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Article
Publication date: 19 December 2022

Xiaojie Xu and Yun Zhang

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…

Abstract

Purpose

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.

Design/methodology/approach

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

Findings

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.

Originality/value

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

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 25 April 2022

Yu Zhang, Arnab Rahman and Eric Miller

The purpose of this paper is to model housing price temporal variations and to predict price trends within the context of land use–transportation interactions using machine…

Abstract

Purpose

The purpose of this paper is to model housing price temporal variations and to predict price trends within the context of land use–transportation interactions using machine learning methods based on longitudinal observation of housing transaction prices.

Design/methodology/approach

This paper examines three machine learning algorithms (linear regression machine learning (ML), random forest and decision trees) applied to housing price trends from 2001 to 2016 in the Greater Toronto and Hamilton Area, with particular interests in the role of accessibility in modelling housing price. It compares the performance of the ML algorithms with traditional temporal lagged regression models.

Findings

The empirical results show that the ML algorithms achieve good accuracy (R2 of 0.873 after cross-validation), and the temporal regression produces competitive results (R2 of 0.876). Temporal lag effects are found to play a key role in housing price modelling, along with physical conditions and socio-economic factors. Differences in accessibility effects on housing prices differ by mode and activity type.

Originality/value

Housing prices have been extensively modelled through hedonic-based spatio-temporal regression and ML approaches. However, the mutually dependent relationship between transportation and land use makes price determination a complex process, and the comparison of different longitudinal analysis methods is rarely considered. The finding presents the longitudinal dynamics of housing market variation to housing planners.

Details

International Journal of Housing Markets and Analysis, vol. 16 no. 4
Type: Research Article
ISSN: 1753-8270

Keywords

Open Access
Article
Publication date: 29 April 2024

Aryaning Arya Kresna, Pamerdi Giri Wiloso, Wilson Therik and Willi Toisuta

The paper aims is to see why social conflict caused by class segregation did not occur in Gading Serpong? What factors prevent conflict from occurring? This research seeks to find…

Abstract

Purpose

The paper aims is to see why social conflict caused by class segregation did not occur in Gading Serpong? What factors prevent conflict from occurring? This research seeks to find the causes of the nonoccurrence of social conflict due to class segregation in the Gading Serpong cluster area and explore the factors that restrain conflict there.

Design/methodology/approach

This research is qualitative research with data collection techniques through in-depth interviews with several parties identified as brokerages in the research object area. In this context, one of the media and analytical tools is to recognize agents or brokers who connect two groups of people. Brokerage occurs in sectors, patterns or forms of informal, personal relationships; to understand it, one must pay close attention to micro-level relationships and social psychological processes. However, brokerage can have a significant impact on macro-level social relations, as it is generally associated with social integration processes.

Findings

The lack of involvement of developers in overcoming social conflicts that occur between Gading Serpong natives and migrants in Gading Serpong housing has given rise to new actors. These new actors are what we can call brokers, where they have a role as brokers who are able to connect between migrants and natives in the Gading Serpong area. The broker phenomenon is actually familiar in academia, where in practice the broker acts as someone who is able to find solutions to problems. The broker is the reason even social segregation is created between migrant citizens and native citizens in Gading Serpong but never becomes a conflict between them.

Research limitations/implications

Even if the brokerage phenomenon is the reason why there is no conflict over social segregation brokerage is not the only factor in this nonconflict segregation. Therefore, to cover the larger area of these suburban segregation problems, there must be further research on this topic.

Practical implications

The practical implication of this research is to encourage the housing developers that create urban housing, such as clusters or other gated communities, to evaluate the social factors, such as potential segregation and conflict management. Also to encourage the developers to get involved and create some social engineering systems, like brokerage, market and other social agents, to create some nonconflict segregation or even more inclusive communities.

Originality/value

This research is uncovering the main reason why social segregation between migrant and native people in Gading Serpong, which could potentially lead to conflict, is never a conflict. The main reason is social actors like brokerage.

Details

Southeast Asia: A Multidisciplinary Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1819-5091

Keywords

Article
Publication date: 28 February 2023

Husam AlWaer and Ian Cooper

An in-depth literature review was undertaken to uncover (1) what are described as the desired outcomes for 20 minute neighbourhoods (20MNs) – the normatively based ends which…

Abstract

Purpose

An in-depth literature review was undertaken to uncover (1) what are described as the desired outcomes for 20 minute neighbourhoods (20MNs) – the normatively based ends which planners, architects and decision-makers want 20MNs to achieve; (2) the means (the mechanisms, levers, triggers and causal factors) that have to be correctly assembled and lined up for 20MNs to operate as intended and (3), in order to avoid naive environmental determinism, the behavioural changes required to support the operation of 20MNs even where the required configuration of means can be achieved. The content analysis was conducted following guidelines offered by the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) criteria.

Design/methodology/approach

Growing interest in the urban design concept of the “20MNs” has been greatly accelerated by the COVID-19 pandemic. It has been presented as a way of increasing the quality of local environments by enabling people to meet their daily needs through access to safe walking and cycling routes or by public transport. Internationally, it has captured the imagination of political decision-makers, built-environment practitioners and communities alike, as a life-affirming post-pandemic vision, held up as achieving environmental, health and economic improvements as well as reducing inequalities experienced by many. This paper's overall purpose is to separate the ends pursued in 20MNs from means available for achieving them.

Findings

The paper concludes that the ambition to see the 20MNs widely woven into existing urban, suburban and rural neighbourhoods will require significant effort to ensure all that all the component parts of, and key players in, planning's place-delivery systems are aligned and mutually supportive. Even where this can be achieved, further guidance will be needed on (1) how to operationalise the practical implementation of 20MNs and (2) how their success can be measured.

Originality/value

The originality of the paper lies in its efforts to discriminate between ends and means – between desired outcomes of 20MNs and the means available for achieving them. The significance of the paper lies here in this attempt to initiate a discussion on possible causal relationships between what is wanted and what would need to be done to achieve it. Without clarity about these relationships, misunderstanding, confusion and barriers to communication may arise across the many different organizations, stakeholder groups and actors involved. This lack of clarity could undermine trust and confidence, potentially undermining both the process and to its outcomes.

Details

Open House International, vol. 48 no. 4
Type: Research Article
ISSN: 0168-2601

Keywords

Article
Publication date: 31 March 2023

Gideon Kwame Otchere, Kwabena Mintah and Judith Callanan

Gated communities continue to spread in popularity across cities around the world. Ghana has seen considerable growth in the development of gated communities over the last few…

Abstract

Purpose

Gated communities continue to spread in popularity across cities around the world. Ghana has seen considerable growth in the development of gated communities over the last few years. This phenomenon manifests in the majority new residential developments and most forms of residential property advertisement in the capital city. The purpose of this paper is to explore the drivers of gated community developments in Ghana from the perspective of gated community developers.

Design/methodology/approach

This paper used a qualitative research approach. Through face-to-face semi-structured interviews, data was collected from purposively selected key stakeholders in the gated community development market, including developers, managers and consultants.

Findings

The drivers identified from the developers' perspective were the demand for gated community properties, the control over and ease of management of assets and interests, the high development/production cost of real estate and speculative development of gated community properties.

Originality/value

This paper is an initial study that explores the drivers of gated community developments in Ghana from the perspective of gated community developers. This paper extends the literature on gated communities beyond the residents perspective.

Details

Property Management, vol. 41 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

Open Access
Article
Publication date: 2 June 2022

Hiroki Baba and Chihiro Shimizu

This study aims to explore the spatial externalities of apartment vacancy rates on housing rent by considering multiple vacancy durations.

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Abstract

Purpose

This study aims to explore the spatial externalities of apartment vacancy rates on housing rent by considering multiple vacancy durations.

Design/methodology/approach

This research uses smart meter data to measure unobservable vacant houses. This study made a significant contribution by applying building-level smart meter data to housing market analysis. It examined whether vacancy duration significantly affected apartment rent and whether the relationship between apartment rent and vacancy rate differed depending on the level of housing rent.

Findings

The primary finding indicates that there is a significant negative correlation between apartment rent and vacancy duration. Considering the spatial externalities of apartment vacancy rates, the apartment vacancy rates of surrounding buildings did not show any statistical significance. Moreover, quantile regression results indicate that although the bottom 10% of apartment rent levels showed a negative correlation with all vacancy durations, the top 10% showed no statistical significance related to vacancies.

Practical implications

This study measures the extent of spatial externalities that can differentiate taxation based on housing vacancies.

Originality/value

The findings indicate that landlords have asymmetric information about their buildings compared with the surrounding buildings, and the extent to which price adjusts for long-term vacancies differs depending on the level of apartment rent.

Details

International Journal of Housing Markets and Analysis, vol. 16 no. 7
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 11 May 2022

Masatomo Suzuki and Chihiro Shimizu

Houses are durable, so an imbalance between demand and supply occurs after time has passed since initial construction. The purpose of this study is to quantify the extent of this…

Abstract

Purpose

Houses are durable, so an imbalance between demand and supply occurs after time has passed since initial construction. The purpose of this study is to quantify the extent of this imbalance for existing houses, focusing on the heterogeneity across property segments.

Design/methodology/approach

This study uses a unique data set on the “inquiry volume” that each property received from an online real estate portal to measure the volume of demand in relation to supply. Simple regressions are conducted in the resale condominium market across the Tokyo metropolitan area.

Findings

The inquiry volume successfully tracked a recent expected trend in which demand relative to supply is stronger for condominiums in reasonably priced areas, condominiums in convenient, accessible locations, condominiums built within the last 20 years and compact and spacious units. This study also confirms that these trends cannot be captured through heterogeneity in price levels, which has been widely used in previous studies on measuring housing preferences.

Practical implications

As an indicator of conditions in the housing market, the property-level inquiry volume has strong potential to provide useful information for supply strategies and for the sustainable use of existing housing stocks.

Originality/value

The originality of this paper is the use of information on the buyer side, which is typically unobservable.

Details

International Journal of Housing Markets and Analysis, vol. 16 no. 4
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 21 November 2023

Haobo Zou, Mansoora Ahmed, Syed Ali Raza and Rija Anwar

Monetary policy has major impacts on macroeconomic indicators of the country. Accordingly, uncertainty regarding monetary policy shifts can cause challenges and risks for…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 26 July 2023

Valery Yakubovsky, Oleksiy Bychkov and Kateryna Zhuk

This paper aims to examine the influence of Covid-19, current war and other factors on the dynamics of real estate prices in Ukraine from 2019Q2 to 2022Q4. More specifically, the…

Abstract

Purpose

This paper aims to examine the influence of Covid-19, current war and other factors on the dynamics of real estate prices in Ukraine from 2019Q2 to 2022Q4. More specifically, the authors examine the extent of the influence of Covid-19 and war on the real estate market in Ukraine.

Design/methodology/approach

The authors monitor and accumulate information flows from the existing real estate market with their subsequent in-depth math-stat processing to examine dynamics and drivers of Ukrainian real estate prices evolution.

Findings

The study finds that the Ukrainian residential property market has experienced an average growing trend from June 2019 to December 2022, despite the strong influence of pandemic and war. The analysis shows that the impact of these factors varies across different regions and property types, with some areas and property types being more affected than others. The study also identifies the main drivers of the market evolution, including cost-sensitive factors such as floor level, overall area, housing conditions and geographical location.

Research limitations/implications

This research is oriented to analyze evolution of residential property market in Ukraine in 2019–2022 years characterized by influence of such disturbing factors as pandemic and military actions.

Practical implications

Results gained are essential for any type of Ukrainian residential market analytics implementation including but not limited to investment analysis, valuation services, collateral, insurance and taxation purposes, etc. In broader sense, it can be also useful for comparison with same type market development in other geographical arears.

Social implications

Initial data base collected and constantly monitored covers all different regions of the country that gives a broad view on the overall market development influenced by pandemic and war.

Originality/value

The lack of a reliable database of the purchase and sale of residential properties remains one of the biggest obstacles in obtaining reliable data on their market value. This considerably complicates the process of carrying out a valuation and reduces the accuracy and reliability of the results of such work. This is especially important for market which evolves in times of unrest being influenced by such strongly disturbing factors as pandemic and military actions. The originality of the study lies in the development of a complete probabilistic processing of the initial database, which provides a reliable and accurate assessment of the market evolution. The results achieved could be used by various stakeholders, such as property owners, investors, valuers, insurers, regulators and other interested customers, to make informed decisions and mitigate risks in the turbulent Ukrainian real estate market.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 1
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 12 June 2023

João Fragoso Januário, Carlos Oliveira Cruz, Humberto Varum and Vítor Faria e Sousa

From the perspective of housing affordability, Portugal is an interesting case study, considering that Portugal ranks 5th in terms of price-to-income ratio and has experienced…

Abstract

Purpose

From the perspective of housing affordability, Portugal is an interesting case study, considering that Portugal ranks 5th in terms of price-to-income ratio and has experienced, since 2015, a significant increase in real estate prices.

Design/methodology/approach

The provision of housing is a critical social development factor. With the growing worldwide urbanization and the demand pressure over real estate in many cities, the problem of affordability has gained increase attention by policy makers. Housing affordability is hardly a new topic from a literature perspective, but the recent post-pandemic worldwide inflation growth has re-centered affordability as key topic in the housing agenda. This paper provides a comprehensive overview on past literature and a detailed analysis on the Portuguese market at the municipal level, by analyzing the changes in housing affordability in recent years.

Findings

Despite this growth, overall, affordability has improved. The study also shows the importance of municipal-level analysis, given the significant geographical differences. The authors' study confirms that many municipalities, outside metropolitan areas, exhibit low levels of affordability. Nevertheless, markets with higher average real estate values tend to exhibit even lower affordability, outpacing the higher levels of income.

Originality/value

Previous studies have focused on affordability issues on a national or highly aggregated level or focusing only on the two largest metropolitan areas in the country. This paper provides a deeper understanding on the inequalities of housing affordability between Portuguese municipalities.

Details

Property Management, vol. 41 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

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