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Article
Publication date: 14 April 2022

Abdullah Alfalah, Simon Stevenson, Steffen Heinig and Eamonn D’Arcy

This paper aims to improve the housing affordability by measuring the housing affordability in a resource-rich economy and studying the impact of implementing new policies.

Abstract

Purpose

This paper aims to improve the housing affordability by measuring the housing affordability in a resource-rich economy and studying the impact of implementing new policies.

Design/methodology/approach

This paper seeks to test the impact of new policies introduced to the Kuwaiti housing market to improve affordability. In 2008, the Kuwaiti parliament introduced two policies: a tax on empty lands and, forbidding companies to own or develop residential lands or houses.

Findings

By constructing the housing affordability index and the price-to-income multiplier using observations from 2004 until 2017, it has been found that affordability has worsened over time regardless of the new policies introduced in 2008. Housing in Kuwait became “severely unaffordable” (equivalent to London in the UK, San Diego in USA and Toronto in Canada).

Originality/value

Even with its unique condition, as a rich country, small population and availability of white land and other resources, the affordability worsened over time. Introducing new policies without solving the central issue of housing supply challenges seems not worth it. This paper is the first of its kind on the Kuwait housing market, and it provides a valuable foundation for future research on this market and similar markets in the region.

Details

International Journal of Housing Markets and Analysis, vol. 16 no. 2
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 10 August 2021

Abdullah Alfalah, Eamonn D’Arcy, Steffen Heinig and Simon Stevenson

The purpose of this paper is to examine the sensitivity of the Kuwait housing market to major local and regional geo-political and economic events.

Abstract

Purpose

The purpose of this paper is to examine the sensitivity of the Kuwait housing market to major local and regional geo-political and economic events.

Design/methodology/approach

This paper examines the market dynamics of the housing market in Kuwait. Kuwait provides an interesting market to consider owing to its position as a major oil producer, its sensitivity to geo-political events and its unusual demographic characteristics.

Findings

The error-correction model highlights that market is relatively volatile, with evidence of mean-reverting behaviour. Only when the data is smoothed are their more consistent findings with respect to underlying fundamentals. This paper also examines the response of the market to seven regional and local events. Of particular interest is that the one event that results in a consistent significant response is domestic legislation directly concerned with housing. This has a far greater impact than local or regional geo-political events.

Originality/value

Very few papers have considered how economic and political shocks directly impact housing markets using an event study approach. Given its geographic location and also its economic dependence on oil, Kuwait is an interesting market to consider.

Details

International Journal of Housing Markets and Analysis, vol. 15 no. 4
Type: Research Article
ISSN: 1753-8270

Keywords

Content available
Article
Publication date: 4 May 2012

Eamonn D'Arcy

386

Abstract

Details

Journal of European Real Estate Research, vol. 5 no. 1
Type: Research Article
ISSN: 1753-9269

Content available
Article
Publication date: 1 December 2000

Eamonn D'Arcy

61

Abstract

Details

Journal of Property Investment & Finance, vol. 18 no. 6
Type: Research Article
ISSN: 1463-578X

Content available
Article
Publication date: 29 July 2014

Eamonn D’Arcy and Stanley McGreal

740

Abstract

Details

Journal of European Real Estate Research, vol. 7 no. 2
Type: Research Article
ISSN: 1753-9269

Article
Publication date: 1 April 1993

Gianni Carbonaro and Eamonn D′Arcy

Discusses issues resulting from a property developer or investor′sactive involvement in urban restructuring strategies. Illustrates themwith recent European examples of…

Abstract

Discusses issues resulting from a property developer or investor′s active involvement in urban restructuring strategies. Illustrates them with recent European examples of property‐focused regeneration strategies. Argues that the developer′s decision on whether and under what form to participate in such ventures should include analysis of the affect of programme implementation and the integration of the property development component into the ‘implementation structure′.

Details

Journal of Property Valuation and Investment, vol. 11 no. 4
Type: Research Article
ISSN: 0960-2712

Keywords

Content available
Article
Publication date: 9 May 2008

Eamonn D'Arcy

360

Abstract

Details

Journal of European Real Estate Research, vol. 1 no. 1
Type: Research Article
ISSN: 1753-9269

Content available
Article
Publication date: 1 January 2006

Éamonn D’Arcy

417

Abstract

Details

Journal of Property Investment & Finance, vol. 24 no. 1
Type: Research Article
ISSN: 1463-578X

Content available
Article
Publication date: 1 June 2003

Éamonn D'Arcy

251

Abstract

Details

Journal of Property Investment & Finance, vol. 21 no. 3
Type: Research Article
ISSN: 1463-578X

Content available
Article
Publication date: 1 November 2006

Éamonn D’Arcy

507

Abstract

Details

Journal of Property Investment & Finance, vol. 24 no. 6
Type: Research Article
ISSN: 1463-578X

1 – 10 of 101