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Article
Publication date: 8 April 2022

Raed Alharbi

Affordable housing provision is one of the visions of the Kingdom of Saudi Arabia (KSA), as highlighted in Vision 2030. For about 21 months now, the coronavirus disease 2019…

Abstract

Purpose

Affordable housing provision is one of the visions of the Kingdom of Saudi Arabia (KSA), as highlighted in Vision 2030. For about 21 months now, the coronavirus disease 2019 (COVID-19) pandemic has ravaged the world and has increased the level of economic crisis and financial uncertainty to achieve planned projects. Studies investigating the reality of how the COVID-19 pandemic may streamline the chances of achieving affordable housing for all in 2030 are scarce. Thus, this study examined the relevance of affordable housing, the perceived impact of COVID-19 on affordable housing and proffered measures to promote affordable housing finance in Vision 2030.

Design/methodology/approach

Medina, Riyadh and Al Qassim were the participants' cities engaged via panel interviews and supported by existing relevant Vision 2030 documents. The Delphi method was adopted to explore the government officials, financial operators (bankers), academicians and employees' opinions, and the analysed data presented in themes.

Findings

Findings show that SA Vision 2030 blueprint expresses an exemplary country in all ramifications, including affordable housing finance for the citizens. Findings reveal that the COVID-19 pandemic threatens SA affordable housing finance Vision 2030. The increased housing shortage, high construction housing cost, increased foreclosures, increased eviction, possible homelessness, financial instability and vulnerability emerged as the perceived impact of COVID-19 on affordable housing finance in Vision 2030. Refinancing housing loans to boost Vision 2030, forbearance to promote Vision 2030, improve payment relief, among others, emerged as measures to promote affordable housing in the post-COVID-19 era.

Research limitations/implications

The research only identified the possible negative impacts of the COVID-19 pandemic on affordable housing finance in Vision 2030 and proffered policy solutions from the engaged participants' perspective. Also, the study covered three cities (Medina, Riyadh and Al Qassim). The suggestions that will emerge from this research may be adopted to address other sectors captured in Vision 2030 that are critical and hit by the ravaging pandemic.

Practical implications

Measures such as refinancing mortgages and strengthening government housing agencies will promote affordable housing for Vision 2030 if the relevant policymakers and mortgage institutions are well implemented.

Originality/value

This research identified the perceived early threats from the COVID-19 pandemic that could affect affordable housing transformation in Vision 2030 from the participants' perspective. Studies regarding COVID-19 and affordable housing in Vision 2030 are very few.

Details

International Journal of Building Pathology and Adaptation, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2398-4708

Keywords

Article
Publication date: 16 January 2024

Afees Adebare Salisu, Aliyu Akorede Rufai and Modestus Chidi Nsonwu

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

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: 17 April 2023

Gary John Rangel, Jason Wei Jian Ng., Thangarajah Thiyagarajan Murugasu and Wai Ching Poon

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Practical implications

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

Originality/value

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.

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: 16 November 2023

Nenavath Sreenu

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

Abstract

Purpose

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

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

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: 17 January 2024

Xueqi Wang, Graham Squires and David Dyason

Homeownership for younger generations is exacerbated by the deterioration in affordability worldwide. As a result, the role of parental support in facilitating homeownership…

Abstract

Purpose

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.

Design/methodology/approach

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

Findings

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.

Originality/value

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

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: 14 March 2024

Safar Ghaedrahmati and Ebrahim Rezaei

This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive…

Abstract

Purpose

This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad.

Design/methodology/approach

This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad. For this purpose, the trend of housing price growth in Iran and Turkey was compared. The review of the 11-year trend of rates shows that housing prices in both countries have been continuously rising, and these prices have undoubtedly experienced increasing shocks in Iran. For further analysis, 13 main variables leading to the repulsion of investment in Iran's housing market and 15 variables shaping the attractiveness of investment in Turkey were identified in this sector. Thirty experts subsequently ranked the significant variables based on a closed-end questionnaire using quantitative strategic planning matrix. Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.”

Findings

Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.”

Originality/value

From a theoretical standpoint, foreign investment is in support of Turkey and harmful to Iran because the Turkish government is bolstering investment attractiveness to bring increased capital inflows into this country. Practically speaking, Turkey has aimed to create a rational framework for investors by strengthening and changing its economic system, as well as amending existing constitutions in this domain. Nevertheless, Iran resists any changes in its economic system and legislation. Therefore, a wide range of attractiveness and repulsion variables has led to the migration of Iranian investors to Turkey. In the present study, such variables are illuminated.

Details

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

Keywords

Article
Publication date: 25 July 2023

Trung Ba Nguyen and Chon Van Le

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…

Abstract

Purpose

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.

Design/methodology/approach

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

Findings

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.

Originality/value

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.

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: 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: 6 December 2023

Z. Göknur Büyükkara, İsmail Cem Özgüler and Ali Hepsen

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…

Abstract

Purpose

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.

Design/methodology/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.

Findings

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.

Research limitations/implications

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.

Practical implications

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.

Social implications

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.

Originality/value

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.

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: 27 November 2023

Antonio-Martín Porras-Gómez

Informal housing stands out as a major challenge surrounding the massive reconstruction of Syrian cities, devastated by a bloody war and a terrible earthquake. The purpose of this…

Abstract

Purpose

Informal housing stands out as a major challenge surrounding the massive reconstruction of Syrian cities, devastated by a bloody war and a terrible earthquake. The purpose of this article is to assess the adequacy of the Syrian Law to adequate provide a solution to this problem.

Design/methodology/approach

With the purpose of informing the question, this paper offers a legal-institutional analysis of the informal housing phenomenon and the corresponding regulatory responses in Syria. A literature review is conducted, and functional analysis of the legal texts and their effective implementation is provided.

Findings

First, informal housing in Syria has been fostered by the existence of an erratic regulation, particularly burdened by the incoherence of passing repressive provisions against informal housing while master plans were conspicuously absent or incomplete. Second, the regulatory policy seems to be leaning toward the urban renewal option, indicating a supply-oriented housing approach that may face serious challenges due to the scarcity of capital. In this context, regulation should not underestimate any policy tools at hand (renewal and upgrading; with the contribution of public, private and cooperative sectors).

Originality/value

Although there have been several studies on informal housing in Syria, none has taken a legal institutionalist approach. Furthermore, this study offers an up-to-date account of the problem, taking into account the problematic after the 2023 earthquake and the content of Law 2/2023.

Details

Journal of Property, Planning and Environmental Law, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9407

Keywords

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