International Journal of Housing Markets and Analysis最新文献

{"title":"Examining key macroeconomic determinants of serviced apartments price index: the case of Kuala Lumpur, Malaysia","authors":"C. Cheng, Gabriel Hoh Teck Ling","doi":"10.1108/ijhma-10-2022-0162","DOIUrl":"https://doi.org/10.1108/ijhma-10-2022-0162","url":null,"abstract":"\u0000Purpose\u0000Increasing 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.\u0000\u0000\u0000Design/methodology/approach\u0000To 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).\u0000\u0000\u0000Findings\u0000Results 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.\u0000\u0000\u0000Practical implications\u0000Therefore, 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.\u0000\u0000\u0000Originality/value\u0000By 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.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43582015","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Editorial: Introduction from the Editor – IJHMA Vol. 16 No. 1","authors":"R. Reed","doi":"10.1108/ijhma-01-2023-163","DOIUrl":"https://doi.org/10.1108/ijhma-01-2023-163","url":null,"abstract":"","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42780184","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"House price dynamics under lower leverage: the case of metropolitan cities in India","authors":"Sudhanshu Sekhar Pani","doi":"10.1108/ijhma-10-2022-0161","DOIUrl":"https://doi.org/10.1108/ijhma-10-2022-0161","url":null,"abstract":"\u0000Purpose\u0000This 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.\u0000\u0000\u0000Design/methodology/approach\u0000The 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.\u0000\u0000\u0000Findings\u0000Long-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.\u0000\u0000\u0000Research limitations/implications\u0000This research applies to markets that require some home equity contributions from buyers of housing services.\u0000\u0000\u0000Practical implications\u0000Stakeholders 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.\u0000\u0000\u0000Originality/value\u0000Existing 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.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45363682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Elderly condominium attributes that enhance resident satisfaction and word of mouth: evidence from Thailand","authors":"Kanokwan Pimchan, C. Darawong","doi":"10.1108/ijhma-09-2022-0137","DOIUrl":"https://doi.org/10.1108/ijhma-09-2022-0137","url":null,"abstract":"\u0000Purpose\u0000This study aims to examine the influence of condominium attributes on resident satisfaction and word of mouth from the perspectives of the elderly in Thailand.\u0000\u0000\u0000Design/methodology/approach\u0000Data were collected from 338 elderly residents through a questionnaire survey and analysed by using descriptive statistics and structural equation modelling procedures.\u0000\u0000\u0000Findings\u0000The 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.\u0000\u0000\u0000Research limitations/implications\u0000The 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.\u0000\u0000\u0000Practical implications\u0000The 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.\u0000\u0000\u0000Originality/value\u0000Elderly 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.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46459455","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Network analysis of comovements among newly-built residential house price indices of seventy Chinese cities","authors":"Xiaojie Xu, Yun Zhang","doi":"10.1108/ijhma-09-2022-0134","DOIUrl":"https://doi.org/10.1108/ijhma-09-2022-0134","url":null,"abstract":"\u0000Purpose\u0000Understandings 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.\u0000\u0000\u0000Design/methodology/approach\u0000Analysis here is facilitated through network analysis together with topological and hierarchical characterizations of price comovements.\u0000\u0000\u0000Findings\u0000This 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.\u0000\u0000\u0000Originality/value\u0000Results here should be of use to policy design and analysis aiming at housing market evaluations and monitoring.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43698077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Predictors of home insurance purchase: the homeowners’ knowledge, perceived benefits and perceived vulnerability towards disaster losses","authors":"Tanuj Mathur, U. Paul","doi":"10.1108/ijhma-08-2022-0127","DOIUrl":"https://doi.org/10.1108/ijhma-08-2022-0127","url":null,"abstract":"\u0000Purpose\u0000Home 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).\u0000\u0000\u0000Design/methodology/approach\u0000This 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.\u0000\u0000\u0000Findings\u0000The 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.\u0000\u0000\u0000Originality/value\u0000To 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.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42477421","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Oil prices and gold prices on housing market in China: novel findings from the bootstrap approach","authors":"Mumtaz Ali, A. Samour, Foday Joof, Turgut Tursoy","doi":"10.1108/ijhma-09-2022-0132","DOIUrl":"https://doi.org/10.1108/ijhma-09-2022-0132","url":null,"abstract":"\u0000Purpose\u0000This study aims to assess how real income, oil prices and gold prices affect housing prices in China from 2010 to 2021.\u0000\u0000\u0000Design/methodology/approach\u0000This study uses a novel bootstrap autoregressive distributed lag (ARDL) testing to empirically analyze the short and long links among the tested variables.\u0000\u0000\u0000Findings\u0000The 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.\u0000\u0000\u0000Originality/value\u0000To 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.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42767761","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Development risk and unit size within the UK property market","authors":"Cassandra Caitlin Moore","doi":"10.1108/ijhma-09-2022-0142","DOIUrl":"https://doi.org/10.1108/ijhma-09-2022-0142","url":null,"abstract":"\u0000Purpose\u0000This 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.\u0000\u0000\u0000Design/methodology/approach\u0000The 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.\u0000\u0000\u0000Findings\u0000Findings 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.\u0000\u0000\u0000Research limitations/implications\u0000It 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.\u0000\u0000\u0000Practical implications\u0000Practical 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.\u0000\u0000\u0000Social implications\u0000Social implications may include improvement in residential design.\u0000\u0000\u0000Originality/value\u0000An innovative approach combines a thorough understanding of both design and economic principles.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47780879","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Spatial variation of the determinants affecting urban land value in Thiruvananthapuram, India","authors":"B. Binoy, M. Naseer, P. P. Anil Kumar","doi":"10.1108/ijhma-09-2022-0135","DOIUrl":"https://doi.org/10.1108/ijhma-09-2022-0135","url":null,"abstract":"\u0000Purpose\u0000Land 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.\u0000\u0000\u0000Design/methodology/approach\u0000The 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.\u0000\u0000\u0000Findings\u0000Global 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.\u0000\u0000\u0000Originality/value\u0000This 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.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41542098","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Determinants of millennials’ acceptance towards tawarruq home financing in Sandakan, Sabah, Malaysia","authors":"Faizah Panggi, H. Amin, I. Shaikh","doi":"10.1108/ijhma-05-2022-0067","DOIUrl":"https://doi.org/10.1108/ijhma-05-2022-0067","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study was to investigate the factors that influence the millennials’ intention to choose tawarruq home financing in Sandakan, Sabah, Malaysia.\u0000\u0000\u0000Design/methodology/approach\u0000The primary data were gathered via the questionnaire survey administered among Islamic banking customers in Sandakan, Sabah. Data obtained were analysed via multiple regression analysis using the software, Statistical Package for Social Sciences.\u0000\u0000\u0000Findings\u0000This study found that attitude, subjective norm, perceived behavioural control, religiosity and knowledge in muamalat had a positive significant relationship towards millennials’ intention to choose tawarruq home financing in Sandakan, Sabah.\u0000\u0000\u0000Research limitations/implications\u0000This study used the sample size by inviting over 150 participants who filled the questionnaires and the area of coverage for the current study was limited to Sandakan, Sabah, Malaysia. Besides, the contributions of this study were confined to those factors examined in the research’s conceptual framework.\u0000\u0000\u0000Practical implications\u0000The results obtained through this study can help muamalat practitioners in providing the best practice of tawarruq home financing in the locality at best. In addition, this study also helps to guide managers of Islamic banks to plan better offers of the facility among local folks.\u0000\u0000\u0000Originality/value\u0000This study integrated religiosity and knowledge in muamalat in explaining millennials’ acceptance of tawarruq home financing in Sandakan, Sabah, Malaysia.\u0000","PeriodicalId":14136,"journal":{"name":"International Journal of Housing Markets and Analysis","volume":" ","pages":""},"PeriodicalIF":1.7,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44486409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}