coast Malaysia10.1108/IJHMA-10-2023-0139International Journal of Housing Markets and Analysis2024-01-11© 2023 Emerald Publishing LimitedSiti Hafsah ZulkarnainAbdol Samad NawiMiguel Angel EsquiviasAnuar HusinInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-01-1110.1108/IJHMA-10-2023-0139https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0139/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Is there a relationship between housing deprivation and crime? Evidence for the Spanish casehttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0141/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestCrime increased in Spain during the period of 2017–2019 after a decade of decline. This coincides with severe housing deprivation multiplying by three in just four years, affecting 3.4% of the population in 2020. However, no research has been found that analyzes whether this deterioration of the physical conditions of housing and its environmental elements has impacted the level of crime in Spain. This study aims to analyze how housing deprivation affects crime in the Spanish context. For this purpose, different items that are considered by Eurostat as elements of housing deprivation are used. The difference generalized method of moments estimator is used for 16 Spanish regions that comprises the period from 2013 to 2019. The results suggest that certain structural and environmental elements of housing are positively associated with crime: space (0.5% and 0.4%) and high housing expenditure (0.4% and 0.5%) are positively correlated with the two dependent variables; the lack of light and overcrowding stand out as they establish a positive and statistically significant association with four out of the six analyzed crime categories; the absence of lighting effect reaches up to 1.8% and 1.7% in the case of violent robberies and vehicle theft, respectively. Finally, pollution is negatively associated with robbery with violence (−1.9%), theft (−0.7%) and robbery with force (−0.5%). To the best of the author’s knowledge, this is the first study that examines whether this deterioration of the physical conditions of housing has impacted the level of crime in Spain. It is also pioneering at the European level by using nonmonetary dimensions of inequality such as housing.Is there a relationship between housing deprivation and crime? Evidence for the Spanish case
Jonathan Torres-Tellez
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Crime increased in Spain during the period of 2017–2019 after a decade of decline. This coincides with severe housing deprivation multiplying by three in just four years, affecting 3.4% of the population in 2020. However, no research has been found that analyzes whether this deterioration of the physical conditions of housing and its environmental elements has impacted the level of crime in Spain. This study aims to analyze how housing deprivation affects crime in the Spanish context.

For this purpose, different items that are considered by Eurostat as elements of housing deprivation are used. The difference generalized method of moments estimator is used for 16 Spanish regions that comprises the period from 2013 to 2019.

The results suggest that certain structural and environmental elements of housing are positively associated with crime: space (0.5% and 0.4%) and high housing expenditure (0.4% and 0.5%) are positively correlated with the two dependent variables; the lack of light and overcrowding stand out as they establish a positive and statistically significant association with four out of the six analyzed crime categories; the absence of lighting effect reaches up to 1.8% and 1.7% in the case of violent robberies and vehicle theft, respectively. Finally, pollution is negatively associated with robbery with violence (−1.9%), theft (−0.7%) and robbery with force (−0.5%).

To the best of the author’s knowledge, this is the first study that examines whether this deterioration of the physical conditions of housing has impacted the level of crime in Spain. It is also pioneering at the European level by using nonmonetary dimensions of inequality such as housing.

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Is there a relationship between housing deprivation and crime? Evidence for the Spanish case10.1108/IJHMA-10-2023-0141International Journal of Housing Markets and Analysis2024-01-09© 2023 Emerald Publishing LimitedJonathan Torres-TellezInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-01-0910.1108/IJHMA-10-2023-0141https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0141/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The exchange rates volatilities impact on the stock and real estate markets in South Africahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0142/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestUnderstanding which market to invest in for a well-diversified portfolio is fundamental in economies that are highly vulnerable to fluctuations in exchange rates. Extant literature that has considered phenomenon hardly juxtapose the markets. The purpose of this study is to examine the effects of exchange rate volatility on the Stock and Real Estate market of South Africa. The essence is to determine whether the fluctuations in the exchange rate influence the markets prices differently. The Generalised Autoregressive Conditional Heteroskedasticity [GARCH (1.1)] model was used in establishing the effect of exchange rate volatility on both markets. This study used monthly South African data between 2000 and 2020. The results of this study showed that increased exchange rate volatility increases stock market volatility but decreases real-estate market volatility, both of which revealed weak influences from the exchange rates volatility. This study has implication for policy in using the exchange rate as a policy tool to attract foreign portfolio investment. The weak volatility transmission from the exchange rate market to the stock and real estate market indicates that there is prospect for foreign investors to diversify their investments in these two markets. This study investigated which of the assets market, stock or housing market do better in volatile exchange rate conditions in South Africa.The exchange rates volatilities impact on the stock and real estate markets in South Africa
Deevarshan Naidoo, Peter Brian Denton Moores-Pitt, Joseph Olorunfemi Akande
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Understanding which market to invest in for a well-diversified portfolio is fundamental in economies that are highly vulnerable to fluctuations in exchange rates. Extant literature that has considered phenomenon hardly juxtapose the markets. The purpose of this study is to examine the effects of exchange rate volatility on the Stock and Real Estate market of South Africa. The essence is to determine whether the fluctuations in the exchange rate influence the markets prices differently.

The Generalised Autoregressive Conditional Heteroskedasticity [GARCH (1.1)] model was used in establishing the effect of exchange rate volatility on both markets. This study used monthly South African data between 2000 and 2020.

The results of this study showed that increased exchange rate volatility increases stock market volatility but decreases real-estate market volatility, both of which revealed weak influences from the exchange rates volatility.

This study has implication for policy in using the exchange rate as a policy tool to attract foreign portfolio investment. The weak volatility transmission from the exchange rate market to the stock and real estate market indicates that there is prospect for foreign investors to diversify their investments in these two markets.

This study investigated which of the assets market, stock or housing market do better in volatile exchange rate conditions in South Africa.

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The exchange rates volatilities impact on the stock and real estate markets in South Africa10.1108/IJHMA-10-2023-0142International Journal of Housing Markets and Analysis2024-01-08© 2023 Emerald Publishing LimitedDeevarshan NaidooPeter Brian Denton Moores-PittJoseph Olorunfemi AkandeInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-01-0810.1108/IJHMA-10-2023-0142https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0142/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Market sentiment in emerging economies: evidence from the South African property markethttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0144/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestMarket 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. The study used the Autoregressive Distributed Lag (ARDL) approach with quarterly data spanning from 2005Q1 to 2020Q4. 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. 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. 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.Market sentiment in emerging economies: evidence from the South African property market
Benjamin Kwakye, Tze-Haw Chan
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

The study used the Autoregressive Distributed Lag (ARDL) approach with quarterly data spanning from 2005Q1 to 2020Q4.

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.

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.

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.

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Market sentiment in emerging economies: evidence from the South African property market10.1108/IJHMA-10-2023-0144International Journal of Housing Markets and Analysis2024-02-19© 2024 Emerald Publishing LimitedBenjamin KwakyeTze-Haw ChanInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-02-1910.1108/IJHMA-10-2023-0144https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0144/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Assessing the effect of housing attributes and green certification on Malaysian house pricehttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0145/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestSustainability represents innovative elements in determining the profitability of real estate investments, among other factors, including the green component in real estate. Evidence from the literature has pointed out that incorporating green features into residential buildings can reduce operational costs and increase the building’s value. Although green real estate is considered the future trend of choice, it is still being determined whether prospective buyers are willing to accept the extra cost of green residential investment. Therefore, this study aims to investigate the effect of housing attributes and green certification on residential real estate prices. The impact of the housing attribute and green certification in the residential sectors was assessed using a transaction data set comprising approximately 861 residential units sold in Selangor, Malaysia, between 2014 and 2022. Linear and quantile regression were used in this study by using SPSS software for a robust result. The findings indicate that the market price of residential properties in Malaysia is influenced by housing attributes, transaction types and Green Building Index certification. The empirical evidence from this study suggests that green certification significantly affects the sales price of residential properties in Malaysia. The findings of this research will help investors identify measurable factors that affect the transaction prices of green-certified residential real estate. These identifications will facilitate the development of strategic plans aimed at achieving sustainable rates of return in the sustainable residential real estate market. Specifically, this research will contribute to achieving area 4 of the 11th Malaysia Plan, which pertains to pursuing green growth for sustainability and resilience. This will be achieved by enhancing awareness among investors and homebuyers regarding the importance of green residential buildings in contributing to the environment, the economy and society. The regression model for housing attributes and green certification on house price developed in this study could offer valuable benefits to support and advance Malaysia in realising its medium and long-term goals for green technology.Assessing the effect of housing attributes and green certification on Malaysian house price
Nor Nazihah Chuweni, Nurul Sahida Fauzi, Asmma Che Kasim, Sekar Mayangsari, Nurhastuty Kesumo Wardhani
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Sustainability represents innovative elements in determining the profitability of real estate investments, among other factors, including the green component in real estate. Evidence from the literature has pointed out that incorporating green features into residential buildings can reduce operational costs and increase the building’s value. Although green real estate is considered the future trend of choice, it is still being determined whether prospective buyers are willing to accept the extra cost of green residential investment. Therefore, this study aims to investigate the effect of housing attributes and green certification on residential real estate prices.

The impact of the housing attribute and green certification in the residential sectors was assessed using a transaction data set comprising approximately 861 residential units sold in Selangor, Malaysia, between 2014 and 2022. Linear and quantile regression were used in this study by using SPSS software for a robust result.

The findings indicate that the market price of residential properties in Malaysia is influenced by housing attributes, transaction types and Green Building Index certification. The empirical evidence from this study suggests that green certification significantly affects the sales price of residential properties in Malaysia. The findings of this research will help investors identify measurable factors that affect the transaction prices of green-certified residential real estate. These identifications will facilitate the development of strategic plans aimed at achieving sustainable rates of return in the sustainable residential real estate market.

Specifically, this research will contribute to achieving area 4 of the 11th Malaysia Plan, which pertains to pursuing green growth for sustainability and resilience. This will be achieved by enhancing awareness among investors and homebuyers regarding the importance of green residential buildings in contributing to the environment, the economy and society.

The regression model for housing attributes and green certification on house price developed in this study could offer valuable benefits to support and advance Malaysia in realising its medium and long-term goals for green technology.

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Assessing the effect of housing attributes and green certification on Malaysian house price10.1108/IJHMA-10-2023-0145International Journal of Housing Markets and Analysis2024-01-18© 2023 Emerald Publishing LimitedNor Nazihah ChuweniNurul Sahida FauziAsmma Che KasimSekar MayangsariNurhastuty Kesumo WardhaniInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-01-1810.1108/IJHMA-10-2023-0145https://www.emerald.com/insight/content/doi/10.1108/IJHMA-10-2023-0145/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The effect of social capital on housing prices: panel data analysis by province in Turkeyhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-11-2022-0170/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to reveal whether social capital has an effect on the housing price index in Turkey, which is a developing country. The research was carried out by using the data on the basis of 81 provinces of Turkey in a 12-year period covering the years 2007–2018. The data were subjected to panel data regression analysis and the related models were tested using the Driscoll-Kraay (1998) Estimator. According to the results of the analysis, it was understood that there is a negative and significant relationship between social capital (SC1) and the housing price index. The results were corroborated by susceptibility testing. As the level of social capital rises in the provinces in Turkey, the manipulative and opportunistic behavior tendencies of individual and corporate house sellers decrease. These results support the principal–agent theory and theory of moral hazard, which constitute the theoretical background of the study. No study has been found in the literature on the effect of social capital on housing prices. This situation constitutes the main motivation source of the study and shows its originality.The effect of social capital on housing prices: panel data analysis by province in Turkey
Abdulmuttalip Pilatin, Ali Hepşen, Onur Kayran
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to reveal whether social capital has an effect on the housing price index in Turkey, which is a developing country. The research was carried out by using the data on the basis of 81 provinces of Turkey in a 12-year period covering the years 2007–2018.

The data were subjected to panel data regression analysis and the related models were tested using the Driscoll-Kraay (1998) Estimator.

According to the results of the analysis, it was understood that there is a negative and significant relationship between social capital (SC1) and the housing price index. The results were corroborated by susceptibility testing. As the level of social capital rises in the provinces in Turkey, the manipulative and opportunistic behavior tendencies of individual and corporate house sellers decrease. These results support the principal–agent theory and theory of moral hazard, which constitute the theoretical background of the study.

No study has been found in the literature on the effect of social capital on housing prices. This situation constitutes the main motivation source of the study and shows its originality.

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The effect of social capital on housing prices: panel data analysis by province in Turkey10.1108/IJHMA-11-2022-0170International Journal of Housing Markets and Analysis2023-01-24© 2022 Emerald Publishing LimitedAbdulmuttalip PilatinAli HepşenOnur KayranInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-01-2410.1108/IJHMA-11-2022-0170https://www.emerald.com/insight/content/doi/10.1108/IJHMA-11-2022-0170/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Parental financial support for housing: the importance of investment homes and family sizehttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-11-2023-0155/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestHomeownership for younger generations is exacerbated by the deterioration in affordability worldwide. As a result, the role of parental support in facilitating homeownership requires attention. This study aims to assess the influence of parental wealth and housing tenure as support mechanisms to facilitate homeownership for their children. This study uses data from a representative survey of the New Zealand population. Parents who are homeowners tend to offer more financial support to their children than those who rent. Additionally, the financial support increases when parents have investment housing as well. The results further reveal differences in financial support when considering one-child and multi-child families. The intergenerational transmission of wealth inequality appears to be more noticeable in multi-child families, where parental housing tenure plays a dominant role in determining the level of financial support provided to offspring. The insights gained serve as a basis for refining housing policies to better account for these family transfers and promote equitable access to homeownership.Parental financial support for housing: the importance of investment homes and family size
Xueqi Wang, Graham Squires, David Dyason
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Homeownership for younger generations is exacerbated by the deterioration in affordability worldwide. As a result, the role of parental support in facilitating homeownership requires attention. This study aims to assess the influence of parental wealth and housing tenure as support mechanisms to facilitate homeownership for their children.

This study uses data from a representative survey of the New Zealand population.

Parents who are homeowners tend to offer more financial support to their children than those who rent. Additionally, the financial support increases when parents have investment housing as well. The results further reveal differences in financial support when considering one-child and multi-child families. The intergenerational transmission of wealth inequality appears to be more noticeable in multi-child families, where parental housing tenure plays a dominant role in determining the level of financial support provided to offspring.

The insights gained serve as a basis for refining housing policies to better account for these family transfers and promote equitable access to homeownership.

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Parental financial support for housing: the importance of investment homes and family size10.1108/IJHMA-11-2023-0155International Journal of Housing Markets and Analysis2024-01-17© 2024 Emerald Publishing LimitedXueqi WangGraham SquiresDavid DyasonInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-01-1710.1108/IJHMA-11-2023-0155https://www.emerald.com/insight/content/doi/10.1108/IJHMA-11-2023-0155/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Transforming homeownership: an innovative financing model with a future value approachhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-11-2023-0156/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to address the critical need for innovative financing solutions in the global housing sector, focusing specifically on Malaysia’s distinct housing finance system encompassing both conventional and Islamic loans. The primary objective is to develop a transformative housing finance model that addresses affordability challenges and reshapes the Malaysian housing landscape. The study presents an alternate housing finance model for Malaysia, integrating lower monthly payments and reduced household debt. Key variables include house price appreciation rates, interest rates, initial guarantee fees and loan-to-value ratios. Inspired by the Help to Buy (HTB) scheme, the model aligns with proven global initiatives for enhanced affordability, balancing payment amounts, loan interest rates and acceptable price thresholds. The study’s findings promise to address affordability disparities and reshape Malaysia’s housing finance landscape. The emphasis is on introducing a structured repayment plan that offers a sustainable path to homeownership, particularly for low-income families. Incorporating the future value adaptation concept, inspired by reverse mortgages and Islamic finance, enhances adaptability, ensuring long-term sustainability despite economic shifts. The proposed model promotes widespread access to homeownership, offering practical solutions for policymakers to improve affordability, prompting adaptable risk management strategies for financial institutions and empowering potential homebuyers with increased flexibility. The study introduces a transformative housing finance model for Malaysia, merging elements from reverse mortgages, Islamic finance and the HTB scheme, offering potential applicability to similar systems globally.Transforming homeownership: an innovative financing model with a future value approach
Rosli Said, Mardhiati Sulaimi, Rohayu Ab Majid, Ainoriza Mohd Aini, Olusegun Olaopin Olanrele, Omokolade Akinsomi
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to address the critical need for innovative financing solutions in the global housing sector, focusing specifically on Malaysia’s distinct housing finance system encompassing both conventional and Islamic loans. The primary objective is to develop a transformative housing finance model that addresses affordability challenges and reshapes the Malaysian housing landscape.

The study presents an alternate housing finance model for Malaysia, integrating lower monthly payments and reduced household debt. Key variables include house price appreciation rates, interest rates, initial guarantee fees and loan-to-value ratios. Inspired by the Help to Buy (HTB) scheme, the model aligns with proven global initiatives for enhanced affordability, balancing payment amounts, loan interest rates and acceptable price thresholds.

The study’s findings promise to address affordability disparities and reshape Malaysia’s housing finance landscape. The emphasis is on introducing a structured repayment plan that offers a sustainable path to homeownership, particularly for low-income families. Incorporating the future value adaptation concept, inspired by reverse mortgages and Islamic finance, enhances adaptability, ensuring long-term sustainability despite economic shifts.

The proposed model promotes widespread access to homeownership, offering practical solutions for policymakers to improve affordability, prompting adaptable risk management strategies for financial institutions and empowering potential homebuyers with increased flexibility.

The study introduces a transformative housing finance model for Malaysia, merging elements from reverse mortgages, Islamic finance and the HTB scheme, offering potential applicability to similar systems globally.

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Transforming homeownership: an innovative financing model with a future value approach10.1108/IJHMA-11-2023-0156International Journal of Housing Markets and Analysis2024-02-26© 2024 Emerald Publishing LimitedRosli SaidMardhiati SulaimiRohayu Ab MajidAinoriza Mohd AiniOlusegun Olaopin OlanreleOmokolade AkinsomiInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-02-2610.1108/IJHMA-11-2023-0156https://www.emerald.com/insight/content/doi/10.1108/IJHMA-11-2023-0156/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
From homeless to home: issues and challenges of housing continuity in Klang Valley, Malaysiahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-11-2023-0157/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to discuss the issues and challenges related to housing continuity for individuals transitioning from homelessness to securing a place to live in Klang Valley, Malaysia. The aim of the study is to explore the problems and solutions in the context of housing policy, particularly as they pertain to homeless households. The study involves conducting in-depth interviews with various stakeholders involved in helping homeless households find shelter and access to public housing. The research methodology comprises a comprehensive literature review encompassing housing affordability, affordable housing and homelessness both within Malaysia and globally to identify research gaps. One of the key questions highlighted the effectiveness of existing programs aimed at providing short-term shelter and social integration for homeless individuals. Additionally, it highlights one of the primary challenges in this process, which is the tendency of homeless individuals to return to homelessness due to various factors. The data collection uses a qualitative approach and the data are obtained through in-depth interviews with key stakeholders responsible for assisting homeless households in Klang Valley, Malaysia, encompassing federal, state and local government representatives. Purposive sampling ensures diverse stakeholder representation. Interviews are structured semi-structured to maintain consistency while allowing for open-ended discussions on challenges and successes in facilitating homeless individuals' transition to stable housing. Thematic analysis of transcribed interview data focuses on recurring themes related to housing continuity, affordability and homeless households' behavioural patterns. There are five (n = 5) stakeholders consist of local government (Code: R1), ministries (Code: R2; R5) and government agencies (Code: R3; R4). The study revealed that various programs have been implemented to provide short-term shelter and facilitate the integration of homeless individuals into society. Nevertheless, a significant challenge identified was the recurring tendency of homeless households to return to homelessness. This “behavioural direction” was found to be influenced by multiple factors which includes mental health and attitude problem. The findings emphasise the need for collaborative efforts among all stakeholders to address the issues and challenges related to housing continuity in Klang Valley. The originality of this research lies in its focus on the specific and under-researched context of Klang Valley, Malaysia, regarding the critical issues of housing affordability and the challenges of housing continuity for homeless households. While housing affordability and affordable housing are widely recognised as global housing policy concerns, this study delves into a localised setting where limited attention has been given to understanding the transitions of homeless individuals to stable housing. The findings provide unique insights into the efforts and challenges faced in Klang Valley, shedding light on the behavioural patterns and factors contributing to recurring homelessness. This paper offers a context-specific perspective that contributes to the broader understanding of housing continuity issues.From homeless to home: issues and challenges of housing continuity in Klang Valley, Malaysia
Zafirah Al Sadat Zyed, Izma Syazana Badrudin, Peter Aning Tedong
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to discuss the issues and challenges related to housing continuity for individuals transitioning from homelessness to securing a place to live in Klang Valley, Malaysia. The aim of the study is to explore the problems and solutions in the context of housing policy, particularly as they pertain to homeless households. The study involves conducting in-depth interviews with various stakeholders involved in helping homeless households find shelter and access to public housing.

The research methodology comprises a comprehensive literature review encompassing housing affordability, affordable housing and homelessness both within Malaysia and globally to identify research gaps. One of the key questions highlighted the effectiveness of existing programs aimed at providing short-term shelter and social integration for homeless individuals. Additionally, it highlights one of the primary challenges in this process, which is the tendency of homeless individuals to return to homelessness due to various factors. The data collection uses a qualitative approach and the data are obtained through in-depth interviews with key stakeholders responsible for assisting homeless households in Klang Valley, Malaysia, encompassing federal, state and local government representatives. Purposive sampling ensures diverse stakeholder representation. Interviews are structured semi-structured to maintain consistency while allowing for open-ended discussions on challenges and successes in facilitating homeless individuals' transition to stable housing. Thematic analysis of transcribed interview data focuses on recurring themes related to housing continuity, affordability and homeless households' behavioural patterns.

There are five (n = 5) stakeholders consist of local government (Code: R1), ministries (Code: R2; R5) and government agencies (Code: R3; R4). The study revealed that various programs have been implemented to provide short-term shelter and facilitate the integration of homeless individuals into society. Nevertheless, a significant challenge identified was the recurring tendency of homeless households to return to homelessness. This “behavioural direction” was found to be influenced by multiple factors which includes mental health and attitude problem. The findings emphasise the need for collaborative efforts among all stakeholders to address the issues and challenges related to housing continuity in Klang Valley.

The originality of this research lies in its focus on the specific and under-researched context of Klang Valley, Malaysia, regarding the critical issues of housing affordability and the challenges of housing continuity for homeless households. While housing affordability and affordable housing are widely recognised as global housing policy concerns, this study delves into a localised setting where limited attention has been given to understanding the transitions of homeless individuals to stable housing. The findings provide unique insights into the efforts and challenges faced in Klang Valley, shedding light on the behavioural patterns and factors contributing to recurring homelessness. This paper offers a context-specific perspective that contributes to the broader understanding of housing continuity issues.

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From homeless to home: issues and challenges of housing continuity in Klang Valley, Malaysia10.1108/IJHMA-11-2023-0157International Journal of Housing Markets and Analysis2024-02-21© 2024 Emerald Publishing LimitedZafirah Al Sadat ZyedIzma Syazana BadrudinPeter Aning TedongInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-02-2110.1108/IJHMA-11-2023-0157https://www.emerald.com/insight/content/doi/10.1108/IJHMA-11-2023-0157/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Could financialisation explain why developers are building more expensive houses? Evidence for Malaysiahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-11-2023-0159/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to examine the effects of financialisation on the changing structure of housing supply in Malaysia. The share of newly launched sub-MYR250,000 houses has been decreasing continuously in the past decade. This implies that housing developers are launching more expensive houses. The greater focus on higher cost housing could be attributed to inflation. But while input cost is rising, the housing sector has also become increasingly financialised. This claim can be supported by the rising share of mortgage and real estate loans in gross domestic product. Financialisation is a process in which the financial sector becomes more dominant relative to the real sector. The extent to which this process is responsible for the changing structure of housing supply in Malaysia is investigated. A survey of the literature suggested that the decreasing the proportion of newly launched sub-MYR250,000 housing could be result of rising input cost, greater degree of financialisation and changing market concentration. Thus, long-run cointegrating equations were formulated and estimated. These equations linked housing share with financialisation, market structure and input cost. The quantitative and qualitative impact of financialisation on the structure of housing supply is of interest. The analyses of secondary data suggested that financialisation and input cost did indeed contribute to the decrease in proportion of newly launched sub-MYR250,000 housing. However, the impact of market concentration on housing share was ambiguous. This conclusion survived several robustness checks. The financialisation of the housing sector implies that developers are increasingly building for profits instead of accommodating the social objective of providing shelter. This result is unsettling because access to adequate housing is a human right. The transformation of housing from the concept of a shelter to a tradable, money-making asset could be a major contributor to the declining housing affordability in the country. Thus, efforts to improve affordability must take account of the effects of financialisation. An empirical framework for assessing the changes in the structure of housing supply was developed. Existing studies tended to focus only on the volume of housing supply. It is a comprehensive study on changes in the structure of housing supply. Second, while existing studies on the financialisation of housing are mostly qualitative in methodology, this paper offers a quantitative assessment of the financialisation in the housing sector.Could financialisation explain why developers are building more expensive houses? Evidence for Malaysia
Hon Chung Hui
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this paper is to examine the effects of financialisation on the changing structure of housing supply in Malaysia. The share of newly launched sub-MYR250,000 houses has been decreasing continuously in the past decade. This implies that housing developers are launching more expensive houses. The greater focus on higher cost housing could be attributed to inflation. But while input cost is rising, the housing sector has also become increasingly financialised. This claim can be supported by the rising share of mortgage and real estate loans in gross domestic product. Financialisation is a process in which the financial sector becomes more dominant relative to the real sector. The extent to which this process is responsible for the changing structure of housing supply in Malaysia is investigated.

A survey of the literature suggested that the decreasing the proportion of newly launched sub-MYR250,000 housing could be result of rising input cost, greater degree of financialisation and changing market concentration. Thus, long-run cointegrating equations were formulated and estimated. These equations linked housing share with financialisation, market structure and input cost. The quantitative and qualitative impact of financialisation on the structure of housing supply is of interest.

The analyses of secondary data suggested that financialisation and input cost did indeed contribute to the decrease in proportion of newly launched sub-MYR250,000 housing. However, the impact of market concentration on housing share was ambiguous. This conclusion survived several robustness checks.

The financialisation of the housing sector implies that developers are increasingly building for profits instead of accommodating the social objective of providing shelter. This result is unsettling because access to adequate housing is a human right. The transformation of housing from the concept of a shelter to a tradable, money-making asset could be a major contributor to the declining housing affordability in the country. Thus, efforts to improve affordability must take account of the effects of financialisation.

An empirical framework for assessing the changes in the structure of housing supply was developed. Existing studies tended to focus only on the volume of housing supply. It is a comprehensive study on changes in the structure of housing supply. Second, while existing studies on the financialisation of housing are mostly qualitative in methodology, this paper offers a quantitative assessment of the financialisation in the housing sector.

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Could financialisation explain why developers are building more expensive houses? Evidence for Malaysia10.1108/IJHMA-11-2023-0159International Journal of Housing Markets and Analysis2024-03-01© 2024 Emerald Publishing LimitedHon Chung HuiInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-03-0110.1108/IJHMA-11-2023-0159https://www.emerald.com/insight/content/doi/10.1108/IJHMA-11-2023-0159/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Comparative analysis of different approaches to the Ukrainian residential property market evolution modelling and its forecast for the years 2019–2024https://www.emerald.com/insight/content/doi/10.1108/IJHMA-11-2023-0160/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to provide a comprehensive analysis of various approaches to the residential property market evolution modelling and to examine the macroeconomic fundamentals that have shaped this market development in Ukraine in recent years. The study uses a comprehensive data set encompassing relevant macroeconomic indicators and historical apartment prices. Multifactor linear regression (MLR) and ridge regression (RR) models are constructed to identify the impact of multiple predictors on apartment prices. Additionally, the ARIMAX model integrates time series analysis and external factors to enhance modelling and forecasting accuracy. The investigation reveals that MLR and RR yield accurate predictions by considering a range of influential variables. The hybrid ARIMAX model further enhances predictive performance by fusing external indicators with time series analysis. These findings underscore the effectiveness of a multidimensional approach in capturing the complexity of housing price dynamics. This research contributes to the real estate modelling and forecasting literature by providing an analysis of multiple linear regression, RR and ARIMAX models within the specific context of property price prediction in the turbulent Ukrainian real estate market. This comprehensive analysis not only offers insights into the performance of these methodologies but also explores their adaptability and robustness in a market characterized by evolving dynamics, including the significant influence of external geopolitical factors.Comparative analysis of different approaches to the Ukrainian residential property market evolution modelling and its forecast for the years 2019–2024
Valery Yakubovsky, Kateryna Zhuk
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to provide a comprehensive analysis of various approaches to the residential property market evolution modelling and to examine the macroeconomic fundamentals that have shaped this market development in Ukraine in recent years.

The study uses a comprehensive data set encompassing relevant macroeconomic indicators and historical apartment prices. Multifactor linear regression (MLR) and ridge regression (RR) models are constructed to identify the impact of multiple predictors on apartment prices. Additionally, the ARIMAX model integrates time series analysis and external factors to enhance modelling and forecasting accuracy.

The investigation reveals that MLR and RR yield accurate predictions by considering a range of influential variables. The hybrid ARIMAX model further enhances predictive performance by fusing external indicators with time series analysis. These findings underscore the effectiveness of a multidimensional approach in capturing the complexity of housing price dynamics.

This research contributes to the real estate modelling and forecasting literature by providing an analysis of multiple linear regression, RR and ARIMAX models within the specific context of property price prediction in the turbulent Ukrainian real estate market. This comprehensive analysis not only offers insights into the performance of these methodologies but also explores their adaptability and robustness in a market characterized by evolving dynamics, including the significant influence of external geopolitical factors.

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Comparative analysis of different approaches to the Ukrainian residential property market evolution modelling and its forecast for the years 2019–202410.1108/IJHMA-11-2023-0160International Journal of Housing Markets and Analysis2024-02-27© 2024 Emerald Publishing LimitedValery YakubovskyKateryna ZhukInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-02-2710.1108/IJHMA-11-2023-0160https://www.emerald.com/insight/content/doi/10.1108/IJHMA-11-2023-0160/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Market approach to provision of housing to low-income households in urban Malawi: a panacea or further dispossession?https://www.emerald.com/insight/content/doi/10.1108/IJHMA-11-2023-0161/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to examine the effects of market-based approach to provision of housing to low-income households in urban Malawi. This study was conducted in Blantyre, Malawi, between 2019 and 2022 and used both quantitative (household survey) and qualitative (in-depth interviews and document study) methods of data collection. Interviews were conducted with key players and investors in the housing sector. Household survey data were analyzed through descriptive statistics, which allowed the generation of descriptive housing valuables, whereas qualitative data were analyzed through content analysis. This paper demonstrates that, rather than ameliorating the housing problems facing low-income households, the market approach to provision of housing in Malawi has worsened the housing situation in the country. This is so because the market approach to the provision of housing in Malawi is not only enforcing the logic of capitalistic accumulation in the housing sector but also supporting mechanisms of exclusion based on economic stratification within the community. Completeness of data over time as there is no market data bank available in the country. The findings from this study suggest that some degree of state intervention in addressing the housing problem in Malawi is required. The study findings suggest that a market approach to the provision of housing can increase social inequality as low-income households face challenges in accessing housing. There is a paucity of research on the effects of the market approach on the provision of affordable housing to low-income households in Malawi. This paper assesses this important policy gap and provides significant policy directions.Market approach to provision of housing to low-income households in urban Malawi: a panacea or further dispossession?
Sane Zuka
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to examine the effects of market-based approach to provision of housing to low-income households in urban Malawi.

This study was conducted in Blantyre, Malawi, between 2019 and 2022 and used both quantitative (household survey) and qualitative (in-depth interviews and document study) methods of data collection. Interviews were conducted with key players and investors in the housing sector. Household survey data were analyzed through descriptive statistics, which allowed the generation of descriptive housing valuables, whereas qualitative data were analyzed through content analysis.

This paper demonstrates that, rather than ameliorating the housing problems facing low-income households, the market approach to provision of housing in Malawi has worsened the housing situation in the country. This is so because the market approach to the provision of housing in Malawi is not only enforcing the logic of capitalistic accumulation in the housing sector but also supporting mechanisms of exclusion based on economic stratification within the community.

Completeness of data over time as there is no market data bank available in the country.

The findings from this study suggest that some degree of state intervention in addressing the housing problem in Malawi is required.

The study findings suggest that a market approach to the provision of housing can increase social inequality as low-income households face challenges in accessing housing.

There is a paucity of research on the effects of the market approach on the provision of affordable housing to low-income households in Malawi. This paper assesses this important policy gap and provides significant policy directions.

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Market approach to provision of housing to low-income households in urban Malawi: a panacea or further dispossession?10.1108/IJHMA-11-2023-0161International Journal of Housing Markets and Analysis2024-03-04© 2024 Emerald Publishing LimitedSane ZukaInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-03-0410.1108/IJHMA-11-2023-0161https://www.emerald.com/insight/content/doi/10.1108/IJHMA-11-2023-0161/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Brand anthropomorphism’s impact on real estate purchase decisions of young buyers in India and the underlying reliance on spatial memoryhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2022-0178/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestAssessing anthropomorphic tendency in relation to real estate purchase decisions and analysing the elements of friendliness, aggressiveness, pleasure and arousal as a link to the spatial memory of the consumer. This study aims to help brands and advertisers in the real estate industry to create meaningful consumer relationships by using elements that are associated with positive spatial experience. By formulating a detailed questionnaire with adapted variables from proven research and a multilayered approach of theoretic and practical analysis, this paper situates the identified variables in the plane of space and customer experience. By using structural equation modeling, this study analyses a sample data of 411 consumers and their response to elements of housing. The findings of this study showed that variables of friendliness, aggressiveness, pleasure and arousal significantly impact consumer’s real estate purchase decision; however, anthropomorphic tendency does not have a significant impact. Through theoretical analysis, it was found that spatial memory may have a role in the visual and display of the variables. The merit of this paper lies in the discussion it has raised with regard to the intersection between theoretics of space and the chosen variables. In the field of business and management, often philosophical implications of spatiality may not be actively associated with numerical computation. This paper not only looks at brand anthropomorphism’s impact on real estate purchase decisions but also looks at friendliness and other mentioned variables as significantly impacting purchase decisions and linked to memory, space and affiliation.Brand anthropomorphism’s impact on real estate purchase decisions of young buyers in India and the underlying reliance on spatial memory
Andrea Rodrigues, Benny J. Godwin, Jossy P. George
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

Assessing anthropomorphic tendency in relation to real estate purchase decisions and analysing the elements of friendliness, aggressiveness, pleasure and arousal as a link to the spatial memory of the consumer. This study aims to help brands and advertisers in the real estate industry to create meaningful consumer relationships by using elements that are associated with positive spatial experience. By formulating a detailed questionnaire with adapted variables from proven research and a multilayered approach of theoretic and practical analysis, this paper situates the identified variables in the plane of space and customer experience.

By using structural equation modeling, this study analyses a sample data of 411 consumers and their response to elements of housing.

The findings of this study showed that variables of friendliness, aggressiveness, pleasure and arousal significantly impact consumer’s real estate purchase decision; however, anthropomorphic tendency does not have a significant impact. Through theoretical analysis, it was found that spatial memory may have a role in the visual and display of the variables.

The merit of this paper lies in the discussion it has raised with regard to the intersection between theoretics of space and the chosen variables. In the field of business and management, often philosophical implications of spatiality may not be actively associated with numerical computation. This paper not only looks at brand anthropomorphism’s impact on real estate purchase decisions but also looks at friendliness and other mentioned variables as significantly impacting purchase decisions and linked to memory, space and affiliation.

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Brand anthropomorphism’s impact on real estate purchase decisions of young buyers in India and the underlying reliance on spatial memory10.1108/IJHMA-12-2022-0178International Journal of Housing Markets and Analysis2023-02-13© 2023 Emerald Publishing LimitedAndrea RodriguesBenny J. GodwinJossy P. GeorgeInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-02-1310.1108/IJHMA-12-2022-0178https://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2022-0178/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Mental and general health at the edges of owner occupationhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2022-0180/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to consider one test of a well-functioning housing system – its impact on wellbeing. Exploring one indicator of this, this study aims to track changes in mental and general health across a mix of tenure transitions and financial transactions in three jurisdictions: Australia, the UK and the USA. Using matched variables from three national panel surveys (Household, Income and Labour Dynamics in Australia, British Household Panel Survey/Understanding Society and Panel Study of Income Dynamics) over 17 years (2000–2017) to capture the sweep of the most recent housing cycle, this study adopts a difference-in-difference random-effects model specification to estimate the mental and general health effects of tenure change and borrowing behaviours. There is an enduring health premium associated with unmortgaged owner-occupation. Mortgage debt detracts from this, as does the prospect of dropping out of ownership and into renting. A previously observed post-exit recovery in mental health – a debt-relief effect – is not present in the longer run. In fact, in some circumstances, both mental and general health deficits are amplified, even among those who eventually regain homeownership. Though there are cross-country differences, the similarities across these financialised housing systems are more striking. The well-being premium traditionally associated with owner occupation is under threat at the edges of the sector in all three jurisdictions. In this, there is cross-national convergence. There may therefore be scope to introduce policies to better support households at the edges of ownership that work across the board for debt-funded ownership-centred housing systems. This paper extends the duration of a previous analysis of the impact of tenure transitions and financial transactions on well-being at the edges of ownership in the UK and Australia. The authors now track households over nearly two decades from the start of the millennium into a lengthy (post-global financial crisis) era of declining housing affordability. This study adds to the reach of the earlier study by adding a general health variable and a third jurisdiction, the USA.Mental and general health at the edges of owner occupation
N.T. Khuong Truong, Susan J. Smith, Gavin Wood, William A.V. Clark, William Lisowski, Rachel Ong ViforJ
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this paper is to consider one test of a well-functioning housing system – its impact on wellbeing. Exploring one indicator of this, this study aims to track changes in mental and general health across a mix of tenure transitions and financial transactions in three jurisdictions: Australia, the UK and the USA.

Using matched variables from three national panel surveys (Household, Income and Labour Dynamics in Australia, British Household Panel Survey/Understanding Society and Panel Study of Income Dynamics) over 17 years (2000–2017) to capture the sweep of the most recent housing cycle, this study adopts a difference-in-difference random-effects model specification to estimate the mental and general health effects of tenure change and borrowing behaviours.

There is an enduring health premium associated with unmortgaged owner-occupation. Mortgage debt detracts from this, as does the prospect of dropping out of ownership and into renting. A previously observed post-exit recovery in mental health – a debt-relief effect – is not present in the longer run. In fact, in some circumstances, both mental and general health deficits are amplified, even among those who eventually regain homeownership. Though there are cross-country differences, the similarities across these financialised housing systems are more striking.

The well-being premium traditionally associated with owner occupation is under threat at the edges of the sector in all three jurisdictions. In this, there is cross-national convergence. There may therefore be scope to introduce policies to better support households at the edges of ownership that work across the board for debt-funded ownership-centred housing systems.

This paper extends the duration of a previous analysis of the impact of tenure transitions and financial transactions on well-being at the edges of ownership in the UK and Australia. The authors now track households over nearly two decades from the start of the millennium into a lengthy (post-global financial crisis) era of declining housing affordability. This study adds to the reach of the earlier study by adding a general health variable and a third jurisdiction, the USA.

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Mental and general health at the edges of owner occupation10.1108/IJHMA-12-2022-0180International Journal of Housing Markets and Analysis2023-03-28© 2023 Emerald Publishing LimitedN.T. Khuong TruongSusan J. SmithGavin WoodWilliam A.V. ClarkWilliam LisowskiRachel Ong ViforJInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-03-2810.1108/IJHMA-12-2022-0180https://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2022-0180/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Do expansionary and contractionary monetary policy have a symmetric impact on housing permits across the USA?https://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2022-0181/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to assess the possibility of asymmetric impact of monetary policy on housing permits issued in each state of the USA. The methodology and approach are based on the linear ARDL and nonlinear ARDL approach to error-correction modeling and asymmetric cointegration. The linear models predict that money supply impact housing permits in 28 states in the short run and only nine states in the long run. However, the asymmetric effects are far more pervasive, highlighting the restrictive nature of the linear model. The results from the nonlinear model show at least one lag of positive and/or negative changes in money supply significantly impacts housing permits in nearly all states. Even in the long run, housing permits in 32 states share a long-run relationship with positive and/or negative changes in money supply. The authors also find contractionary monetary policy has a greater influence on housing permits in most states compared to expansionary policy. For the first time, the authors use state-level data and asymmetric approach to assess the impact of monetary policy on house permits issued in each state of the USA.Do expansionary and contractionary monetary policy have a symmetric impact on housing permits across the USA?
Mohsen Bahaman-Oskooee, Hesam Ghodsi, Muris Hadzic, Hardik Marfatia
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this paper is to assess the possibility of asymmetric impact of monetary policy on housing permits issued in each state of the USA.

The methodology and approach are based on the linear ARDL and nonlinear ARDL approach to error-correction modeling and asymmetric cointegration.

The linear models predict that money supply impact housing permits in 28 states in the short run and only nine states in the long run. However, the asymmetric effects are far more pervasive, highlighting the restrictive nature of the linear model. The results from the nonlinear model show at least one lag of positive and/or negative changes in money supply significantly impacts housing permits in nearly all states. Even in the long run, housing permits in 32 states share a long-run relationship with positive and/or negative changes in money supply. The authors also find contractionary monetary policy has a greater influence on housing permits in most states compared to expansionary policy.

For the first time, the authors use state-level data and asymmetric approach to assess the impact of monetary policy on house permits issued in each state of the USA.

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Do expansionary and contractionary monetary policy have a symmetric impact on housing permits across the USA?10.1108/IJHMA-12-2022-0181International Journal of Housing Markets and Analysis2023-04-06© 2023 Emerald Publishing LimitedMohsen Bahaman-OskooeeHesam GhodsiMuris HadzicHardik MarfatiaInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2023-04-0610.1108/IJHMA-12-2022-0181https://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2022-0181/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Does the market value energy efficiency within EPC-labels? An analysis of the residential real estate market in Flandershttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2023-0173/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe current literature has not investigated the perceived value of energy efficiency by households, regardless of financial benefits. Furthermore, there is a severe lack of research that investigates the effectiveness of the current format of EPC-labels. Therefore, the purpose of this paper is twofold: to study how households value energy efficiency in the housing market, regardless of price effects. This study uses multiple hedonic regression models to analyse 706,778 Flemish properties for sale or rent between 2019 and 2023. The data is provided by Immoweb – the largest online real estate platform in Belgium. Given that the selling market is driven by different mechanisms than the rental market, the data set was divided in sold (522,164 listings) and rented properties (184,614 listings). The ambiguous results of the A-label in the selling market indicate that the “class evaluation effect” found in related markets which use labels (e.g. household appliances) is also present in the housing market. However, the results of the other (lower) labels clearly show that owners do value energy improvements within labels, and this effect becomes stronger as the EPC-label becomes better. The rental market shows the opposite results. Energy improvements are only valued if they translate into a financial benefit. Taking these findings into account, the second part of this research shows that rescaling the EPC-label creates an incentive for improvements within labels. This paper provides novel insights by studying the perceived value of energy efficiency in the absence of financial benefits and critically studying the effectiveness of the EPC-labels in their current shape. By investigating both the sales and rental market, the authors are able to make a comparison which creates valuable insights for academia, governments and real estate professionals.Does the market value energy efficiency within EPC-labels? An analysis of the residential real estate market in Flanders
Alesia Gerassimenko, Lieven De Moor, Laurens Defau
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The current literature has not investigated the perceived value of energy efficiency by households, regardless of financial benefits. Furthermore, there is a severe lack of research that investigates the effectiveness of the current format of EPC-labels. Therefore, the purpose of this paper is twofold: to study how households value energy efficiency in the housing market, regardless of price effects.

This study uses multiple hedonic regression models to analyse 706,778 Flemish properties for sale or rent between 2019 and 2023. The data is provided by Immoweb – the largest online real estate platform in Belgium. Given that the selling market is driven by different mechanisms than the rental market, the data set was divided in sold (522,164 listings) and rented properties (184,614 listings).

The ambiguous results of the A-label in the selling market indicate that the “class evaluation effect” found in related markets which use labels (e.g. household appliances) is also present in the housing market. However, the results of the other (lower) labels clearly show that owners do value energy improvements within labels, and this effect becomes stronger as the EPC-label becomes better. The rental market shows the opposite results. Energy improvements are only valued if they translate into a financial benefit. Taking these findings into account, the second part of this research shows that rescaling the EPC-label creates an incentive for improvements within labels.

This paper provides novel insights by studying the perceived value of energy efficiency in the absence of financial benefits and critically studying the effectiveness of the EPC-labels in their current shape. By investigating both the sales and rental market, the authors are able to make a comparison which creates valuable insights for academia, governments and real estate professionals.

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Does the market value energy efficiency within EPC-labels? An analysis of the residential real estate market in Flanders10.1108/IJHMA-12-2023-0173International Journal of Housing Markets and Analysis2024-02-15© 2024 Emerald Publishing LimitedAlesia GerassimenkoLieven De MoorLaurens DefauInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-02-1510.1108/IJHMA-12-2023-0173https://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2023-0173/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Examining the impact of website layout and dark triad approach on real estate purchase decisions in India: a young adult socialization mediated modelhttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2023-0181/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to determine website quality, young adult socialization and dark triad personality as the factors influencing the real estate purchase decision. In addition, this study also measures the mediating effects of young adult socialization on real estate purchase buying behavior. Related literature, quantifiable variables with a five-point Likert scale, hypothesis testing and mediators are used to study the model. A systematic questionnaire that was divided into four sections was used. A total of 336 valid responses were collected and analyzed through a structural equation model. The results suggest that dark triad personality and young adult socialization considerably affect real estate purchase decisions. The development proves website quality does not significantly impact real estate purchase behavior. This study is limited to a few young consumers’ responses. Future studies could be more widespread globally and should include more variables and offline methods of purchasing behavior. As per the review of existing literature, this research is the first, to the best of the authors’ knowledge, to determine the factors affecting the real estate purchase decision with factors like website quality, dark triad personalities and young adult socialization involving it.Examining the impact of website layout and dark triad approach on real estate purchase decisions in India: a young adult socialization mediated model
Ishika Pradeep, Jossy P. George, Benny Godwin J. Davidson
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to determine website quality, young adult socialization and dark triad personality as the factors influencing the real estate purchase decision. In addition, this study also measures the mediating effects of young adult socialization on real estate purchase buying behavior.

Related literature, quantifiable variables with a five-point Likert scale, hypothesis testing and mediators are used to study the model. A systematic questionnaire that was divided into four sections was used. A total of 336 valid responses were collected and analyzed through a structural equation model.

The results suggest that dark triad personality and young adult socialization considerably affect real estate purchase decisions. The development proves website quality does not significantly impact real estate purchase behavior.

This study is limited to a few young consumers’ responses. Future studies could be more widespread globally and should include more variables and offline methods of purchasing behavior.

As per the review of existing literature, this research is the first, to the best of the authors’ knowledge, to determine the factors affecting the real estate purchase decision with factors like website quality, dark triad personalities and young adult socialization involving it.

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Examining the impact of website layout and dark triad approach on real estate purchase decisions in India: a young adult socialization mediated model10.1108/IJHMA-12-2023-0181International Journal of Housing Markets and Analysis2024-02-23© 2024 Emerald Publishing LimitedIshika PradeepJossy P. GeorgeBenny Godwin J. DavidsonInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-02-2310.1108/IJHMA-12-2023-0181https://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2023-0181/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Macroeconomic drivers effect on housing sale prices in Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2023-0182/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to conduct a thorough empirical investigation of the intricate relationship between urban housing sales prices and land supply prices in China, with the aim of elucidating the underlying economic principles governing this dynamic interplay. Using monthly data of China, the authors use the asymmetry nonlinear autoregressive distributed lag (NARDL) model to test for nonlinearity in the relationship between land supply price and urban housing prices. The empirical results confirm the existence of an asymmetric relationship between land supply price and urban housing prices. The authors find that land supply price has a positive and statistically significant impact on urban housing prices when land supply is increasing. Policymakers should strive to strike a balance between safeguarding residents’ housing rights and maintaining market stability. Although the asymmetric effect of land supply price has been identified as a significant contributor in this study, it is important to note that the research primarily relies on time series data and focuses on analysis at the national level. Although time series data offer a macroscopic perspective of overall trends within a country, they fail to adequately showcase the structural variations among different cities. To ensure a stable housing market and meet residents’ housing needs, policymakers must reexamine current land policies. Solely relying on restricting land supply to control housing prices may yield counterproductive results. Instead, increasing land supply could be a more viable option. By rationally adjusting land supply prices, the government can not only mitigate excessive growth in housing prices but also foster the healthy development of the housing market. First, the authors have comprehensively evaluated the impact of land supply prices in China on urban housing sales prices, examining whether they play a facilitating or mitigating role in the fluctuation of these prices. Second, departing from traditional linear analytical frameworks, the authors have explored the possibility of a nonlinear relationship existing between land supply prices and urban housing sales prices in China. Finally, using an advanced NARDL model, the authors have delved deeper into the asymmetric effects of land supply prices on urban housing sales prices in China.Macroeconomic drivers effect on housing sale prices in China
Aimin Wang, Sadam Hussain, Jiying Yan
International Journal of Housing Markets and Analysis, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to conduct a thorough empirical investigation of the intricate relationship between urban housing sales prices and land supply prices in China, with the aim of elucidating the underlying economic principles governing this dynamic interplay.

Using monthly data of China, the authors use the asymmetry nonlinear autoregressive distributed lag (NARDL) model to test for nonlinearity in the relationship between land supply price and urban housing prices.

The empirical results confirm the existence of an asymmetric relationship between land supply price and urban housing prices. The authors find that land supply price has a positive and statistically significant impact on urban housing prices when land supply is increasing. Policymakers should strive to strike a balance between safeguarding residents’ housing rights and maintaining market stability.

Although the asymmetric effect of land supply price has been identified as a significant contributor in this study, it is important to note that the research primarily relies on time series data and focuses on analysis at the national level. Although time series data offer a macroscopic perspective of overall trends within a country, they fail to adequately showcase the structural variations among different cities.

To ensure a stable housing market and meet residents’ housing needs, policymakers must reexamine current land policies. Solely relying on restricting land supply to control housing prices may yield counterproductive results. Instead, increasing land supply could be a more viable option. By rationally adjusting land supply prices, the government can not only mitigate excessive growth in housing prices but also foster the healthy development of the housing market.

First, the authors have comprehensively evaluated the impact of land supply prices in China on urban housing sales prices, examining whether they play a facilitating or mitigating role in the fluctuation of these prices. Second, departing from traditional linear analytical frameworks, the authors have explored the possibility of a nonlinear relationship existing between land supply prices and urban housing sales prices in China. Finally, using an advanced NARDL model, the authors have delved deeper into the asymmetric effects of land supply prices on urban housing sales prices in China.

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Macroeconomic drivers effect on housing sale prices in China10.1108/IJHMA-12-2023-0182International Journal of Housing Markets and Analysis2024-03-12© 2024 Emerald Publishing LimitedAimin WangSadam HussainJiying YanInternational Journal of Housing Markets and Analysisahead-of-printahead-of-print2024-03-1210.1108/IJHMA-12-2023-0182https://www.emerald.com/insight/content/doi/10.1108/IJHMA-12-2023-0182/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited